Welcome Trend Week! -IFCN Wk 67 - Friday, March 20, 2009

This week was indeed a solid trend week.

Friday we finally got stopped out of the short Gbp/Jpy entered early in the week. I never liked that trade, and figured that it had 90% odds of getting stopped out when I took it. It was.

As a side note it was good for us this week that we are in the custom of taking just the first FSP trade per pair. After the long Gbp/Usd trade got elected at 1.4171 and subsequently got stopped out, the week's short trade at 1.3885 would have been triggered and then stopped out for a second loss. But if you had taken the buy at 1.4171 again for a third trade, by Friday's close you'd be up about 265 pips on the final trade, off-setting a lot of the losses previously incurred.

As you can imagine, the important thing is remaining consistent, trade YOUR plan and deviate only when some incredibly obvious bus is about to run you over. Which doesn't happen that often.

But, that all being said – great results have been had with our remaining three forex pairs and, of course, our enhanced silver position.

There were no OneNightStand trades on Friday, not that it didn't get pretty close on the Eur/Usd and Usd/Chf.

This kind of week makes you glad that you execute as you know you should, despite the multiple losses that can take place over weeks in between the large profits. Another reason why “many are called, few are chosen”, for this business.

I got a couple of very interesting emails recently which may be very useful for others of you who are trying to improve your trading acumen.

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Hey Joel,

I have now been following your blog for a full year now and I have learned a lot about trading from you. Since following your blog, I am up 213% on my account. It has been hard to learn the discipline required, but I have taken every trade the systems required. I really appreaciate what you have done for me!

Thanks, Bxxxx Pxxxxx

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Hi Joel!

It is unbelievable, many thanks for your help!
Your knowledge and your help is the best I ever had since I trade Forex.
I trade FSP every week, sometimes with a bigger risk, sometimes with a smaller risk, it depends of the market situation.
I've traded around 8 years, and since around 2 years I haven't lost money; ok, I earned a little bit from my trading. But I can forget everything I did before. I thank you sooooooo much for helping me to have success in Forex trading.
I also bought 300 units silver at around 9.0000,-- , BUT the panic came :-) and I sold around 150 units.............. I know, that was not so good!
But I bought again at the Dips an have now again 490 units, and I don't give it back!!!!!!!!
My account is too small to trade full time now, but with your help I hope to become a full time trader as soon as possible, and I am very thankful for every help I get from your newsletter.
I wish you a nice weekend.
Greetings from ice cold Austria (30 cm snow today)!

Exxxxx

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Thanks for the kind emails. I'm glad you are taking the trades consistently. Even if you trade very small size at the beginning, (which is one of the great things about Oanda) the regimen of correct trading does great benefit for your future success. Even if the method you were trading was just break-even on results, accurate execution would provide you tremendous benefits to carry over to a time when you obtain a superior method. Execute, execute, execute is the same foundation of truth for trading that “location, location, location” is to real estate investing.

It is only difficult at the beginning. It definitely gets easier when you've done it every day for at least a year. Like most things of value, it needs to become a habit.

Joel Rensink
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Loss trades this week:

• gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
• gbp/jpy: Short @ 135.48, stopped at 138.52 for 304 pip loss.

The week's remaining FirstStrikePlus trades:

• eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
• usd/chf: Short @ 1.1713, stop 1.1928. Trade in progress.
• usd/jpy: Short @ 97.16, stop 98.57. Trade in progress.

FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit)

Week's recap on Monday morning.

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!