PowerX Strategy "PowerZ"

[IgazI]

Are we doing 'the thing'? I was hoping for cheaper metal prices

thoughts.png

Your pointy place will come.

I bumped up my gold holdings a smidge; better to do something than nothing at all

[BambinoFlex]

Are we doing 'the thing'? I was hoping for cheaper metal prices

thoughts.png

Your pointy place will come.

I bumped up my gold holdings a smidge; better to do something than nothing at all

True that! Feels good to be able to do anything at all. The opposite feeling is holding max risk, unable to buy lower within the zone. That feeling alone forces me to enter in partials. Kinda like reverse psychology

[BambinoFlex]

Also, I finally understood what “Position” Means.

Or at least I think I do.

Position = Price Level That Holds my “Position” or “Risk” as some call it.

Similar to a stop loss, but difference is that as price moves in my favor, and I reduce my space, whilst adding more orders, my “position” won’t exceed my original risk

Eh? Yay or nay?

It is an ideal price, on a larger chart, that is within range of your risk tolerance.

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Let’s say this is my larger chart. 4h, entering on 1hr or 30min. Would the top of the boxes be “position” or what/how do you see position in relation to this photo?

[IgazI]

It (position) is an ideal price, on a larger chart, that is within range of your risk tolerance.

Price either breaks out and closes or breaks out and reverses. . .

"ideal" is any price from which you are trading, but not necessarily the price at which you made a trade.

"ideal" is a technically significant price on a chart.

When one "has position", on a particular chart, one can afford the price gap between the line and the current price.

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[IgazI]

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I've only been buying metals for 3 months; mostly 1oz platinum bars,
and a sprinkling of gold and silver for good measure.

Anyone else buying metals? or are you all-in on paper products?

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[IgazI]

I don't know why "[YouTube][/YouTube]" never seems to work these days

This is interesting, start the video at 10:16

https://youtu.be/bz-pfYA5B4k?si=z45CZ4UeSpqOtasy

PS: so, we are in a situation where the money in your bank, at your broker, and even your stocks, are not really "protected"
your home, your leased car, the car that you financed, . . .

[BambinoFlex]

It (position) is an ideal price, on a larger chart, that is within range of your risk tolerance.

Price either breaks out and closes or breaks out and reverses. . .

"ideal" is any price from which you are trading, but not necessarily the price at which you made a trade.

"ideal" is a technically significant price on a chart.

When one "has position", on a particular chart, one can afford the price gap between the line and the current price.

ideal.png

Got it! The things you say definitely bring clarity in my trading processes.

In your experience, what scaling to a winning trade, what have you seen is more efficient?

1. Fixed limit orders at predetermined intervals

2. Waiting for a hook/pullback to scale into

I currently do #2, but at times, I miss the ability to fully scale into a trade because Im sleeping or there was a very fast move.

[IgazI]

It (position) is an ideal price, on a larger chart, that is within range of your risk tolerance.

Price either breaks out and closes or breaks out and reverses. . .

"ideal" is any price from which you are trading, but not necessarily the price at which you made a trade.

"ideal" is a technically significant price on a chart.

When one "has position", on a particular chart, one can afford the price gap between the line and the current price.

ideal.png

Got it! The things you say definitely bring clarity in my trading processes.

In your experience, what scaling to a winning trade, what have you seen is more efficient?

1. Fixed limit orders at predetermined intervals

2. Waiting for a hook/pullback to scale into

I currently do #2, but at times, I miss the ability to fully scale into a trade because Im sleeping or there was a very fast move.

First, you should know that I am not a day trader, and I could care less about daily profits.

The most important thing is that you can afford multiples of 5 or 6 contracts; trading a small account is a death sentence.

Even though you can afford 5 or 6 contracts, don't, you don't want to be invested more than 1/3 to 2/5 into a trade without a cushion of profit.

Don't be dismayed if you only get half of your orders in; the timescale that we are opperating on leaves plenty of time to reach your max position size.

As for "how" you get into a trade, 2 or 3 barrels, with a defined exit strategy:

Look to make your buys within a 4-6 point area, as opposed to buying a down-trend.

[IgazI]

Gold and silver forgot to tell platinum where they were going

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If the cash price for 1oz of platinum is under $1000, just buy it.
That's my opinion on platinum. . .

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update:

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[IgazI]

A dollar is like copper bullion, in that you pay 100 cents but it's only worth 17

You always see 100% of the coin, but you never realize 100% of the value.

Buying metals is not "spending money", it's retrieving your value.