Choppy Week! -- IFCN Wk 18 -Fri- Equity: $759.67

There really wasn't much to talk about this week. No important news or reactions to anything worldwide. So we really got lots of chop.

Even if I wasn't trading this week, I would have been able to tell what the market was like from the types of calls I got from other traders.  People were not as focused as usual.  Small, insignificant details were drawing away their attention.  And they were all experiencing unnecessary losses.
 
If you ever start losing your focus, be aware of the danger to your trading prowess.  You only have a small edge in trading, don't expand your trading at the worst times.

Stick to methods you trust and don't get sucked into the meaningless action of choppy markets.

On to a recap of our trading week--

We had no OneNightStand trades executed.

The data below is as of Friday's close, April 11, 2008:

This week's Alpha account trading recap:
Start of week equity: $ 783.77

Completed FirstStrike trades:

• Eur/Usd: long @ 1.5717, exited @ 1.5821 for 104 pip profit
  
• Gbp/Jpy: long @ 204.32, stopped out @ 203.72 for a 60 pip loss.
  
• Gbp/Usd: short @ 1.9843, stopped out @ 1.9903 for a 60 pip loss.
  
• Usd/Chf: long @ 1.0168, stopped out @ 1.0108 for a 60 pip loss.
  
• Usd/Jpy: short @ 101.96, stopped out @ 102.56 for a 60 pip loss
  

Total of 240 pips in losses.
Total of 104 pips in profits.
Net loss: 136 pips

OneNightStand Exit(s) on 04/07/08:
-None-
OneNightStand 04/11/08 entries:
None- No trades entered

Unrealized P&L: $ 0.00
End of week equity: $ 759.67 (includes unrealized P&L)
Total Loss on Week: $ 24.10 (3.07% weekly decrease)

So, we had another losing week. Drawdowns are part of the trading equation. You do get used to it if you trade for years.

It sometimes takes the markets a while to digest all the divergent news. Then they start their trending ways again.

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 or Yahoo addresses. Nothing personal, but 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!

Holiday week - listless markets- Current equity: $528.17

Best wishes on your holiday.

Not many forex traders are trading very aggressively this week, and I don't blame them.

I mentioned to the signal subscribers that I would be trading half size this week and am glad that I am.

On Monday morning, I came out of Friday's OneNightStand trade in USD/JPY for a profit 15 pips less than Friday's close (less than $2.00).

A little later on Monday, I got short GBP/USD, GBP/JPY and have gotten stopped out on both trades for total losses of 119 pips.

Today, Dec. 26th I am long EUD/USD and short USD/CHF for a profit of 46 pips and loss of 5 pips respectively.

Still waiting on an entry on the USD/JPY.

Current equity: $528.17

Until tomorrow....

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 which address you would like it sent to.

Last Equity Check- $524.43- Wow!

I've inserted the chart above of EUD/USD that shows one of the trades that changed the week for the Alpha account.  (..., it is the second one that started last night!)

I'm really amazed at the way this week turned out.

It still is around 0 degree,temperature-wise here in Minneapolis. It was even colder last night when I was up trading. But the trading today has been HOT!!!

I thoroughly expected that this week was going to turn out with losses pretty much across the board, with at least 4 out of 5 of the FirstStrike trades biting the dust with 50 - 60 pip losses by yesterday, with only the lone survivor, GBP/USD remaining marginally profitable.

I placed the OneNightStand orders early this morning right after midnight. I sent the ONS signal emails to those who've subscribed to the newsletter. Few of those signals had much likelihood of being executed, but hey-- you still stick in the orders.

I saw the GBP/USD floundering, and as I mentioned before in an earlier post, if the market can go after it gets a signal, it will.  If it doesn't, it is likely going the other way. That statement makes a lot more sense the more you trade..., but that is a benefit of experience. I'm glad there are some benefits to this perverse lifestyle besides money. If "understanding" the nature of the markets is one of them, I'm glad because there are many personal "costs" as well.

I digress.

I was watching the last position of the week looking like it was tired, and then I noticed something I had not expected.  I will tell you what it was in the weekly recap post, in a few hours--- the unexpected thing which changed the fortunes of the week.

Till later...,

Joel Rensink
www.infiniteyield.com

Live Trading started yesterday!!!!

Our first trades for the $500 "alpha" account were entered yesterday, Monday, December 10, 2007.

• I went long both the EUR/USD @ 1.4695 and GBP/USD @ 2.0379-- and am still in.
  
• I went short USD/CHF @ 1.1148 and got stopped out for 59 pip loss.
  
• I went long GBP/JPY @ 227.71, and am still long.
  
• I have a sell order in for selling USD/JPY @ 111.26, which has not been filled.
  

In each case I have placed protective stops and used precise money management to control size.

At one time yesterday, the $500.00 account was up to $503.26 and then the swinging began. At this moment, 10:55 AM CST, the account stands at $496.41. Volatility rules!!!

The method signalling my trades is called FirstStrike.

It is a durable method I've used for nearly 20 years futures trading the British Pound, Swiss Franc, the Mark (now Euro) and Japanese Yen-- and now forex for the last 3 years. If the trade is a winning trade, it can last 4 to five days. If it is a loser, you are usually out the day of entry and even can be out for a loss within a few minutes after entry.

It is so durable because it's based on never-ending principles that should continue for the rest of your lifetime--- and at least as long as free markets still exist.

December tends to be a rather turbulent time for trading forex, so our results this month could be very good or very bad. Either way, we will be trading every day that is not an official holiday.

Last check at my equity: $494.96. If I get stopped out on everything, we'll be down around $25 dollars. So at least our downside is capped.

Have a great day.

Joel Rensink
www.infiniteyield.com

PS:  To receive the FREE! trading rules for this challenge ($499 value) and  semi-monthly newsletter about this challenge, send an email to: newsletter@infiniteyield.com and tell me the address you would like it sent to.  Best wishes.   ---I'll never send you any spam.