After five years of trading gold, I’ve stopped trying to predict every move.
Before entering a trade, I only need to know:
What am I waiting for?
Where am I wrong?
How much am I risking?
If those three answers aren’t clear, I don’t have a trade.
$XAUUSD
Trading comes with plenty of setbacks.
Learn to trust your system.
Learn to trust yourself.
Keep the end goal in mind, and you’ll eventually get where you want to be.
$XAUUSD showed some good bullish momentum during Monday’s London session, so I looked for a continuation move higher.
The first target was the previous high, which is also the midpoint of the higher-timeframe range.
Unfortunately, the setup didn’t work out.
No problem. I’ll wait patiently for the next opportunity. That’s part of the job.
After taking some time to rest and reset, I’m feeling better than before.
I’m getting more confident that I can pass this prop firm challenge. Lets Go!
@TheH0n3stTrader if 1% trade makes you feel good, just keep going. if 2%-3% would makes you feel scared, you should always put 1% risk until you feel confident
A profitable strategy can still fail a prop challenge.
You can get the direction on gold right, enter too early, carry too much size and breach the daily loss limit before the move begins.
The trade idea was right.
The risk didn’t survive the rules.
What causes more challenge failures: bad analysis or poor risk control?
#PropFirm #XAUUSD
Before buying any prop challenge, check:
1️⃣Static or trailing drawdown
2️⃣Balance or equity calculation
3️⃣Daily reset time
4️⃣Floating P&L
5️⃣Payout reset rules
$XAUUSD may be building for a larger move higher.
But NFP is tomorrow, so I'm not treating every bullish candle as the start of it.
If gold runs before the data, I won't chase it.
I'd rather wait and see where the real move begins.
What's your bias on $XAUUSD here?
📈bullish or 📉bearish
$XAUUSD may be entering a new bullish cycle.
The upside potential looks strong, but I’m not chasing it here.
I’ll wait for the right setup and let price confirm the move first.
$XAUUSD may be entering a new bullish cycle.
The upside potential looks strong, but I’m not chasing it here.
I’ll wait for the right setup and let price confirm the move first.