@GrayFox21 on XAUUSD | PriceONN Community
I learned a hard lesson last week with XAUUSD. I was so focused on catching the bottom, I kept adding to my long position as it was dropping. I ended up with a much larger loss than I intended when it finally bounced. It's crucial to respect the trend and not average down blindly into weakness.
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Thinking about that last trade, I should have set a clear stop-loss from the start instead of just hoping. This market can turn on a dime, and having a predefined exit for losses is just as important as setting a take-profit. I'll be much stricter with my SLs going forward, especially with this volatility.