Silver Trade – Good time to get out I think

Trading Silver

I entered long silver last night. From the chart, it looked like the price action was retracing before a further move upwards. Something which has been bothering me lately are my exits so I think I am going to open two trades and close one when my usual signals tell me to and then try and hold the other trade for bigger gains.

So I was long silver twice at 3243 with a stop at 3194. When I woke up in the morning, the price had bottomed at 3220 and I thought it would then move up. It started to go higher and got stuck around the 3260 area… then mid afternoon, the price action plumetted through the previous support at 3220 and then bounced up again… it was then I felt something wasn’t right so I closed one of the trades out with 30 points profit. The second trade, I move the stop to breakeven and left it…  soon afterwards, the price came back and hit my stop.

When you get volatile movements like this.. I think I rather be out of the market than gamble!

silver trading make me some money

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Category: Spreadbetting, Trading