Hi,
I'm just starting out on precious metal (PM) Gold and Silver trading and have done quite well on a number of intra-day positions at very modest stakes. Happy to have made a small profit, but I'm far from error-free, and am particularly prone to being scared out of a trade too early ie. not letting profits run.
I'd also be quite happy to swing trade both metals over longer periods, perhaps holding for as long as a few weeks, although I have not placed any such trades as yet.
I'm just wondering what TA is most suitable for PM trading, because personally I don't think that TA lends itself to PM trading nearly as much as it does to FX trading, and that PM trading is much more "touchy feely" in trying to gauge the mood of the market and taking positions accordingly. Perhaps a bit more of an art than a science ?
However, assuming one is trading XAU/USD or XAG/USD then the performance of the Dollar Index is obviously critical, as is the performance of other major commodities, particularly Copper and Oil IMO. So I keep a close eye on these charts when I'm considering opening (or closing) a PM position.
I'd be interested to know if any other active PM traders out there have a view on this ? Or perhaps I would be better to simply leave PM trading altogether and concentrate on FX ??
Thanks in advance,
Lobster
I'm just starting out on precious metal (PM) Gold and Silver trading and have done quite well on a number of intra-day positions at very modest stakes. Happy to have made a small profit, but I'm far from error-free, and am particularly prone to being scared out of a trade too early ie. not letting profits run.
I'd also be quite happy to swing trade both metals over longer periods, perhaps holding for as long as a few weeks, although I have not placed any such trades as yet.
I'm just wondering what TA is most suitable for PM trading, because personally I don't think that TA lends itself to PM trading nearly as much as it does to FX trading, and that PM trading is much more "touchy feely" in trying to gauge the mood of the market and taking positions accordingly. Perhaps a bit more of an art than a science ?
However, assuming one is trading XAU/USD or XAG/USD then the performance of the Dollar Index is obviously critical, as is the performance of other major commodities, particularly Copper and Oil IMO. So I keep a close eye on these charts when I'm considering opening (or closing) a PM position.
I'd be interested to know if any other active PM traders out there have a view on this ? Or perhaps I would be better to simply leave PM trading altogether and concentrate on FX ??
Thanks in advance,
Lobster
