• "Spreading the ideas of freedom loving people on matters regarding metals, finance, politics, government and many other topics"

The Lunatic Fringe - Trading talk.

Zed

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Ever hear of busting balls? Think New Jersey and you'll get the picture. If you read it that way.... it's more like gentle seduction.

[Thick skin lotion. Apply liberally.]

Around here it's a good way to start a bar brawl.
 

Zed

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What I am saying is that I am dispositionally unable to trade the way you are suggesting.

Whatever you do it has to suit your disposition, otherwise you are never going to make it stick. I never get pissy about someone else's style, I just admit I couldn't make it work. I've had plenty of people here get pissy about mine and all it tells me is that they can't make it work.
 

Lancers32

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Looks best of all to me. Refused to make a new low. Stops.
AG_2021-09-24_11-02-07.png
 

Lancers32

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Demented Grandpa Joe can sniff all he wants but the funniest thing I have seen in the media is Jeff Toobin. Beat that.
 

jelly

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Seems like this is one of those times where a classic Sunday evening 5% dump in the metals would not be a surprise.
 

Lancers32

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Well, you are correct. There's a reason Jesse Livermore studied human emotions and not mathematics. Sentiment pushes stock direction more than value does...in the short and medium term. ESPECIALLY in a sector as volatile as the gold sector.

However, the richest people in the natural resource sector did not get rich from trading it. Rather, they invested in the right companies under the right management, watching the VALUE grow over 6+ years as those companies grew production. Often sitting through 50% haircuts in the process. If you've ever been involved in the business world, you'll know that the most money you'll ever make is by building something over the long haul. Not by speculating in and out. Besides, paying taxes on your position every year really destroys your wealth over the long term.

I see incredible value right here and have been buying. But I also see a high chance that we go lower yet, and I'll buy more if/when it does.

One of the greatest traders/manipulators of all time went broke a few times and committed suicide.
 

dpong

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SILJ stopped out as of the close. Will sell the open on Monday.

I'm now 25% invested in the miners.

SILJ_2021-09-24_16-06-22.png
 

Lancers32

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SILJ stopped out as of the close. Will sell the open on Monday.

I'm now 25% invested in the miners.

View attachment 226237

I know you have your rules and you stick to them but a couple of questions on this trade.

Why not sell today's close?

When you sell on Monday do you use a limit order or do you just sell at the opening?
 

dpong

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I know you have your rules and you stick to them but a couple of questions on this trade.

Why not sell today's close?

When you sell on Monday do you use a limit order or do you just sell at the opening?
That's a good question. Perhaps it would have been better to sell near the close. I do have a day job so I can't always watch it so close. Since I'm running this one as a daily trade, my self-made rule is to sell the open the following day after a close below the stop. Selling the close might be better, don't know.

I don't use a limit order when selling at the open because my intention is to definitely sell. If it goes lower I don't want to be holding it. I just sell. If I'm doing it wrong help me understand. I figure over time things will even out. One time it goes one way, another time it goes another way. Either way I sold.
 

Lancers32

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Damned if you do damned if you don't. Might not be enough money to worry about whether you sell at market which I hate or if you try to sell with a limit order and don't get filled and the stock continues on down. What you could do if today's closing price is one you can live with is to try to dump in pre market on Monday at a decent price. Fidelity trades pre market 7-9:25 the bid/ask spread on SILJ tends to be wide so pick a price and see if you get filled pre otherwise you can always get out early Monday if you want.

You're not doing anything wrong at times it's best guess and move on.
 

dpong

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I never used to buy or sell at market due to chance you will get played. I would put in a limit order for either a buy or a sell and then adjust the limit up or down until bought/sold. I didn't like the idea of using market orders, but WTT always uses Monday morning market sell orders, and frankly I haven't seen any problems using them. I would never have used them before, but I can't detect any funny business selling through Fidelity. I usually get the open price, period. Thanks for pushing me to think about it.
 

Lancers32

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One thing I like about Fidelity is the fills are nearly instantaneous and fair. Schwab seemed to take forever getting back and you didn't know if you got filled or not. Swing trades not a big deal but if you scalp not good.
 

Zed

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Zed

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I wonder if this is a non event or if it triggers flows toward gold?
 

Zed

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Paper Gold and Income... current yield ~ 13%. Capital gains = hmmmm?! The volume profile is interesting. Close to all time lows. Momentum is recovering... slowly.


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Zed

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GDX - Spinning top on the limit? Indecision on FA volume! The weekly looks like a H&S price wise BUT the supporting volume is not there at all on the sell offs.

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Zed

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One thing I like about Fidelity is the fills are nearly instantaneous and fair.

Direct to market...

Schwab seemed to take forever getting back and you didn't know if you got filled or not. Swing trades not a big deal but if you scalp not good.

... via dark pools.
 

Zed

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Market orders ***should*** be instant and transparent. 2c FWIW.
 

Zed

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I never used to buy or sell at market due to chance you will get played. I would put in a limit order for either a buy or a sell and then adjust the limit up or down until bought/sold. I didn't like the idea of using market orders, but WTT always uses Monday morning market sell orders, and frankly I haven't seen any problems using them. I would never have used them before, but I can't detect any funny business selling through Fidelity. I usually get the open price, period. Thanks for pushing me to think about it.

Market orders in the auctions (open and close) should always fill @ the respective quote. The safest times of day to go market IMO... but then a well placed limit order in the last minute of the auction should get you the best of both worlds. Some protection should summin happen and a fill @ the close 99% of the time.
 

Zed

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SLV Weekly: Volume appears to be ticking up and it is finding some support as we approach ~$20 area.

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Zed

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NASDAQ is flirting with BTFD levels, so far so good. Do we even see a minor correction to 14K or so? Not yet! Momentum has been waning for a year now so some sort of actual minor correction should be allowable... surely? Taper anyone? Taper to a tantrum? Market seems sanguine about it all.

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Lancers32

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I wonder if this is a non event or if it triggers flows toward gold?

I wonder if this is a non event or if it triggers flows toward gold?

So you think the shine is off the metals because of the interest in the coins? Maybe. I think Bitcoin goes to 0 or 200K but I don't feel comfortable with it and wouldn't own it other than for a trade. China keeps trying to ban it among other things and it doesn't seem to matter.
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Lancers32

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Him and how many others?

Seems to be a common sentiment...

Which is a good contrary tell.

Half on the table just in case it never comes.

I think we are at or close to a bottom or we decline much more than all the just one more flush guys have been waiting for. We'll know fairly shortly. GDX under cutting the previous lows around 30 probably not a big deal if you consider what Bitcoin did recently under cutting the 30K low and breaking to 28K.

Watching PSLV for clues. $7 is critical.
 

dpong

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FAFtJKLUUAIf4va.jpeg
 

Lancers32

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No worries the flu has been eradicated. All covid all the time now.
 

Lancers32

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FWIW
 

Zed

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So you think the shine is off the metals because of the interest in the coins?

Not majorly, just thinking relative flows. Gold might benefit if flows that should benefit both are weighted to gold because of .gov action.