Gold no stop loss with 0.01 lot

Beginner Questions
1

The idea came to my mind as I open sell position on 2400 with stop loss 2415 and tp on 2350. I woke up that day and just offfff such a pity!

I believe small stop loss is not helpful maybe thinking about no stop loss. I do not want to have more than one trade at once and more than 0.01 as I have 500 dollars only!

2

IMO, trading gold is too volatile, and really not suitable for small accounts. Having said that, I consider that S/L are more useful for traders with a large account size because they can afford to provide a lot of breathing space, which, in your example would have been successful.

I also believe that trading gbp/usd and eur/usd is far easier for large account sizes because these major pairs move through similar but separate price zones, and by using moving averages (8-22-44) on 1hr charts (and below) is also suitable for small accounts - and your 0.01 lot size.

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3

Thanks. actually was not successful as my sl already was hit i 2415 and turned back to 2350 was my tp. so I loss.
So you mean no sl in small account with 0.01is not good goodfor gold? But ad i do not want to go beyond 0.01 lot the pairs arenot thatmuch worthwhile to spend time? Na?

4

Try scalping on lower time frames. Include gold if you are comfortable with it. Enjoy.

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5

I agree. I’ve always found that the smaller my stop loss is, the more likely it is to be hit.

I think wide stop losses keep you in the game.

I’m not that brave. For me “no stop loss” would turn into “no account”.

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6

thanks jane. actually 0.01 is so low to think about no account

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7

15 pips is certainly a tiny SL for a position with a 50 pip target.

In the long run, I don’t believe any retail traders are profiting, overall, with an attempted R of 1:3.3, as you describe here. It has very many disadvantages in terms of risk management and trade management parameters, and no real advantages, IMHO.

Maybe so, but that still isn’t a reason to trade without stop losses!

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8

What I was guilty in the past (and many others) was having no SL, or moving my SL lower, thinking…“It will come back up, it’s going to come back up, it has to come back, I just have to wait”…then BOOM…gone. If you are not going to use an SL, be prepared for that mindset, and potential large losses if you don’t close your trade.

9

Try setting your stop loss at 2.5x the Average True Range. Your other indicators should signal a close before it ever reaches that amount.