The month ended profitably, always good, but the profits were almost
half of the intra month trading peak, which means give-back. There
is no escaping losing trades, and fortunately, the give-back came from
a single source and single decision to take a stance in the gold and
silver markets. The positions were stopped out for losses, and they
continued over into May.
It turned out to be the wrong time to take a stance, and unlike horseshoes,
being close does not count. The entry decisions were based on normal
set-ups. The results came from unexpected new lows that have typified
the gold and silver markets for the past year, plus.
The point to be made is that the losses did not arise from a series of
bad trading decisions, and everyone makes them, some less than
others. The losses, while larger than normal when trading with a
shorter-term perspective, were relatively reasonable, and there were
stops in place in every instance.
There is the rest of May to recover, and while there is no way to know
how markets will perform, by sticking to our trading plan, there is
little concern that no recovery will occur.