Solution:
Remember that gold prices can move up or down.

Most investors won’t acknowledge that an asset could turn against them. They invest assuming they’ll be successful, refusing to look in the rearview mirror. It’s also common for emerging traders to use a calculator to predict how much they’ll make and how they’ll spend the unrealized profits! Whoa! It’s dangerous to anticipate how much you’ll make in advance. Gold bugs are not immune to this kind of starry-eyed conclusion. Gold has a particular allure and luster that spans centuries and it is easy to get caught with gold fever. The problem is, it hasn’t been that long since gold was at record low prices.

The macro picture should never be ignored. If it is, there is a chance to get caught in a bull or bear trap. Having an entrenched bias in any market or with any asset is dangerous and risky. Be willing to adapt as new information becomes available and mark that new data against your investment plan.

As Kenny Rogers famously said, “Know when to hold ‘em, know when to fold ‘em, know when to walk away, know when to run.” Any gold trader worth his salt will advise you that it’s a good idea to become familiar with that notion. It’ll help you as you discover that taking profits can be an art form. Markets are not one directional, and within every long term trend there are intermediate and shorter term trends. Identifying and studying these shorter term trends will serve to assist in choosing a more precise entry to, or exit from, a position.

There are numerous ways to lock in a profit, but none better than offsetting the position. Once you’ve reached your profitable  objective set forth in your trading plan, unwind the trade – that’s it, you’ve won! Congratulations!