Silver and Gold trading

[RahmanSL]

My 2 opened Cable positions nearly wiped out my ECN account..in fact they were forced closed and I transferred the balanced money to my STD account.
Before I went on a short holiday on 3/Nov/2010, I opened one single 0.1 lot EUR/JPY on "Sell" at 114.04 and pre-set TP at 112.14 which was taken and closed today 9/Nov/2010 at a profit of usd235.18 : )

Good to know you are a full time trader....first one that I know. May I ask, can you make a good living from full time trading? I might or might not become a full time trader one day...but if I do trade full time, I would more than likely be a long term investment trader...i.e. going in on 1-3 trades on "Sell" positions when the currencies pair or commodity (Gold/Silver) are way up there and than waiting 1-6 months for the price to go down. This way, it sure would be muh better than the 3-7% bank interest : )

I see you still have 26 opened positions and all at losses. I sure would urge you to limit your opened positions to max 5 positions at any one time.
Do keep me updated on your trading account as it sure is helping me to keep track on how you doing over an extended time frame.

As usual, all the best!

 

[maarnio]

Cable has been very strong lately. Sorry to hear about your cable position and Congrats on your EUR/JPY trade.

I started going full time at late 1999 with just stocks. I have had few very good years with trading or investing but also some very terrible ones.

I have taken some protective opposite positions or pending positions to limit the potential losses. You can have many open positions if you manage your losses with opposite pending positions or stop losses. I try to limit my max monthly losses to 10%.

Best to your trading!

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

My 2 opened Cable positions nearly wiped out my ECN account..in fact they were forced closed and I transferred the balanced money to my STD account.
Before I went on a short holiday on 3/Nov/2010, I opened one single 0.1 lot EUR/JPY on "Sell" at 114.04 and pre-set TP at 112.14 which was taken and closed today 9/Nov/2010 at a profit of usd235.18 : )

Good to know you are a full time trader....first one that I know. May I ask, can you make a good living from full time trading? I might or might not become a full time trader one day...but if I do trade full time, I would more than likely be a long term investment trader...i.e. going in on 1-3 trades on "Sell" positions when the currencies pair or commodity (Gold/Silver) are way up there and than waiting 1-6 months for the price to go down. This way, it sure would be muh better than the 3-7% bank interest : )

I see you still have 26 opened positions and all at losses. I sure would urge you to limit your opened positions to max 5 positions at any one time.
Do keep me updated on your trading account as it sure is helping me to keep track on how you doing over an extended time frame.

As usual, all the best!

 

[maarnio]

Opened some gold and silver positions last week. I am looking for next peak in gold and silver early December.

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

 

[RahmanSL]

Hi maarnio,

I see you have increased your opened positions to 40, and mostly for Silver & Gold.
A also see 10 opened positions are in profits and that your P/L have been reduced.

You really think Silver & Gold will peak AGAIN in Dec? Reason I asked is that I am thinking of putting some of my investment money and capitalize on these 2 commodities peak...i.e go in on "Sell" positions and hold them over a period of time to maximize profits.

May I ask what's your reason(s) for believing that Silver & Gold will peak in Dec?

 

[RahmanSL]

I have been meaning to post this, but somehow forgot each time I login.

You said you have made a very small withdrawal (usd130) sometime back. I would suggest that you made a bigger withdrawal request just to see how this Broker handle big withdrawal request...maybe like usd2-3k, which you can always put back into your account if you so wishes.

Last thing you want is to find out later that the broker gives multiply excuses not to honor your big withdrawal after you have given so much time to build up your account size.

All the best!

 

[maarnio]

This is my gold peak theory:
<a href="http://ttheory.typepad.com/files/mfimidpointtopprojectionforgld20101112.pdf"target="_blank">Gold Peak</A>

<a href="http://ttheory.typepad.com/files/ttoaudio20101114d.mp3"target="_blank">Gold Peak MP3</A>

Hi maarnio,

I see you have increased your opened positions to 40, and mostly for Silver & Gold.
A also see 10 opened positions are in profits and that your P/L have been reduced.

You really think Silver & Gold will peak AGAIN in Dec? Reason I asked is that I am thinking of putting some of my investment money and capitalize on these 2 commodities peak...i.e go in on "Sell" positions and hold them over a period of time to maximize profits.

May I ask what's your reason(s) for believing that Silver & Gold will peak in Dec?

 

[maarnio]

Yes, I have to try this sometime. I have been making withdrawals from my other accounts regularly.

Best to your trading!

I have been meaning to post this, but somehow forgot each time I login.

You said you have made a very small withdrawal (usd130) sometime back. I would suggest that you made a bigger withdrawal request just to see how this Broker handle big withdrawal request...maybe like usd2-3k, which you can always put back into your account if you so wishes.

Last thing you want is to find out later that the broker gives multiply excuses not to honor your big withdrawal after you have given so much time to build up your account size.

All the best!

 

[RahmanSL]

Ohhh, you follow Parkers Youtube presentation on Gold...I have not followed them before, but shall keep both eyes on chart movements on Gold & Silver.
Silver is moving upwards again since peaking to 29.17 on 9/Nov/2010 after going down to 25.08 on 17/Nov/2010.

Going by the H4 & D1 charts, it seems like "Sell position" on any price upwards of 27.90 would be good long term (week to a month) holding position.
As for Gold, based on M30 & M1 with reference to H4 & D1 charts, the perfect "Sell" position would be upwards of 1.413.00 level for long term holding position.

Guess we shall wait and see what happens in the first week of Dec 2010...and also how US Bonds are doing as Parkers says (which I concur) that if Bonds fare badly, Gold will go up.

Another thing which I had meant to ask: Is your account STD or ECN/STP account type?

All the best!

 

[maarnio]

I am planning currently to exit my long gold and silver positions before next NFP data.

My account is STD with 1:200 margin

Ohhh, you follow Parkers Youtube presentation on Gold...I have not followed them before, but shall keep both eyes on chart movements on Gold & Silver.
Silver is moving upwards again since peaking to 29.17 on 9/Nov/2010 after going down to 25.08 on 17/Nov/2010.

Going by the H4 & D1 charts, it seems like "Sell position" on any price upwards of 27.90 would be good long term (week to a month) holding position.
As for Gold, based on M30 & M1 with reference to H4 & D1 charts, the perfect "Sell" position would be upwards of 1.413.00 level for long term holding position.

Guess we shall wait and see what happens in the first week of Dec 2010...and also how US Bonds are doing as Parkers says (which I concur) that if Bonds fare badly, Gold will go up.

Another thing which I had meant to ask: Is your account STD or ECN/STP account type?

All the best!

 

[RahmanSL]

I see your “Long” positions on Silver are mostly in profits as well as your “Long” positions on Gold.
But your 2 “Short” Gold positions opened since 5/Feb/’10 at 1045.00 & 1049.75 don’t look too promising.

When is next NFP data release due?