Come on Ross buddy you’re playing with the big boys now making trade recommendations in the public domain, so as it will disappear off chat in a few hours I thought it would make sense to put it up here then there’s a permanent record and we’ll take a look at how you do. I’m assuming you’re ok with this otherwise I’m sure you wouldn’t have posted the advice to the general public in chat if you didn’t want everyone to know, fair? You can then live or die by your trade recs like the rest of us, welcome aboard.
For those that missed it the advice was "GOING LONG 2 contracts of Palladium. Down almost 2/3 from recent highs (Platinum only down half, and gold only down 15-20%… Very low price, this is a longterm hold. 130 STOP."
Palladium (Dec) opened at 172.20 this morning. Looks as if there’s a nice bullish divergence developing as well short term so could get off to a good start, best of luck. He’s put himself out there everyone so let’s be reasonable and give him a chance and see how he does.
Ross’ Long Term PA Strategy = if does not hit stop, the position stays open.
Well as a trend follower I have some sympathy with that, you always have a stop but never have a profit target as your target is infinite, you only get out once you receive a confirmation the trend has ended, as long as it keeps going you’re still in the trade, that’s the MO of trend followers and the embodiment of running winners and cutting losses.
no problem. The additional trade info was June 2009 limit 170.00 That is what is sitting with my broker. So I am not actually long yet. The spreads are large then, so I want to get in at a good price, not a horrible fill.
but the main thing is the thoughts are for anyone who would like an idea for investment. No charge.
Way to go with that limit order Ross, Palladium now thru 200…
Placing a limit order on something you intend to hold for the long-term for a huge gain is pointless. Limit orders are for short term trades, if it’s volume and spreads you’re worried about then buy the front month Dec and roll it.
If you miss getting long by 1 point and it goes to 300 will you still think you were right to place a limit order? You will have made a great call but made nothing. Welcome to the real-world of trading. This is one of the challenges, being able to have the courage of your convictions and pull the trigger and not sit there watching the thing go further and further away knowing you were right but haven’t made a thing out of it. Entries for long-term trades are not important, the exit will decide whether you make money or not. With a stop of 40pts you’re no doubt going for a move of 100 or more so why are you faffing around with a limit order and risking missing it by 1pt, you’ve already missed 30pts.
Just think if we hadn’t have publicised it you would’ve still been able to say you called it and we would have been none the wiser. Bit more difficult when you’re subject to the scrutiny of everyone though isn’t it?
I don’t think I’d doubt whether he knows how to trade.
I’m not drawing conclusions either way, that would be foolish without proof, until you see how someone trades with real money or when open to scrutiny you can never know whether someone can trade or not can you?
I think I am allowed to trade the way that I want. It is one trade, not the only thing I do. I prefer limits. This is a life-long business. A professional does not worry about any particular win, loss, or missed opportunity, do they? It is one trade of many. When you ruminate over one trade, then you are not yet disciplined.
If it goes down to 160 next week, then am I a genius for waiting? Of course not. Then I just happen to get in at my price. The price moved as I expected. But there was no way to know if it would be today or 3 months from now.
You’re absolutely right you can trade how you want, sorry if I ranted, but it used to be a pet peeve of mine when I was an institutional trader years ago and a PM would come up and talk non-stop about some stock he had to own about how it’s going to the moon and then gives me the order with a limit on it, just completely goes against everything he just said, do you want to own the stock or not? That’s the key, I would tell them you have to imagine you’re not going to get a single share and it goes up 20%, would you be happy you missed it, if the answer’s no take off the limit. Buying the right thing is hard enough in the first place, trying to also buy it at the low of the day is just a fools game. But you are right, you can trade however you want and if it won’t bother you to watch it soar to 300 then more power to you and leave it with a limit on.
in this environment, things are gyrating all over the place. It may go through 172 another 5 times in the next 2 months. The purpose of a limit is to get something at a better price. Sometimes, it costs you a trade. But overall, limits eliminate slippage and get larger average profit per trade.
This may be true for shorter term trades. However, one good longterm trade missed could take many, many good limit fills to cover the loss.
Gold is now looking like an interesting longterm buy. It has flared up several times over $900 based on news. However the recent plummet gives it some short-term downside potential
recommend a SMALL position, with ability to withstand $40-60 drop. In fact, around $650 is some recent historical resistance Picking your price not a bad idea.
A major plus, is that the chances are still good that this economy falls off the table, and gold was only one of 2-3 things that held value or grew during the great depression.
It makes absolutely no sense, and hasn’t been thought through properly.
Managing your order with limit prices makes sense, to make sure you don’t get robbed in a thin market. Picking your limit price and sticking with it is pointless. You’ll usually only get filled when you could have gotten an equal or better price with a market order.
If you’re going to go with a limit order, it should be updated daily. Even then, you’re likely only to get filled on a robbery basis in a thin market.
recommend exiting half of gold at 758, Sunday’s open (first price after recommendation above) was 727. Rapid large profit, good to lock in some gain.
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You did say SMALL position and ‘long-term’. It’s been just 2 days. So what should a subscriber that followed your advice literally do if they went small and bought just 1 contract, as he obviously can’t sell half?
that is obviously up to the sub, isn’t it? If a vendor says sell half positions in google, and someone only bought one share, then that is obviously the respondibility of the trader. Scaling in and out is always hard for people with small accounts.
That as they say, is life…
Looks like a lucky up day gave you profit on half, but it appears gold will go down before giving a buy signal. Your risk down to 650 looks a little like hold and hope on this trade. As deep as your stop is you have a fair chance at a win if gold moves high enough after a possible drawdown. Of course another move like 9/17 (+72) would turn this into a very good trade immediately. Just doesnt look like the springs are coiled yet.
You recomended the Gold trade but no mention was made of the contract month or limit order, so there is no trade and hence no profit to lock in.
Somehow, I thought I had put you on ignore??? I will correct that momentarily…
Anyway, if you cannot grasp that the open price was for the first available price after the call and that the price was the opening price of the front month (which is what most people trade except apparently, yourself) then your glasses need serious correction. It was certainly not the most favorable price. And limit orders were never mentioned.
You need training wheels on your monitor, then you won’t be so confused.
And why do you need to say 2 different posts 2 times each??? Sheesh…
So duplicate away, it is nauseating reading the posts of someone who so constantly has so little grasp of trading…
and further, gold is a lot more liquid than palladium, so limit orders are not necessary, but can get a better price.
