Every now and then buy something shiny that you really like, cheap or expensive (spoil yourself a little). It may be a high grade florin or panda, lunar coin, small oldie worldie bar, gorgeous little gold something that you will probably keep forever just to hold and admire occaisionly. Don't get too attached to the rest of your stack other than ensure its security. At some point you will let all or most of it go. No tears there, only good vibes.
all sounds good to me! no need for panic over markets buy when you have the cash and sit on it till the time is right to sell and if i listen to my gut feeling on that and not sell out of fear i will do ok.
afternoon all, I think the inital post question is fairly easy to answer - it depends on what is meant by 'investing'. Firstly, you cannot lump these together "(stock market, property, gold/silver etc" Eg. if you are 'investing' in Pm's to preserve value and say insurance against shtf stuff --- then PM's are a totally different animal to stocks and the like. Stocks can go out the window for a whole variety of reasons. Cash can be written off by govt's and changed at a moments notice. Property can degrade and cost to upkeep. Also if you are depending on rental - you can be without a tenant. PM's - no problem --- even if the price falls through the floor -- you know it is only a matter of time ------ sure it may be a long time in recovery - but they will get back to the buying power they had when you purchased them ---------------------- track record = thousands of years. Now if you are intent on 'trading' PM's - that is a different kettle of fish ------------------------- but equally as simple. Again - Pm's have far less risk ----------- the ceo isn't going to die in an airplane, you aren't going to get a huge product recall or anything similar to smash your business - the only two things you have to worry about are - legislation - eg. banning trading or confiscation - but much more so - radical price movement - generally southwards. So - just use basic trading techniques - cut your losses, cut your losses, cut your losses. Trading physical pm's is childs play compared to stocks, leveraged products, real estate. Honestly if you can't keep a lid on your emotions as a physical PM trader --- then maybe you shouldn't be trading. Not meant as an insult - just a reality. However, back to long term investing for either future or for insurance -- after you buy, just stop watching - there is no point - you didn't buy the stuff to watch it every day - you bought it for a protective purpose -- unless you bought right at the top of some outlandish blowoff, the price will come back to your entry and surpass it much sooner than later - no emotion needed. have a great saturday gazza
That is my escape too. The rest of the world ceases to exist when you are out in the line up. Although, as I have mentioned before, I still don't know how you manage to feel better after a surf in Canada!!?? TOO COLD!!! SA, you are a brave man!!
Just dollar cost average and when you start wondering if you've got to much then you've probably got enough.
None taken. I raised this topic because I am interested the psychology of the successful investor. From the majority of the posts on this forum, people who buy PM (see it as a safe haven from inflation) and certainly have a very different outlook from let's say Forex traders. Very different mentality. I feel that the more we educate ourselves (ie through reading and researching our investment vehicle of choice) the better informed the decisions (that are based on logic) that we make. Mike Maloney's Investing in Gold and Silver is one such book that really became my wake up call with respect to understanding the implications of fiat currency, banks and their unsustainable fractional lending policies and the train wreck coming our way (unless you are prepared by Ag/Au stacking). Thanks to everyone who took the time to respond. Greatly appreciated your opinions.
It is cold but when its pumping perfect and there's 4 guys out and they're all your bros, you forget how cold it is.
that makes sense, it's similar to the ballarat gold rush era where chinese families set up laundry services ect. the gold diggers would of spent their nuggets on wine & song, the chinese kept washing and cleaned up!
You don't !! Keep the tablets in the cupboard and the razor blades well hidden when prices crash. Keep lots of toilet paper nearby just in case the falls are more sudden and you get caught short. Have a nice bottle of Pinot Grigio chilling in the fridge for when prices peak. Never look in the mirror as you will be shocked by the grey hair and bags under your eyes as a stacker reading this forum daily or hourly ( even worse ) Simples !!
Love it! Investing is a mind game. Practicing emotional detachment is where it's at. BTW, cracking open a chilled bottle of Zubrovka vodka from the freezer and doing shots works for me.
Become a sociopath. Jokes, Get to know yourself in the head and learn to acknowledge the feelings/mental state and adjust to them accordingly. Investing is good test of a persons character.
I listen to King World News - that show just makes you feel not only that you are safe, but that you should buy more
I don't know why people even think about it, honestly the price is at the back of my mind, unless i want to buy, as i don't want to sell it so currently to me it is worth nothing, when i want to sell it then ill worry about the price.
For me it's When prices fall: It's a hobby, and I'm collecting silver coins for their numismatic potential. I'll never part with my precious When prices rise: It's an investment, I'll happily melt the lot for spot
When prices fall be sad about your past but happy for your future - and when prices rise, be happy about your past but sad about your future.
you got some outstanding advice from sgt argent,wrcmad,mighty atom and others now make it a part of your thought processes. The only thing that I can add is this...Many years ago,when I began to invest,I started with stocks.Everyday I checked closing prices and watched the ticker tape go by when I could.It drove me mad when it went down and up.My point is dont sit by the tube all day to check the prices.Go out and enjoy yourself.If you miss a day or two of prices its ok.If you're stacking for a future purchase,just keep a running total of ounces you have.Never buy PMs on credit and you will be ok.
