@ JSR
I am not anti scalping, I just think that lately there are a lot of noob's coming here to learn which I love in fact, yet, being a noob at once to paper trading gold I learned the HARD WAY how important it is to follow a few simple rules when TRADING Gold.
1. You are not INVESTING (for a minimal return each year) you are TRADING. Even if it is Position style I hold paper much shorter than I hold real metal.
2. The MARKET CAN AND WILL DO ANYTHING. Always Be READY.
3. Your emotions do NOT mix with trading. The market has no feeling nor should you, a bias or reasoning through techs and fundies is not feeling.
4. When you make a LOT of money quickly, get out and stop trading for a day. Otherwise you WILL GIVE 75% to -100% OF IT BACK to the market. (For day traders)
Just think about #4 for a second.
If you worked a brutal week, coming up with safe ideas, carving them out of wood, then loading them onto a truck and got paid 5k to do so,
would you then go out and say, this is not my money, I made it in this industry here is 75% of it and I WILL PAY the taxes!!! (and give it back to your boss)
Taxes on financial income of sorts in the US are Steep. They will only get worse.
NO!!
I am not anti scalping, I just think that lately there are a lot of noob's coming here to learn which I love in fact, yet, being a noob at once to paper trading gold I learned the HARD WAY how important it is to follow a few simple rules when TRADING Gold.
1. You are not INVESTING (for a minimal return each year) you are TRADING. Even if it is Position style I hold paper much shorter than I hold real metal.
2. The MARKET CAN AND WILL DO ANYTHING. Always Be READY.
3. Your emotions do NOT mix with trading. The market has no feeling nor should you, a bias or reasoning through techs and fundies is not feeling.
4. When you make a LOT of money quickly, get out and stop trading for a day. Otherwise you WILL GIVE 75% to -100% OF IT BACK to the market. (For day traders)
Just think about #4 for a second.
If you worked a brutal week, coming up with safe ideas, carving them out of wood, then loading them onto a truck and got paid 5k to do so,
would you then go out and say, this is not my money, I made it in this industry here is 75% of it and I WILL PAY the taxes!!! (and give it back to your boss)
Taxes on financial income of sorts in the US are Steep. They will only get worse.
NO!!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News