Monday, March 16, 2009

silver stopped out :o(

item--------------: silver
units--------------: 1
trade type--------: long
order type--------: market buy / limit sell
entry date--------: 03/13/2009, 17:14
entry price-------: $13.22
initial stop loss--: $12.77
new stop-loss----:
exit date---------: 03/16/2009, 14:44
exit price---------: $12.77
profit (loss) in %-: (3.4%)
profit (loss)------: ($45)
reason why + strategy: silver is in my opinion so unbelievable cheap and the financial crisis is out there! damned hell, do i really need some other reason for that trade? no, i do not! let's bet some money on my opinion! folks, i would like to hold this position very, very, very long. how long? at least till silver reaches its 2008's temporary high @ 21 dollars, that would mean a profit of about 800 bucks on that single position! well, my current account size is too small to risk a (possible!) temporary decrease in silver price, especially because the usd could strengthen against its small dirty paper buddy €uro. how low could the (comex) paper silver price fall? IMHO e.g. to the november/december lows bellow $9. that would mean a loss of about $500 for my account which is too much considering that my overall account balance is just $2,000.
lessons learned: ... even if the silver price fell just $0.02 bellow my limit and climbed up again, let's ALWAYS use stop limits :o)
  • 03/19/2009:
thx goodness i've opened a new long silver position yesterday .... well, it was late in the evening after i've returned from my office job and after silver rallied 4%, but today rallied silver additional 5%. yabbadabbadooo !!!
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