Gold and Silver action brutal
Markets are always achallenge and never make it easy. Day traders get tortured by price action likewe have seen the past few days in Gold, Silver, and Platinum. For the fifth dayin a row, the metals looked poised to run and failed miserably.
This type of trade toyswith emotions, and too many traders are too emotional. Anytime money isinvolved, emotions run high on both sides but especially when losing isinvolved. The most important trait to develop as a trader is to watch thetrade. Gold has made higher lows for the past ten days. Silver has beenconsolidating with an upward bias, and Platinum looks strong.
The trait that alltraders must develop, especially those who trade metals, is the ability totrust the price action. After all, no one knows for sure what will happen next.We base the future on the recent past. Metals traders between claimingmanipulation are expecting the metals to fly. However, like all markets, pricediscovery will take place, pushing higher or lower.
With our algorithm longand positive price action, we expect this market to break out to the upside.This is where investors should not care about price day to day, you have nocontrol. Know that history tells us that metals appreciate over time. This timewon'tbe different, it'sall about patience.
In all markets, priceaction determines what will happen in the next day, week or months. Keep thetwo strategies separate, the worst trade anyone can make is turning a tradeinto an investment hoping for a way out. Traders must learn to take theirlosses and move on to the next trade.
Patience, discipline, andmoney management always win the day. Let the map of the markets show you theway.
On Saturday October 30thI will be presenting our part-time futures day trading. I would love for you tojoin me. You can register for this free webinar below.
2021-10-30Part Time Futures Day Trading Registration
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