Gold Help~

M

michaelguan326

Hi I have been trading gold for the past year and I find that I have been pretty successful in predicting short term price movements during volatile sessions like at NY open.

The thing with trading gold is that although i am able to trade with the trend, I find that i get out too early. As gold fluctuates A LOT, sometimes i get the signal to get out rather than stay in the trade. And whenever I get out, the trade goes in my direction. i have a steady win record, but my losses due to get out too early to ride the trend sometimes wipe out four to five profitable trades I previously made.

I don't know how I can prevent this, any suggestions of indicator that may help me?

Main problem: staying in the trade longer, before getting out with false signals
 
Quote from michaelguan326:

Hi I have been trading gold for the past year and I find that I have been pretty successful in predicting short term price movements during volatile sessions like at NY open.

The thing with trading gold is that although i am able to trade with the trend, I find that i get out too early. As gold fluctuates A LOT, sometimes i get the signal to get out rather than stay in the trade. And whenever I get out, the trade goes in my direction. i have a steady win record, but my losses due to get out too early to ride the trend sometimes wipe out four to five profitable trades I previously made.

I don't know how I can prevent this, any suggestions of indicator that may help me?

Main problem: staying in the trade longer, before getting out with false signals
More...

It helps if you have a fundamental view where the price will be 5 years from now...then you don't need tight stops.
 
i am a really short term trade, so i rarely place emphasis on the 5 year span. I trade in the 1 minute interval for gold.

and in that one minute man, price can literally fluctuate one or more dollar....how can i place a reasonable stop loss. trading gold is so fun but its SO VOLATILE.
 
Quote from michaelguan326:
----I find that I have been pretty successful in predicting short term price movements.....
----I am able to trade with the trend, I find that i get out too early. As gold fluctuates A LOT, sometimes i get the signal to get out rather than stay in the trade. And whenever I get out, the trade goes in my direction.
----I have a steady win record, but my losses due to get out too early to ride the trend sometimes wipe out four to five profitable trades I previously made.
----I don't know how I can prevent this....
----any suggestions of indicator that may help me?
More...
1) Your risk tolerance is less than the volatility of the market.
2) You will need to have wider stop-losses or reduce your position size.
3) With shorter term trading, you have to work "harder" to accumulate profit compared to a longer-term trader who can merely sit on a position and let it run. :cool:
 
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