Dollar melt down! All New Total Equity Peak--IFCN Wk 12 -Fri- Equity: $623.28

We have reached a key point this week. We have survived our first major drawdown and succeeded in attaining new equity highs!What you find out the longer you trade is the single solitary fact-- you spend the majority of your time with substantially less wealth than you've had in the past. Drawdowns occupy more than 95% of your trading life. Get used to it. I did, but I still don't like

Alpha account is up 22 percent-- --IFCN Wk 12 -Thu- Equity: $593.66

What great action this week! The account is sitting at $593.66 current equity, including unrealized profits!This is what the currency markets look like when they want to go somewhere. If the Usd/Jpy short had been entered, we would have had another 250 pips.FirstStrike trade status this week:Gbp/Jpy: Short @ 210.64, stopped out @ 211.24 for a 60 pip loss.Usd/Jpy: Long @ 107.91, exited @ 107.67

Quick! Adapt or Perish!--IFCN Wk 12 -Wed- Equity: $563.78

The Alpha account had a very good day.It is currently at $563.78-- up more than $75 from last Friday.  We are still long Eur/Usd and Gbp/Usd, and short Usd/Chf with substantial open profits. This week's volatility, in the currencies and other important markets highlights the question of why do traders do what they do? Almost all people trying to trade apparently do it to make gains or money on

Dollar hits an air pocket! IFCN Wk 12 -Tue- Equity: $536.24

Looks like a good week for FirstStrike so far. It took a while for the market pairs to pick a direction, but when they did-- we've gotten some line moves.A recap of our entries today:Usd/Jpy: Went long yesterday @ 107.91, exited today @ 107.67 for 24 pip loss. I simply got out early. The market failed at an area it should have held if it was going to go higher. I saw no reason to take a

Gbp/Jpy first to lose again! -IFCN Wk 12 -Mon- Equity: $479.34

A very quiet start to our week. I exited Friday's short Usd/Chf OneNightStand trade for a 8 pip loss on Monday's open.We've gotten 2 entries early Monday and are still live on one of them, and waiting for direction in the other pairs.-----Gbp/Jpy: Short @ 210.64, stopped out @ 211.24 for a 60 pip loss.Usd/Jpy: Long @ 107.91, stop 107.31. Currently holding a small profit....=====Any FirstStrike

Woody Allen said - 90 percent of life is just showing up- IFCN Wk 11 -Fri- Equity: $486.25

Woody Allen may not be a trader, but he knows the right ingredients to success.We had another week with 5 FirstStrike losses.There was some fairly decent action at the beginning of the week, but no follow-through. Perhaps next week.The business of trading is more mental discipline of taking trades than nearly any other factor. Plus decent money management when you actually get your trade

Ben says- "It's Just Some Campers Grilling Some Steaks"-IFCN Wk 11 -Thu- Equity: $484.40

Have you ever tried fundamental trading in Forex? By this I mean trading on the news released and doing the whole "macro" thing-- trying to figure out how the different financial bodies of the the different major countries all interact.I'm sure there is somebody out there who is successful at it, but it must be tiring. Especially when most of the moving lips out there are lying.Example:The Fed

Rangebound forex trade while oil surges! -- IFCN Wk 11 -Tue- Equity: $509.19

Still cold outside up here in Minnesota. -3 degrees Fahrenheit. With wind it has a wind chill of -30. Crude oil roared to new historic highs, over 100 dollars a barrel.  Makes you think about the value of everything you own.  Obviously everyone else is thinking that.  The markets act as if there is another shoe to drop somewhere. And the forex markets are still ranging.  They won't for very much

Week starts out with small gains -- IFCN Wk 11 -Mon- Equity: $517.10

The weather is cold but clear here in Minnesota, but the markets are getting interesting.Even though the US market was observing President's day today, FirstStrike trades went off as usual due to continuing trade and news releases in Europe.We got 5 quick entries early this morning and are still live on all of them, with a standing loss in only one pair, the Eud/Usd.-----Eur/Usd: short @ 1.4631,

End of Week Recap -- IFCN Wk 10 -Fri- Equity: $508.87

This was a simple week, I got 5 FirstStrike trades that got stopped out quickly.Perhaps next week will be more interesting.This week's Alpha account trading recap:Start of week equity: $524.38Completed FirstStrike trades:EUR/USD: Short @ 1.4504, -stopped out 60 pips lossGBP/JPY: Short @ 208.05, -stopped out 60 pips lossGBP/USD: Short @ 1.9422, -stopped out 60 pips lossUSD/CHF: Long @ 1.1043, -

"I'm waiting." -- IFCN Wk 10 -Thu- Equity: $508.87

It is extremely unlikely that there will be any OneNightStand trades this week. All of the pairs are a substantial distance away from the breakout points that would indicate ONS trades. But we will watch anyway.The carry trade is beginning to pick up again on the GBP/JPY pair among others. In the very long term picture the GBP/JPY pair is in an uptrend and we have seen a very large correstion

I Had to Take an Extra Trade! -- IFCN Wk 10 -Wed- Equity: $508.87

I couldn't help myself.  When I see money just laying there on the ground, I have to pick it up.In the midst of my trading day, I was handed a "Sure Breakout" trade that I couldn't resist to take in the Forex Challenge account. It was a breakout from a very narrow 66 pip / 40 hour range in the USD/CHF pair. I bought 1425 units of USD/CHF @1.1042 and exited @ 1.1102 for a targeted 60 pips. The

A Useful Phenomena! IFCN Wk 10 -Tue- Equity: $501.11

Followers of FirstStrike now have the rest of their week free. 5 trades and stoplosses taken in quick order. This is also a good time to mention a side benefit that this style of breakout trading can bring to a certain segment of trader.  Maybe you!Current Equity: $501.11On Monday we got filled on the following FirstStrike trades:eud/usd: SELL 1.4504, stop 1.4564. Had 23 pips of profit

Your ability to wait for trades is your greatest edge-- IFCN Wk 9 -Fri- Equity: $524.38 - 6.29% increase

This is a good time to mention a bit about the psychology of trading through ugly markets or any markets which are not offering you much profits over a period of time.It is psychologically difficult for a person to experience loss after loss week after week. Especially when one sees so much motion in the market which tends to imply to the ego that there is so much opportunity being missed.

Another other shoe to drop? -- IFCN Wk 9 -Thu- Equity: $531.23

We really did get a nice move in the EUR/USD this week.  It's about time. My money management algorithm placed a bit more size on the EUR/USD and USD/CHF than on the other pairs, so I am up fairly good going into Friday.I will repeat the one constant among traders. You never have enough size on the winners. But I always try....Also, there is a possibility of one or two OneNightStand orders

"Read your way to profits?" -- IFCN Wk 9 -Wed- Equity: $508.27

Yesterday a subscriber emailed me asking if there were any other books I recommend to read that might help improve the mindset of a trader. Yes. One I heartily recommend is "The Black Swan" by Nassim Taleb. If any of you have read his earlier work, "Fooled by Randomness", you will be prepared for his unorthodox style for relaying ideas that are not common to a typical education. (Note: I urge

The Calm before the Storm....-- IFCN Wk 9 -Mon- Equity: $494.58

Early this morning we entered the GBP/USD and GBP/JPY and that has been it so far. Our other pairs are rangebound and it is the way they've been rangebound that is interesting. Very tight ranges. The longer we go in the week before a trade the more likely we will have a decisive move.gbp/jpy: BUY @ 210.53, stop 209.93. gbp/usd: BUY @ 1.9713, stop 1.9653. The current account equity stands

"Any Forex trade you can walk away..." IFCN Wk 8 -Fri- Equity: $493.33

Like a plane crash, any week of trading you can walk away from and come back the next week..., is a good week.We ended up with 6 losses out of our 7 trades. It would have been nicer if the ratio was reversed, but you get the results the market gives you. And then you take the trades again the next week.This week's Alpha account trading recap:Start of week equity: $514.88Completed FirstStrike