"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
Trader Dan's Work is NOW AVAILABLE AT WWW.TRADERDAN.NET
Gold - 8 Hour chart update
Dan, Just like to say that I really appreciate all of the work that you and JSMineset does. I have been following you guys for the past 3 years religiously. When I first started reading you guys I felt pretty dumbstruck because you guys speak at a pretty sophisticated level. I am only a year out of college so you can imagine what that was like. At any rate I have 2 questions. Do you see a potential C wave blow off in our near future followed by a D-wave correction? Question 2 I want to be a better investor trader, where/who are some good places to learn from, any advice ?
ReplyDeleteThanks
Matt
Matthew, check out the Blog, All Along The Watchtower, good trading tips on the PM sector. http://tfmetalsreport.blogspot.com/.
ReplyDeleteMatthew...
ReplyDeleteIt may sound simplistic, but the only way to learn how to trade, is to trade.
You will learn through the experience of trading, especially when you screw up. Hence, you should start very small and take any profits while you have them, unless you are going to hold a position for a long time which is becoming hard to do unless you are able to buy in on an intermediate low. Otherwise, you will most likely fall victim to panic if the market goes against you as you tell yourself "I should'a taken it while I had it", or "what if this gets worse?" and you take a loss, which chews up your account, but then goes back up to make money as you originally thought it would.
There is NO TRADER out there worth a damn that can tell you how to trade profitably, not me or Dan. I'm sure Dan has lots of stories about how he got screwed (like in the Yen). We all just learn what we did wrong and try not to do it again.
Trading these markets ULTIMATELY is a ZERO SUM GAME, which means you will lose everything you make in trading OR make back everything you lost (if you have enough trading funds). Either way, if you trade long enough you will just break even, unless you QUIT WHILE YOU ARE AHEAD.
The absolute WORST thing you can ever do is THINK YOU HAVE THESE MARKETS FIGURED OUT. That's the way 'the gods' twist your mind just before they destroy you.
I would suggest trading spot gold on the FOREX MARKET that requires only about $500 to trade gold with enough margin to be safe if you trade 0.10 unit of gold.
Learn how to draw trend lines and use Fibonaccis which are available on most FREE trading programs provided by FOREX Brokers like METATRADER.
DO NOT expect any constructive help or advise from ANYONE in the financial field.
USE YOUR OWN BRAINS analyze what you see happening.
If you watch the market trade EVERY TICK for months or years like Dan and I do, you will start to see the patterns.
Also, learn to BUY THE DIPS (weakness) and SELL THE RALLIES (strength). It will take you awhile to learn to feel good about seeing these markets drop until you recognize these dips as buying gold or silver ON SALE!
One day it will click that whenever you are the most scared about buying in is EXACTLY when you should be buying in. Same with selling out with a profit, except GREED is the thing you have to CONTROL. Just take your profits while you have them AND BE THANKFUL YOU HAVE A PROFIT, and are not either realizing a loss, or waiting for your position to get back to even.
You ONLY LEARN BY DOING (BY EXPERIENCE). ALL ELSE IS BULLSHIT!
Matthew...
ReplyDeleteOne more thought:
EVERYTHING YOU NEED TO KNOW
IS ON THE INTERNET.
Just Google any term you want to know about and you will eventually find all the sources of info you need. All you have to do is find it.
Some of it is true and some is not.
Turn on your CRAP DETECTOR and you will be okay.
Any idea when the next attempted attack will come on gold? ie. when's options expiration?
ReplyDelete