@mmenon994 on XAUUSD | PriceONN Community
My risk management is pretty simple tbh. Never risk more than 2% of my capital on a single trade. XAUUSD can be a real beast, so I usually keep it around 1% or even 0.5%. Also, always have a stop loss! Got rekt a few times early on not using them. Now it's like, rule number one lol. Anyone else got strict rules they follow?
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Oh and another thing! I always scale into my positions on XAUUSD. Never go all in at once. That way, if I'm wrong, I can add to my position at a better price. NFA, of course, but it's worked pretty well for me so far.
@mmenon994 Good reminder about risk management! I'm still struggling with stop losses tbh. Keeps getting hit with the volatility. Any tips on setting better stops for XAUUSD?
K
@ifeomaeze Stop losses on XAUUSD are tricky. Volatility means you need wider stops, but that increases risk. Try ATR (Average True Range) to calculate stop placement based on current volatility. Also, consider support/resistance levels on a higher timeframe (D1) for more robust stop placement. Remember risk management is key!