Commodities Trading | My First Venture into Gold – Timing with Price Action

New: Join our 2.5 hours live workshop with Spencer to learn the basics of trading and make your first live trade!

Screen Shot 2012 12 03 At 3.33.15 AM

Today, I tried out one of my setups on Gold, and it turned out pretty well too, catching a major move and shorting it just as the action was about to unfold. The funny thing, there was no news or obvious trigger, and I know this because I was keeping an eye on my Bloomberg terminal screen as I was watching the various charts on my other screens.

As you can see, no indicators were required, and you can actually tell a lot about how a stock or product is behaving by astute observation of its price behaviour.
Screen Shot 2012 12 03 At 3.42.32 AM

Recently, I also had a losing trade on the EUR/USD, which was partly due to me taking a pre-mature entry. Even after trading for so many years, it is still tempting sometimes to take a sub-optimal trade. Well, I guess I am human afterall.

For the next month, I will strive to maintain my high hitrate by being more selective in my trades. After a string of so many winning trades, it will be tempting to take impulsive trades out of greed. This is one of the 9 mental blocks that new traders will face as they start out on their journey.



Banner 01 Trading Foundation Workshop New to Trading? Make your first live trade today in this workshop! Meet Spencer live for 2.5 hours of hands-on training! No prior experience required! Learn all the basics of trading, and step-by-step guidance to make your first trade!

Daily Trading Signals Banner Updated If you're looking for the best trading opportunities every day across various markets, and don't want to spend hours doing the research yourself, check out our private Telegram channel!
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *