Thursday, December 18, 2008

What goes Up...,

Up, up, up, down, down, down....

I am impressed with all the movement in the forex markets. And pretty tired.

But happy.

I've had some good trading this week, and some difficulties. When markets ratchet up and down so quickly and you need to put on large positions, you place your trade and within 15 seconds are thousands richer or poorer.

Usually poorer when you're trading breakouts like I do. No matter how long I've done this it still isn't fun to have those immediate losses when you enter a new trade.

Most of you know that I trade many more markets than just forex. I trade the meats, grains, metals, energies, interest rate futures (CME eurodollar is my favorite interest, then the 30 year bond) foods (coffee anyone?) on both longer term and shorter term methodologies. When currencies go into a spin, so do most of the other markets-- so it's been a carnival ride out there for guys like me.

You can get pretty tired after the necessity to stay up longer than you normally have to..., for days at a time. I'm sure it will get better soon. The other people on the opposite sides of my trades have to sleep too, eventually. I finally got some rest last week when the markets calmed down Then this week started it all up again.

Not complaining mind you. This is my best personal trading year. It is this kind of action which provides serious traders most of their yearly money. The majority of traders, banks and hedge funds included; don't commonly have the motivation (or tools) to reap the rewards possible from this volatility. Since this action is relatively uncommon, most trading firms don't get set up to take advantage of the market when it moves like greased lightning. Instead, they are the meat of the move, pushing buttons on large size orders and “hoping” everything goes all right.

“Hope” is not a strategy. FirstStrikePlus is a strategy that has held on fairly good through these crazy markets. And many of you are profiting. I'm glad.

After the markets close on Friday we'll do a recap of the week.

Best wishes to all of you.

Stay as sane as you can.

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. Please do not use AOL, Hotmail or Yahoo addresses. They've been known to filter out more good mail than actual spam. Try a Gmail address. It's free, simple and perfect for traders!

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