Thursday, April 16, 2009

Letters from Readers! - IFCN WK 71 -Thu - Equity: $2,635.76

We've had a lot of swinging in the markets, mostly negative to my equity since posting earlier today.

XAG took it on the chin again. The Gbp/Usd dropped as did the Eur/Usd. In general, the market is listless. I'm glad the weekend is coming.

I got a few emails recently from readers who've had some success following this site. I'm reprinting them below:

Subject: Re: Happy IFC follower

Hi Joel-

I had the good fortune of finding the infiniteyield forex challenge eight months ago and have been consistently placing the trades ever since
All I can say is WOW , after trading for 4 years with little to no success it feels great to finally be on the right track , not only have I earned money in the last eight months but I have also gained a great wealth of knowledge following your blog and the Infiniteyield newsletters. I sincerely thank you for helping me and other struggling traders , you truly are a kind soul for sharing . I "KNOW" I am on my way to becoming a professional trader.
All the best to you and in your trades

Mxxxxx Rxxx
British Columbia ,Canada

--And from earlier in the week---

3 of the 4 orders came in beautiful today.
Whether they will hold for the week though, I dunno, I think the Eur/USD is going to head down, whether it will get stopped at 1.3123 we shall see.
(I primarily trade Eur/Usd exclusively, I'm placeing these FS orders on a demo, to see how they work, your equity growth has been pretty impressive with this method so far)
I've read the rules, but haven't yet tried placeing any orders until last nite.
I must admit, I do like the set-it-and-forget nature of this style; it takes out alot of guess work out of trades. If they get hit fine, if not, fine too.
Probably the most difficult aspect of this, is it has to be executed continually, even with drawdowns.
My normal stop is 100 pips, placeing a 191 pip stop is quite different for me.
Thanks for the effort you put into this, I'm learning about 4 different Forex methods, and at times my brain feels like toast.
I really enjoyed the presentation you did on Larry Jacob's DVD.

Great job Joel!

Jxxx Mxxxxxx

--And some comments about Nassim Taleb's books, "required" reading for traders---

Hi Joel,

I finished my second re-read of "Fooled by Randomness" by Mr.Taleb and been half way through his "Black Swan" book.

Frankly, I am still digesting what I've read. It seems that luck and randomness plays a much bigger role in forex trading than most of us are willing to admit. We attribute most of our success to our skills but many times it is just pure luck... Well, it probably takes some time until one is truly ready to accept Mr.Taleb's point.

Being just a very small fish in a forex lake (and influenced by Mr.Taleb), I am able to see your FSP method in a different light now. As I understand it now, every now and then, black swan occurs (or at least a gray one) causing bigger than average moves in the markets. Those who follow simple, robust methods will hit new equity highs if they are patient enough.



Thanks to MR, JM & P for your comments. I'm sure they'll help others who are also trying to succeed in the markets.

Trading is a journey where everyone starts from a different location. It's great to have someone else mention a landmark that can shorten your trip.

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!


Jim said...

What DVD were you in?

Perry said...

Hi Joel
Just wondering how the new anti hedging rules will effect the challenge, or more to the point how will you manage it. For example you have a long trade from last week still open and then the new FSP order is a short. Will you run two separate accounts maybe. I am in OZ so doesn't really effect me but just thought other followers may be curious. I would also just like to say "keep up the great work" as i feel you are the minority when it comes to people who are actually the real thing on the web.