$ Silver $

too all silver traders :

I hope you have the proper background to trade extremely volatile stuff like silver right now
and have the discipline to cut losses or take losses
when needed from either side both long and short

I heard of some traders who made thousands in silver in a few weeks and gave it all back and then some when they thought they were smarter than the market

please do not take this as directed at you if
you have been successful for yrs trading
with a set strategy or have developed something
that is working for you now

I am in the green this week but a few days ago
was in the red having stayed too long short silver and long gold ... had to take my lumps and regroup
and trade smaller and grind out my profits

good luck to all who read this and may you never get a margin call

 

You earlier asked for some pictures of 79-80 Silver.

 

This one is my personal favorite, the 1987 runup. My single worst mistake of trading.

I was holding 1,200 contracts of Comex silver, yep the 5,000 ouncers for 6,000,000 ounces for Richard Dennis' account. This along with 500 contracts of Comex Gold. Rode it all the way up and almost all the way down; accounting for a whopping 65% drawdown in the account.

The equity swing on the high move day for the account from the high to the low was something rediculous like $14 million.

- Curtis

 

Just for comparison, I'll show the current move using the same scale and size.

- Curtis

 

IMO silver can be traded again based on TA once the short open position is covered , only then the price will be allowed to run as it should have done years ago. Until then it's an extremely high risk commodity, you'll make 2% here and there, but the odds of a substantial draw down are against you. There are safer plays in other commodities at the moment. It reminds me of an internet bubble in a way, though here the commodity is under priced, everybody wants to jump on a bandwagon without realising that if the short position of this size has been allowed, what's stopping the dealers opening another one? With silver traded almost 24 hours, what would happen if the price shoots passed your limit stop order? And what if the ETF is not approved?

 

I just saw an 8-9 cent spread in may silver

yuck ... ok ... it soon went back to the normal

( i.e. 1-3 cent spread )

 

Yeah seth, you just hold on to them coins.

Curtis faith, is posting on this thread?

Blimey. Hey, a parabolic chart is a parabolic chart, turtle or not.

 

i'd be very surprised if we broke yesterday's highs.

 

For your reference......

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1044714>

 

look for the dumb trades that buy/sell with the wide spread.its like they dont care.or they are getting forced out.july is interesting.