Saturday, June 21, 2008

2 + 2 = 4 ! --IFCN Wk 28 -Fri- Equity: $789.67.

Not much can be said about this week except I'm glad it is past.

A lot of other markets held my attention due to resources involved. Greater risk = greater attention.

The grains are very active and dangerous, but risk managers is what traders are. Where the risk is, the profits are. Making sure that you can handle the specific risk you are willing to take is the ultimate question.

If you are in a trade, whether profitable or not, if the market becomes riskier than you can handle there is only one choice. Get out!  Wait for YOUR trade!

Trading the grains this week was at the upper edge of my risk toleration zone. Anyone else with less experience was likely way past their experience zone. Have any idea who has the best odds of surviving and profiting intact?

I have said this before, and if I keep posting- will likely many other times in the future: You only need to know one thing, for sure to be able to profit in the markets.

It is the knowing, and the will to act on that knowing that makes it possible for you to get an edge over the other competitors for your capital. It also helps if that one thing you know is a surprise to the other competitors.

When neophytes get into the froth of a market blowoff, 2 + 2 = 4 is a surprise!

Here's this week's recap:

The data below is as of Friday's close, June 20, 2008:

Start of week equity: $ 785.05.

OneNightStand Exit(s) on 06/16/08:
*eur/usd: Short @ 1.5365, out @ 1.5394 for -29 pips
*gbp/jpy: Long @ 210.76, out @ 2.1114 for +38 pips
*gbp/usd: Short @ 1.9433, out @ 1.9505 for -72 pips
*usd/jpy: Long @ 108.10, out @ 108.24 for +14 pips
Total loss: -49 pips ($5.11)

Completed FirstStrike trades this week:
  • Eur/Usd: long @ 1.5444, exited Friday @ 1.5623 for 179 pips profit.
  • Gbp/Jpy: long @ 211.89, stopped out at 210.99 for a 90 pip loss.
  • Gbp/Usd: long @ 1.9555, stopped out at 1.9495 for a 60 pip loss.
  • Usd/Chf: short @ 1.0424, exited Friday @ 1.0346 for 78 pips profit.
  • Usd/Jpy: short @ 107.74, stopped out at 108.34 for a 60 pip loss.
Total losses: 210 pips
Total profits: 257 pips
Net profits: 47 pips ($9.73)

OneNightStand 06/20/08 entry(s)
Unrealized Profits: $ -0-
End of week equity: $789.67 (includes unrealized P&L)
Total Gain for Week: $ 4.62 (0.6% weekly increase)

This was a good week. Anytime you can take this many trades and have a virtual scratch, that is good. This was a terrible week for so many other traders, faithful execution of the given trades was the best thing you could do.
See you next week.

Joel Rensink

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