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Gold Nerds

PHASE 1 | PHASE 2 | PHASE 3 | PHASE 4 | CLOSING COMMENTS

Phase 4 Managing Your Trade

To be successful in most things in life you need a plan. Without one you are effectively at the mercy of whatever life throws at you. In the case of the precious metals sector it is obviously the market which will strongly influence your decision making. As a first step, you need to determine how much money you are prepared to lose on an individual trade. Secondly, you need to determine some target prices and establish how much you anticipate making and at what point you wish to exit the trade. In order to arrive at these numbers, it is greatly advantageous to have a sense of value. To be able to look at similar companies in the market and gauge what your position could realistically be worth provides a wonderful perspective. There is of course no guarantee that the market will concur with your analysis but if you remain conservative, chances are your objectives can be met given the extremities in which this sector moves. For some ideas on how to plan and manage a trade see the following article: Capital Management 101. Alternatively if you would like to see practical examples of our approach I encourage you to sign up for a subscription to Diggers and Drillers. For a sample of what the newsletter has to offer and the type of gold specific articles we contribute click here.

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