How to play the gold bull? I think one should have a core position at all times. And I don't think this means one has to hold the same stocks. Although I think its wise to keep at least a small position in those stocks (when trading them) that you think will eventually be the glamour gueens (even regardless of their fundamentals). Which stocks will be the glamour gueens, I don't know but I guess it'll be some of the stocks that have already made great moves to date. I've mentioned Nevsun, and I think Golden Star could be one too. Jim Puplava keeps talking about aquiring juniors with good properties as seniors will buy them up eventually. True, but I think there is a good case for holding larger caps as well because institutional buying will likely move these more than the juniors at times.
I think in a bull, you shouldn't have to trigger a loss on a good quality gold stock. Rather I'd hold it for the long term. In these cases, one obviously doesn't want one stock to be 50% of one's portifolio. IMO, 10% in any one stock should be the upper limit.
I think you have some cash on hand and increase cash to a certain percentage with upmoves. This allows one to take advantage of "dips" and specials that come along. If this turns out to be a long correction, trading keeps the boredom away. Even trading for 10 or 15% gains is healthy while the rest of your portfolio is recovering as mine is.