Tuesday, January 27, 2009

Huge Plus Week--IFCN WK 60 -Mon-Equity: $2,568.92

So comes the exit of some hugely profitable trades.

It has been a while since we had so many big profits per market. In the Usd/Chf alone, we made more than 5 times in profit what we were risking on the trade.

Many will think these are outsized gains that can't possibly repeat, but anyone who has been trading FirstStrike for any amount of time knows that this is exactly the way the method works, lots of relatively small losses for weeks at a time and then some very big profits.

I am quite aware that I've not been posting very regularly on the site. I have been busy with my personal trading, but also-- I have little to say when trades are going well.

Trades that work take no emotional input, except perhaps to stave away the all too human desire to book a profit. I took care of that demon long ago when I discovered personally and intellectually that letting profits run was the surest way to trading success. And perhaps the hardest, as many of my friends following this site can attest.

I've recently heard from a number of new readers who are sure that this trading concept's (FSP) profits are a fluke. To that criticism I respectly suggest, "Don't trade it." At least until you are certain that we are capitalizing on a serious market edge.

Nevertheless, the IFCN account is up 413% since December of 2007, or 358% annualized. Still not bad. Without any serious drawdowns (greater than 30%) and with a plethora of long and short trades in diverse markets. A very unusual case of random success if you were trying to make that case.

Don't worry, there will definitely be many extensive and bumpy rides in the future that will make you long after the last 4 month run we've experienced. When? That's the problem all traders experience in trading, profits keep going until something fundamental changes in the market that results in changing the profitability of a large sector of traders. I doubt we are currently part of any large sector anyone is worried about as I've heard of very few other forex/currency/futures traders that are making the kind of returns displayed here.

Who knows? Maybe we will keep building capital like this for a few months longer. Either way, I recommend you figuring out a way to get some silver (or XAG) before it gets a lot more expensive. It has helped the account alot but is by no means the only reason we've been outperforming other trading concepts.

Have a great week!

Thanks for the comments/feedback you sent me about the Trader's Expo hosted by Tradersworld last week. Many of you attended and listened to my discussion about VBOs (volatility breakouts) and how it is important to hang your hat on a viable concept if you are planning to get serious and make a livelihood from the markets. The way the money comes to you from trading this way may not be pretty, but it spends just fine.

I also applaud the large group of watchers who are learning in silence, seeing the fruitage of our, and perhaps some of their own, labours; from one of the most perverse trading methodologies discovered.


As of Monday, January 26, 00:00 CST – here is the status of the following trades coming in from the previous week:

Week of January 19, 2009---FirststrikePlus trades
  • short eur/usd@ 1.3222, exited at 1.2924 for 298 pip profit
  • short gbp/jpy@ 133.60, exited at 121.03 for 1257 pip profit
  • short gbp/usd@ 1.4819, exited at 1.3605 for 1214 pip profit
  • long usd/chf @ 1.1229, exited at 1.1618 for 389 pip profit
  • short usd/jpy @ 90.17, exited at 88.96 for 121 pip profit
OneNightStand orders for Friday, January 23, 2009
*short eur/usd @1.2823, stopped at 1.2923 for 100 pip loss.
*short gbp/jpy @119.39, stopped at 120.39 for 100 pip loss.
*short gbp/usd @1.3619, stopped at 1.3719 for 100 pip loss.

Trading account equity: $2,072.92

Silver position equity: $496.00
(Current XAG price: $11.87 – 200 unit position average: $9.40)
TOTAL Equity: $2,568.92

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: newsletter@infiniteyield.com 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!

1 comment:

The Archiphage said...

Equine flatulence... nice! It's funny how I don't pay the slightest bit of attention to the 'news' anymore other than for occasional entertainment value. All I knew was that the Euro was up from its open by 30% of last week's range, so I got long.
Btw... great presentation on Friday! I knew I wouldn't be disappointed.