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PITFALLS OF REPORTING PERIODS Whenever they get close to their end, reporting periods experience a risk management phenomenon. This applies to monthly as well as annual reporting periods: near their end the appetite for risk diminishes, regardless of the interim performance achieved (or suffered) so far in the period. Since currency markets are notoriously volatile, performance must be judged at least on a twelve months basis. It is the trading advisor's skill that is required to steer the ship to its destination. His endurance is that of a cross-country skier rather than that of a downhill racer. He is carefully steering a flat-water canoe rather than a white-water kayak. Strings of victories will be interspersed with second and third places and defeats. "Patience and passage of time do more than strength and fury." |
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