Wednesday, January 9, 2008

Week 5 - Wed- Current Equity: $534.80

Hi everyone!

I've been getting a lot of phone calls from large futures and forex traders who are not enjoying the choppy trade we've been having.

I can't blame them, as I don't appreciate it much either. The sure thing about it is, when everyone is about ready to take a break from trading, the market seems to clear up and starts moving directionally again.

Just another example of the perversity of the markets.

I am still long USD/CHF. We'll wait it out.

There are a couple of serious reports to be made in the markets in the next few days. Maybe that'll liven up the rest of the week.

I was asked by a reader about news trading and news sources. For those who don't have a good source of Forex news,try:

Forex Factory is a very good forex site and gives you an idea of how serious the news reports are by a color code system. Some who have tried to make money by trading the news reports have done ok, most have failed.


Some of the fastest "guns" in the world are trading news with the fastest and best equipment available-- microseconds count -- and will leave very little extra money available for neophytes. The worst thing that usually happens is someone hears about the "great" opportunities trading the Non Farm Payroll and similar reports, takes 3 or 4 consecutive seemingly "sure-thing" trades-- and after ballooning his positions -- gets decimated.

If that kind of trading interests you, do a lot of research before committing much capital to it. Successful news trading is doable, but you need a precise game plan you will follow unerringly. Our competition follows one.

Until tomorrow.

Joel Rensink

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: and tell me to which address you would like it sent.

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