Hey Steemians, hope you guys are doing great...In this post i will share how to over leverage margin trade in Gold ( or any other market for that matter) and blow your account. Well i did make $114.70 in less than a minute only to blow it up 3x in the next 15 mts...AHH
I was bullish on Gold from 1280 range onwards and had few losses as i was long back then, well i had tight stop losses it didn't matter much.
- We had a weekly downward break out on Gold, Strong USD ...
Then i became overly bearish on Gold, was patient and managed risks/profits fine $1200 to $1170, since i was trading on smaller lots though i was right most of the times, the profits were relatively smaller.
Then i was like fk it, we are gonna go straight sub $1100 and i thought it would be foolish not to capitalize on the falling gold knife. Again went well..
Fantastic, its gonna go down, lets short it again...
So peeps next time dont do this...Dont over leverage, You may get easy money fast but a little if the price goes against your position, aint gonna end well.I'm still to learn this and work on my discipline ...
Most people only show their winning streak and if they only show you their wins, you now know what they may be hiding...It only take 1 big loss to take away all you winning and even blow your account up.
Well, though it looks like Gold is a buy as we are at an yearly low, it was early 2017 we had the similar prices on Gold, but i still think that bears are in control, so be cautious if you are long and its a good idea to have SL and TP set so that you dont have to fkn look at the chart 24*5 like me. Tbh the SL thing is still debatable as i have made most of money without keeping a SL as most of the times the price will just go hit my SL and continue the trend which i bet on and i guess thats exactly what will happen with Gold too...
Gold i guess may test $1100 level, then let's see what the chart says...
Well guys, hope this had made you aware of the risks of margin trading and the need to have proper risk management and always remember to TP and withdraw some money even if its $100 profit...You need to get a feel of it and enjoy it.
Hope this was helpful and informative peeps and do sign up to Binance or Huobi for trading/buying crypto & in IC markets to trade crypto/usd pairs in MT4. Also consider using BITMEX and try your luck at 100x :)
If you enjoyed it please do post your upvote, comment, resteem & follow.
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