This post is about why I'm not surprised 95 % of people lose in this game called "trading"
Please see my thoughts on the board, and please feel free to comment.
And before you misunderstand, I will not disappear... not for a while :-). I will do my best until there is no conflict of interest with my main job. I am just thinking about how to head for a better direction.
p.s.: by the way, few signals suggest Gold may spike to 1280-1295 from here ;-)
Comments
TheTradersBias
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I enjoy all of your charts and comments Wiz. It can be very difficult to keep up the enthusiasm to post on social media. I find it very difficult myself. I find that by doing this we learn a lot about our trading method. Do this for yourself as much as anyone else. People are interested but they may not show it most of the time. Keep up the good work. TTB
Kumowizard
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Thanks very much. I agree with you. That was one of my reasons when I started posts, to become less impulsive, more consistent and systematic in my trading, and to help others same time.
MaffeProg
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You have a new follower. I think there are people trading in the start and go away after a time because of they have not time to trade or they simply just blow their account.
CaliforniaTrader
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As long as i've hijacked this thread (temporarily!) here's just one more comment on gold (i promise) For those who follow the work of Robert Prechter's group Elliott Wave International, they continue to be short term bullish, believing that gold might even rally to new highs, close to $1500... or at least $1435. (I happen to disagree until I see the rally begin) However, they remain long term bearish, seeing this entire rally from the lows under $1050 as a bear market rally to be fully retraced, with new lows to be expected next year and beyond. Clearly, higher rates have historically not been good for gold, and that's exactly what we've been seeing lately. Of course, there are more important technical considerations to discuss... and we'll let KumoWizard handle that later. After all, it's his page!
CaliforniaTrader
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Update: Today's sentiment readings are gold: 17, silver 13, off their recent single digit lows. These numbers are from trade-futures.com, a subscription service. Just remember, sentiment is one of the weakest tools in the ElliottWave area. If you're following the specific waves, gold might spike to below 1240 before it has a better chance to rally.
IvanLabrie
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Hi, great material is the norm with this guy.
I agree that people prefer flashy/funny/gurus, and/or, they do better since they spend all day publishing idea after idea, and then frequenting chats. (people who are trading, don't have time for that).
Anyway, keep up the great work, cheers!
IvanLabrie
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ps: look at the top author list for crying out loud...it's a like contest, which can never be good, specially in a field where 95% of people fail.
Where are the performance metrics? :/
CaliforniaTrader
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You got that right. The only question to ask is "where's your track record posted?"
IvanLabrie
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I'm working on having one to publish. For now, posting ideas with entry/stop/exit is a good idea. (or outlining them clearly)
Others post vague ideas, and then update if they went favorably...lot of dirty practices (which kumowizard doesn't do ;))
CaliforniaTrader
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Wasn't talking about you, amigo. But if you've got one, let'r rip. BTW, John Doody (a gold stock newsletter) is one of the only writers i've seen publish a track record using an accounting format that's well respected.