I never wait for confirmation, but I don't trade without having way to manage risk either. Took profit at 1150.50 on half position of Dec Gold from add on signal back on Oct 21, 2014 at 1250.50, I am retaining all positions left since Sept 2011. I been buying Silver 4 times today with hedges, and either breaking even on whole position, futures/options, or taking $800 loss in futures and making it back in options. Last buy, already took $800 loss in options and have better than breakeven stops to cover losses in option. Very active method for a long term system, but when I do find high/low of major moves, it pays well eventually. But you have to be ok with monitoring and sleep lightly. Am still short Copper with last add on in early July, having rolledover, requiring 2.2880 for half position target. Am still long Nat Gas since April 2012, only one add on produced first target, all other add-on signals had overall break even trades. Even though daily produced clear cut triple top on daily chart, I had to maintain my rules, as method is geared for long term moves. I did do Call Credit spreads to make some money for clear cut triple top.
If you guys are hating me for the miners position you might want to check your quote screen... As for the micro gold position, I'll be honest my entry wasn't the best but I still don't think Im that bad off.
Aren't you down something like $60 on your last GC long? Thats like 5%, with zero leverage. Looks like a massive loss to me, considering the fact that it occurred in such a short span of time.
Haha considering my position size is maybe a .5% of my account I think I will survive bro. Only a fool would pick bottoms with huge size. $60 bucks is also nothing in a market this volatile right now. If this isn't the bottom I promise I will still be around to fish for the next one. I'll say again if this is the bottom, ala '76, 08, 01, I will be just fine and within a couple months have a decently large profit even without pyramiding. All in all ty for the kind words. I hope you get help with your anger, or better guess, ego issues some time soon.
Today was an inside day basically unchanged or a doji bar. Tomorrow is NFP. So .... if the number is as expected or lower I would think a bottom (of a temporary nature) might of been made yesterday. If the number is higher a possibility of more downside before a swing low forms. Curiously the miners $XAU was up +4.28% on the day (even 5+% higher at one point) though the metals barely were positive at the close.
Uh huh so whats the point of even bothering with this with just 0.5% of your account in it? It wouldn't do anything to your account even if gold went up 20% from here (0.1% of your account), unless you just want to be "right" (as opposed to making money)? No idea what this is about but nobody is angry here (maybe you are I don't know)... also I think the people who have ego issues tend to be the ones who can never see the error of their ways, even after they have lost money/been proven wrong they appear to be dead set on doing the same thing over and over again. I won't read/reply to this thread again since you appear to think I was being a pompous ass for offering some constructive criticism. GL.