Wednesday, September 17, 2008

Silver Trade! IFCN Wk 41 – Wed- Equity: $1,223.88

I take my own advice.

I decided to buy some of the $3 silver I wrote about last week for the Challenge account.  And it appears, not an hour too soon.

Early this morning I was adding silver to my personal accounts and decided it was a good time to put a little silver in the IFCN account. So far my timing was incredible.

Early this morning the IFCN account bought 100 units (100 oz) of XAG/USD @ 10.75. The stoploss is set at 10.25, or $50.

I believe the value of picking up some cheap silver here is worth the 5% risk and is transfering some of the recent profits made into a position that has substantial long term potential. If successful, it will bring an awareness to additional market inputs. If not successful, it will simply show a 5% loss.

As time goes on there may be additional purchases. IFCN will in no way become a buy and hold trading account, but since time is the largest edge traders have, ability to hold profitable positions for as long as reasonably possible is proof of that edge.

There may be those who won't like that I added silver to the account. I gave everyone reasonable notice last week that silver was in what I consider a low risk zone. If anyone wished they could have bought substantially lower than I did. I am here to make return. Period.  

I will keep separate silver profits or losses from regular trades in the recap.

Current equity is $1,223.88  (Thanks to XAG!)

Joel Rensink

1 comment:

Anton said...

Thanks for the silver tip. I also purchased some with my Oanda account, and it's much the better for it.

If you would, keep posting on the silver position. I, for one, am interested to hear when and why you are cashing out, changing your stops, or purchasing more.