Sunday, April 13, 2008

Choppy Week! -- IFCN Wk 18 -Fri- Equity: $759.67

There really wasn't much to talk about this week. No important news or reactions to anything worldwide. So we really got lots of chop.

Even if I wasn't trading this week, I would have been able to tell what the market was like from the types of calls I got from other traders.  People were not as focused as usual.  Small, insignificant details were drawing away their attention.  And they were all experiencing unnecessary losses.
If you ever start losing your focus, be aware of the danger to your trading prowess.  You only have a small edge in trading, don't expand your trading at the worst times.

Stick to methods you trust and don't get sucked into the meaningless action of choppy markets.

On to a recap of our trading week--

We had no OneNightStand trades executed.

The data below is as of Friday's close, April 11, 2008:

This week's Alpha account trading recap:
Start of week equity: $ 783.77

Completed FirstStrike trades:
  • Eur/Usd: long @ 1.5717, exited @ 1.5821 for 104 pip profit
  • Gbp/Jpy: long @ 204.32, stopped out @ 203.72 for a 60 pip loss.
  • Gbp/Usd: short @ 1.9843, stopped out @ 1.9903 for a 60 pip loss.
  • Usd/Chf: long @ 1.0168, stopped out @ 1.0108 for a 60 pip loss.
  • Usd/Jpy: short @ 101.96, stopped out @ 102.56 for a 60 pip loss
Total of 240 pips in losses.
Total of 104 pips in profits.
Net loss: 136 pips

OneNightStand Exit(s) on 04/07/08:
OneNightStand 04/11/08 entries:
None- No trades entered

Unrealized P&L: $ 0.00
End of week equity: $ 759.67 (includes unrealized P&L)
Total Loss on Week: $ 24.10 (3.07% weekly decrease)

So, we had another losing week. Drawdowns are part of the trading equation. You do get used to it if you trade for years.

It sometimes takes the markets a while to digest all the divergent news. Then they start their trending ways again.

Joel Rensink

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