Only Gold!

Take Care ..all the best

dont agree with you about using sl ,cuz the market will hunt u sooner or later

thnx mate..
it bounced again from 1301 support, its NY morning now n except yesterday gold was declining in NY session. do u still have 1311 target? or 1292 now?

50% support has been respected to the pip again.

15M PA has respected 1306 resistance.

It needs to break out of this range however I have no reason to short unless PA tell me otherwise.

what happend if power goes down and u cant controll it , if you dont have sl you screwed

I think all of this is wonderful advice... One should look at various instruments because there are many correlations... as far as trade size is concerned or even "style" of trading I believe everything is ultimately relative to the individual and their preference . One way can work for some and doesn't for others...that is not due to the "weakness" of the system/approach but more so due to the nature of the individual trying to use it... Hence any new person should try various things out and learn from trial and error and see what fits for them and what doesn't..

IMO, when it comes to position sizing; starting out as a new trader micro lots is the way to go, but rather than focusing on the "lot" and it's "value" a better way is to put more emphasis on "percentages" and "pips" and never risk more than 2% of your account value on any particular trade (no matter what!)

I view trading as a game of probabilities (where you are bound to get things wrong (more often than right); hence every trade should be taken based on a risk to reward basis (where you are trying to find 1:1, 2:1, 3:1 ... reward vs risk) Therefore lets say after a hundred trades you get 60 trades wrong; you can still be in the money if you have a risk to reward average of 2:1 because the 40 that you will get right are going to be worth twice as much hence 40 * 2 = 80 - 60 = 20 (in the green). Eventualy when you move on this path with many trades under your belt - you will find your "strike rate" average and from there will be in a better position to judge "what type of trades to chase - i.e 1:1. 2:1, 3:1 etc" Ultimately this becomes a very powerful filter if you remain disciplined to this process... To give more context to this; I guess this approach to trading can be likenedto a baseball "batter" or a cricket "batsman"...where ultimately the best batsman knows which "hits/shots" to pick based on the level of risk involved.

Now to come back to the initial point of focusing more on "percentages" and "pips" rather than lot sizes is because of psychology... You see basing trades on lot sizes is fine initially, but when your account size and level of confidence starts to grow this can become a hindrance because we can become uncomfortable trading larger contracts or lots due to "their value" which we can often associate with material or sentimental things (for e.g a standard contract in any instrument can be worth a plane ticket/vacation, cost of a watch that you want etc) and this eventually leads to greed or fear which as you all know can lead to blowing your account or giving away all the gains that you worked so hard for...

Therefore if you only start off by focusing on percentage value... you are in a way disassociating yourself with the value of the contract and are just focusing on the numbers and averages which is crucial to keep your psychology in tact because your level of familiarity will always be the same when dealing with percentages as opposed to dealing with the lot size or its value and what those values represent in our minds. This can ultimately lead to a smooth transition to trading larger size accounts with less bottlenecks.

To bring it all together... assessing trade size based on a risk to reward basis based on percentage value is a great way to keep track of your progress and it keeps your psychology in tact and is recommended by the many "trading legends". A quote comes to mind of Paul tudor jones...I think he said something like this " I like to play great defence as oppose to great offence".

I should point out again... there are many ways to trade and all of them are right! It all depends on an individual's preference and approach to it...

Good luck to all the new & "developing" traders! & to all of us who spend time trying to share valuable information here (hope good karma always comes our way)...

There are a lot of new names around here now, don't see many of the older faces

more than 90% traders quit within 2 yrs.
maybe it was 98% forgotten the correct figure.

Shuffled the SLs, safeguarding the green longs.

IF this hits 1295, longs should close yielding green results.

PS: of course way less than floating profit.

what about the magic key called "risk management"!!
if u have stoploss sooner or later you will see high volatility in the market looking for the stops in the shape of loooooong tails

In that case one should trade with very large stops below the obvious support/resistance areas... and preferably larger time frames (daily) and (weakly) charts!

i would say yup! but with put it more away form the sup/rest areas cuz we will surprised with what the market do on what you think its clever enough to trade
the market and the professional traders always have further step in front of you
Stoploss Really Sucks (based on experience of losing trades)

Yeah not disputing that. However there used to be some solid names around here when we all used to discuss views and not just calls. I haven't been absent that long but seems as though only a handful are still around.

you right mate, I've lost interest in sharing/discussing views for certain personal reasons.

Now I post here to keep thread going & for social exposure.

I couldn't agree more. Stop Losses will only eat your account unless you really know how to trade well enough. SL's are not a tool themselves to learn, nor to succesfull trading. If your SL's are "often" hit, then you must spend more time learning. That's just my point of view of course.

If ones stop losses are hit more than your strike average and your account is going in the red; then that could be a symptom of trading with extremely small stop losses and lower time frames...

If you trade the higher time frames (4hr or up) more often then not you will find that your stops are not taken out... But we as human beings are greedy and know that widening stop losses means "picking less leverage/risk" and hence we try to stay away from that because it does not give us that thrill...

Thought you said these were long-long term investments not just short term speculations ?
I mean what's the difference with your everyday speculations then ?

I think gold will continue to correct lower as the Fed is most likely continue to taper on the on going QE

This should be first thing explained to newbies by all those "teachers"/"gurus".
If somebody's trading has negative math expectation, SLs will just decrease the RATE of account drawdown.

Talking about drawdown, I saw a better way of dealing with an excessive drawdown. If you have traded for quite some time it is worth a read, Managing a Drawdown