Uh Ohhhh, What Do We Do Now?
I put an ad out on the internet as follows:
$ 100,000 + Per Year
No Experience Needed
You Provide Bus Money
I Provide Everything Else
Very Pleasant Work Environment
8 – 10 Hours / Day W/Many Days 2-5 hours
Must Be Able To Follow Directions
Contact vegas: email@example.com
Now seriously, how many replies do you think I would get back? Is there enough server space at Yahoo? Bring up trading and you would think Santa had died.
Trading IS Reality
Now, a great many of you have accepted the job offer, and in the last weeks your life has changed. You no longer view markets and trading like you did before. There is a new reality.
My Life Before Trading
I came to trading because I hated corporate Amerika and one look at Bert’s paycheck from 1977 and I was forever a changed person. Because if there is one truth in the world, besides money can’t buy poverty, it is that money = freedom.
Now obviously, I can’t predict how much money you will make for 2 big reasons: 1) I can’t make you follow directions, and 2) I can’t predict the volatility of markets. What I can say is this: unless the world goes back to the 1950’s, and there exists very little volatility in gold and the other financial markets, conditions won’t be present that would prevent you from making a fortune.
Given the financial chaos that exists today, the propensity for Western Democracies [and I use the term loosely] to print money, and the permanent expansion of tensions everywhere, I don’t see a slowdown of volatility any time soon. Yes, I’m bullish on chaos.
I have been scolded, lectured, and firmly told that it just isn’t possible to do what I have done. Moms [until they convert], university professors [until they want in your funds], family members [until you can loan them money], and significant others [until that first great vacation] vie for that position of sticking their finger in your face.
As you have correctly surmised, I didn’t much listen to any of them.
Today’s Action & Wrap Up
As of 8:00 AM [Chicago time] yesterday, the algorithm is no longer in “sell mode”. Once again, we find ourselves in neutral awaiting a signal for direction.
Other markets, though, continue to profit nicely, and now you know why I’m not a one-trick pony. While gold continues to be my main market for trading, I look at many different markets searching for opportunity. I suggest you do the same.
Haaaa !! You Have To Be Losing Money Today!!
One look at the signals from the start of trading today, and you can now understand that when the algorithm goes into neutral there is a very good reason. There were at least 5 buy/sell signals that unless you were extremely nimble, you would have lost money. First and foremost we stay out of trouble. And today’s action very much has trouble written all over it.
So while you were moping around, earlier in the day dying for some action, now I hope you understand that “action” isn’t what we are looking for. I care about profits, and the absolute easiest way to get them on any given day. So when the algo says SIT, that’s exactly what I do. Believe me, I have learned the hard way.
We play on my home field, with my rules, my crowd, and my referees.
Sorry Skeptic Cat, our main priority is prevention of loss. Once that has relatively cleared away, we then look to profit.
So, no trades today with the result $ 0 / oz.
Tomorrow brings another day and another chance of making money.
Have a good day everyone.