Gold Finger (Update on Gold Trade.)

May 18

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Since we are trading counter to the current trend my Trading Plan says that I must adjust my stop loss after TP1 has been hit. Now that we have officially hit TP1 for a gain of 14 points, without hesitation or reservation I have adjusted my stop loss to break even.

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Discipline goes a long way in this business. Having a plan and executing it to a T is critical to your success as a trader. Do you have a Trading Plan? Trading without one is like going on a road trip with no map and no intended destination. Do you know where you are headed and do you know what to do when you get there. All to often traders will hop in a trade with no clue on how much they are risking and where they plan to get out of the market should there bias turn out correct. I cannot stress enough the importance of having a solid trading plan that addresses when you are to enter the market and exit the market.

About Reginald Ringgold

Reginald Ringgold is a Forex trading instructor, Institutional trader & market professional. Specializing in Forex and Futures trading with a focus on technical analysis, price projection and money management. Reginald has several years of financial services experience. He has sat on the board for several successful corporations in California and Nevada, and is the Author of the Billionaires Business Blueprint, A step by step guide to building a corporate entity, obtaining financing and protecting it’s assets. This experience inspired him to teach others on the importance of financial discipline. Reginald understands the importance of encouraging entrepreneurial interests among youth and adults young and old. He has spoken throughout the country to kids and young adults on the importance of money management, goal setting and his “The sky is the limit philosophy!”. Reginald has a firm belief that with hard work knowledge and preparation “The sky is the Limit”.

Posted on May 18, 2012, in Futures and tagged , , . Bookmark the permalink. 2 Comments.

  1. jritc0 | May 18, 2012 at 2:18 pm

    Hi Reggie – Just a question – what is your Stop Loss strategy for a trade with the trend? BTW – thanks for creating this blog – it looks great!

    Reply
  2. ringgoldstips4pips | May 18, 2012 at 7:04 pm

    Hey Jody thanks for the comment I really appreciate the feedback. My stop Loss for this trade was based on the buy setup setup on the hourly chart . I placed my stop loss right under the daily pivot point at 1566.02. I risked about 8 points on the trade and so far I am up 3 r’s. If you look at the previous Gold Finger post you will see the original area where my stop loss was placed.

    Reply

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