I talked fast on this video and I made a few slips of the tongue, for example if were looking at oil and I call it silver, I hope you can figure out mistakes like that. My main focus was to talk about my belief that gold and silver are going much higher and that I wanted to buy mining shares, but couldn't find patterns that I liked.
If I were swing trading, I would not buy silver here. However, my belief is that a good trade in silver will happen and there will be an opportunity for a long trade. I believe the same thing for the gold and silver miners, which I don't follow except for the few that some billionaire recommended the look terrible to me.
I talk about that and things that I would look for.
I made some clarifications concerning measured moves, and I'm sorry to say that I slipped up a little bit with the tongue. For example I used the number 1.618 instead of 618. I think I made two or three mistakes like that, but with a little bit of effort you'll pick up on it. I cannot take the time to redo the video, but I would've corrected that if the software would've allowed it.
I have friends who have bought automated trading systems. None of them have made money with the systems even when those systems make money on paper. I think a large part of that is that those systems can trigger a number of losses and most traders do not have staying power when they trade a system without having an intuitive feel of the market themselves... and I am referring to the trader who buys a system. Even though you will hear people tell you to use the system and follow the system regardless, I think this is a ridiculous solution partly because people almost never listen to that advice anyway, and because traders probably need to do some more work to identify market behaviors that will not be represented for the most part in a trading system, and that includes wash and rinse behaviors, bull and bear traps, and algorithms of markets that or expand 100%( measured move)... in addition to other numbers. Utilizing larger time frames to get a sense of markets that are contracted or expanding, or have a lot of structure or no structure is something you can see if you learn to look for it. if you look for where the buyers and the sellers are, my experience for me is that I may lose some opportunity, but I make fewer mistakes. Another way of translating this is that I trade less, and I trade longer.
Based on my own personal experience many years ago, I always felt that I had to take a trade or that I would miss something that may never happen again... and that it was now or never. After I thought about it for a while I realized that this thinking reflected my lack of confidence that I would be able to find another good trait... and that the market rarely gives good opportunities. I had it completely backwards.
If I were swing trading, I would not buy silver here. However, my belief is that a good trade in silver will happen and there will be an opportunity for a long trade. I believe the same thing for the gold and silver miners, which I don't follow except for the few that some billionaire recommended the look terrible to me.
I talk about that and things that I would look for.
I made some clarifications concerning measured moves, and I'm sorry to say that I slipped up a little bit with the tongue. For example I used the number 1.618 instead of 618. I think I made two or three mistakes like that, but with a little bit of effort you'll pick up on it. I cannot take the time to redo the video, but I would've corrected that if the software would've allowed it.
I have friends who have bought automated trading systems. None of them have made money with the systems even when those systems make money on paper. I think a large part of that is that those systems can trigger a number of losses and most traders do not have staying power when they trade a system without having an intuitive feel of the market themselves... and I am referring to the trader who buys a system. Even though you will hear people tell you to use the system and follow the system regardless, I think this is a ridiculous solution partly because people almost never listen to that advice anyway, and because traders probably need to do some more work to identify market behaviors that will not be represented for the most part in a trading system, and that includes wash and rinse behaviors, bull and bear traps, and algorithms of markets that or expand 100%( measured move)... in addition to other numbers. Utilizing larger time frames to get a sense of markets that are contracted or expanding, or have a lot of structure or no structure is something you can see if you learn to look for it. if you look for where the buyers and the sellers are, my experience for me is that I may lose some opportunity, but I make fewer mistakes. Another way of translating this is that I trade less, and I trade longer.
Based on my own personal experience many years ago, I always felt that I had to take a trade or that I would miss something that may never happen again... and that it was now or never. After I thought about it for a while I realized that this thinking reflected my lack of confidence that I would be able to find another good trait... and that the market rarely gives good opportunities. I had it completely backwards.