Looking back on my gold trading, a few good lessons to learn.
My original gc short was at 1905-1910, almost at top.
Covered 1870 and 1855 I think.
THen yesterday entered long at 1828-1835 and out 2 gc at 1853 1854 sth, last one stopped at 1827.
Original setup is good, what happened wrong later?
The problem is due to two reasons. First, not enough knowledge on gold trading.
I relied only on range of few days and overlooked the volatility of gold.
Second, over concerned on the profit/loss side. 1 gc contract moves 50pt is 5k. Face it, I can not ignore.
Probably the only way is to apply what I called, concept of virtual holding.
My method of virtual holding applies both to long and short position.
Given GC as example, use ta and other info to determine swing direction, then try to time the exit. However, have very strong tendency of getting back your position at more favorable price.
I often call it multiple strikes too.
No comments:
Post a Comment