We all have different backgrounds/professions but we come together as investors hoping to make % gains on the net $’s we save. Pilots have instruments to guide them, dentists have tools to torture us.
Sitting on a trading desk DATA is the guide and instant news feeds from reuters that’s the main tools for trading, obviously if one can’t apply the data to a chart or their positions correctly and understand the markets reaction to a key news release well your not going to succeed.
NO WEB OPINIONS are used from a trading position, I can recall on 1 hand the amount of times an opinion towards the CDN$ was discussed in meetings or in the bars it was all about trends and data or the news driving the action.
The joke in my house was watching the eve news and hearing the CDN$ did this today based on this…90% of the time they were completely wrong!
I know I’m going to come across like I’m making trading simple, its not or we’d all be at the beach. What I hope to do before I leave for the beach in Greece, lol….is remove all the clutter, opinions, useless tools the average investors clings to for direction.
I sent a Gold chart to FGC late last night (the guy never sleeps) which is below along with Silver, HUI and the Nasdaq all at their peaks.
Again like every investment having a trend in place with decent momentum is a chart readers dream. I had never held a short position with my personal investments until Golds bull run ended so that’s why I followed Rambus to confirm what I thought I saw on my charts while holding a short position, he was the only guy on the web who publicly highlighted short positions using chart data, not opinion.
These charts highlight using 1 indicator how any investor can stay on the correct side of the trend in play. FGC reply was the reason for this long wined post (sorry)
***I don’t think I can be disciplined enough to stay out that long though***
Remove OPINION from you charts! When the Naz was 5000+ opinions were to da moon…when Gold was $1900 it was to da moon!…Silver not to da moon but to Mars! Ask yourself did the dotcom web-sites keep you long, did all the goldnsilver sites keep you long….following the chart only would have had you protected.
You’ll never brag to your buddies that you sold gold at $1920 or silver $49 but you’ll look a lot younger than them as the buy/sell buy/sell the opinions is very stressful
Its the Chop, Pop, Flop…Whip trend that kills…big momentum was in play during all these timeframes below….that is a must!