Silver and Gold trading

[RahmanSL]

Hi maarnio,

Sorry for not coming back here for sometime...matter of fact, I forgot which thread it was : )...must be age catching up on me or due to heavy work load : (

Yes, recent Bull run on Silver wiped out or hugely reduced two of my Live accounts as I really2 didn't expect that metal to go that high...also, I didn't really had the time to monitor my opened trade positions.

Market price is at 24.25 level, do you think I should still take a couple of Short positions on Silver before the 27-28/Oct??

Cheers and all the best!

 

[maarnio]

Hello Rahman,

Glad that you found this thread again. I already bought some gold and silver back on Friday. I am going to buy more if we get a pullback around Tuesday and or Wednesday.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

Hi maarnio,

Sorry for not coming back here for sometime...matter of fact, I forgot which thread it was : )...must be age catching up on me or due to heavy work load : (

Yes, recent Bull run on Silver wiped out or hugely reduced two of my Live accounts as I really2 didn't expect that metal to go that high...also, I didn't really had the time to monitor my opened trade positions.

Market price is at 24.25 level, do you think I should still take a couple of Short positions on Silver before the 27-28/Oct??

Cheers and all the best!

 

[RahmanSL]

maarnio,

You are suffering some pretty heavy losses with AUD/USD, EUR/JPY, GBP/JPY, GBP/USD, USD/JPY, and USD/TRY (What is TRY??)

35 open positions??? I really don’t think you should keep so many opened positions at any one time…in fact, I don’t think you should trade more than 4 positions at a time…but then, I see you trade max 0.05 lots…still, even 0.05 lot can loss usd1,107.56 as in your GBP/JPY position.

Your Equity at USD5,639.08 is still ok, I supposed, as you still have 406.47% Margin. Still, I would like to see less opened trade positions as especially with so many of them in losses, it would limit your trading if an opportunity arises to trade a trend.

I see you have not made any money withdrawal, and I don’t think this is wise as you have to test your Broker (FXDD Malta) and also to sort out any potential problems that you might encounter.

Gold & Silver have been quite volatile recently and I am not sure if the present downtrend will continue. To test my long term strategy (and to avoid potential huge losses), I used a Demo account to open and kept 3 Sell positions (0.10 lot each) on Gold at 1343.05, 1344.20, & 1.343.95 with TP all set at 1229.20…..and 2 Sell positions (0.10 lot each) on Silver at 23.19 & 23.28 with TP both set at 18.69.
I will keep these positions opened and see how long (if at all) the TP will be triggered and how much profits I can make with just these 5 trades.

Haiyo-yo!... I see you have 2 opened Sell trades for Gold at 1045.00 & 1049.75…hmmmm, I suspect it might be a long wait for these two positions to show profits; yah!
I also see that only 5, out of 35 still opened positions, show profits.

Well, I will check and see your next posting to see how your trading strategy works out, but I still think you are trading too many currencies…..and soon as you are able to, do make one money withdrawal to test out your Broker;yah?

All the best!

 

[RahmanSL]

Hi maarnio,

I just read up on your post on FXDD Malta dated 14/Jan/2010 and you posted: “At the end of the month i will ask for the first withdrawal, and then i will get back here to edit my post.”

Are you going to follow up with an updated post on this Broker??

Cheers!

 

[Pharaoh]

maarnio,

You are suffering some pretty heavy losses with AUD/USD, EUR/JPY, GBP/JPY, GBP/USD, USD/JPY, and USD/TRY (What is TRY??)

TRY is to attempt to do something.

OK, it's actually New Turkish Lira. You can see the complete list of currency codes here:

https://www.forexpeacearmy.com/forex-forum/traders-glossary/2830-currency-codes-table.html

 

[maarnio]

Most of the positions that show loss currently were opened after the Greek crises to protect the account. I have opened some opposite positions as well. I still think that I can close most of the positions in profit in next 6 months.

I have made one successful money withdrawal (4th row at the top)
12390465 2009.04.01 23:34 balance redemption ~ ML -130.00

I think that it is possible that Gold dips below $1300 and Silver below $23 next week which I would consider as a buying opportunity.

Thank you for your input Rahman!

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

maarnio,

You are suffering some pretty heavy losses with AUD/USD, EUR/JPY, GBP/JPY, GBP/USD, USD/JPY, and USD/TRY (What is TRY??)

35 open positions??? I really don’t think you should keep so many opened positions at any one time…in fact, I don’t think you should trade more than 4 positions at a time…but then, I see you trade max 0.05 lots…still, even 0.05 lot can loss usd1,107.56 as in your GBP/JPY position.

Your Equity at USD5,639.08 is still ok, I supposed, as you still have 406.47% Margin. Still, I would like to see less opened trade positions as especially with so many of them in losses, it would limit your trading if an opportunity arises to trade a trend.

I see you have not made any money withdrawal, and I don’t think this is wise as you have to test your Broker (FXDD Malta) and also to sort out any potential problems that you might encounter.

Gold & Silver have been quite volatile recently and I am not sure if the present downtrend will continue. To test my long term strategy (and to avoid potential huge losses), I used a Demo account to open and kept 3 Sell positions (0.10 lot each) on Gold at 1343.05, 1344.20, & 1.343.95 with TP all set at 1229.20…..and 2 Sell positions (0.10 lot each) on Silver at 23.19 & 23.28 with TP both set at 18.69.
I will keep these positions opened and see how long (if at all) the TP will be triggered and how much profits I can make with just these 5 trades.

Haiyo-yo!... I see you have 2 opened Sell trades for Gold at 1045.00 & 1049.75…hmmmm, I suspect it might be a long wait for these two positions to show profits; yah!
I also see that only 5, out of 35 still opened positions, show profits.

Well, I will check and see your next posting to see how your trading strategy works out, but I still think you are trading too many currencies…..and soon as you are able to, do make one money withdrawal to test out your Broker;yah?

All the best!

 

[RahmanSL]

TRY as in "attempt to do something"...nice one Pharaoh!...indeed, I didn't see that : ) .....so missed the forest for the tree; yah!


maarnio,

I see you closed 7 of the 35 opened positions at profits...and you still have 25 losses and 3 in profits.

Next 6 months; yah!...so you do long term trading which is what I would be doing in the days to come.....maybe a few scalping here and there to pass the time : )

Last Friday I am stuck with 2 SELL positions in GBP/USD going in at 1.59830 & 1.59890....at market closing GBP/USD was at 1.60422, and so it looks like I'll have wait for the reversal...hope that will not be too long. What do you think? Is that currencies pair expected to pull back next week??

I see you have gone into GBP/USD even worse off than me at 1.4300 and so you will have an even longer wait than me.

Thank for your update as your trading record really helps me to get a better idea in improving my trading strategy.
I learn that patience is important in waiting for clear idea of market direction...rushing in to open a trade position can be disastrous.

Cheers and all the best!

 

[maarnio]

I think that we can see some USD strength next week so you will likely be able to close those GBP positions in profit.

I opened my GBP sell position at May but have played some shorter long positions in GBP after that as well. I hope we are at 1.4 next May as well.

Good luck to your trading

TRY as in "attempt to do something"...nice one Pharaoh!...indeed, I didn't see that : ) .....so missed the forest for the tree; yah!


maarnio,

I see you closed 7 of the 35 opened positions at profits...and you still have 25 losses and 3 in profits.

Next 6 months; yah!...so you do long term trading which is what I would be doing in the days to come.....maybe a few scalping here and there to pass the time : )

Last Friday I am stuck with 2 SELL positions in GBP/USD going in at 1.59830 & 1.59890....at market closing GBP/USD was at 1.60422, and so it looks like I'll have wait for the reversal...hope that will not be too long. What do you think? Is that currencies pair expected to pull back next week??

I see you have gone into GBP/USD even worse off than me at 1.4300 and so you will have an even longer wait than me.

Thank for your update as your trading record really helps me to get a better idea in improving my trading strategy.
I learn that patience is important in waiting for clear idea of market direction...rushing in to open a trade position can be disastrous.

Cheers and all the best!

 

[RahmanSL]

I hope you are correct about that GBP/USD pair heading South soon...earlier today, it was heading way up North putting my opened positions on that currencies pair precariously in heavy losses.

Silver is still way up there since last week, but it took a dip slightly today but is looking to head upwards once more.

Gold has gone upwards last Friday, took a dip today but still uncertain which direction it intends to head next.

I meant to ask you this: Are you a full time Forex Trader?

All the best!

 

[maarnio]

Looks like I was not that correct. We did not get USD strength last week but I am still hopeful that we do get some dollar strength next week. What did you do with your Cable?

Yes, I am a full time trader (forex and stocks as well).

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

I hope you are correct about that GBP/USD pair heading South soon...earlier today, it was heading way up North putting my opened positions on that currencies pair precariously in heavy losses.

Silver is still way up there since last week, but it took a dip slightly today but is looking to head upwards once more.

Gold has gone upwards last Friday, took a dip today but still uncertain which direction it intends to head next.

I meant to ask you this: Are you a full time Forex Trader?

All the best!