$ Silver $
- Thread starter SethArb
- Start date
i had quite a ride in silver like any other newcommer over the last three weeks. i picked up a personally aggressive position of 4 zi's around 12.3, rode it up to the top, and was on the phone with my buddy congratulating each other last wed like a bit of a jackass.
being new to metals and physicals in general, i didn't have the foresight to piece together successive margin increases with the ~15 post 1980 heavy resistance level and take profit on any of it. my plan for the trade (as with gold over the last 2 months which ended up significantly better but also a slap from the highs) was to try and catch the severe runup with huge wiggle room and a willingness to possibly end up flat wrong from a decent price. breakeven at worst case.
by the time thurs mornings margin induced 17% gutting was half over, it was nearly back to my entry so quickly that i simply hadn't considered the emotional wreckage of giving back a record profit in spite of my deliberate intent to try for a windfall or nothing at all on this particular trade. i literally guarded it 17 hours a day for 2-3 weeks, and ended up closing it a hair under breakeven and it hurt badly to give it back
with a few days perspective on this unusual deviation from my normally fully systematic trading, i see a clearer way to proceed into either 13 or 10 levels. i'm going to take advantage of the flexibility in the yi contracts, and build it much more slowly with less emphasis on any single entry than the zi's can afford. i'm thinking i'll allow myself to add no more than one a week as it likely plunges further, and see if we can do this again, hopefully with an avg price between 9-12 and slowly up from there
how about silver $150 an ounce in three years.. anyone..
the only thing that bothers me more than giving back that gain, is having that ugly spike staring at me from my p&l sheet for the next x months. real ugly
being new to metals and physicals in general, i didn't have the foresight to piece together successive margin increases with the ~15 post 1980 heavy resistance level and take profit on any of it. my plan for the trade (as with gold over the last 2 months which ended up significantly better but also a slap from the highs) was to try and catch the severe runup with huge wiggle room and a willingness to possibly end up flat wrong from a decent price. breakeven at worst case.
by the time thurs mornings margin induced 17% gutting was half over, it was nearly back to my entry so quickly that i simply hadn't considered the emotional wreckage of giving back a record profit in spite of my deliberate intent to try for a windfall or nothing at all on this particular trade. i literally guarded it 17 hours a day for 2-3 weeks, and ended up closing it a hair under breakeven and it hurt badly to give it back
with a few days perspective on this unusual deviation from my normally fully systematic trading, i see a clearer way to proceed into either 13 or 10 levels. i'm going to take advantage of the flexibility in the yi contracts, and build it much more slowly with less emphasis on any single entry than the zi's can afford. i'm thinking i'll allow myself to add no more than one a week as it likely plunges further, and see if we can do this again, hopefully with an avg price between 9-12 and slowly up from there
how about silver $150 an ounce in three years.. anyone..
the only thing that bothers me more than giving back that gain, is having that ugly spike staring at me from my p&l sheet for the next x months. real ugly
hi avid ....
welcome to the volatile world of silver futures
its been trading like crude oil on drugs ...
good luck to you in YI small size ..
I have been doing very well this yr
in the metals with scalps and other really
short
term trades but when I have tried
to take on a overnight position or traded too much size
more often than not the precious metals gods have spit
on me
welcome to the volatile world of silver futures
its been trading like crude oil on drugs ...
good luck to you in YI small size ..
I have been doing very well this yr
in the metals with scalps and other really
short
term trades but when I have tried
to take on a overnight position or traded too much size
more often than not the precious metals gods have spit
on me
U.S. SEC SAYS REGISTRATION FOR BARCLAYS ISHARES SILVER TRUST DECLARED EFFECTIVE - Reuters
great news, if you are new to trading and want to make money with low risk high reward, forget trading silver futures, just buy the shares in the etf and hold, while you hold consider doing some small position shorting using your newly acquired skills when your system suggests a decline in prices, which IMO will not last now, this etf opens a lot of doors to new investors who could not participate before due to regulations and risk involved. all the best.
hey setharb, thanks. i agree with your tighter timeframe approach. i sense that a long term hold will work even from these levels that many are skeptical of, but have been working at volatility and breakout system approaches to lessen the shellshock from moves like last week, and facilitate bigger positions while mitigating drawdown. so i hear what you're saying, good to trade it a little tighter
what i've discovered over 3 years of cranking out systems is that in every case, the markets in which i've been able to generate good eq curves have also been solid holds. my goal has been to establish a base long position, but trade in and out of most of it in a relatively tight timeframe.
i couldn't resist positioning somewhat aggressively again ahead of tomorrows launch after watching cbot silver put in a logical looking set of daily lows through today. seems like a good r/r long here with a close, clear stop. if wrong, it won't take far to find out tomorrow
good luck
i'm thankful to the comex for showing us what they've got and establishing a solid range precedent for dealer and exchange coordinated intervention
what i've discovered over 3 years of cranking out systems is that in every case, the markets in which i've been able to generate good eq curves have also been solid holds. my goal has been to establish a base long position, but trade in and out of most of it in a relatively tight timeframe.
i couldn't resist positioning somewhat aggressively again ahead of tomorrows launch after watching cbot silver put in a logical looking set of daily lows through today. seems like a good r/r long here with a close, clear stop. if wrong, it won't take far to find out tomorrow
good luck
i'm thankful to the comex for showing us what they've got and establishing a solid range precedent for dealer and exchange coordinated intervention
if a contract goes nowhere maybe we call it something other than solid. shitty holds?