I stuck a camera in front of Mike on Friday afternoon and asked him for some big picture perspective on this pullback: http://www.youtube.com/watch?v=RJD0qTnwFyk Please spread it if you can. Dan
I seriously hate how he uses the TERM "Rollercoaster" tho. It isnt a rollercoaster, it puts the wrong mindset in your head . A rollercoaster is a ride such that you sit down, you buckle up and it takes you for a ride without you having a single bit of control ! Thats BS , and it makes people feel they cant do anything when they are on the silver "rollercoaster", that they need to RIDE it out. I much like to think of it as a car ride with a chaffer where your driving on the mountain ranges at the blue mountains (going up and down). Your driver drives you up and down the mountains but when you see a peak you like, where the view is great, you get out, you enjoy it and take some time. Then you tell him, "id like to get off and he lets you off ". Then later when you have enjoyed the view at the peak and you think its time to ride back home, you call him up, maybe meet him down at the hotel where its nicer and he comes and gets you again so you can enjoy the up and downs home
Mike Maloney makes me feel good but all he really said was silver has dropped before and has gone back up in the past. Dont be scared, dont sell, keep buying it will go back up. That very well may be. But I'm getting past all this Silver hype to be honest. I'm going to be more of a trader from now on and go with my own gut instinct and not simply hold on and hope to sell at the top. Profit is the key after all. Kickin myself for not selling some at $50 when I knew it couldnt keep going up so fast. I see Silver much like the game of poker. You make money from making the right decisions. But one bad one can wipe you out, so dont get greedy and do what makes sense, not what you hope will happen. Easier said than done of course
Probably better markets to be trading than silver. Unless you have a big stack to play with you're just as likely to end up out of position when the market moves higher.
So you're going to gamble. We all know what happens to a gambler. They built Las Vegas from the money of gamblers...
What do you mean gamble? So those that sold at a profit at $45-$50 where gambling? Those same people that are going to buy back in at $35 or less and get "free silver" are gambling? All I'm saying is, if the chart goes parabolic again in the future due to over speculation, I'm going to sell some silver, if it never goes back down, then a profit was still made. Holding on to your silver too long and believing every word of the silver gurus is gambling too.
Mike is right. Just remember, the day will come when you "day traders" cash in, then come back in a week to buy back in and the dealer has nothing left. Then what? Don't think physical silver will never dry up.
yep, totally, we are seeing that right now arnt we?...I personally do not want to let go of the ounces I have right now, unless I absolutely have to for whatever reason...I agree with Mike - its how many oz in yr possession...but of course everyones game is different... Ernster, I totally agree with you - Its paramount you have yr own plan in place - youve done yr home work, and stick to it, otherwise your gonna be moved by every move of the market...thats where I agree its can be a rollercoaster...of emotions - if you let it,...easer said than done,...or course i could never trade..I wouldnt have a life, Id be watching the price charts all the time, reading everything non stop, trying to beat/read mr market.... id have sweaty palms n armpits all the time...very unattractive! but thats me...
Someone else said it in another thread, and I agree. Mike went down a couple of rungs in my book when he began selling metal himself. Having said that, I liked what said about hanging onto the physical ..... don't sell it if you don't absolutely have to. i.e. "Don't let this dip scare you."
Do you have the skills to be trading though? With my relative small stack if I had followed a lot of peoples sell recommendations I'd have little stack left along the way for the most part or would have to buy back in at a higher price along the way if I still wanted to stack.
I dont know If I have the skills or not. However the ONLY time I was really worried about silver and the only time it ever crossed my mind to sell some was from the $40-50 mark. (I stopped buying in the mid/high $30's I think) It didnt take much skill besides looking at the parabolic chart to see where it was heading. Its not like there were any major events that took place to make silver go up that fast, as Gold would of done the same, which it didnt.
Fair enough but I've seen people get left behind trying to trade. It's certainly not for me. I'll just be looking for some sense to come back to public finances as well as things like the GSR to start getting back to levels seen in the last bull market.
yeh sure - those who traded out near $50 are are no lookin to buy back in look like geniuses. i can assure you that you will lose more times than you win when trading. trading will tear you a new asshole! then you'll know what real gambling is all about... Do let us know how the trading works for ya!
how so?? is he not allowed to do something he's passionate about in order to earn an income? how else is he to pay for life's expenses plus still earn enough money to continue investing in gold/silver - which i'm sure he's doing...
He has a conflict of interest and a biased viewpoint. It's not like he isn't allowed to do something he's into it's just that they are two conflicting things which kind of makes what he say a bit biased. Having said that, I have no idea what you're all talking about because SILVER ONLY GOES UP, NEVER GOES DOWN, SILVER PRICE IS LIKE THE FREAKIN UNIVERSE, INFINITE EXPANSION
I can't believe this bloke gets put on a pedistol the way he does. Imagine the reaction a property spruiker with a vested interest (buyers agent or developer with something to sell) would get from people here. They'd be howled down in protest and vested interests would be pointed out in no uncertain terms. Yet the vested interest silver spruikers get elevated to some higher statis when in reality they are no different to anyone else pushing something for their own benefit. It all comes back to what people want to hear. Taking advice to buy silver from someone who sells it........fair dinkum. All this bloke ever did was write a good book. C
What you are trying to say is that you don't know how to trade. That doesn't mean others don't know how. Trading is very similar to buying petrol. You know what a good price and a bad price is. You may not get it exactly right but I'll bet most of you can tell me what price to fill up at and what price to drive on by. This is a very basic trading lesson. The other advantage with trading is if you sell and the price goes up - so what - you enter a new trade at a higher price IF it makes sense. If you buy, hold and pray - you are in the lap of the gods - as silver has proved this week. It didn't take a genius so work out that some profits should be taken off the table. Nothing (and I mean nothing) goes up that rapidly without a fairly large pullback. The higher it ran, the more sure the pullback and the greater the pullback would be. malachii
Sure, he's allowed to do what he likes. You do realise he has a best-selling book though, right? Putting that aside, think about it YKY. I mean, set aside 1 minute right now, and think about it. Scenario 1 You pay a financial advisor for advice He gives you advice. You walk out and follow his advice. Scenario 2 You pay a financial advisor for advice He tells you to invest in a managed fund THAT HE GETS COMMISSION FOR You follow his advice. Notice the difference? Let me try this another way. Scenario 1 You buy Mike Maloney's book and follow his blogs and videos. He tells you to invest in gold and silver. He does not sell gold and silver. You walk out and follow his advice. Scenario 2 You buy Mike Maloney's book and follow his blogs and videos. He tells you to invest in gold and silver THAT HE SELLS AND MAKES COMMISSION FROM. You follow his advice.
