I am not a day-trader, rather a swing trader that for the past couple months has been taking advantage of hedging those stocks that benefit from a weakening dollar, higher gold, and higher oil... and, I have found this thread very informative and enlightening.
With that being said, in addition to intra-day-trading gold, do any of you also trade gold company stocks?
My current favorite is Eldorado Gold (EGO:AMEX; ELD:TSX), which has had a steady up-trending channel for past year-or-so, consistently straddling the 50DMA only to go on to higher highs.
If you guys also trade the gold company stocks, what are some of your favorites... either intra-day, swing trade, or long?
You'll never go broke taking a small profit.
And when you lose in a mini contract it doesn't hurt so bad.
I was at $116 profits with 5 winning trades, then I got smacked up on 2 trades which brought me down to a modest $60 profit..Enough for me, because yesterday I learned a hard lesson of over trading (and I now trade the mini contracts).
How many lots do you trade usually? I usually do 1 lot, unless I add to a strong winner.
I don't know what you mean lots. I do around 10 trades, but I do them in step formation looking at the where the prices are going. Minimize losses, but that also minimize profits. imo it is better to be safe than sorry Made around $200 profit today.
$200 profit is nice. I'm getting hooked on gold futures because it's pretty easy to make 1-15% in a day. Which markets do you trade? I usually trade London/US and sometimes Hong Kong and australia (but it's very low volume).
stop of 924 $ was hit.But wat i did was, kept a gold mini sell at 919.5 $ , then 923 $ kept one more. But it eventually hit 925 $ high and took 'u' turn.(i had set 926.5 $ as stoploss).Then while coming down, i kept 2 more mini at 923.5 $.Covered 3 mini at 920.5 $.And remaining one at 918 $(low was 916 $). All taken out with profit .
Then i had 3 gold mini buy at 919 $.It was a rally. So i took out each lots every 2-3$ profit.
Good run bro. Sounds like your winning trades worked out very well.
I did 5 profitable trades and 2 little losing trades.
Did you ever explain your indicators for entry or other technical signals or gut feeling?
I personally trade an easy system based off of two SMA's (crossovers) and support/resistence.
I'm using a MACD to confirm trends..Nothing special.