pls guide me day trading in silver mini

Well, lets take an example of recent trade which I made on 26th March.

This position is still OPEN!!

And an Update!! -

Here's a bird eye view:

As you're beginning a venture, I would strictly recommend that you stick with GoldMINI & SilverMINI for next 6 months. Limit your lot size to 5-10 or LESS of GoldM & SilverM.

Keep an eye on daily volatility and always follow your position with a Stop Loss. Stop Loss should be placed outside the volatility range. Don't be greedy & jump into Gold & Silver standard contracts. Learn to walk before you run.

ALWAYS be aware of your RISK. Check the distance of your entry to your Stop Loss - how much are you willing to Lose??

And one more aspect that I would like to bring to your notice:

The profit from this trade is just double of my monthly salary. Guess how much TIME did I commit on this trade?

Ans: 5 minutes daily since Mar 26, 2010 except sat & sun. That's it! I just check if my SL is intact or if I require to move it up.

I hope you got some insight from the info that I've provided.

cheers & happy trading




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dear sir thnks so much ur great advise.
sir before ur advise i short my silverm @ 26636 APR CONTRACT AND NOW I SHORT MY SECOND SILVER MINI @ 27750 JUN CONTRACT I DONT KNOW WHAT CAN I DO NOW.

SIR I WANT ENTER IN GOLD MINI PLS SUGEST ME WHICH LEVEL AND WHICH CONTRACT I CAN ENTER BUY SIDE OR SELL SIDE.

Hi Richa,

Before I answer your question, you need to answer some of my questions first -

Watch this video pay attention & listen very carefully from 1:15 to 1:30.
What do you understand?

Don't Look at My Finger, Look at the Moon

Question #1:

Now, read those lines and tell me if you understood something:

"All instruction is but a finger pointing to the moon; and those whose gaze is fixed upon the pointer will never see beyond. Even let them catch sight of the moon, and still they cannot see its beauty." - Eastern proverb.

“.... Don't concentrate on the finger or you will miss all that heavenly glory”!

"Truth has nothing to do with words. Truth can be likened to the bright moon in the sky. Words, in this case, can be likened to a finger. The finger can point to the moon’s location. However, the finger is not the moon. To look at the moon, it is necessary to gaze beyond the finger, right?"

The finger pointing to the moon is not the moon is the essence here. But what does this mean on a deeper level?

Question #2:

a) When (date) did you short silver?

b) Are those positions still open? If yes, are you in profit or loss?

Question #3:

The Actual reason why you've shorted silver? (answer hint: info from friend or from website/forum)




Waiting for your reply .._

Hi,

I am curious to find out the factors which prompted you to go long on Silver @ that point? Can you please suggest me? Critical decisions like this are really important for any one to learn. Please guide me.

dear friends
what is going wrong with gold and silver and dollar in past two three years i follow the relation gold and dollar relation mostly when dollar up then gold down and now this year 2010 everything is change when dollar up gold is also going to make lifetime high what is this? i think there is something hidden which i dont know. pls explain me if someone hav ans

yesterday i short 2 lot gold mini in aug contract @ 18340 and 18447 capital is one lac now what i can do i dont want to exit without profit

The correlation between asset classes goes on changing. It is not sacrosant in other words permanent. This year due to unexpected negative news on the different world economies in Europe etc the price of Gold is surging breaking the historical correlation between Gold and Dollar.
There is one rule that is maintained that the price of Gold goes up when people are risk averse .This is due to the money supply M3 and other factors. Basically the US Federal reserve has been printing dollars thus depreciating the real worth of the dollar. And Gold is like an alternative store of value or currency (like a proxy) So the bias should be on holding Gold.
Another thing is when dealing with futures on the longer duration, be twice or thrice as sure when you are shorting.