Yes and no. I always use stop-losses on my fx trades to limit my losses and only trade up to 5% of my available equity. Like any investment, education and patience are key. You can't see it as it is on the paid members section of the forum, but I've just quit my job to take up day trading fulltime.
Options were my thing in the 90s and worked out well for me. I don't need the risk these days but if you are up to the game and young enough to do it why not indeed.
COT indicates a swing toward long positions (net +21628 silver) (+29561 gold) from the commercial bankers...
The simple fact that the Fed doesn't raise rates next week as the majority of economists expect will cause gold to jump as it would not be completely priced in. You don't need a COT analysis to tell you that. Just place pending orders on either side of the XAU/USD trade prior to the announcement and/or trade any retracement after the announcement.
COT report out, Commercial Traders massively reduced shorts and accumulated longs. Conclusion: gold spot in USD will rocket next week.
As I mentioned, gold in USD, is NOT going anywhere before tomorrow's FOMC meeting minutes. There might be a final shake-out, before gold's planned rally You might want to buy some GLDs at that dip ---------------
You might just be right. The Greek saga will prompt many to move into gold believing that it will be a safehaven. They will be fleeced in a short while. One more rise before the final low. Just a few more months.
Incidently, I intend on selling gold after the Fed announcement if gold does indeed spike. Trade the fade
A 'friend' Bought more on Saturday. 45.18 odd grams in pure of half sovs, vic,. George V etc, 20 franc etc (3% under spot for taking the lot and paying cash). Happy days. Does this mean you will be selling libertads? Always here for you if you will go under spot (unlikely on here I know).....
It takes weeks, not days for Banksters to rotate their futures position. More upside for the mid-term
