PLEASE HELP

[#1]

Newbee, IMO if you are wanting to short the gold rally, there are 5 things against you in this trade 1) Even if gold drops, the rand is weakening 2) GFI reported a massive decrease in production costs, which means that it is bound to experience a rerating, 3) gold is in a strong upsurge - you shorted before getting any confirmation 4) you picked the strongest share in the gold index, conventional wisdom is to pick the weakest one (e.g. harmony) - those that rise the least in a rally, are better candidates for falling the most in a pullback 5) you are trying to short a bull run - this is not the same principle as bottom picking in a bear market . Again, IMO, a better strategy would be to wait for a pullback and swing trade. I think that on the 19th or 20th, we got perfect buy signals for GFI

[#2]

I realise that..waiting for it to pullback slightly and then to close out ASAP..

[#3]

Gold down to around 900 from 927...any ideas where gfi could come down to?? 100?? from 108 close on friday?? or should i close out as soon as possible??

[SimonPB]

newbee - you too scared of your loss, and it is hurting any ability you ahve to trade .. an your broker friend knows nothing, hopefully you've learnt that one ?

[#5]

Simon what do you suggest..?? I hold the contract till when??,whats your analysis on gfi for today?? given the 20 dollar drop in the gold price..

[#6]

Hi newbee-Please let me have your email address.I want to email you some info-thanks

[#7]

[email protected]

[SimonPB]

my advice is simple .. before you get in - decide on your exit strategy (both up and down) .. and then when the pre-planned exit is hit - exit .. no debates etc ..

[Theater_Cat]

Newbie, you still hanging?

[#10]

nope:)...I got out @ 104,took a small knock but am i glad to be out..

[Theater_Cat]

As murphy's law should have it that means it will drop tomorrow. As rule, it is best not to ever divulge your positions lest you receive unwanted comments that could affect your psychology during the trade.