weekend positions

[price777999]

was long gold before the weekend and didn't really want to close but I'm trying to play safe ........so now its spiked up and I missed the chance to get back in

f¤#king weekend what can I do about it :?::!:

 

[Masquerade]

How did you miss the chance? It's wednesday night, what happened to monday/tuesday/wednesday?

 

[price777999]

I have to work for a living.

 

[price777999]

Why can't we trade 7 days a week , it just bullocks !

 

[Doomberg]

Why can't we trade 7 days a week , it just bullocks !

We can, i'd like to... but i'm not good enough yet

 

[price777999]

We can, i'd like to... but i'm not good enough yet

How?

 

[new_trader]

was long gold before the weekend and didn't really want to close but I'm trying to play safe ........so now its spiked up and I missed the chance to get back in

f¤#king weekend what can I do about it :?::!:

I am not worried about holding long term trades over a weekend, especially gold. What can possibly make gold crash over a weekend? Politicians all coming to their senses at once and raising interest rates and cutting monetary inflation?

For short term trades this is where spread-betting can have it's uses and although I haven't had to actually do it, I normally have my S/B account ready and on standby so that I can hedge a long position on the ES with a spread-bet in the opposite direction. I would use a very tight stop and only if my ES position is showing a healthy profit. However, 5/6 times I just close my position seeing I am more a 'scalper' than anything. The main reason I keep the S/B account ready on a Friday is in case the connection to my broker is lost and I cant close my position.

 

[scose-no-doubt]

I am more a 'scalper' than anything

Really? Didn't know that.

 

[anley]

was long gold before the weekend and didn't really want to close but I'm trying to play safe ........so now its spiked up and I missed the chance to get back in

The fact that you're holding short term positions means you're probably increasing the risk rather than reducing it. This is contary to what you think, ie the shorter time you;'re in the market the less risk you have to assume. The reason is that short term positons always limit the potential gains.

Often the better way to trade is to increase the stop, reduce the size of the position and look for higher targets, a minimum of 3 times your stop level.

 

[anley]

How did you miss the chance? It's wednesday night, what happened to monday/tuesday/wednesday?

Exactly, so you cannot blame yourself for missing the move. Plenty of time to buy yesterday at cheaper levels than you covered on Friday.

 

[new_trader]

Really? Didn't know that.

Only the ES contract! :!: