Build on your strength
It might look like a struggle with the markets when trying to participate in the money game. That isn’t really the case though. It is a struggle with oneself. What to do when in doubt? Build on your strength.
As a practical solution it is always good to zoom out. Get some distance between oneself and the market and back test ones performance. In this case not to review for improvements but for a pat on the back. Meaning, one is looking for ones strength and and is leaning on it.
In our case the performance over the last seventeen months has been solid from an entry perspective.
Build on your strength, seventeen months of silver trading in review:
Seventeen months of silver trading performance as of January 30th 2020
With a hit rate of 93.3%, one way to gain confidence is the knowing, that one doesn’t have to be fearful of taking additional trades even if a loosing trade should become part of the trade sequence. In addition the two loosing trades we experienced were small. The loss of -1.02% and -1.31% versus the average runner percentage return of 5.52% presents a low risk model that again allows to step aggressively into the market if warranted.
Gold/US-Dollar 01/29/2020, weekly chart, “gold showing directional strength”:
Gold in US Dollar, weekly chart as of January 29th 2020
Gold is in a clear uptrend. We just took another 3.17% profit on a reload runner, posted live in our telegram channel on January 27th.
Silver/US-Dollar 01/29/2020, weekly chart, “silver in a sideways range”:
Silver in US Dollar, weekly chart as of January 29th 2020
While gold broke to the upside, silver prices above $18.50 get strongly rejected and pushes this precious metal into a sideways range.
Build on your strength
When confronted with a possible dilemma of internal debate of participating into a market situation or not, taking a step back is the first remedy. Emotions can flair up in situations like the presented diffluence between the gold and silver market. “When in doubt stay out” is certainly a rule of thumb that can help, but the more refined solution is to build on your strength. Looking back through ones trading history and building a case based on ones strength might provide the necessary fuel to be more clear minded whether to participate or stay on the sidelines.
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