Going to start a new journal and attempt to run a small account up again only trading gold, silver, and the miners. Going to start with a 2500 dollar account. It's actually larger but I'm using it as a starting place for the journal and as a challenge.
Tried to start a similar journal about 1 year ago under the assumption that we were about to start a new bull market in gold and silver etc. I was wrong obviously, but I think we have another substantial opportunity again here with gold. I think once again that sentiment is extremely stretched and that the fundamentals are lined up for what could be a nice bull run for the next 3-5 years.
I will at first be trading primarily the micro gold futures contracts. They are equivalent to 100 shares of gld. The products will change as my account grows. My rules are pretty basic in that I try to identify swing highs and lows and will attempt to buy the lows and sell the highs. At the start I'm only going to be adding a contract every $25 move in my favor. That doesn't mean I'll add exactly when we move $25 in my favor simply that I'm open to add another position. I have no hard rules for stops but I will typically place them under/above former swing highs/ lows.
I think we are close to hitting the lows in gold and silver and will be looking to buy possibly on Mon. or Tues as we're more likely to bottom on these days. Will also probably be waiting for gold to move through the old lows around $1180. Cheers all and hope this works out better than last time
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Tried to start a similar journal about 1 year ago under the assumption that we were about to start a new bull market in gold and silver etc. I was wrong obviously, but I think we have another substantial opportunity again here with gold. I think once again that sentiment is extremely stretched and that the fundamentals are lined up for what could be a nice bull run for the next 3-5 years.
I will at first be trading primarily the micro gold futures contracts. They are equivalent to 100 shares of gld. The products will change as my account grows. My rules are pretty basic in that I try to identify swing highs and lows and will attempt to buy the lows and sell the highs. At the start I'm only going to be adding a contract every $25 move in my favor. That doesn't mean I'll add exactly when we move $25 in my favor simply that I'm open to add another position. I have no hard rules for stops but I will typically place them under/above former swing highs/ lows.
I think we are close to hitting the lows in gold and silver and will be looking to buy possibly on Mon. or Tues as we're more likely to bottom on these days. Will also probably be waiting for gold to move through the old lows around $1180. Cheers all and hope this works out better than last time
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