The pre-market GC trade was one or two dollars either way. Even the pit was flat.
The GDX was flat as well, until about 15 minutes before the open, when It started dangling the hook to the downside.
Regular market opens, GC drops, GDX drops, and you go short on a high probability trade.
The market reverses to the upside and hits your stops. Your trade is flat with a debit on your account.
The market drops again but you have not recovered from the first washout, and you can't pull the trigger to short again.
How many times are you going to let this happen to you.
Lesson #1 Scale into positions, that way if/when the market reverses on you, it is not as costly, and you still have some dry powder to catch the top of the reversal. And if it doesn't reverse, your in the game with a credit to your account.
The GDX was flat as well, until about 15 minutes before the open, when It started dangling the hook to the downside.
Regular market opens, GC drops, GDX drops, and you go short on a high probability trade.
The market reverses to the upside and hits your stops. Your trade is flat with a debit on your account.
The market drops again but you have not recovered from the first washout, and you can't pull the trigger to short again.
How many times are you going to let this happen to you.
Lesson #1 Scale into positions, that way if/when the market reverses on you, it is not as costly, and you still have some dry powder to catch the top of the reversal. And if it doesn't reverse, your in the game with a credit to your account.