Comments on: US Dollar, Gold, Silver, GDX & Marijuana Stocks

By: Art

Art — Fri, 25 Nov 2016 23:19:44 +0000

In reply to covey. Thanks Covey, that was very kind of you to say. Good luck on all your trading.

By: covey

covey — Fri, 25 Nov 2016 15:16:10 +0000

Thank you for reinforcing that one, irawood. I know that to be true – I just need to adhere to that rule without exception.

By: irawood

irawood — Fri, 25 Nov 2016 13:42:13 +0000

In reply to covey. Trust me on this one covey, if you are not willing or able to take small losses when they need to be taken you will not succeed in trading. I have learned this the hard way over the years. It is like quitting smoking, it is easy I have quit a hundred times.

By: covey

covey — Fri, 25 Nov 2016 02:48:10 +0000

Very well said, Art. I am not a novice trader but find myself making very novice bad decisions by holding losing trades past objective stop points, believing in my analysis more than believing what the price action is telling me. and believing that the turning point is just about here so hang on a bit longer. I have been following Randy for some time now and really appreciate his no hype and no nonsense approach to TA, and, like you, really appreciate his giving nature. I followed him long before his paid subscriptions started and was always impressed by how much he offered the trading community at no cost. Unfortunately, I manage to take more of his losing trades than his winning trades but I have a much better understanding of the markets thanks to following him and following posts from competent traders such as yourself in the trading room. Thank you for your contribution.

By: Art

Art — Thu, 24 Nov 2016 19:58:32 +0000

Thanks Randy for the very timely analysis, especially on your day off. I too believe we are at a turning point on gold and the miners or at least the beginnings of one. This is a low risk entry point to start scaling in at least. I started a position in the miners this week. Also thinking the market will begin to start rolling over soon, although I have been thinking that for awhile now and have been stopped out numerous times on that assumption but that doesn’t mean it was wrong only my timing. The question that must be asked by individual traders is do I have objective evidence to hold a view of the market, if you do then you can enter a position numerous times even if you are stopped out every time and end up seeing that position pay off when the timing is right rather than abandoning the idea. Most novice traders won’t do this due to lack of conviction or blindly following a guru. That is why I like and appreciate you and your site and the members here, not so much the trades but the reasoning and analysis behind them–Asking how does what Randy is saying line up with my own analysis? If it does then that’s a confirmation of my view, if not then am I wrong? That’s the best compliment I can give! And what I am most thankful for as your site is concerned and of course your giving Spirit.
I hope you and all the members have a great holiday!