Thursday, January 29, 2009

Maybe You're Pretty Good After All! - IFCN Wk 60 –Thu- Equity: $2,656.39

Budget out an hour of your time. You have a series of videos to watch.

I know that most of you who follow this site are individuals who have fought a long time to become profitable in forex, or futures and stock trading. The rest of you are likely at the start of finding out whether trading is suitable for you.

Not to be negative, but trading probably isn't the right thing for most of you.

Not that it's impossible for most of you to be marginally successful, especially if you're executing robust trading models like the methods we follow on this site-- but to stick with trading over the long haul takes a type of individual who has something different driving them.

I believe it is that which drives us that makes us successful. More about that in the future.

Courtesy of a generous reader, I got an email that had the link to the beginning of an incredible video series that all of you NEED to watch. (Thanks Archiphage)

Set aside an hour to watch all of the episodes. I have the links for all six below.

*****This set of videos is now inoperative*****

1- http://www.youtube.com/watch?v=lZc0fLZ4EQM
2- http://www.youtube.com/watch?v=zDshougcPWo
3- http://www.youtube.com/watch?v=d1gvQ5e_c18&NR=1
4- http://www.youtube.com/watch?v=lmQON_TTUzM
5- http://www.youtube.com/watch?v=cer-2yIRtow
6- http://www.youtube.com/watch?v=zTuMrRbApI4

If you think you've had it difficult trading, wait until you see how 8 people plucked off the street in Britain do when they are 'forced' to trade markets. The markets involved are very recent, so you will be able to relate to the news and the psychological impacts that these guys were going through.

When you compare the type of returns we've been experiencing - with a whole lot less handwringing – with what kind of results a grand total of 8 people with counseling from resident pros before they started, you might start giving yourself some credit.

You WILL enjoy these YouTube videos (cut in six sections to make the file size tractable).

After you watch them you will think you are pretty competent. If you can execute your trades with or without fear, I'll agree. As I've repeated many times, it is the execution, and the “being in” that gets you the profits. The hedge fund trader who's money is being risked in the program, also made that abundantly clear.

If you can execute a solid method over and over and take the psychological stress of losses AND profits you definitely have a good chance of succeeding.

Meanwhile:

We've had a lot of action in the forex markets with the Gbp dominated pairs doing the leading this week. FSP is basically even, profitwise; all things considered.

Nice move XAG! I knew you had it in you.

The week's current FirstStrikePlus trades:
gbp/usd: Long @ 1.4024, stop 1.3467.. Trade in progress.
eur/usd: Long @ 1.3096, stop 1.2867. Trade in progress.
gbp/jpy: Long @125.99, stop 119.38. Trade in progress.
usd/chf: Short @ 1.1450, stop 1.1674. Trade in progress.
usd/jpy: Long @ 90.09, stop 88.59. Trade in progress.

FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit)
Trading account equity: $2,068.39

Silver position equity: $588.00
(Current XAG price: $12.34 – 200 unit position average: $9.40)
TOTAL Equity: $2,656.39

Joel Rensink
www.infiniteyield.com

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!

3 comments:

RobertM said...

Videos were removed due to copyright infringement. This was the BBC show about noob traders, wasn't it?

Anton said...

Very entertaining.

A different reality trading show is available at http://www.hulu.com/wall-street-warriors

These folks aren't learning to trade though. Wall St. Warriors follows established traders and hedge fund managers. Still, pretty interesting.

Aaron said...

Joel,

Got a chance to watch it and loved it. Great find. Watching each person run the gambit of emotions was enlightening. You get a feel after their first trade if they are going to make it or not. The one's who are overjoyed are toast, whereas the traders who go about their business with emotional restraint seem to do the best. Definitely a reminder to keep my emotions in check. Thanks

Aaron