Daily Trading Strategies on Gold/Forex

I'm currently long 1 fullsized Dec Gold and 2 mini Dec Gold and 1 fullsized Dec silver.

Bot at 656, 645, and 13.20 respectively. Yep, seriously underwater.

Thing is: I bot them and put enuf margin in the account to cover them if spot prices went to 200 dma--580 gold and 1080 silver. Figured I could just sit back and not worry about being whipsawed or try to sort false breakouts from real ones etc etc.

I figure sometime in the next year--and probably before Dec--all 3 contracts will be in the green. Figured I could just sit back and not worry about being whipsawed or try to sort false breakouts from real ones etc etc.

Am I nuts? It seems according to the criteria of many people who trade futures on the metals threads, I am. But I also don't want to second guess myself, another landmine for futures players. The major risk I'm taking, the way I sees it, is if we do head for one them prechter deflationary scenarios where everything absolutely collapses and stays collapses--in other words prices either stall for a year or two and/or radically deflate. But I gotta say, 200dma seems like good support, and has been thru the last two pm bull markets.

So again: Am I nuts? Am I going to be one of those non-professional newbies who gets eaten alive and blows out their account.

Please be respectful in yr replies--this posting is offered w/ no sarcasm and thus deserves none in return--

imsurfing (maybe)
 
you are way overexposed IMO

if you really want to try that style of long term speculation, you should be able to withstand a drop to below 450 IMO so you seriously would need more capital that you have
 
i hope gold and silver would be going lower this week.

watch for breaking through strong support levels.

gold-spot
support-606
resistance-620

silver-spot
support-12.00~11.80
resistance-13.00

good luck

gt
 
my bearish view on gold is no longer valid at 584.

long-gold-spot @ 584
stop @ 578

recom valid for short term or intraday trading only.

good luck

gt
 
Here is a chart that shows the move up from $450 to $730 with fib retracement lines. I think the big picture says we are still correcting along with highly correlated oil. The correction came down and we just passed through 50% retrace. The move from $625 has been almost straight down. The next stop is $555.00. (68%). Volume up on down days also. I like gold but this looks like a freight train to me. All the best.
 

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It's a good thing for me that I tend to use fairly tight stops and that gold went up before going down. I could be looking at a disaster otherwise.

This has been a great reminder about the importance of meaningful stop loss orders.

Before placing a stop loss order, I try to visualize it getting hit, and then getting out with a small loss (or, if the trade went in my direction first, a small profit instead of a large profit). If the loss is "too large to take" then I know that I have put my stop loss too far away.

I'm flat gold for now. I might get in again if spot can go above 600 and stay there for awhile (and, of course, I'll use a stop loss).
 
according some indications, gold would rebound to 595~600 in a few days.

current price 579
long @ 579
stop @ 574

but remember to use stop.


gt
 
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