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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: charcoal who wrote (31873)	10/7/2011 6:25:58 AM
From: TheSlowLane	Read Replies (1) \| Respond to of 48092

Agreed...I think my big mistake for 2011 (though there is still time) was not heeding the counsel of 10K and also Stewart Thomson on the value of carrying a short position against your long position, at least at times (like POG 1900). Seems like put options, inverse funds or outright shorting are at least a few options there. Stewart recommends up to 30% short against a 70% long position. We've seen how deftly 10K handles it for himself. I listened to Kaiser again yesterday (from the recent Toronto show). The way he approaches managing risk (and his psychology) is to at all times hold 90% cash or cash equiv (incl gold) and have 10% in high-risk speculative juniors where he understands the potential rewards as well as the risks. If the economy looks a little better, then he goes a little heavier on the stocks. If it looks worse, he cuts back and raises cash. The downdraft we just went through is why Stewart sounds like a broken record saying to trade smaller than you know is rational and on as many points of the price grid as possible. He means it when he says that you have to be prepared to buy juniors all the way to zero because they get there more frequently than one would like to think. Make sure to point me to this post at the top of the next leg, in case I forget...

To: charcoal who wrote (31873)	10/7/2011 9:52:52 AM
From: Rollocaster	Read Replies (1) \| Respond to of 48092

Charcoal, I salute you courage and lucidity in sharing your trading thoughts. 10k is a trader of great insights and great discipline. Which can be unnerving at times. He has been a great influence in my trading tactics and of great support in times of emotional quandaries or when I have become too attached to one outcome... selling too late, buying too early, fear of missing out, being too contrarian, too bullish... I have experienced it all.... I have experienced many roller coasters in the past 10 years. I still have lots to learn. Many good posters on this thread. I have yet to learn how to trade puts and calls, and understand that alchemy. Thanks for sharing. Pat