Qf - page 4
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Last night I had two trades stop out and one trade exit in profit. All in all, I lost. I am now at break even for the month.
I am still shorting the european currencies, but now with fewer positions and less leverage.
My future index positions are still open and doing very well. They have acted as a partial hedge offset to the massacre I have experienced trading currencies.
Made a few pips today on the gbp/usd drop and closed a short usd/jpy with a few pips profit. Nothing exciting to write about. I currently hold no forex positions. I only have index futures exposure. That position is well in profit.
I am slightly up for the month. I would be more than happy to end this wacky month this way, but we have two more weeks to go. Hope I don't lose money in this choppy market.
Starting monday, I am going to take a few more intraday trades as I think it will help reduce my equity curve volatility. The EUR rose this week mostly due to a record number of short covering. The long term trend is still down and I am going to continue attacking it on the short side. _For now_, the "all you can sell" EUR buffet is over so we'll have to pick and choose the trades more carefully and with less leverage.
Oanda publishes past month account results on the 15th of the following month. Here are the results for May. The two fx accounts (one for long trades only one for short trades only) and my interactive brokers account have netted a 10% return in May. This sort of return happens once every 5 years. It is truly a 3 sigma event, but always welcome.
Late post...been busy all day with setting things up for my intraday trading. There is much more action intraday than over night and I want to take advantage of it. Especially during these crazy markets.
The big question is: Risk on or Risk off? I don't know. I am still holding my index long positions and I have added a short USD position, so I guess I am slightly biased toward 'Risk on' trades, BUT, I am not going to give up shorting the EUR. Still looking for good areas to short.
The markets are being absolutely brutal to me. I am still holding onto those damn index long positions but they are now only slightly in profit. My USD short position hit its stop .. I moved the stop up when I saw things were not going well so lost less than I would have had I not moved the stop.
I am surprised that the market has not been able to hold any of the gains it made last week. It has been straight up and down action and for me that has been hard to trade. In these situations the best thing to do is trade less and be as selective as possible so that is what I am going to do.
Tomorrow is FOMC meeting ... I doubt that they will say anything that will further disintegrate the markets, but the Fed has shown that he can't predict the future as since he took office the age of Moderate growth has been anything but moderate.
Fundamentals stay pretty bad. Housing data this morning was worse than expected. States are running out of money (New York, California, etc). Countries are starting to look for 'austerity' measures ... which means reduced government spending, which can't be good since the only real growth for at least the past 3-4 years has come from government spending. If they do not start austerity measures, they would be eaten alive by hungry wolf (known as hedge funds) looking for a fresh kill. Heads you lose, tails you lose, so I think we are in for some pretty tough economic times. Of course the further out one tries to predict macro economic trends and how they will affect markets, the bigger the ego and consequently the worse the predictions.
Today is the first day in a while when I was able to bank some small profits mainly due to my intraday trading. The market still can't make up its mind where to go next and it seems likely to be sucked back down to lows (both indices and the euro) as I see risk trades being taken off the table as the economic numbers are much worse than expected (all time low in new home sales is a good case in point). European countries are trying to make it look like they are implementing serious austerity measures ... doubt it will last ... less government spending --> less jobs --> even more unemployed --> more restless and unhappy population (dangerous for people in power) . In the US mean while, there is a city in California that will dismiss all government services offered by the city to its residents (I think this is just the first of many) and the BP oil spill is going to start taking its economic toll ... stimulus is being withdrawn and all the money spent so far have provided little (if any) economic jump start ... so you have Tea Baggers being backed by the population. If there is anything good happening, I just don't see.
Fundamentally things are getting from bad to worse. I definitely see a double dip in the making. Politicians (Fed included) are running out of tricks.
Not much to report. Trying to stay alive in this choppy market. I am pretty much flat for the week. This weekend there is g20 (greedy 20) meeting ... let's see what happens.
I am over all long risk, but with very very small position sizes because I consider the market too choppy.
While watching the market being stuck, I took a break and went to get the new iphone 4 just like Rob! I am excited about it since it is my first iphone and I already have Interactive Brokers' TWS and Oanda's iphone apps installed and ready to fire off. I don't have to be stuck to the computer screen any longer!
I love playing around with new tech toys. One of my many weaknesses.
Jet,
Long time no see.
Damn, I didn't know you were throwing that kind of coin around in the market. Impressive. You look like you found an edge, and working it. That's great.
Yes, I'm still alive and kicking. I've been off the boards for awhile, and I'm still trading...nothing major. Barely in profit for the year, sorry to say. I've been working the long GBPUSD for a few weeks now.
Anyways, just dropping by and saw your new thread. Keep up the good work.
By the way, I have the Iphone 3gs still, and it's been great. I don't usually do any trading with it unless it is an emergency, I just find it tiresome to zoom and look at the chart with it. I use the 3rd party app "logmein" to get into my trading station at home.
....
Yes, I'm still alive and kicking. I've been off the boards for awhile, and I'm still trading...nothing major. Barely in profit for the year, sorry to say. I've been working the long GBPUSD for a few weeks now.
.........Kenny you are liar. For some reason I saw your Live account statement and saw that you are in 50% profit for this year and that you made a really big profit over the month of June.
Don't forget that false modesty is also a sin.
Regards...iGoR
Hey Kenny,
Yes, I have found an edge. I hope it exists for long enough for me to bank a few million before it disappears.
I use Oanda's iphone app as well as Interactive Brokers' TWS iphone app. They are absolutely awesome. I think they are even easier to use than the computer platforms. All of my systems are automated (about 6 of them working in unison). As soon as one finds something interesting taking place in the markets, it fires off a message to my iphone. I have a quick look at the markets and if I agree and like what I see, I determine the leverage to use and take the trade. It is really really easy and I love having essentially a small laptop in my pocket. A few weeks ago I was in LA to see Anthony Bourdain. Toward the end of the show by bots fired off and I took a look at the market and took the trades very quickly and then went bank to enjoying the show. That's the kind of freedom my iphone provides me with so I absolutely love it. I just can't wait for iphone to be released for a carrier other than ATT. I hate ATT.