How I escaped margin call with stop loss

about 2 years ago

Forex is moved by fundamental (news), technical(charts) and sentimental analysis (emotions). So most of the time we would have predicted the direction of the market with our charts but a news break and everything goes against us.

img_0.4555740386891278.jpg source

So on Friday I heard the USA ordered their citizens to leave Ukraine where there's an ongoing crisis(which people think might lead to war) and I'm sure you must have heard during wars, the USD (United States Dollar) falls significantly in value hence gold rises. People invest in gold during this time and sell off the Dollar. Immediately the news broke on Friday around 7:30pm Nigeria time.
img_0.7332796682273062.jpg
The volatility was so high. XAUSD(Gold) was supposed to sell according to technical point of view but instead Gold was rising dollar was also selling very fast and jpy was buying. Gold prices and crude oil prices really went up. I sold gold and US oil but with the help of stop loss I didn't get my account blown

So news is an important part of the market . Not regular news on forex websites . Impromptu war news, especially if it USA is involved.

As it is well known USD is a major currency and significantly affects other currency. That's why people with less capital are advised to stay off gold and stick to currency pairs or be disciplined to use their stop loss. To my surprise even Bitcoin and other crypto currency dropped which implies Bitcoin is still not seen as a safe haven.

The forex market will open in few hours. Trade cautiously and let stop loss be a major part of trade.

Thanks

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4 comments

@gangstalking -18

about 2 years ago

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@poshtoken 83

about 2 years ago

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@ecency 76

about 2 years ago

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@hivebuzz 74

about 2 years ago

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