sorry to tell you this but in the good old days on the comex this used to happen every few months or even weeks ... no position ... was attending the Baron Funds ( no relation to our site's namesake ) annual conference ... whose performers today were Jewel ( no pun intended) Southside Johnny and Paul Simon
stop runs was teh explanation i heard... also i think the rally in the dollar helped, definitely coincided.... probably both... not jus tone thing but everything adding up
I heard there was a rumor on the floor that there was some "central bank selling". That got it into the stops. OldTrader
I am thankful that I sold half my position yesterday but considering this a position I have held for a few weeks now (basis 368) it isn't much consolation. I also got killed and stopped in a Euro trade (was up big and gave it all back) and stopped out on the NQ. Shorting again mid morning with half a position only to see the damn thing rocket up on me, situation was some what mitigated by going short the other half position later in the day but only some what. Started the month with trades in the green to the tune of close to 90K, have given back $50K of it (yes I know what a bloody idiot!) Hey it happens. This time next week I could have it all back and then some. You have to be in to win and you've got to do size to make it matter. Look to the next trade.
Started the month with trades in the green to the tune of close to 90K, have given back $50K of it (yes I know what a bloody idiot!) you must be either trading big size or big positions sheesh ... be careful man .... :eek:
Do you think you were in three positions all vulnerable to a reversal in the dollar? I've heard about dollar selloffs into the end of the quarter only to be reversed after months end. I don't know the stats but worth checking out. Wally
LITTLE BOY: Daddy, how do you get rich? DAD: Son, you have to be bold and you have to be right. LITTLE BOY: But Daddy, what happens if you are bold and you are wrong. DAD: Then, Son, you go down with the ship.
As a former metals trader, I've got to tell you guys one thing. Gold is a cursed market. That doesn't mean it isn't good for safety and long term currency hedging. However, since the mid 1990's the market has been capped by a combination of the central banks and the big hedging operations That includes the mines, which may have taken part in the selling. My advice, scalp the mines and stay away from the futures. Buy physical bullion with a tight spread and use it like a cash position if necessary.