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TFC Commodity Trading Forum

Re: Silver/At Major Support/Gold/Lee *PIC*

My trading is doing just fine. As I said before it's all about quantifying RISK. Nothing else is important. That applies to everything in life. I'm retired and have enough money to do what I wish and really don't need anymore. All thanks to quantifying risk in everything I did up to now. Even being self employed for 35 years with recessions and bankruptcies all around I did just fine. Nothing more important than risk control. It's not rocket science just common sense.

Those that go for the 'Big Trade" or take big chances with financial matters end up losers in the end everytime. Ask any retired broker and he'll tell you of all the guys that constantly bring in more money to their account and then put on high risk trades trying to make the big comeback. They all fail in the end because the 'big trade' also has 'high risk' and high risk kills trading accounts. If a trade can hand your head to you in any financial way you should not be in the trade in the 1st place. It's that simple! There are plenty of markets and other financial instruments that can be traded with relative safety and reduced risk plus hedging strategies. These people that put on those type of high risk trades are losers as they trade for the "RUSH". So they still win as they get the rush even when they lose, so keep doing the same thing over and over again and blaming weather or emotions or some b.s. "story" on why they lose each time instead of facing the truth about their inability to quantify RISK. No point in telling them as they never listen and in the end they have nothing to trade with anyways. All they have then is bad memories and a very bad attitude blaming the world and everyone in it for their losing problems. Sorry for the lecture but it is important to recognize these types and make sure it is burned into one's mind so you don't get sucked into this suicidal gambling mentality. Trading for the 'RUSH' is for losers.

Gold broke an important 3 year uptrendline in early May and has been consolidating ever since. Historically precious metals bottom out in the summer months and then rally through the balance of the year with a pullback often in October. Often see a low in June and a bounce into July and then a double bottom or lower bottom in July/Aug time frame. The break of the 3 year uptrendline is a concern so I will be cautious on getting long on a pullback because of this. But as you can see price is just consolidating sideways now so best to leave it alone. Lots of resistance all the way to 1700. I would like to see a plunge much lower so will wait. Would rather increase my odds of success with a better chart than this over the next few weeks.