haha. I saw MGC. I avoided GC today. I missed some good moves and I'm OK with that. As long as I can consistently crank out profits with NG, YM/NQ then I'm fine. Eventually I'll add MGC to the mix. The reason I'm hesitant is because I need to get comfortable with an instrument before trading actively with it. I'm not sure if I want to go up that learning curve to get comfortable with yet a new instrument like MGC. I need to scale up with what works. Don't want to go to Square 1 all the time. Back to beginner all the time. Now that I'm comfortable with NG I need to trade it even bigger and hold for bigger moves. The goal of trading is to consistently make big money. Not the ability to trade everything under the sun. That was my initial mistake. But given the crazy moves in the gold market, it might still be worth it to learn MGC. Yet another tool in the toolbox.
haha. I stopped trading GC for days now. But yes, MGC is very relaxed to trade. I can average down without getting wiped out. Should have added more! 2 lot is a joke.
So I got out of MGC. $106. haha. Rounding error in terms of profits. It was much higher earlier but I was managing other positions and wasn't paying attention to it. Then I realized it pulled back so much then got back. Still profitable. Next time I will probably swing bigger sizes. Maybe 3-5 lots instead of just 2 to have a P&L impact though at less than half the risk.
I hope you have also noticed in how it is not a "different" instrument, which you alluded to earlier, and aside from volume PA is the same. What GC does, MGC does. Don't think of it as a different gold, but a mini-me of it.
what i like about it is that I can average down. GC moves very erratically. So it's hard to time exactly. I can add up to 10 lots to equal 1 GC. So I can get a better average price. Then wait for it to rip back up.
Like clockwork. Profitable again in NG. It would have been a lot more if I were a little more patient with my exits. Had loss in NQ/YM due to a stupid resting order. Anyhow, I've been consistently profitable in NG almost every single day. The last major loss in NG was 6/21/19. This time period included some hugely down days, hugely up days, and a lot of choppy days too. Maybe I should focus all of my energy on NG and scale it up 5x.
There is nothing wrong with this approach. If you know one instrument really well, and some others not so well, the not-so-well ones will eat into the profits of the one you know really well, which you seem to have recognized. NG is your baby, NQ/YM not so much, and gold is your Achilles' Heel. Get away from the heel, and immerse yourself in the huge fart that is NG. (Use a respirator though. It is an asphyxiant.)
Trading MGC. 4 lots today. NG is even slower than it usually is. Range getting super narrow. Like watching paint dry. Must be end of summer. Can't wait for things to pick up next week or September!