Hello everybody,
I’m new to the forum, and also new to trading. What got me interested is a friend of mine has gotten into trading xauusd, and he has had some luck with it. I asked him for advice, and he basically said I’ll show you where the water is I won’t tell you how to drink it. He then suggested that I join some discord servers and find a local trader who can mentor me. Since then I’ve ran some demo accounts and did a test run with a funded account, I have no idea what I’m doing and always enter in the wrong positions and at the wrong time. What are some good beginner resources, and what can I do to improve my trading strategies. My goal is to make a sizable profit, that is sustainable, while I understand the inherited risks associated with trading especially scalping xauusd it is a risk that I’m willing to take. I guess to generalize my questions:
Should I be trading when volume is at its peak, for xauusd when is this, London open?
What timeframe should I be trading in? Should I be trying to make small gains every minute or look at the position in a somewhat more long term fashion?
What indicators should I be looking for? What are some good easy to digest resources on this subject, specifically for xauusd trading?
How do I go about finding a mentor to teach me good strategies?
Trade when the markets are busy. We can only make a profit through price changes and when markets are quiet, prices change less. Volumes increase when London opens and stay high until New york closes.
Charts on all time-frames look the same. But lower time-frames support less reliable TA. For example trends are less stable, reversal or break-out patterns are often “fake” moves, support/resistance levels more often fail. Also if you trade intra-day, you have imposed a time limit on your positions and performance.
Use only an indicator which tells you something which you absolutely must know according to your strategy. Decide the strategy first, choosing indicators is secondary.
You do not need a mentor to teach you a good strategy. If a strategy requires a mentor to help a beginner through it, it is too complicated for a beginner.
these are among the most important words in this forum
but (unfortunately) not words that people like hearing
the reality is that trying to choose a strategy in accordance with which indicators you’ve already decided (for whatever “reasons”!) you want to use is a fool’s errand - and that’s putting it really politely
