"Your Mindset Edge"... IFCN Wk 8 -Thu- Equity: $523.81

So far the week has been profitable, even with the 3 losses. Tomorrow should be interesting. The Nonfarm Employment Change report is due at 7:30 CST. With the Euro and Swiss franc at record levels, strong movement is expected. The big question is, which way?No idea what will happen for sure, but the OneNightStand orders for the two most likely pairs are as follows:eud/usd: BUY 1.4916, stop

"Ben Benanke Breakout"... IFCN Wk 8 -Wed- Equity: $524.65

Almost sounds like a title to a song....We had an interesting but definitely tradeable reaction to the interest rate announcement today at 13:15 CST. Many of the primary pairs formed pennant formations just prior to the breakout. An example of the formation from another site. Most forex traders have heard of or traded pennant formations, which look like triangles on a chart. When one side of

"Holy Grail"..... Wk 8 -Tue- Equity: $517.33

I got a nice call today from one of this blog's subscribers about the "holy grail" of trading.-G- has been searching for the best forex system he can find that will virtually guarantee a winner after a setup is identified.  I told him that he was in multitudinous company. Many traders or market researchers see all the swinging going on among all the different markets. They figure that with all

Forex Challenge: Wk 8 -Mon- Equity: $519.75

Hi fellow traders:I had a great weekend, the weather was nice and I got the rare chance to walk around a nearby lake. Just about any place in Minneapolis ("The City of Lakes") has a nearby lake, which helps one's mood in the spring, summer and fall. Winter is just cold.Except in the Forex markets.FirstStrike entered short the GBP/JPY pair soon after midnight CST. And got stopped out shortly

Forex Challenge: Wk 7 -Fri- Equity: $514.88

It was a another week of drawdowns after a nice, but brief runup in equity.These are typical actions of a market that is making up its mind to start trending. That is why you have to be vigilant to put in your orders and not miss the trades that pull you out of the drawdown.There were no OneNightStand trades executed this week, as was expected. The trading pairs we are following made some key

Forex Challenge: Wk 7 -Thur- Equity: $514.88

---Here is an interesting cartoon---The forex market seems to have figured out what it wants to do-- for now. Important looking bottoms have been set by the GBP and EUD pairs since the Tuesday surprise 75 basis point rate cut by the Federal Reserve.It is doubtful that any OneNightStand trades will be executed, but the orders are placed.We will recap tomorrow.Joel Rensinkwww.infiniteyield.comPS:

Forex Challenge: Wk 7 -Wed- Equity DOWN: $514.88

Hi, fellow trading masochists-The difference a day can make.  (I know I've said that before.  It will be said many times!)When I made the last post, the FirstStrike trades were all profitable. At one point the account was up almost $40.Then within a few more hours, all of the trades were stopped out. The current equity stands at $514.88. I lost 60 pips each on 4 of the trades, with the GBP/JPY

Forex Challenge: Wk 7 -Mon- Equity UP: $567.75

Hi readers:The only thing you can do that can change your outcomes, whether it be in life, your job, your marriage-- or trading; is execute as you have planned.Lack of planning is the greatest pitfall in achieving greatness. I got an email from a reader of this blog with this question:What is the procedure to follow if you miss your entry on FirstStrike or OneNightStand? Is it ok to place a

Week 6 - Fri- Current Equity: $533.55

This week showed a good example of how a loss protection scheme can affect a week's results.Earlier in the week when the GBP/JPY had more than 500 pips profit I went to a breakeven stop on half of the position and trailed the other half at the 50% point of maximum achieved profits on the position.The market was volatile, retraced 50% of its maximum profit point quickly, and then continued all the

Week 6 - Thu- Current Equity: $526.65

Hi all:Got stopped out on the short GBP/JPY at breakeven on the second half of my position @ 212.37. The other half was liberated with good profits @ 209.66 due to my personal 50%-of-profits rule mentioned Wednesday. Volatility is something this week has had plenty of.  Even so, it is unlikely that any OneNightStand trades will be executed on Friday.I'll recap tomorrow.Joel

Week 6 - Wed- Current Equity: $528.45

I'm not sure I have mentioned on this blog what the very first rule of successful trading is.SURVIVE! If you can survive trading each week, you have the real opportunity to make it into markets that can enrich you. This week gives us a good lesson of why it pays to watch what's going on, and an old but durable way to minimize your risk while allowing large gains.I am still short GBP/JPY and USD/

Week 6 - Mon- Current Equity: $521.05

It's a new week.  The markets are not a lot different from last week.  Directionless trade prevails.FirstStrike got trades shortly after midnight on all of the pairs.  So far only one pair is stopped out, the GBP/USD bought @ 1.9644 with a stop at 1.9584.The other current FirstStrike trades are as follows:eud/usd:  bought @1.4865, stop 1.4805. gbp/jpy:   sold @212.40, stop 213.00.usd/chf:   

Week 5 - Fri- Current Equity: $522.80

Hi everyone:This seemed like a very long week for some reason.There was certainly volatility in the markets. Much more of it in the non-forex markets, but it had its choppy moves too.  Obviously. I keep hearing from fund traders about the stock market (and the stock futures arm, the indexes) and how violent it has been to the downside. And those of us in the commodity sectors have been

Week 5 - Wed- Current Equity: $534.80

Hi everyone!I've been getting a lot of phone calls from large futures and forex traders who are not enjoying the choppy trade we've been having.I can't blame them, as I don't appreciate it much either. The sure thing about it is, when everyone is about ready to take a break from trading, the market seems to clear up and starts moving directionally again.Just another example of the perversity of

Week 5 - Tues- Current Equity: $533.10

Hi fellow forex traders:The market is still trying to digest what Friday's employment numbers really mean for the world, and what is going on with the pre-election posturing by Hillary and Obama. Obama is good for the stability of the market and Hillary is not good for it. My view of course, but I've tended to be right in the past on these issues.It is interesting to hear what the "big" talking

Week 5 - Mon- Current Equity: $546.40

There were no OneNightStand trades exiting this morning.The weather is getting nice here in Minnesota for a few days. Always like to have chance to step out for a walk after trading all day, and not have to wear tons of clothing.Within a couple of hours after the beginning of the week we had FirstStrike entries on all of our pairs. By mid-morning three of the trades were stopped out. For a

Week 4 - Fri- Current Equity: $563.75

Hi everyone:This week was the beginning of a long year, one that should be very exciting for the watchers of the Infiniteyield Forex Challenge. The dollar is being buffeted and is charging back and forth energetically enough to test just about any trader's mettle. This action inevitably turns into trending action and we shall try to make the best of it when it comes.We got to start off the year

Week 4 - Thu- Current Equity: $569.19

I finally did get stopped out of the EUD/USD for a 60 pip loss. A total of 5 FirstStrike trades and 5 losses. That is the way trading works some weeks. And, probably no correlation at all, but losses are losses; I had a flat tire today because of below zero weather..., and running on it a short distance to a safe get-off spot destroyed the tire. Had to buy 2 of them to balance them out. I hate

Week 4 - Wed- Current Equity: $572.34

-Best wishes on a new trading year!!!!This is Wednesday, January 2nd. First official trading day of the new year.Congratulations on all of you making it to the new year intact. This should be a very exciting year. The markets are charging around like wild animals- right out of the gate. That is a very good sign.The latest newsletter went out Dec. 31st and I got some nice comments about it. If