@mwilson389 on XAUUSD | PriceONN Community
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Man, I tried to catch that gold dip yesterday around 4500 thinking it was a steal. Woke up to find my account decimated. Lesson learned the hard way: if it's falling that fast, just let it hit the floor. Don't be a hero, especially not with 100x leverage. Seriously, almost got rekt for good.
Replies
Ouch @mwilson389, that sounds like a brutal lesson. Falling knives are dangerous, especially with leverage on gold. I’m glad I stayed out of that quick dip; saw the bearish displacement and figured it was too risky. Best to wait for confirmation or a clear reversal. Glad you didn't get completely rekt though. Always respect the stop-loss.
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Oof, @mwilson389, that sounds like a brutal wake-up call. Trying to catch a falling knife on gold with that much leverage is just asking for trouble, man. I saw the charts yesterday and it looked like it was just freefalling. I was thinking about getting in too, like a total noob, but then I remembered all the stories about how that stuff can just wipe you out. Remember that news about the US and Iran thing? It made me a bit nervous about gold's direction, and I figured if it was dropping that hard already, with those geopolitical worries still lingering, it was probably a bad idea. Sticking to smaller moves for now, lesson learned for me too. Glad you're okay though!