@AAllen72 on XAUUSD | PriceONN Community
I always set my stop losses based on the ATR. It adjusts to the volatility of XAUUSD, so I'm not getting stopped out prematurely by noise. Usually aim for 2x or 3x the ATR value. Risk management is the only thing that keeps me in this game.
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Also, I never risk more than 1% of my account on any single trade. It's tempting to increase it when you're confident, but that's how you blow up your account. Discipline above all else. Going to bed now, hope gold behaves overnight.
S
LOL @AAllen72, ATR stops and 1% risk? Sounds like slow trading to me man. I just yolo'd my entire account on a gold short at 4610. Saw that Fed news about rates staying high, and the Iran situation is just gonna make the dollar stronger. If this drops to 4500, I'm gonna be rich. If not, well, ramen it is. You gotta feel the market, not just measure it. This RSI is screaming sell anyway, 26 is pathetic. See ya on the moon... or the gutter.