Oil and Gold Trading
Hurricane Ike is plowing through the oil fields in the GOM, this morning. You would think that Ike would have some effect on oil prices. This video from MarketClub is particularly timely as is the video on Gold.
Crude, wasn’t it supposed to hit 200 dollars a barrell?
Gold, wasn’t it supposed to hit 2,000 an ounce?
When we trade, one thing that can get us into trouble is having a mindset about a market and what will happen in the near future. If we trade as if we “know” where the market is going and look for evidence to support our position, ignoring evidence to the contrary, we risk imminent failure.
“…to trade successfully in any market you must listen to the market. This is the one true voice that tells you what is going on.” I forget this wisdom at my financial peril. When I traded MRVC to a huge 10-bagger during the dot-com bubble, I got out when the chart broke down.
When I stayed in gold as the charts broke down, I tend to kick myself each day and must endure pain waiting for a turn, fear getting out will be the bottom, risk selling out at the bottom in a panic, or just wait it out, my funds idle. I used to tell my clients in those situations, “It’s time to reload!”
I like the Trade the Triangles approach!
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