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

  • #32,501
  • Feb 11, 2014 5:05am Feb 11, 2014 5:05am
Quoting tsorin
{quote} yes, I have learned it the hard way. Everything else is just gambling and I like too much trading to gamble. If you keep a strict risk management, then you can decrease the costs of learning, because I do not think you can get rich unless you trade for 8-10 years, and have at least - 5 zeros portfolio
I think its going to take a lot longer than 10 years to become "rich" if you are too conservative.
"Where you want to be is always in control, never wishing, always trading.
  • #32,502
  • Edited 5:33am Feb 11, 2014 5:31am | Edited 5:33am
Quoting Spec_And
{quote} I think its going to take a lot longer than 10 years to become "rich" if you are too conservative.
Magic Trades to Wealth
Not here. It does not happen. You are the fairy dust that sprinkles you successful or the camel that breaks your straw bank. There are no magic trades. You wait patiently for that setup that might never come OR work out a system of managing your risk that earns you money as well as losing a bit. That's the cost of business in trading. You win. You lose. The future does not exist. You cannot win every penny from the markets. You cannot change the past. Forget it all and look for your next opportunity. The odds are against you in numbers that make winning the natioanl lottery twice look positively good odds against losing. You must alweays have a plan for your trades for the day. If that plan repeatedly fails then you have probably analysed the market incorrectly or are not patient enought to let the market move in the direction you expected before placing your entry.

We trade to earn a living. If you want a get a rich quick scheme, there are plenty of 419 letters you can respond to, or ponzi schemes that will show you the way. I'm sure that the colombian narcotics bosses need mules too, not that I recommend that. Those are get rich quick, but the net short is long jail and the short long is rich quick. Risk amangement is the only thing that keeps us from being broke, month on month. If you enjoy a gamble, go to Vegas.
You win, you lose. All else is history. The future does not exist.
  • #32,503
  • Feb 11, 2014 5:42am Feb 11, 2014 5:42am
Quoting The Rhodie
{quote} Magic Trades to Wealth Not here. It does not happen. You are the fairy dust that sprinkles you successful or the camel that breaks your straw bank. There are no magic trades. You wait patiently for that setup that might never come OR work out a system of managing your risk that earns you money as well as losing a bit. That's the cost of business in trading. You win. You lose. The future does not exist. You cannot win every penny from the markets. You cannot change the past. Forget it all and look for your next opportunity. The odds are against...
Well... I brought my account from low 5 figures to nearly 7 figures in ~7 years (this is my 7th year of full time trading) with the 1% risk per trade rule, I would think if it works for me it should work for most other traders, but whatever floats your boat I guess.
"Where you want to be is always in control, never wishing, always trading.
  • #32,504
  • Feb 11, 2014 5:48am Feb 11, 2014 5:48am
Very well said - The Rhodie.
  • #32,505
  • Edited 6:07am Feb 11, 2014 5:55am | Edited 6:07am
Whats the possible effects on Gold from Yellen speech?

Thanks in advance.

PS... is that true that the Fed chief has a dovish history for the dollar?
The good thing with the future is that it is progressively approaching...
  • #32,506
  • Feb 11, 2014 6:45am Feb 11, 2014 6:45am
text of yellen testimony will be released at 8:30am NY time.
Keep an eye guys.
  • #32,507
  • Feb 11, 2014 7:34am Feb 11, 2014 7:34am
Quoting whichBanker
text of yellen testimony will be released at 8:30am NY time. Keep an eye guys.
text out: http://www.federalreserve.gov/newsev...n20140211a.htm
  • #32,508
  • Feb 11, 2014 7:47am Feb 11, 2014 7:47am
I see an Inverse H & S from Nov. 20th till now which just completed @ 1284; but then there is a rising wedge where @ 1284 hit it's 5th point and the lower edge of it is @ 1258; gold can re test the lower area before heading for 1325 for the H& S' first target.
  • #32,509
  • Feb 11, 2014 8:03am Feb 11, 2014 8:03am
http://i1116.photobucket.com/albums/...psd75c2f81.jpg


Gold broke above the channel earlier today on news that China is stockpiling Gold. However, seems that price now fell back to the channel. Will it be another bull trap we saw 2 weeks ago? Lets see if 1272 can be supported.

http://www.cnbc.com/id/101405622
The true fact is market doesn't care, risk mgt is important.
  • #32,510
  • Feb 11, 2014 10:12am Feb 11, 2014 10:12am
XAUUSD Daily

God Bless Mrs Yellen
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  • #32,511
  • Feb 11, 2014 12:24pm Feb 11, 2014 12:24pm
hi have a good time
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  • #32,512
  • Feb 11, 2014 12:43pm Feb 11, 2014 12:43pm
Great run in gold today, one of the few you can bet on direction with confidence, lol
Put my TP at 1398, it seems this target is inevitable
  • #32,513
  • Feb 11, 2014 5:26pm Feb 11, 2014 5:26pm
Quoting Ulterior
Great run in gold today, one of the few you can bet on direction with confidence, lol Put my TP at 1398, it seems this target is inevitable
Yeah im with you on this one, looks like Gold is finally starting to turn around in the big picture here again.
All posts are my personal opinion
  • #32,514
  • Feb 11, 2014 6:40pm Feb 11, 2014 6:40pm
GOLD Daily had close above the resistance level 1277 area confirming a bullish price action, next area of resistance looks to be 1307. Will buy any intraday dips until then.
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All posts are my personal opinion
  • #32,515
  • Feb 12, 2014 2:37am Feb 12, 2014 2:37am
Quoting Spec_And
{quote} Do you mean you risk 2% of your capital on each trade? Trading 2% of your capital on 1 trade seems kind of over-conservative to me...
I would never risk more than 0.5% in one whole day. Maybe this is the reason I have not blown my first account yet.
  • #32,516
  • Feb 12, 2014 6:24am Feb 12, 2014 6:24am
Quoting goldJunkie
{quote} I would never risk more than 0.5% in one whole day. Maybe this is the reason I have not blown my first account yet.
I assume you have heavy capital and trade small lots? If on small capital and full lot, 0.5% will easily be stopped out. Eventually, you will have more stop outs than winners.
The true fact is market doesn't care, risk mgt is important.
  • #32,517
  • Feb 12, 2014 7:01am Feb 12, 2014 7:01am
if 1295 will be taken out, 1325 is next
  • #32,518
  • Feb 12, 2014 7:27am Feb 12, 2014 7:27am
Quoting Ulterior
if 1295 will be taken out, 1325 is next
well lets see whats happen next, 16.00 market watch.
maybe it will
  • #32,519
  • Feb 12, 2014 10:00am Feb 12, 2014 10:00am
Quoting JimmyC
Gold Daily Chinese buyers resume purchases and investors note further stimulus cuts. Bullion for delivery up 0,8% 1,284.34 $SPDR holdings unchanged Gold support may come from haven purchases as a result of rout in EM Shanghai demand rose to 25,725 Kg Chinese demand has probably overtaken India, surging 41% to 1,1764.4 metric tons in 2013, Technically still a bear market. note diamond reversal pattern target 1323.x Support has moved up to 1,266 final resistance (3-6 months) 1,420 Edit: Trading disclosure I am open long on H&S pattern (target 1335...
Good day,

Note target extension to 1350 also note new entry will be at 1305 with confirmation of downtrend break

Regards,

J
  • #32,520
  • Feb 12, 2014 10:21am Feb 12, 2014 10:21am
Quoting Ulterior
if 1295 will be taken out, 1325 is next
I agree -

Loving this action.

Still in from 1190 so I am happy.

You all should be in some kind of profit by now!!!!! Hopefully
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