Premarket Recap for 5/12/17/PMs, Getting Rich


May 12, 2017

Trader Scott

The Entry Points

This sounds ridiculous, but to repeat once again, if you want to make consistent profits in markets – do not focus on the profits, focus on the risk. Don’t lose. Yes it can’t be avoided, but it’s the attitude/approach which counts. Forget about your dreams of getting rich. They’re toxic. They make us do dumb things, take too much risk, hold on to losers too long, hold on to winners too long, lose passion for markets because of inconsistency. Why? Because we’re thinking about that big trade, we’re thinking about getting rich – we’re thinking about….the money. Yes, you can do very well in markets, and if you focus on the risk, you’ll get there, you will. Don’t focus on the money, the money comes when you don’t focus on it. Forget about it. Focus on what you should focus on, and ta-da, the money starts showing up on its own. And one simple tip which anyone can easily implement without any gurus and advisers – do the exact opposite of the weak hands – the exact opposite – always:

From 5/12/17 premarket:

Another scary thing which has been going around recently is the GDXJ rebalancing. I’ve addressed this several times. And the interesting thing is that it’s being promoted by many of those same crash talkers about the Dow. As to PMs in particular, my thought is the same as the Dow and the US$ actually – it’s a bull market.

And from 5/12 afternoon comments:

Most of you don’t trade currencies, but it’s good to have a sense of how to judge the market, as they certainly affect other markets. From 5/9 premarket:   “Having said this, the $ is at a resistance area short term. Gold is mainly weak now because of the Yen. This week should see a bottom in the Yen. Silver is quite oversold, and is nearing that first support area I talked about – $16.10………”   So having a sense of the Yen, with a time frame this week, helped give me a bit more confidence to buy some silver, and at least a temporary low.  Certainly a lot better than buying at $18.60.

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