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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #9,241
  • Aug 25, 2011 10:53am Aug 25, 2011 10:53am
Quoting Icosahedron
Do you guys believe the correction is over?

Thinking about entering now, but I've lost extremely big amount of money today on fake entries, still kind of scared of a retest.

From my post #9328

"At the risk of sounding like a broken record - if you must try and trade these moves, do so with stops appropriate to the timescale of your chart. Use smaller charts to indicate the beginnings of larger moves. Bottom picking can be a messy business....."

Look at the 1 min charts I have posted they are not there for fun......

If you can't make up your mind then get a professional to look after your investments - or you could start a new thread and have a vote on what to do

Does this make sense instead of asking the same question?

beeb
  • #9,242
  • Edited 11:09am Aug 25, 2011 10:59am | Edited 11:09am
Quoting Icosahedron
Do you guys believe the correction is over?

Thinking about entering now, but I've lost extremely big amount of money today on fake entries, still kind of scared of a retest.
Wait until next week. I don't see a rally up this week and it won't be too fast to 2000 even after this, imho. Look at silver when popped from 50, it wasn't trying to go to 50 again so soon.

About those requotes, could it be that high volatility comes with low liquidity and low volatility comes with high liquidity? I can't even see the bid/ask line the grey and the red on mt4 not because they are so close, because the volatility is so high, that 0.5$ (value of spread) of gold can't be distinguished on the chart (M1!). It's not normal But it can be scalped though I don't do it now.
  • #9,243
  • Aug 25, 2011 11:28am Aug 25, 2011 11:28am
Quoting Icosahedron
Do you guys believe the correction is over?

Thinking about entering now, but I've lost extremely big amount of money today on fake entries, still kind of scared of a retest.

If you use proper money management, you don't have to lose any money, even on 200 dollars corrections.

Unless you have a very small micro account or you trade huge lots.. But it makes no sense to risk so much money in each trade, if you are starting in this. Just trade small and you can still do some nice money, until you grow your account bigger.
The Black Swan: The Impact of the Highly Improbable
  • #9,244
  • Aug 25, 2011 11:35am Aug 25, 2011 11:35am
Quoting MapleLeaf
If you use proper money management, you don't have to lose any money, even on 200 dollars corrections.

Unless you have a very small micro account or you trade huge lots.. But it makes no sense to risk so much money in each trade, if you are starting in this. Just trade small and you can still do some nice money, until you grow your account bigger.
Well, that's actually what I didn't manage to do.
I was entering too early with very big lot sizes (well, relatively big actually, compared to the risk I was exposing myself to).
Impulse trading is a killer. Well, I guess I just paid 500 euros for that lesson.

By the way, thanks for the advice, Beeb. I'll try not to ask anymore, but I'm very eager to enter near the bottom so I'm asking about opinions on larger TF trend.
Will stop asking questions.
  • #9,245
  • Aug 25, 2011 11:37am Aug 25, 2011 11:37am
i badly need a new broker. any recommendations? my broker doesn't seem to offer any other platforms to trade in. i really think the requotes aren't requotes/invalid prices, off- quotes but rather some "priority" scam. the name of my broker is Marigold bullion dealers. and they don't offer mini lots/ margines

or is there a way to use a different platform without changing brokers?
  • #9,246
  • Aug 25, 2011 11:39am Aug 25, 2011 11:39am
Quoting Icosahedron
Well, that's actually what I didn't manage to do.
I was entering too early with very big lot sizes (well, relatively big actually, compared to the risk I was exposing myself to).
Impulse trading is a killer. Well, I guess I just paid 500 euros for that lesson.

By the way, thanks for the advice, Beeb. I'll try not to ask anymore, but I'm very eager to enter near the bottom so I'm asking about opinions on larger TF trend.
Will stop asking questions.

Have you seen the chart in my post #9339?

Would you seriously follow "advice" from people you don't know?

maybe you should choose your questions better.....



beeb
  • #9,247
  • Aug 25, 2011 11:44am Aug 25, 2011 11:44am
Quoting patguchi
i badly need a new broker. any recommendations? my broker doesn't seem to offer any other platforms to trade in. i really think the requotes aren't requotes/invalid prices, off- quotes but rather some "priority" scam. the name of my broker is Marigold bullion dealers. and they don't offer mini lots/ margines

or is there a way to use a different platform without changing brokers?
Im with Easy-Forex. spread on gold is 50 pips
  • #9,248
  • Aug 25, 2011 11:44am Aug 25, 2011 11:44am
Hi I need some advice...

I'm long since 1715.51 with + 435 pips...

I'm happy with my profit but you know how it is...

Could you give me some advice, should I close my position or hold it.

Best,

W
  • #9,249
  • Aug 25, 2011 11:47am Aug 25, 2011 11:47am
Quoting patguchi
i badly need a new broker. any recommendations? my broker doesn't seem to offer any other platforms to trade in. i really think the requotes aren't requotes/invalid prices, off- quotes but rather some "priority" scam. the name of my broker is Marigold bullion dealers. and they don't offer mini lots/ margines

or is there a way to use a different platform without changing brokers?
off

It's not the platform, it's the broker. I tried several. Quit using dealing desk - market makers. I use STP NDD Gomarkets AUS, and I haven't seen a single requote, ever. They have very good spreads and fast execution, also you can choose a closest server to you. The have 70+ liquidity providers so take that for something.

on
  • #9,250
  • Aug 25, 2011 11:49am Aug 25, 2011 11:49am
Quoting Walt
Hi I need some advice...

I'm long since 1715.51 with + 435 pips...

I'm happy with my profit but you know how it is...

Could you give me some advice, should I close my position or hold it.

Best,

W
If I was you I would think of holding it. Maybe put a s.l. at breakeven and open new longs.
  • #9,251
  • Aug 25, 2011 11:51am Aug 25, 2011 11:51am
short positions closed
  • #9,252
  • Aug 25, 2011 11:58am Aug 25, 2011 11:58am
Quoting beeb
Have you seen the chart in my post #9339?

Would you seriously follow "advice" from people you don't know?

maybe you should choose your questions better.....



beeb
Well, when I said advice I didn't mean that it should be "Yes, correction is over." or "No, it will go deeper.", I expected someone will post facts.

It's much easier to enter a position if my charts align and someone else confirms it.

And yes, I've seen your chart now.
  • #9,253
  • Aug 25, 2011 11:58am Aug 25, 2011 11:58am
Quoting hermanforex
If I was you I would think of holding it. Maybe put a s.l. at breakeven and open new longs.
Thanks for your input
  • #9,254
  • Aug 25, 2011 12:02pm Aug 25, 2011 12:02pm
I'm in a gold hedge and would like to get out if possible.
I have a long @ 1858 and a short @ 1849, what is best
way to get out? I now know I could have closed when gold
was down this morning around 1700. I know idea is to close
sell @ support, and then let buy run till it gets to resistance.

Thanks,
rozario173
  • #9,255
  • Aug 25, 2011 12:02pm Aug 25, 2011 12:02pm
I took 1/2 off the table and am leaving the other 1/2 to run with a SL @ BE



W
  • #9,256
  • Aug 25, 2011 12:03pm Aug 25, 2011 12:03pm
Quoting hermanforex
short positions closed
hey wait till QE3.
  • #9,257
  • Aug 25, 2011 12:16pm Aug 25, 2011 12:16pm
Quoting Icosahedron
Well, when I said advice I didn't mean that it should be "Yes, correction is over." or "No, it will go deeper.", I expected someone will post facts.

It's much easier to enter a position if my charts align and someone else confirms it.

And yes, I've seen your chart now.

OK - I don't mean to give you a hard time but if anyone says that they know if the correction is over or not, then they are a liar.......

All you can do is look at the charts for clues being aware that it is nearing opex, end of month, london bank holiday, nfp.....if you don't understand the ramifications of that you need to research more.

With that in mind you need to look at shorter timeframe charts such as the 1 min ones I posted. Find an entry and an appropriate stop on them. Then translate that to larger charts once the moves become apparent. If you look at a daily chart now you don't know how today will end therefore the chart is currently useless.....

Sorry if I'm being short but there are many thousand messages in this thread and the methodology is available - suggest you take the time this weekend to read the thread and not expect people to immediately give you answers....

Hope that helps



beeb
  • #9,258
  • Aug 25, 2011 12:26pm Aug 25, 2011 12:26pm
Quoting beeb
Sorry if I'm being short but there are many thousand messages in this thread and the methodology is available - suggest you take the time this weekend to read the thread and not expect people to immediately give you answers....

Hope that helps



beeb
Will do. Cheers.
  • #9,259
  • Aug 25, 2011 12:38pm Aug 25, 2011 12:38pm
Quoting Icosahedron
Will do. Cheers.

no probs

beeb
  • #9,260
  • Aug 25, 2011 12:40pm Aug 25, 2011 12:40pm
All look experts here.I am new can somebody help me in buying or selling I am facing a lot of prob and lack of margin already I have faced a loss of much more more pls somebody pls pls .....
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