I think that it is always good to do some reflection of your trading and what bettter time than now before 2009 comes to a close and a new trading year comes into the fore.
For me, I have benefitted from the Gold bulll run and the corresponding Silver price increase. I have been bullish on these 2 metals for the last 4 years and have been trading the two metals on the long for the most part. I have yet to change my bullish stance on these 2 precious metals and will continue to take on long positions as and when the market corrects and my signals tell me to enter. For me, I analyze the daily chart for silver and gold and my position go into days and weeks and even months. However, I do not use any form of leverage for playing these markets as I put my money in the Gold and Silver savings account that UOB a local bank in my place, Singapore offers. Nevertheless, I do trade the 2 metals and use a leverage of 10:1. On this, I trade short term and my trades dont last longer than a few days.
I have made some good calls overall on the FX market but I am still not too happy overalll with the way I trade in FX. I use to scalp a lot but nowadays I think that it will be of more advantage to me if I trade the Swing trader way on the 4 hour chart and taking smaller contracts. I have been quite profitable using this method and am working to continue to tweak my method and risk management strategies in order to make it into the top 10% of winning traders group. I know that it wouldn’t be easy but hei I am in this for the long run and am here to stay.
I would also like to share with you guys out there an article that I read of other trader’s experience trading the markets in the year 2009. Take a look at this page on DailyFX, as the information there of other trader’s experiences is something I find to be very useful. Here is the article.
I wish all of you the best in the coming year. happy new year and happy trading!