Greetings, fellow Hivers! Today, I'm here to share another chapter of my journey as a beginner in the world of forex trading. Trading the XAUUSD pair, which involves the precious metal Gold and the US dollar, is not for the faint of heart, I must admit. While the potential for earning over 100% profit is tantalizing, the flip side is that one's trading account can disappear in the blink of an eye.
In my opinion, XAUUSD is terrain best left to experienced and seasoned traders.
Recently, my WhatsApp trading group provided a free signal for trading Gold, and I decided to test the waters using a demo account.
A screenshot from my phone
I must confess, I hesitated in entering the trade at the specified entry price, but eventually, I took the plunge. In fact, I entered the trade with a double layer. The first layer, I entered on time, but it was the second layer where a combination of greed and fear led me to enter a bit later, even while trading with a demo account.
In our training, we've been taught not to carry the mindset of "I'm trading with a demo account, so there's nothing to lose." This approach ensures that when we eventually transition to live trading with our real funds, we're not overwhelmed by fear and make hasty decisions that can lead to the liquidation of our accounts. Despite wrestling with my own fears and greed, I managed my lot size responsibly.
And now, here's the outcome of my trading journey for the day.
A screenshot from my phone
Every day in the forex trading world brings new lessons and experiences. As a beginner, I'm navigating the complexities of XAUUSD with caution, learning from my decisions, and striving to master the intricacies of this challenging market. Stay tuned for more updates and insights on my forex trading adventure!