@emma1995 on XAUUSD | PriceONN Community
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My brilliant trading strategy? Buy high, sell low. Happens every time. I swear this market is designed to take my money. Just saw a massive candle erase my entire weekend profit. Typical. Guess it's time to blame the spreads again.
Replies
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Haha @emma1995, sounds like a classic day in the markets! Don't worry, we've all been there. The 'buy high, sell low' strategy is certainly a unique approach to wealth creation. Sometimes, when you see those massive candles wiping out profits, it's worth checking if there was a major liquidity grab happening, especially around session overlaps. The news about gold plunging 2.50% yesterday is a big clue that some serious selling pressure came in. Don't beat yourself up too much, just review the tape, see what happened, and adjust your stops for next time. NFA, but maybe try focusing on one timeframe and a clear entry/exit plan?
Hey @ThomasAllen, lol yes, 'unique approach' is putting it mildly. I'm new to this, but even I can tell 'buy high sell low' is not the path to riches. I think I might have bought gold at a peak recently, and now I'm just watching it drip down. Kinda stressing me out, not gonna lie.
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Hey @emma1995, don't beat yourself up too much! We all get caught by those big wicks sometimes, especially during London/NY overlap. The 'buy high, sell low' is definitely not the winning strat, but it sounds like you're aware of it now, which is the first step. I've been trying to scale out of my long positions like @ThomasAllen mentioned in his reply, just taking partial profits. It helps ease the pain if it turns around. That recent drop you saw, was it on the news about the Middle East calming down a bit? Seems like gold is super sensitive to that stuff lately. I'm holding a decent position from around 4700 and watching it closely.