XAU/USD & XAG/USD - Gold & Silver Traders Thread

Market Nuggets: Gold Fund Holdings Rise, But Physical Demand Remains Light – Barclays
Thursday August 9, 2012 9:11 AM


By Debbie Carlson of Kitco News;

Good advice beeb. The two are very , very different, The closest you could get to investing while trading is trading positions on a quarterly / bi-yearly basis....

@Duyk - If you are new to metals you are not cut out for scalping. (Period)

You need to first memorize the longer term charts. Then draw down to the lower term charts and read all news and headlines that might move gold because it can be / when scalping extremely headline driven. Not to mention every daily report that comes out that may affect gold.
Sound fun? I'm not done, now that your down on the lower TFs you have to study how the intraday market moves, what is average, what is slow and what is fast, what is big volume and why did the price just break 50 bucks in 5 minutes. Don't want to be on the wrong side of that one as a scalp.

Once you understand and have a firm grip on the intraday movements then you need to get your risk reward set. even though they may say NO, scalpers often have things backwards and are willing to take a bigger loss to make a small gain. When it should be a big gain for a small loss.

Metals have taken many a shirt of the newbie in their day.

In my honest opinion one will usually break even or lose in the long term scalping, unless you are
A. Good and
B. Trading a decent amount of lots that a 3 to 5 max USD move is going to make you a couple hundred bucks to 1k+.

I have read many a horror story about withdrawing funds from MT4 bucket shops here and on other forums. I would suggest searching the forum for something like "MT4 Withdraw problems" and see what kind of yield you get.

In all honesty, NO, I doubt you would have a problem withdrawing money in that sum from the broker. Who knows how long it will take or what the options are.

When starting with any broker you should always call and speak to someone there and ask about withdraw and how it works as well as where on their website you might find this in PRINT.

It is also a good idea / even if you plan to redeposit the money to make a test withdraw or two. See how long it takes, if there are any hidden fees, if the amount withdrawn is correct, what is the minimum if any. If paid by wire or bank check who picks up the (in the US appx 25 USD) tab - this will likely be you. Then there is usually a check by mail option for free. Try that once and see how long they say it will take and it actually does.

Really what I am trying to protect anyone from is being caught in a place like the recent PFG BEST situation where all customer funds were frozen and there was supposed to be 25 million on deposit and there was only 5.

In the US a FOREX broker has to have a minimum of multiple millions of dollars (come to think of it I believe it is in the 25 to 50 million range) on deposit LIQUID before even going into business.
I can't place the exact figure right now.

While outside the US accounts enjoy higher leverage and some other "could be perks" especially First in First out. I HATE that rule and think it should be done away with. Yet PFG was more than just an FX broker, they started with Futures years ago then I believe also had options and bond trading. If you don't know the story search it here or google "PFG goes under" or something to that tune. There are some on this forum that lost money with them. The last time I read it was something like each investor would get back like 5% of their capital. (this is highly subject to change though so don't quote me on it.

Even though they were not the biggest, they were a respected company up until recent. Now if they can go broke in a day, there are definitely plenty of fly by night brokers out there outside (and some in) the US that operate with little to no regulation which means no one has an eye on what funds they actually have.

Some brokers may start out decent and from their own risky trading or greed end up a pyramid scheme paying one client with anothers capital so on and so forth that the whole thing unravels just like with Bernie Madeoff another once respected person, until it was revealed he had stolen life savings to the tune of millions and millions from the rich and not rich....

See where I am going.??

Even if you don't have a huge amount of capital 1400USD is enough to trade with a well known, old, brokerage that is regulated by several agencies.

I also personally like to know that the broker has an actual office, that in theory if I wanted to set up say a 5 million dollar account I could walk into and sit with someone (not that I have 5 mil ) or at least walk by the place and see that it exists.

NO AFFILIATION. But I will use them as an example as I trade with them.
FXCM. They did not always have the best rep, then did a whole reworking of the inside (so I heard) I know the customer service got a lot better and is great, changed the platform, have a mobile platform as well, they have their headquarters right here in the Financial District downtown NYC, as well as multiple offices over the world, ie: The UK is a big one. They are regulated. They also had an IPO, thus, there are shareholders in this company and their stock is traded on an exchange. I don't see them going anywhere soon. Execution is great. Never had any problems. Other than trading too much!

Let me take a look at the exness website.

Also I would suggest you try trading at 50:1 leverage and it is good that you are trading micros with that amount of capital, mini's would wipe the account out within a short period with a bunch of bad trades.

Utter cobblers - physical demand is massive. So what does that tell you about Barclays' position?

beeb

Thanks for the advices, guys.

I have an account with Exness and no problem with them so far.

This is from a site that had PFG ranked as it's fifth best broker.... See what I mean....

But, I want to get back to gold so this is it for now till it gets slower - already slow...

These are decent words though:
"Forex Brokers: What to Look For

Internet access to forex brokers is, in part, the reason for the exponential growth of the retail foreign exchange market. Another attraction for retail forex traders is that forex brokers lend money to allow leverage from 50:1 in the United States and up to 700:1 outside of the United States. Forex leverage ratios are far greater than the 10:1 leverage of traditional trading markets. One pragmatic approach to choosing among forex brokers is to evaluate them in three areas: Trades, brokerage and payment details, and trading platforms.

Trades
Most forex brokers provide a demo account preloaded with play money from $10,000 to $500,000 so that you can practice in a pseudo-live environment until you feel confident enough to go live with legal tender. Once you go live, you can choose from different account levels. Some forex brokers provide a universal account, but most offer mini accounts and standard accounts with various minimum amounts that control how large of a transaction is allowed. Some mini accounts have no minimum required deposit and some have a $2,000 minimum deposit. Some standard accounts have no required minimum and some of them have a $5,000 minimum.

Brokerage and Payment Details
Understand the acceptable methods for you to pay the broker and for the broker to pay you. Not every broker accepts credit cards. Are you okay with paying a $25 wire-transfer fee if that is the only way the broker sends money? Be aware enough to spare yourself from unpleasant surprises.

Many traders are day traders and square their accounts by the end of each trading day. However, if you hold a position on consecutive days, the broker charges interest. How much interest is something you should know before you select a broker. For Muslims, who are forbidden to charge or pay interest, there are Islamic (or swap-free) accounts available from some forex brokers to allow clients to hold positions on consecutive days by paying daily fees instead of interest.

THIS IS INCORRECT. IF THE SWAP RATE IS POSITIVE LIKE LONG AUD / USD YOU GET PAID FOR HOLDING OVERNIGHT>

Know which entity regulates the broker. Some Americans restrict themselves to brokers within the United States so that they can conveniently march into the brokers' headquarters in the event of trouble.

Trading Platforms
Consider the software platform that you will use to chart currency pairs and execute trades. Some forex brokers offer a web-based system, which is useful if you flit from computer to computer or if you want to trade from work. Some offer proprietary software that you download to your computer. Some support third-party trading-platform software applications. Some provide smartphone applications."

have you done withdrawal ?
if yes then how much amount, if you don't mind sharing

Thanks

I know they spew out so much shite all day it's ridiculous. let me grab another and see if I can find the opposite!!!!!!!

I did a test withdrawal $100 via webmoney. Work well, got money in 1 hour.

from Jim Wyckoff of Kitco ananysis:

Gold 1
http://www.kitco.com/ind/Wyckoff/images/gold1a.jpg

Gold 2 - The bands are getting squeezed tighter which should suggest with some more tightening a breakout.
http://www.kitco.com/ind/Wyckoff/images/gold2a.jpg

Silver 1 -
http://www.kitco.com/ind/Wyckoff/images/silver1a.jpg

Silver 2 -
http://www.kitco.com/ind/Wyckoff/images/silver2a.jpg

I think Friday or Monday latest I am expecting a U S and European equities index top - awaiting QE II which is still aways to go.

Summer selloff on light volume, then await the fall and/or end of year rally.

There could be a surprise end of year rally after a nice dip. Yet I am not a pro at this market...

Split Unit you out there? whatcha think>???

WOW what a thin market - from open price NY gains 4.80 and now we are down 4.40 so far it's a push.

I mean a five USD gain off the open? Jeese even with a dip what was the max range today 10 bucks? Not even

That's why I say to you scalpers be happy sometimes with 2 to 5 bucks at MOST!

PIC three days of a market sideways...................................

At least we are in the 1600s!

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Notice it's just a little odd that each day the market Gold price conveniently meets during the London & NY (Nymex) COMEX cross in that same square on the chart.

http://kingworldnews.com/kingworldne...ld_Market.html

beeb

EDIT - update on GC 240 lines posted in # 20285 - still working:

http://www.screencast.com/t/T3J0Y3EUApWV

Short term, I do expect a pull back. Medium term, I do expect equities to head higher with the SPY to test 141.50. We are stuck in a trading range and knowing the direction for sure is almost impossible , all we can do is look at the markets technically and fundamentally, the big picture technically at the moment can be found in the chart below(I am more biased to the long side).

And as for the fundamentals I leave you guys with this article on Bulls vs Bears: US Equities.

Going to read article now, this chart is looking increasingly bullish to me....

And look what we have here a Nice little +10 USD boost from 1608 to 1622 to start the day out, let's see if she can take out 1625 today.

This chart is live I believe and may change as the day/s go on

Edit yes the chart is live, so when you refresh it you will get the on the spot price. It looks like she is going for 25!!

http://www.kitco.com/images/live/nygold.gif

beeb when you have a chance, in reference to a statement you made the other day about "metals trading being more difficult and there is more to know" loosely quoted. Would you mind making a post on this topic?

I will quote it and add what I can, I would like to link it to the first post as I feel it would be useful for the newbies to read and then it will have a nice home.

Thanks brother.


XT

Possible title "How or Why trading PMs or Metals is different than currencies.

thats nice live image