Thursday, March 26, 2009

Patience! -IFCN WK 68 - Thu- Equity: $2,984.95

Patience is a large part of trading.

Losers always feel that they are missing something and feel the need to continually trade. When you've traded a lot and know how important it is to wait until “your” trade shows up, it is because you appreciate well how patience and profitable trading go hand-in-hand.

Having patience helps this week.

Even though we took a loss on our Gbp/Usd trade, we still don't have FirstStrikePlus Eur/Usd or Usd/Chf trades triggered. Maybe we'll get a doubled position with OneNightStand trades being elected too. I've seen stranger things.


The week's FirstStrikePlus trades:
  • gbp/jpy: Long @ 140.94, stop 138.90. Trade in progress.
  • gbp/usd: Long @ 1.4727, stopped out at 1.4426 for a 301 pip loss.
  • usd/jpy: Long @ 97.77, stop 95.60. Trade in progress.
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit)
Trading account equity: $1,936.95

Silver position equity: $1,048.00
(Current XAG price: $13.57 – 400 unit position average: $10.95)
TOTAL Equity: $2,984.95

I will go back to patience mode.

An interesting point- if we don't get any moves out of the euro or swiss franc this week, maybe next week could be huge-- because our volatility is so low this week and we would then have large position size.

I''m posting this from my room in Las Vegas, with millions in cash being gambled a 100 feet from me downstairs. Wagered largely by individuals without a clue or an edge.

Considering that many (perhaps most) who engage the markets are little different than the drunken masses below me-- one can take comfort that it isn't much more difficult to separate capital in trading than it is for the casino to run its crap table. All it takes is patience to wait for “your” trades.

Joel Rensink

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1 comment:

ForexAutopilotReview said...

good info..
thanks Joel..