Commodities Trading | My First Venture into Gold – Timing with Price Action
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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.
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.
[Last 3 intakes before we stop this course!] If you are new to trading, you can check out our 9-hour live online workshop (SkillsFuture credit-eligible), where we cover portfolio strategies for long-term investing, technical analysis and chart reading, how to create a trading plan, and hands-on practice to find trading opportunities. The next intake is on 25 and 26 March 2023, and there are only a few slots left.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
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