Wednesday, September 29, 2010

Gold and currency movements

Pretty insane movement in Gold and some of the currencies last night. Gold formed a massive fakey setup which resulted in an explosive move up over $1,300 an ounce. These types of movements are somewhat hard to catch because they happen intra-day. However, trading with the trend is still the best way to go and it's how I learned to trade from Nial Fuller. I personally feel like trying to take counter-trend positions is a fool's game and I have not really had much success at all taking positions against the trend. Many beginning traders get caught up with trying to pick tops and bottoms and it simply is a loser's game.

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