Thursday, July 30, 2009

Gold is WORTHLESS!


Well, not worthless, but worth less, than when I first bought it, and the stops are tight, thus I am now without LGL and no gold position.
Really sucks to lose money on a long position when EVERYTHING in the market is going up.

The exit reasons are also accompanied by a change in my gold view, and yes a man is allowed to change his mind!

Some mistakes that I need to fix -
- Need to get an extra 2-3c out of my exit position (more patience and better tape reading)
- Learning to see that NCM is also a gold stock that could've been the stock to trade my position (better relative stock picking with my top down approach)
- in game adjustments - I saw the 2 bearish candles at the support levels, and failling to stay above the 20dma and not even coming close to 50dma - there's a good chance I could've minimised my losses there.

Loss: $182