Embrace the pressure
One problem with market participation is that there is no little league. You can’t carve yourself that little niche out to make some bread and butter trading. You are up against the best in the world. Up against supercomputers and true masters of trading. There is no place to hide and hone your skills and still make a living. You truly need to perform at high skill levels or you get eaten alive. You need to embrace the pressure.
This might sound harsh but it doesn’t have to be. Like most everything, it is all a matter of attitude and beliefs.
Once you have accepted as a trader that there will never be a restful time but rather the opportunity that this isn’t a boring profession you’re in for a good start. You will be constantly challenged and it is this pressure that shows what you are made of. There is an endless canvas of obstacles providing creative freedom to expand and become a bigger, better version of yourself. You can with such great obstacle opportunities truly say each day that you are a better man/woman than you are used to be. Isn’t that great?
Silver, Monthly Chart, Taking a breather:
Silver in US-Dollar, monthly chart as of September 17th, 2020.
The monthly silver chart above shows prices trading in support zone 1. After a steep advance, it is to be expected that the market needs to take a breather. The highest likelihood for prices is to be trading sideways at the price level they find themselves in right now. With US elections in six weeks, a time of uncertainty (sideways range trading) is what’s to be expected. A price decline to support zone 2 and even zone 3 is of course possible. With volatility likely to be picking up right at and after the elections these larger declines are much more likely to occur a few weeks out.
Silver, Weekly Chart, Embrace the pressure:
Silver in US-Dollar, weekly chart as of September 17th, 2020.
On the weekly chart, it becomes evident how bullish the price behavior of Silver is. After such an extended move of price bulls not being able to penetrate the US$26 fractal support zone for weeks is more than impressive. What is not to be seen in this chart is how strongly this US$26 price fractal is from the support of price behavior in 2011 and 2012. The bullish triangle formation kept prices so far in check for further declines.
Silver, Daily Chart, A win-win scenario:
Silver in US-Dollar, daily chart as of September 17th, 2020.
While the top-down approach from a time frame perspective is keeping an even keel on the necessary grand picture of things, it is sometimes the smaller time frames that reveal some necessary truths to get an edge. For us, the daily chart is at this point nothing but a vast opportunity field of low-risk entries (green lines). Prices right now are trading at a massive directional triangle support line for extremely low-risk entry points of an anticipated triangle break to the upside. For falling prices, such opportunities find themselves right below plentiful. A rare incident. Where we see the true win-win situation is that stronger declines might force amateurs out of physical silver holdings. Consequently, a huge opportunity to reload our physical inventory. In our opinion the most important wealth preservation tool.
While we are excited about the opportunities, we are at the same time clear-minded, that each entry in its variability and complexity is just such a pressure point we are talking about. There is no such thing as an easy trade. Definitely no sure winners. What confronts us is a constant opportunity and the need to focused weed out with a well-defined approach where one is willing to put one’s money on the line.
Embrace the pressure:
What points out the difference between a losing trader and a consistently great trader is how they deal with the big pressure moments. Only if you full-heartedly embrace the pressure and push on through self-reflection and digging deep within you will make it in this profession.
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