Pailin's Trading Corner

Oh well...congrats to everybody who traded Gold long today.

I think I need help with something...I saw that the trendline was pierced for 5 minutes and my finger was hovering over the buy trigger but I was unable to execute, because I feared it would go lower. I saw the short term double bottom, I knew the importance of the uptrend line, I knew we had a turnaround tuesday and I knew the EUR is climbing and climbing and still I wasn't able to put the money where my thoughts were, it's embarassing to watch the thing lift up and climb $30. I want to leave this anxiety behind me and just look at the facts and then take the leap of faith...something is holding me back. Sorry, just had to vent...

Position size is important here.

Be Brave!  But with small money for a while if you must.

Here is toasting in gratitude for Turnaround Tuesday or Happy Tuesday which remains the once and future best weekly trend of them all.

grateful because my gold had been well underwater and I was looking for 1702. If we take out 1747 area which was last pivot high before the deluge then we can rest a while and we are back in business.

Oil is a complete Keno Pit. Granny only buys slivers into weakness and then sells off on days like this. Someone tells me they know where that thing is going and I recommend them to the local soothsayer.

Looked today like GDX was headed back for 52 area in a day or two on a serious swoon into depression. All traded right off the SPY and the Spy headfaked down beautifully into the 7a.m Pacific Borg time turn.

Here is toasting in gratitude for Turnaround Tuesday or Happy Tuesday which remains the once and future best weekly trend of them all.

grateful because my gold had been well underwater and I was looking for 1702. If we take out 1747 area which was last pivot high before the deluge then we can rest a while and we are back in business.

Oil is a complete Keno Pit. Granny only buys slivers into weakness and then sells off on days like this. Someone tells me they know where that thing is going and I recommend them to the local soothsayer.

Looked today like GDX was headed back for 52 area in a day or two on a serious swoon into depression. All traded right off the SPY and the Spy headfaked down beautifully into the 7a.m Pacific Borg time turn.

@Willard,

You bring up a very important dynamic.  Everybody who trades their own money gets those feelings:  a fear of losses.

All I can offer is my own experience, which can be summed up by saying:  only when I put aside fear of loss was I able to begin trading successfully.  Only by not fearing being wrong can you trade effectively.  Think about it:  what difference does it make if you're wrong directionally (so long as you have an exit plan)?  Just get out, and try something else.  No one has a crystal ball, no one can know the direction of the market.  The market can only go with you, against you, or stay the same.  Only one of those is bad, so you're already 66% ahead of the game.  On the other hand, if you don't play, you can't win.  Sounds easy, right?  It isn't--and you can spend months, years, lifetimes on it.  

Every great trader I know really only focuses on two things: 1) risk, and 2) position size.  Entry and exit is just technique.  Remember: it's not about being right, it's about making money.

Alea jacta est

I read "The Disciplined Trader: Developing Winning Attitudes", by Mark Douglas. It's helped me win a little more often and I need to reread it again.

Here we are, 1747 or so, on Tuesday.  If there is no slaughter after the Comex close, that will be very telling.  I would like to think today amounts to more than Commercial short covering.

Maybe early warning of a waterfall.

Many shaved off over 2% in a matter of minutes.  High volatility today.