Trading journal – 25th July 2020

Finally on a winner with gold. A couple of false starts, went long gold mini (YG) 16th April @1754 and 27th April @1734, got stopped out @1679 on 28th May.

Then went long again at 1767 thinking it had finally broken through on 22nd June. Took that all the way up to 1799 on 14th July before I rolled into the full size gold contract GC @1802 for August.

Sat on that position all the way through to now, haven’t added a second unit. That’s my current conundrum. If this is a long term move then I don’t want to endanger my position by getting into a situation where my breakeven price becomes endangered, I get stopped out and then it continues higher. For this stage I’m just going to sit on it. Have been doing a lot of internal reasoning recently, most of it goes along the lines of having a position with a protected entry is just so much easier to stay on, so I’ll just sit on that. The second / alternative line of reasoning goes along the lines of all sorts of rationale for pyramiding into the position. I think for me right now the most important thing is to have a mentally stable position which means not adding to it. Should gold continue on a big run then I will still get a great outcome regardless of whether I’ve pyramided the position or not.

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