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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: harmony monkey who wrote (12672)	10/17/2008 1:39:00 PM
From: SliderOnTheBlack	8 Recommendations Read Replies (1) \| Respond to of 50642

You know what they say... When life gives you apples... make apple sauce. KWK now up +20%... and CPN up 25% off the am bottom. Bought some AUY today with some of the profits I took off on KWK & CPN. AUY really beaten down... doesn't need to be the bottom. Great assets, huge upside to production growth, and a very attractive takeout play. They revised forward looking growth plan yesterday in the press, and should gold turn, it's due to outperform. You do NOT need to pick THE bottom in golds here. What you DO need to do, is use "some" of your profits from other sectors to accumulate shares all the way down, gapping your buy ins - and keeping the technical levels of HUI 165, and $625 gold in mind. Gold can go all the way down to $625 and still "technically" be in a long term bull trend. Gold stocks are HEAVILY over-sold to the price of gold... and as mentioned earlier, many of these pm stocks are now priced like options... GSS, CDE, PAL, NXG etc. Money Management ... ie: "how you buy" is one of the great survival tools in ugly tapes. ... more on that subject later this weekend. I know it's been ugly, and I said a couple of months ago, that the "throw a dart - easy $h!t was over." Inflation from now trillions of dollars being pumped into the system on a global central bank basis, will be like a pig working its way through a snake... Are we due for a bounce? Hell yes. Are we guaranteed to get one? Hell No. So use smart money management tools to accumulate, and fund your gold buys here. I've literally pounded the table until the legs fell off, about having to be short "something" if you were long "anything" in this market, as both a hedge to your gold holdings, and as a vehicle to fund your purchases, and averaging down into gold. And for trading... using "tight stops" ... as well as this market moving into a virtual "day trading" environment, where you MUST take SOME profits on these one day bounces, because lately, if you blinked, the profits were gone. If you did that... you could NOT POSSIBLY have been hurt here. Some starts and stop outs? Obviously yes. But if you rode anything down 15-20-40%, without being hedged by shorting something else in this market, or not using stops, I'm sorry... but that's ALL on you, and no one else. We have just witnessed one of the most profitable short selling periods in all of market history. The first literal, "throw a dart" short opp that I can recall... And there are now "bounce plays" in other sectors like the Nat Gas E&P's, in utilities, and in the broad market whose underlying fundamentals are stronger here than gold. Use those opportunities to "fund" your gold buys. My end goal is to have a nice phat little basket of gold stocks bought and paid for, by profits from my shorts on this market collapse of late, and now, by the bounce plays in other sectors. I hope that makes sense... if it doesn't - tell me, ask questions, and I'll do my best to answer them. And here's something else... My darkest hour was the summer of 1998. I was within days, perhaps even "hours" of getting busted out. I made EVERY mistake known, and may have even created a few new ones along the way. But... out of that darkness came light. Or, rather en-light-en-ment. And here's why... Mistakes are not mistakes, unless you fail to learn from them. I think JFK said that. And it's one of those 10 year old post-it notes that I've peeled off, and re-taped to perhaps 5 different trading monitors over the last 10 years. If you learned something from this collapse, it's not for naught. You can, and you will, trade yourself back. BUT! ...only if you don't make the same mistakes. -- get small. -- choke up on the bat and swing for singles, and doubles, not home runs. -- don't try to make it all back, by margining up, and picking a bottom. -- don't try to make it all back in a week... think months. -- be patient. -- and WORK -- EARN IT! -- earn it by working your ass off. -- by studying charts until your eyes bleed. -- by reading research & analyst reports until the wee hours of the morn' And above all - by NOT making the same mistakes you just made. Hang in there, it will get better - I guarantee it. SOTB