@GrayRiver55 on XAUUSD | PriceONN Community
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Good morning, everyone. I'm relatively new to trading, and I'm observing XAUUSD closely. Given the current bullish trend and the price hovering around 3886, I'm considering a small long position. Could more experienced traders share their insights on optimal stop-loss levels in such a scenario? I don't want to risk losing too much capital.
Replies
Hey @GrayRiver55, welcome to the wild world of trading! Since you're new, I'd suggest starting with smaller positions until you get a feel for XAUUSD's volatility. As for stop-loss levels, it really depends on your risk tolerance and timeframe. But generally, you might consider setting your SL just below a recent swing low or a key support level. Don't forget to factor in the spread and potential slippage! Good luck, and remember to manage your risk.