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Silver Wheaton Corp. Message Board

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  • daviebri daviebri Jul 10, 2007 3:27 PM Flag

    It amazes me anyone would even

    no one ever went broke taking profits but my opinion is too premature given the circumstances / conditions specific to SLW. I wouldn't even think about taking profits until SLW is in the 20's...not a question of greed but simply based on my min price projection. If you don't have a trading plan, stop-loss, price target, then your trading by the seat of your pants and are too easily ruled by daily fluctuations and emotions. As to GG, (8/05), trading @ 15, SLW's pattern very similar and look what GG did after it broke out...

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    • See you at 12.50 or lower guys...stick a fork in it.

      • 2 Replies to jthorp_hilo
      • It isn't as though I don't agree with you and a few others about 12.50, but the problem is that EVERYBODY KNOWS IT!!! Or THINK so!!! The technicals agree with it as I already mentioned. I notice that when I have one of those "stick a fork in it" scenarios, things often get a little slippery. How easy will it be to actually get off a buy back at that level without jumping in either too early or too late and then really being sure you've nailed it. That's the 'what if' part. Somehow there's usually a few stops that get picked off at prices lower than expected, and just when it's time to buy. Those sudden lightning like drops that nobody but the specialist can get. Then magically, the price goes up just as fast. Ever done that before? It still isn't a great percentage move worth the risk unless you're dumping a serious number of shares. But either way, the risk is definately not in proportion to the reward. Professional traders will tell you they don't recommend that kind of trade to anyone that wants to survive very long, and has deep pockets to back up those inevitable bad trades. I know from a lot of experience, there's always a chance that the expected might somehow become the unexpected right at that crucial moment. At those times, I wish I had that market makers book in my hand. I've done it and know the slippery and stressful moments that go with such a small window of opportunity. Like threading a needle in the dark. I hope anybody who tries can avoid emotional trading. Ya... sure they can. So unless you put in a GTC order at the price you expect and will have to guess anyway... or end up watching those tic by tick trades on one, five and ten munite charts for the exact moment to arrive, you could experience fatigue trying to earn your extra dollar and change. Make sure you're wearing your seat belts and a helmut! Just in case the fork slips, you can always buy back at a little highr price anyway. I've done that too... but don't like to mention it. You wouldn't want to miss the best part of the move just for the sake of scalping an extra dollar or so... would you? Personally, I prefer to have better odds in my favor when I make a trade. I want the reward to be worth the riskI If I am going to risk big money, I'm not interested in making small change. If you make a mistake you should go back over the whole trade from start to finish and learn from it. It's nice to be smart, but it's better to be lucky and smart. They say, you make your own luck if your smart. SO GOOD LUCK and enjoy the thrill.

      • I think we do retest 12.50 resistance but it is highly unlikely we go below that unless there is some sort of bad news or silver price collapses which is unlikely. 12.50 is new resistance and it will not easily fall below that level.

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