EURUSD 1.1851 |
USDJPY 111.52 |
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AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
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Have read so many times that breaking even in these markets is an achievement in itself. So with that in mind I am hoping to break even during the first 2 years and am aiming for 10% returns p.a thereafter.
My entrance into the markets(beginning of this year) coincided with the rise in metal prices. So that piqued my interest in gold and silver and I am getting impatient to trade in them. Have been persuaded and brainwashed into thinking that they are the ultimate currency and store of value(not by EWI definitely).
These 'barbaric metals' are now looking sexy, i.e the physical bars and coins.
So while accumulating them, I felt it would be fun to also engage in some longer term paper gold investments and some small time paper trades in these metals.
I realise I have a fatal attraction going on in here- with apparently 2 difficult subjects- EWA & Gold/Silver.
But like they say, better to have tried and failed than not to try at all.
I am still inclined to think that fundamental news together with crowd psychology(despite Prechter's refusal to reconcile the two, I can somehow imagine both of these acting in unison most of the time) determines the overall directions of markets. Nevertheless I am hoping that with some degree of knowledge in EWA I would be able to formulate my own entry and exit points and appreciate/understand or refute what the gurus are saying. I do like to read and make notes(long time habit) so that's not really a problem.
Must make mention of Tony from Elliott Wave Lives who not only puts out his commentary daily for free but is very accommodative and responsive to all kinds of queries, including those which are technical that are put to him incessantly. God bless that guru and his community. If you have done your part in the past, you have already earned your stripes. Whoah !
It appears that they have lots and lots of vids and courses but no human tutor or personal coaching at their end. I could be wrong but the latter's what I am really after, quite apart for some pointers for long term positioning.
(Pure vids in this regard smack of a lack of passion, when passion is what matters most with all great things in life).
Anyways I have sent them an email to clarify all that.
Thanks, I will follow up with them when they respond.
P.S: It's incumbent to impart the skills/knowledge that you have on to others. Greater merit and satisfaction there, I suppose, especially if you make a good teacher. Can see that you are already doing that in part in this forum. Great. Just wish I could understand all this tech stuff you talk about sometimes. Let alone that, I had to actually google to find out what "CL" means !
I have this habit of placing stops 40 to 50 pips away from big or semi big figures. You are right no logic to it. Every level looks like a fib level to me.
Having said that, 1510 looks just as good as any fib to me. Since it is a tighter stop and it involves gold, ok will take that cue and place my stop there.
Cant deny anything of what you have said about them, having experienced them first hand recently.
Perhaps my biggest gripe with them is that they give no clue as to where or when to cut any loss, save in some instances lately involving silver. Well I dunno, maybe I am expected to subscribe to their more expensive "speciality service" for their revelation of exit points or they are assuming that only experienced traders subscribe to them.
Frankly I have no qualms shelling out $199 p.m for their speciality service. I can actually live with a wrong advice or opinion but it is their unbending approach(at least for the last 3 months and for the last 2 years or so from what I hear) to trading, or investing, which is scaring me.
As a novice I was taken in by their overall presentation style, countless educational videos and most importantly the availability of their many tutors for the different markets at their site. It looked like a very formal and structured setting catered for learning. It has been about 3 months now, but unfortunately I am still scared of going to them for lessons.
I will readily admit that I am the impatient and gambling sort. My John Wayne style of shooting from the hips with whimsical entry and exit points is not going to get me far, I realise. That should explain my starting to trade without engaging in any "formal education" in trading. I am trying to learn on-the-job with some "experts" teaching me and guiding me, all at the same time.
Sid's webinar of Elliott Wave Predictions was oversubscribed last Sunday so I will endeavour to attend his next one. He looks old enough to be a teacher of Elliott Wave principles to me. His videos which address recent and expected moves are thus far impressive. What can I say ? I fall for first impressions easily.
Got to submit to a guru sooner or later anyway. Anyways that's how I see it. I would imagine that for most of us, a teacher or guru (or whatever one may call them) is necessary to learn the ropes and to go on and succeed- in any trade, pardon the pun. Really cannot emphasize enough the need for some proper and formal education in any field of interest prior to egagement.
Being self taught is of course a cool concept. But without any guidance from a mentor, I cant really see myself working through this myriad of tools and information.
Ok sorry, I was just rambling whilst waiting for gold to hit my arbitrary targets. Thanks for reading this post if you made it this far.
So I have at 1493. Will be stopped out at 1546. Hoping to tp at 1450.
Cleared both my NZD positions, one at 7950 and the other at 7880 to enable my maiden venture into gold.
I think it is high time I made a physical checklist rather than relying on intuition and memory.
Or else I realise that I am just shooting from the hips when actually the market sees me as a sitting duck.
But I am afraid that my list will be so long that I will hardly be entering into any trades.
So I still prefer this baptism by fire than some dummy account trades while learning the ropes.
After a long period of denial I finally witness a hint today from EWI acknowldeging that the precious metals' upward trend wont be waning any time soon. Hooray.
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What really got me into Prechter was his piece on pop culture and the stock markets, being a big fan of all kinds of music myself.
The every other day forex commentary which I receive is from Steven Hochberg who does the major US indices, T-bonds and precious metals as well. Prechter sends his monthly commentaries. At $59 per month I considered it cheap.
I cant help but suspect that their head honcho has both his eyes on the big picture, so much so that the others and he preempt the longer term trend moves way too early. Talk about impatience.
Another guy's approach I am interested in picking up on is Merriman who incorporates astrological cycles in his studies. Call me superstitious but I really believe in that. Ahh just too many things to explore with so little time.
So I have gone selling 2 lots of the NZD at 0.7990. I will get stopped out for one at 0.8046 and the other at 0.8140 and if not I hope to tp for one at 0.7950 and the other at 0.7830.
All I am doing is just looking out for big figures being hit first time in any counter almost blindly and placing my stops 50/140 pips away.