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

  • #9,341
  • Aug 26, 2011 10:31am Aug 26, 2011 10:31am
people who dont know trading should not trade
lesson learnt
lost 10k in 1 week

wish i found this thread earlier
Anyone willing to help me get my money back and then i am out of it? Can offer you a beer
  • #9,342
  • Aug 26, 2011 11:00am Aug 26, 2011 11:00am
Quoting chester
people who dont know trading should not trade
lesson learnt
lost 10k in 1 week

wish i found this thread earlier
Anyone willing to help me get my money back and then i am out of it? Can offer you a beer
me and my client lost 45k in 1 day. but that's the profit we gained in 3 weeks. was calling him all morning when gold was dropping. he said he didnt want to cut any losses. he had 8 positions open full lots. he said he believes gold is going up. finally i was able to convince him to cut his losses with his principal investment intact.

the next day he told me he was drunk. he thought he was dreaming when he was talking to me

/facepalm
  • #9,343
  • Aug 26, 2011 11:19am Aug 26, 2011 11:19am
Quoting patguchi
me and my client lost 45k in 1 day. but that's the profit we gained in 3 weeks. was calling him all morning when gold was dropping. he said he didnt want to cut any losses. he had 8 positions open full lots. he said he believes gold is going up. finally i was able to convince him to cut his losses with his principal investment intact.

the next day he told me he was drunk. he thought he was dreaming when he was talking to me

/facepalm
I am sorry for your loss too, but i lost my capital.
I keep hearing people saying gold will be on 2k soon, so surely there should be a way i can make my money back?
My brain is not working properly, as it says if i invest any more that might show i am addicted and lost the remaining funds too, on the other hand it says you cant get married next year as you lost half your savings.
I was trying to workout a position to enter and for one reason or the other i cant figure out a safe position. How sure are we that it wont go below 1650? I know no one knows, but educated guesses will really help, also if you can share the minimum risk point of entries, that would help. Btw i wont blame anyone if they were wrong, as it will be my choice of entry. Last but not the least your advices will help see my workings from different angle which i might have missed.

P.s sorry for bringing personal life in this forum
  • #9,344
  • Aug 26, 2011 12:02pm Aug 26, 2011 12:02pm
Quoting chester
I am sorry for your loss too, but i lost my capital.
I keep hearing people saying gold will be on 2k soon, so surely there should be a way i can make my money back?
My brain is not working properly, as it says if i invest any more that might show i am addicted and lost the remaining funds too, on the other hand it says you cant get married next year as you lost half your savings.
I was trying to workout a position to enter and for one reason or the other i cant figure out a safe position. How sure are we that it wont go below 1650? I know no one...
i read somewhere that 90-95% of new traders lose their account or at best just breakeven. at this point they ask themselves if they want to continue.

do you want to continue trading or do you simply want to get your money back? this is a very important question. if you just want to get your money back then most probably after investing again you will end up losing it.
if you want to continue trading because you believe you can do well in it and that you like doing it then i guess the odds are in your favor.
  • #9,345
  • Aug 26, 2011 12:05pm Aug 26, 2011 12:05pm
Quoting patguchi
i read somewhere that 90-95% of new traders lose their account or at best just breakeven. at this point they ask themselves if they want to continue.

do you want to continue trading or do you simply want to get your money back? this is a very important question. if you just want to get your money back then most probably after investing again you will end up losing it.
if you want to continue trading because you believe you can do well in it and that you like doing it then i guess the odds are in your favor.
I totally agree to what you are saying, but right now i cant bring myself to bring my love for trading back, atm its all about getting my loss back, but again if i cant change my point of view i will loose more
  • #9,346
  • Aug 26, 2011 12:06pm Aug 26, 2011 12:06pm
Quoting chester
Anyone willing to help me get my money back and then i am out of it? Can offer you a beer
If it only worked that way...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,347
  • Aug 26, 2011 12:07pm Aug 26, 2011 12:07pm
Opened a long earlier at at 1775 but gonna knock it on the head at 1790, don't like this range..
Attached Image (click to enlarge)
Click to Enlarge Name: gold1h.gif Size: 17 KB
Anything can happen.
  • #9,348
  • Edited 12:20pm Aug 26, 2011 12:09pm | Edited 12:20pm
Quoting beeb
For those that like forks GC 20 min which has been working well. Red fork is still very much in control - blue not really tested. A on blue is 12th Aug....

http://www.screencast.com/t/JclKz1s1GWl

Be wary of further wild moves and use stops sensibly

beeb

edit - so after 40 minutes and 117 views not a single comment, nothing, for the chart I bothered to post - have now removed it
Beeb I saw the fork earlier and that is why I put a TP on my long - I really appreciate yours and everyone's help in this thread, sorry I didn't voice that earlier
Anything can happen.
  • #9,349
  • Aug 26, 2011 12:49pm Aug 26, 2011 12:49pm
Quoting chester
I totally agree to what you are saying, but right now i cant bring myself to bring my love for trading back, atm its all about getting my loss back, but again if i cant change my point of view i will loose more
watch bloomberg. you will hear at times george soros lose millions of dollars. other traders lose a lot too. apple, exxon, microsoft.... all these companies and people lose huge at a regular basis. but they keep on moving forward and end up winning bigger. you simply got to be optimistic.

i lost a lot across several of my accounts. i ended up gaining back and even more except for my personal account. i've improved a lot and i believe i will be even better in the future.

my point is taking losses is essential to trading. it builds character. you just have to believe that you can do better.

henry ford once said... whether you believe you're going to be successful or not, you're probably right.

for now. don't think about investing first. make a demo account and read carefully the first page of this thread. trade at the demo to gain more confidence. read the book technical analysis of the financial markets by john murphy. after which that's when you decide if you want to continue
  • #9,350
  • Aug 26, 2011 12:56pm Aug 26, 2011 12:56pm
I think gold is breaking out now
  • #9,351
  • Aug 26, 2011 1:12pm Aug 26, 2011 1:12pm
1806.. back in action.
The Black Swan: The Impact of the Highly Improbable
  • #9,352
  • Aug 26, 2011 1:15pm Aug 26, 2011 1:15pm
Quoting MapleLeaf
1806.. back in action.
Seems like it. Thinking about going some normal sized long, but I'm kind of afraid of some possible bear gap on Monday open.
  • #9,353
  • Aug 26, 2011 1:19pm Aug 26, 2011 1:19pm
Quoting patguchi
me and my client lost 45k in 1 day. but that's the profit we gained in 3 weeks. was calling him all morning when gold was dropping. he said he didnt want to cut any losses. he had 8 positions open full lots. he said he believes gold is going up. finally i was able to convince him to cut his losses with his principal investment intact.

the next day he told me he was drunk. he thought he was dreaming when he was talking to me

/facepalm

Well, FOREX is a zero sum game.. what 95% of people lose, a 5% of richies win... So, a 5% of traders are making lots of money.

It's completely different with stocks. Although the fundamentals and technicals are very similar.
The Black Swan: The Impact of the Highly Improbable
  • #9,354
  • Aug 26, 2011 1:31pm Aug 26, 2011 1:31pm
Don't usually put positions on at this time on a Friday but I bought this.
Attached Image (click to enlarge)
Click to Enlarge Name: gold1h.gif Size: 17 KB
Anything can happen.
  • #9,355
  • Aug 26, 2011 1:39pm Aug 26, 2011 1:39pm
Chester, I'm TRYING to trade successfully for almost 2 years, and my account now is on 20% level I initially invested. I was doing great on a day or two, than I started to feel more confident, invested in bigger volumes and experienced loses. Started again to gain back, got few winnings, and it happened again. Biggest drop I experienced in last two days. I was watching prices of gold more than 2 years and I saw that prices raising. I decided to invest in gold also, no matter what. And I did it without any thinking, just bought positions believing that they can just raise. Most probably they would, but when I saw price goes down, I took a look at my equity, and it was going deeper and deeper in negative value. If my account was properly founded and my lots were smaller, probably I could leave them, and in 5 years just collect some profits. But I had to stop trades, and I'm glad I did even with huge loses, which would be total wipeout if I didn't stopped them. Now, I have to trade more on other pairs which will involve smaller risk, slower profits, but I'm not giving up. I feel from bottom of my heart that I will be successful trader. Many things in my life I decided to do I did with great success. This would be one of that things.
  • #9,356
  • Aug 26, 2011 1:48pm Aug 26, 2011 1:48pm
If you made trades you regret dont try to make it back by risking more. rather go to edit>undo
  • #9,357
  • Aug 26, 2011 1:52pm Aug 26, 2011 1:52pm
1804 looks like turned support
  • #9,358
  • Aug 26, 2011 1:56pm Aug 26, 2011 1:56pm
price seemed to have bounced back from a fib 23.6 at 1809.41
  • #9,359
  • Aug 26, 2011 1:58pm Aug 26, 2011 1:58pm
1807-1809 are 23.6 AND 50 % fibos so double fibo power
  • #9,360
  • Aug 26, 2011 2:03pm Aug 26, 2011 2:03pm
lets wait for price. As far as im concerned broken resistance becomes support. so therefore if the 'double fibo' gets broken it must become real strong support...
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