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  • #11,761
  • Jul 17, 2014 9:57am Jul 17, 2014 9:57am
Quoting Panco
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
Thanks for article but I doubt it's targeted for "experienced traders" as they say. Experienced trader would not "stop and go for a walk for couple of hours to prevent more wrong trades". Trader should control himself all the time and admitting mistakes right after these mistakes happen and act to save/hedge the rest of account.
  • #11,762
  • Jul 17, 2014 10:01am Jul 17, 2014 10:01am
Quoting Super_Mario
{quote} 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 got fair amount of Future contracts for long term OR I should better say loads of longs in India. I've just not been mentioning them lately. I did take some profit (like 15%) in them too at the top. Its kinda too complex to hedge those longs.

Here in Forex platforms, lets say if I can buy 10 units with my capital (like you would do), why not buy 50 units if I can for long term?
Hello World!
  • #11,763
  • Jul 17, 2014 10:10am Jul 17, 2014 10:10am
Quoting Super_Mario
{quote} Thanks for article but I doubt it's targeted for "experienced traders" as they say. Experienced trader would not "stop and go for a walk for couple of hours to prevent more wrong trades". Trader should control himself all the time and admitting mistakes right after these mistakes happen and act to save/hedge the rest of account.

All traders are human beings... It's okay to have high ideals of "controlling emotions" all the time but the truth is that doesn't happen.

Some people like to go for a walk.. to clear their head and prevent from "revenge" trading.. others have a daily/weakly/monthly drawdown limit...( looking at things from a distance can give one a better perspective as opposed to being in the thick of things)

I personally have a daily and a weekly % value... if I hit that.. I just leave trading for a number of days... and when I come back I come as refreshed... (this again depends on the individual and how the react/deal with losses...

Trading is really relative and essentially all that matters is understanding the "self"...

One should have a trading plan where they have all the rules to drawdowns written... another example can be (if you hit a specific level and consistently get more than say 10 trades wrong..) then you should suspend trading and go back to demo trading and try to work on your system and gain confidence back); and often what happens is those times the market tends to be ranging...and when one returns back from demo trading the market is ready to trend again...
  • #11,764
  • Jul 17, 2014 10:10am Jul 17, 2014 10:10am
Quoting Panco
I think gold will continue to correct lower as the Fed is most likely continue to taper on the on going QE
Old news...IMHO, price factored in already.
  • #11,765
  • Jul 17, 2014 10:23am Jul 17, 2014 10:23am
Fly me to the moon....
row row row your boat
  • #11,766
  • Jul 17, 2014 10:24am Jul 17, 2014 10:24am
Seems like bottom is in for the A wave at 50% fib 1291...

B wave should correspond to either fib levels 1313, 1318 or 1324...

Still risky to go long though... a better trade would be to wait for b level to hit and then see price action reversal candles and aim for C point...
  • #11,767
  • Jul 17, 2014 10:28am Jul 17, 2014 10:28am
Dear uncle Morgan,

Please let me announce that I have already fasten my seat belt, so I'm fully prepared for take off, lets fly.
Looking forward to see you at 1500.

Best regards,
jimmij
  • #11,768
  • Jul 17, 2014 10:29am Jul 17, 2014 10:29am
Malaysian passenger aircraft crashes in Ukraine near Russian border – Interfax..... Gold flying high
  • #11,769
  • Jul 17, 2014 10:33am Jul 17, 2014 10:33am
Seems like gold is going to hit 1320... and that's the point to short and earn few pips there
  • #11,770
  • Jul 17, 2014 10:35am Jul 17, 2014 10:35am
Quoting smile
Malaysian passenger aircraft crashes in Ukraine near Russian border – Interfax..... Gold flying high
smiley face at a plane crash?

nice...
Anything can happen.
  • #11,771
  • Jul 17, 2014 10:35am Jul 17, 2014 10:35am
Quoting smile
Malaysian passenger aircraft crashes in Ukraine near Russian border – Interfax..... Gold flying high
I would not use the smiling icon...
~300 people dead because of some politics play.
As impact to Russian-Ukraice conflict - this could have very bad consequences.
Russia will be accused of doing this...
  • #11,772
  • Jul 17, 2014 10:37am Jul 17, 2014 10:37am
lol i feel bad for those passangers comming from amsterdam.
freaking ukranians killing civilians like that.

W/e gold oportunity for the bulls will stay up untill today's events wear off. i might have to replan my entry strategy for august in gold since it messed up my graph vew
  • #11,773
  • Jul 17, 2014 10:39am Jul 17, 2014 10:39am
Quoting Super_Mario
{quote} I would not use the smiling icon... ~300 people dead because of some politics play. As impact to Russian-Ukraice conflict - this could have very bad consequences. Russia will be accused of doing this...

A tragedy as it is; I see this as a positive in the medium and long term...

As the rebels and russians will get apologetic and this could lead to less bargaining power and a compromise; eventually to fizzle the situation.
  • #11,774
  • Jul 17, 2014 10:42am Jul 17, 2014 10:42am
Quoting waleed.khan
{quote} A tragedy as it is; I see this as a positive in the medium and long term... As the rebels and russians will get apologetic and this could lead to a compromise and fizzle the situation.
OMG, of course it's positive for Gold, but 300 people who probably had nothing to do with RUS/UKR conflict are dead, that's tragedy.
Let's be people first of all. I know it sounds paradox since hour ago I was speaking that trader should control emotions...
  • #11,775
  • Jul 17, 2014 10:43am Jul 17, 2014 10:43am
Quoting Super_Mario
{quote} OMG, of course it's positive for Gold, but 300 people who probably had nothing to do with RUS/UKR conflict are dead, that's tragedy. Let's be people first of all. I know it sounds paradox since hour ago I was speaking that trader should control emotions...
Please see what I said...

I didn't mean it as positive for "gold"... I meant it as a positive for the whole russia/ukraine situation!
  • #11,776
  • Jul 17, 2014 10:45am Jul 17, 2014 10:45am
Quoting ClockTrader
{quote} I got fair amount of Future contracts for long term OR I should better say loads of longs in India. I've just not been mentioning them lately. I did take some profit (like 15%) in them too at the top. Its kinda too complex to hedge those longs. Here in Forex platforms, lets say if I can buy 10 units with my capital (like you would do), why not buy 50 units if I can for long term?
Ok, got you. So this is account for short term speculations. Just understood wrong.
  • #11,777
  • Jul 17, 2014 10:46am Jul 17, 2014 10:46am
Quoting eruc
{quote} No sl for this sell
I'm sorry
  • #11,778
  • Jul 17, 2014 10:46am Jul 17, 2014 10:46am
Quoting Windstrown
lol i feel bad for those passangers comming from amsterdam. freaking ukranians killing civilians like that. W/e gold oportunity for the bulls will stay up untill today's events wear off. i might have to replan my entry strategy for august in gold since it messed up my graph vew
Quoting Super_Mario
{quote} I would not use the smiling icon... ~300 people dead because of some politics play. As impact to Russian-Ukraice conflict - this could have very bad consequences. Russia will be accused of doing this...
No matter how we look at this, passengers dead and politics there looking ugly, undoubtedly this is a bad news we have. On the other hand conflict between Hamas and Israel has been getting dirty too. Getting a hunch of wars taking place this year or next, small or big, looks like they are cooking something.

God Bless and support all those concerned and involved.

Au @ 1315.

I'll call it a day!
Hello World!
  • #11,779
  • Jul 17, 2014 10:47am Jul 17, 2014 10:47am
The point is celebrating "yay I made some pips on the news" is very bad taste given the circumstances.

I'm up on the news as well but I don't feel good about it...
Anything can happen.
  • #11,780
  • Jul 17, 2014 10:48am Jul 17, 2014 10:48am
Gold Rallies Sharply on Uncertainty Regarding Malaysian Plane Crash on Russia-Ukraine Border
Thursday July 17, 2014 11:40 AM
(Kitco News) - Gold is seeing keen safe-haven demand in the immediate aftermath of reports a Malaysian airliner with over 200 people on board crashed near the border of Ukraine and Russia. The uncertainty of the matter--whether it was shot down, terrorism, or mechanical malfunction or pilot error, has the market place spooked and looking for answers in a hurry. The Russian Interfax news agency said the jet quickly disappeared from radar screens, which the market place sees as very disconcerting. August gold was last up $15.80 an ounce at $1,315.60.
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