Silver and Gold metals?

[Peterw]

I think 5% a month is doable. I'm aiming for that on my main 'bread and butter' account. I also have a separate more aggressive scalping account which i use to get that stuff out of my system without it affecting my main account.

I just need a strategy to not let that spill over to the main account and if I blow it how to not end up just topping it up every month.

Thing is I want to trade the news and scalp the volatile pairs/instruments, I am wired that way and I'm not going to deny or repress it. At the same time I want a steady Eddy account that's safe from all that.

I agree 100% about the emotional/discipline thing being the hardest part. But that's where rasising conciousness and preventing the ego from running your life can really make a difference in this business.

[lycan]

Originally Posted by forexpreneur

Personally I feel detachment is a myth but that is my opinion. I have known many traders over the years and I have learned that the ones that appear the most likely to make it, according to common wisdom, don't and the one's that seem to be overly emotional do tend to make it unless they are wired to pull a Charlie Sheen.

Well if you short a bi-winning pair, it can get tricky!

[forexpreneur]

Originally Posted by Peterw

I agree 100% about the emotional/discipline thing being the hardest part. But that's where rasising conciousness and preventing the ego from running your life can really make a difference in this business.

Absolutely 100% agreed with this statement. I thought I was doing pretty good with my trading untill I started clearing trapped negative emotions, and of course learning more about myself and the ego. Don't get me wrong, I can still be an egotistical little prick, but at least I'm a happier and friendlier egotistical little prick.

[SnerpGoodWord]

Here's an interesting little tidbit for those considering a gold speculation of some sort. Looking at the last couple of weeks of gold charts, I noticed it was looking positively economic - rising and falling along with the fate of US equities, the Euro/$ pair, and other risk assets. Note that this is exactly contrary to the typical claim about gold - that it's counter-economic and rises when the economy tanks the way T-bonds do. So out of curiosity I pulled the data from the last 5 GLOBEX morning sessions, and did correlation analysis:

Key (these are the names of the GLOBEX contracts):
6E - Euro/USD
CL - Crude Oil
ES - S&P 500 (us equities)
GC - Gold
ZN - 10y T-bond

Correlations:
            6E         CL         ES         GC         ZN
6E   1.0000000  0.6045683  0.5507449  0.2762114 -0.4254647
CL   0.6045683  1.0000000  0.6791599  0.2409001 -0.4373374
ES   0.5507449  0.6791599  1.0000000  0.2144581 -0.5199968
GC   0.2762114  0.2409001  0.2144581  1.0000000 -0.0927084
ZN  -0.4254647 -0.4373374 -0.5199968 -0.0927084  1.0000000

Sure enough, GC is positively correlated to equities, the Euro and oil, and negatively correlated to T-bonds. It's behaving just like a "regular" commodity, although with a somewhat weak correlation.

It appears, sometime in the last couple of weeks, the entire nature of the gold trade radically changed. I was joking when I said the last godbug levered up and bought GC, but it might not be a joke. There may be no one left who's both scared and has capital.

Also, rumor on the street is that Paulson is trying to sell a metric ♥♥♥♥♥♥♥♥ of gold. Probably already priced in, just FYI.

[forexpreneur]

Originally Posted by SnerpGoodWord

Also, rumor on the street is that Paulson is trying to sell a metric ♥♥♥♥♥♥♥♥ of gold. Probably already priced in, just FYI.

How much exactly is a metric ♥♥♥♥♥♥♥♥ of gold? Are there options on such a thing? LOL. I could not resist that one.

Anyway, that being said, I agree that the nature of the gold trade really seems to have changed of late. It is slightly odd to me and think it may be temporary. It does seem a lot of people are wanting to be in cash in the near term. There will come a point that if the proverbial metric schit hits the fan than after a period of a few months that money will have to go somewhere. Doesn't mean gold, and certainly doesn't mean stocks, but it will end up going somewhere and it just seems that there are a boat load of sheep these days.

Like I said in previous posts, I do feel gold has hit a temporary top, but I still feel it will go higher when the economy gets worse and fear strikes the minds and hearts of the investors/traders. I will be watching the charts with much interest.

[SnerpGoodWord]

Originally Posted by forexpreneur

How much exactly is a metric ♥♥♥♥♥♥♥♥ of gold?

1.102 short English ♥♥♥♥♥♥♥♥♥

[Peterw]

I am loving trading gold and silver at the moment. Especially silver which is offering up some really nice daily ranges. It seems to be stuck between 2 fibs right now which for day in day out range plays can be quite nice.

A lot of people are trying to predict the next big movement in gold and it's being very erratic so I'm not putting any long term positions on until it shows a direction.

Very volatile times we're having right now

[Carri C]

heya, belated came across this thread (just joined the forums a few days ago). haven't read throught the whole thing just on the issue of what the top 5 riches americans are investing in, Warren Buffett is definitely not in gold. see here (at around 2'45"):http://http://www.youtube.com/watch?v=P8XAVm3-x7g

having said that, loads of top geopolitical commentators (like marc faber) are well into gold at the moment.

[SnerpGoodWord]

Originally Posted by Carri C

heya, belated came across this thread (just joined the forums a few days ago). haven't read throught the whole thing just on the issue of what the top 5 riches americans are investing in, Warren Buffett is definitely not in gold. see here (at around 2'45"):http://http://www.youtube.com/watch?v=P8XAVm3-x7g

having said that, loads of top geopolitical commentators (like marc faber) are well into gold at the moment.

It should also be noted that if you want to engage in a successful speculation in gold (or anything else for that matter) you need to get in BEFORE everyone else does. If you have evidence everyone else is already in, it's too late.

[Peterw]

This is a good site for anyone interested in precious metals:

Gold, Silver, Gold Price, Silver Price, Gold Rate, Gold News | Kitco