FX Renew Trading Tribe Members,
Last week we had one losing trade on the EURUSD and we took some profits on part of a long USDJPY trade that we continue to hold.
I wanted to give a more general update today to let everyone know exactly where we are at.
For those that are new to FX Renew, last year we (Sam and Mike) purchased the business and have completely revamped and relaunched it in November.
The goal was to use our connections in the industry to get very good ex-bank and hedge fund traders to provide signals which a slightly educational bent. They have a lot of wisdom in the way they trade this very complex market and I want our customers to be able to access that. For me, though this business is about “signals”, I want it to be a resource for traders that gives them much more than that.
Over the last few months I believe we have put together a very good team of three traders. All are ex-bank traders, have managed large sums of money with a great degree of success and they have very good recent track records.
The problem has been that the performance of the signals has not reached that potential as yet.
The traders all have a very dollar bullish view and have had this for some time, but the signals have not reflected this. As Ray Dalio said “implementation is more important than the trade idea itself” and we have not implemented well enough.
Though the signals got off to a good start, we are basically flat now in terms of performance. We are also not generating the number of signals that we need to. I would like to see 20-40 a month, as well as some longer-term position trades that are based on our view. We knew that it could take some time to get this right, which is why we give a free 30 day trial, but good consistent signals are the lifeblood of our business, and we need to get that happening as soon as possible for you.
Rest-assured we are working very hard in the background to get this right for you, and I have 100% faith in the ability of the traders to produce exceptional results over time.
If you have any questions or feedback, please give me an email: email@example.com
Blog post this week
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Long EURUSD -40 pips or -1R
*1R = 1 times our risk on the trade. For example if you risked 1% of your account and you made 2R you would have a 2% profit. To learn more you can click here.