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

You should read the first post and skip through the thread. It has been here for about 4 years now (since 2010)

When I started posting the price was around 1100 then hit 1050 went to 1920 and back down now to 1230. so there is a lot of history here.

Some sites to read:

www.kitco.com
www.oilngold.com

There's a book simply titled "Gold" you might like.

Experience and watching the price and news is really the best key. But a firm understanding of fundamentals and the realization
that this is NOT a currency pair but a Commodity you are trading are paramount. In my opinion.

thanks for that i will have a look on the sources you have provided.

If you hang out here on busy days you can learn a lot from the different actively posting members.

We all have a bit varied trading styles.

OFF TOPIC>>>


Does anyone know a good demo broker that does not delete my history?

Oanda stores it only for 99 days... Made some sweet profit over months and just realised most of my history is not even stored.... :@

OT discussions are always welcome during the weekend.

A. What "history" are you reffering to? Trade history? If so all the data HAS TO BE stored one way or another. If you are looking to access trade data from a year ago directly through the platform it likely won't be there. You need to go to the site or platform and specifically request either a sheet (Like a PDF or Xcell spreadsheet)
download it and it will in writing have every trade taken, entry - exit / prices and P&L "profit and loss."

All brokers do this. It has to be accessible.

B. Since you are asking about a demo, then NO, they do not save the data past - I believe about a 3 month period. Depending on the broker and how long the demo lasts.

C. If you have about a year experience or even less, depending on your grasp and understanding of trading, your system and what not, I would say it is time to CUT
the Umbilical cord and take a couple hundred and open a MICRO account so you are actually trading live and learn how to disconnect yourself from the money.
As much as people like to believe "demo trading" gives you the skills to have the "NON EMOTIONAL" bond to your money and the experience of doing so, it does exactly the opposite.

Demo trading for too long can give people a very FALSE sense of how margin trading works. People risk far more money, take crappy trades, don't plan, hold losing positions, and on and on. Why? because you know at any time you can just get back that fake 50,000 cash at ANY time.

Also you should if you are not already only trade with a MAX of 50:1 leverage.

The reason why people fail in the beginning of trading live is partially due to this false sense of a grasp that demo trading gives. They are used to being over-leveraged with a pile of fake money that is literally indispensable.

Although micro accounts won't have staggering losses, the chance to actually trade live in a "smaller scale" is irreplaceable and you can, if trading well,
make over 100 bucks in a week simply trading micros and taking only a bunch of trades.

50 pips with a standard is 500 bucks = 10 a pip
50 pips with a mini is 50 bucks = 1 USD a pip
50 pips with a micro is 5 bucks. = 10 cents a pip.
But hey, MONEY is MONEY and the deal is as such - with a 1000 dollar account a couple 50 pip losses and you've already wiped out almost a QUARTER
of you margin / trading capital.

Thanks for the detailed response.
I will try through their website as suggested.

Yes I should start trading for real. I did play for real at the beginning about a year ago... i started out with $1000 and quickly lost around $130 mainly because emotions... quickly closing losing trades and not letting it breath, now i realize.

You should check my trading I believe its visible on my profile.

I have a drawdown of over 40% which i know its very high... but its not showing the full picture because the 99days history only. I started out with £450 about 5-6 months ago and i am up over 400%.

Do you think i risk too much based on my trades?

weekly target 1166 ..

Ignore what you have just read

I'll have to take a look into your trades. A drawdown of 40% of your account is WAY TOO HIGH, if that's what you meant.

As I had mentioned to someone before, demos don't help this, but,

A. Each trade should be planned before even taking it. Not on Impulse by just "going to market" because you think it looks good. You should and I know it sounds like a pain, but it is the only way to true success, so should - have a healthy stop, eg: below major support, or below the past lows. For instance for a 3/4 + day trade I would have a stop on gold below1200. Longer, it would be below, 1180, just going off lows as well as this week's Price ACTION, which is clear, there is interest in protecting the 1200 mark thus far. Not saying it can't break but, when the PA bursts in one direction and then slowwwwwwwly wanes back correcting in the opposite, it usually suggests, larger orders, and a market bias that is possibly flipping from the mid term trend. If these were Losses DOWN of 30 USD at a clip, then slowly rising to me it suggests the bears are more in power. Yet, as of this week, it seems like there is a bear trap set. Even with mainly on forecast and semi positive, NFP and unemployment gold still managed to move off a monthly LOW bursting 30 bucks.

B. You should use a simple rule that can be tweaked, but - RISK 50 PIPS to make 100. so 1:2 - or even larger risk 50 to make 150. These are NOT scalps but day trades or usually multi day trades. Here is where entry becomes KEY. For instance again using gold. If you entered at 1215 you could place a stop just below 1200,
risking a 15+ USD move, yet with a target at 1245, trying to gain a 30 USD move. IE: 1215 - 16 = 1199 or so. AND 1215 + 30 = 1245 you would have been hit at TP.

C. Always have trades according to your account. If you are risking 50 Bucks be able to potentially LOSE IT, yet, still have enough capital to trade again the next day and make up for the loss. Don't "revenge trade" - the market owes you nothing, and if you chase it you will likely end up losing because your trades are based on emotion and almost gambling. Again, entry is important at times for shorter term trades. The lower or closer you are to a major support, say during a range bound session, The amount risked on a stop becomes less, as well the top of range which should be accessible is further away, making your trade a LOW risk , HIGH reward trade. Be prepared to lose. Yet trade to win. Risking 50 USD on a 500 USD account is suicide.

D. If you are "closing trades" before they can breathe you should not be in the market. Let the market come to you or stay out. For instance, if the range is 100 USD for a few days, say 1000 to 1100 an entry in either direction at 1050 is NOT OPTIMAL. You are at the pivot. I would bet that at least half of the trades you took and closed ended up going in your direction perhaps even moving 30 pips against you or with gold 10/20 USD against you to then move 75 pips up or 30/40 USD in the desired direction.

-----------> This is where I do NOT support moving trades to break even.
Trading is RISK, it is the nature of the business, even if you are as safe as can be, anytime you expose your margin/capital to the market you are taking a risk.
So, by moving trades to BE "break even" you literally cut your chances of winning directly in half - 50% More often than not, people will have entries that are - if you are not trading aggressively - with a bit of security (meaning you see the price heading one way and set your order or go market accordingly), however, this also lends true to the idea that it is extremely likely the price will move back down to your entry or even dip below it at one point or another. Just the same with losing trades, if you are in a bad one and know it, the market is actually kind enough to USUALLY - not always, give you a chance to get OUT at either little or no loss. As long as you are paying attention. But, BE trading - I think - actually makes people take more trades than necessary after they get stopped out at BE then the price moves the way they were looking, and they are then forced to enter by market at a less favorable price than they had - HAD they just let the damn trade breathe.

E. Set orders, and wait. Patience in trading is paramount. Don't be too stingy with your fill level and don't be too greedy with your TP, here is where using the PA around moving averages and support and resistance or FIBO levels comes in to play and they are some of the easiest tools to use in your belt.

Gold swings usually in slower markets at least 5 but usu. 10 USD in a day. On busy high volume, news driven days, the price easily swings 50 bucks. Usually making a new high or low, then retracing a bit and fizzling out somewhere in between to close.

Keep in mind, any BE trade or "closing trades" are really LOSSES, you still have to pay the spread. Do this enough times and the spread starts to seriously add up.
Unless you set the order for BE plus spread it is a LOSS. Flip flopping and same pair hedging are also sure fire ways to lose money. A losing trade should be cut, not hedged, Now you have payed the spread twice in either instance. Flip flopping or opening up a trade, then closing it and going the other direction before anything happens costs money and usually some loss. Likely in your second decision you are wrong anyway. LOL. If you are unclear stay out.
"WHEN IN DOUBT STAY OUT"

Only Hedge "same pair" if you are in a winning trade that may be subject to some retracement - but you want to take advantage of the correction.
eg: you are up 500 Pips on a trade, yet it is likely that the trade will retrace about 150 pips before moving up another 300, you open a hedge. Again, support and resistance are your best friend.


ANOTHER OLD ADAGE, - "TRADING IS A MARATHON - NOT A SPRINT" always save / not risk enough capital to trade the next days, sure losses suck, but having a 100% loss is worse.

Hope this helps.
Better off just using a pair that moves inversely to the one you are trading. Ie: Long GBP/USD but going to retrace down, so you want USD, so buy USD/CHF as a hedge, it follows the USDX closer than any other pair IMO.

CONGRATS to all the contributors here! And my thanks to all the members past and active!

My pages are set to 30 posts per page I believe so I have just cracked 1000 pages!!!! WOW!

Also you guys and girls pushed us over 30,000 posts this week!

A lot of content here!

Great job everyone!.

XT-

Can anyone help me, what is the best trading platform for Gold and Oil analysis?
and What are the most predictable technical indicators?

What do you mean trading platform for analysis? Meaning a broker? if so that is really a matter of personal preference. Or trading futures.
All brokers offer the basic analysis tools necessary to trade gold.

Some of the simple and best tools to use are as follows:

- Support and Resistance
- Trend lines
- Moving averages
- Fibonacci Levels
- chart patterns
- pure price action

Being that gold is driven also by fundamentals, it's important to understand them.

- reading news
- what the drivers are
- the USD and correlation
etc.

Take a look at post one.

XT-

Thank you so much for your Reply. Actually currently my Broker does not have any Tool for analysis, i am using MQL 5 platform for analysis and i think it is not very much powerful or may be i am not using it correctly.
I only use Bollinger Bands and RSI for analysis.
I make entry only in Gold, Silver or Crude. Only one commodity in one time.
Second portion of my question was well addressed regarding Technical Indicators. Yes I never ignore Fundamentals.

Thanks again for such detailed answer.
Most of the things you said I dont abide by... which just shows that i still have to learn a lot, and i really dont want to learn by losing real money. But i will have to eventually. lol

The problem with planning the trade, is that the longer i watch charts the more unsure and emotional i get. I usually take trade by drawing some quick lines to spot resistance.. find a tunnel... shorting at the top or buying on the bottom. I also use TDI (works pretty amazingly if combined with price action) and stochastic, it works great on long term trades, daily charts usually.

Thats basically all i use, i dont even watch the news lately, which is why i made some major losses, but i will from now on.

I do risk too much, i feel that too... but its damn hard winning so little, but its also hard losing a lot... its a paradox. If i would play with real money, i would only be emotional until i double my money, after that its like demo trading for me.

I also hedge my losses... But those are usually taken at resistance or support levels (or close) and most of the time i end up deleting loses.

Stop losses again i dont use because the hedge i do when i am in a losing position... but of course i cut losses when there is no escape. I seem to be very profitable when playing without many rules, but this could also be my end lol.

Gold is kind of manipulated, and hard to predict long runs for me. But i do believe silver and gold are excellent investment physically, my family are major physical gold and silver holders.

Do you think silver will reach 15$? Miners are having problems with silver at these levels, its hard to see it go any lower.

GOLD WEEKLY CHART

(MELTING ICEBERG SHAPE)

We may see sudden drops to the 680-850 area. BE CAREFULL !!!

How to make this guy muted?

Seriously!!!

What is that three times now the same nonsense post...

maybe it should spell vacation, what do you think LL?

This is probably one of the worst times of the year to trade Gold.

The price has been moving sideways to down - mid term -

Also many will be away, volume thins and volatility picks up.

Also things don't always make sense right now. Fundamentals and techs are skewed.

And news as we can see doesn't always have the desired reaction or usual reaction.


It seems you just need to be more disciplined. I would suggest starting to trade a micro account using 50:1 leverage MAX.

well that´s easy! i did it 25hours ago but not because of this topic, there are many more calls like this
without any technical or fundamental information...

Guys, may i know does any one here trade using EA?

How to add this guy to ignore list?? Is there a ignore list in FF?