The document discusses Gloranis GmbH, an investment advisor specializing in currency trading. It describes their systematic trading strategy called Gloria, which is a fully automated currency robot. Gloria identifies swing trading opportunities across 12 currency pairs using a mean reversion algorithm. Gloranis aims to generate stable, risk-adjusted returns through Gloria's systematic approach and effective risk management techniques like candle-stop losses. Their back-tested track record shows annual returns of over 30% with lower volatility than traditional asset classes.
CFD or Contract for difference is a contract between two parties, typically described as the "buyer" and the "seller", which price is typically based on the underlying asset, for example an equity index, a single stock or commodity futures.
The document discusses the nature and history of financial markets. It describes how financial markets developed to support international trade and how modern markets have become globalized through political, economic, and technological changes. It outlines key concepts like securities, negotiability, and how the money and capital markets interact. Learning objectives are provided on understanding securities, distinguishing primary and secondary capital markets, concepts of market efficiency, risk and return, and using models like CAPM.
Sapient Global Markets is a leading provider of services to financial and commodity markets. It offers advisory, analytics, technology, and process services. The document provides an overview of Sapient Global Markets and includes their contact information and office locations worldwide. It also includes an introduction to their 2013 Glossary of Financial Terms, explaining how to use the reference guide.
FESE Capital Markets Academy - An introduction to derivatives &CCPsTracey Roberts
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Derivatives are financial contracts whose value is derived from an underlying asset such as a stock, bond, commodity, currency or index. There are several types of derivatives including futures, options, forwards and swaps. Derivatives allow investors to hedge risk or speculate on market movements. They can be traded over-the-counter between two parties or on regulated exchanges which provides benefits like transparency, liquidity and reduced counterparty risk through central clearing. The main risks of derivatives include credit risk, market risk and operational risk.
This document provides an introduction to equity and ETF trading. It discusses:
1. FESE represents 35 stock exchanges in Europe that facilitate trading in equities, bonds, and derivatives. The exchanges have over €13 trillion in listed company market capitalization and over €8.5 trillion in annual equity turnover.
2. Equity trading involves investors buying and selling shares of companies through brokers and banks on stock exchanges. Exchanges match buy and sell orders to determine share prices through continuous price formation.
3. ETFs are funds that track market indices and trade like stocks, with characteristics including diversification and low costs. They have evolved significantly and now trade with various models.
The document discusses legal risks and good governance practices for the growing Islamic finance industry. It provides an overview of Islamic finance principles, products, and markets. It also covers governance topics such as regulatory compliance, standardized processes and terminology, and guidance from international standards. Overall, the document emphasizes the importance of strong governance to manage legal risks and further develop the Islamic finance sector.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
CFD or Contract for difference is a contract between two parties, typically described as the "buyer" and the "seller", which price is typically based on the underlying asset, for example an equity index, a single stock or commodity futures.
The document discusses the nature and history of financial markets. It describes how financial markets developed to support international trade and how modern markets have become globalized through political, economic, and technological changes. It outlines key concepts like securities, negotiability, and how the money and capital markets interact. Learning objectives are provided on understanding securities, distinguishing primary and secondary capital markets, concepts of market efficiency, risk and return, and using models like CAPM.
Sapient Global Markets is a leading provider of services to financial and commodity markets. It offers advisory, analytics, technology, and process services. The document provides an overview of Sapient Global Markets and includes their contact information and office locations worldwide. It also includes an introduction to their 2013 Glossary of Financial Terms, explaining how to use the reference guide.
FESE Capital Markets Academy - An introduction to derivatives &CCPsTracey Roberts
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Derivatives are financial contracts whose value is derived from an underlying asset such as a stock, bond, commodity, currency or index. There are several types of derivatives including futures, options, forwards and swaps. Derivatives allow investors to hedge risk or speculate on market movements. They can be traded over-the-counter between two parties or on regulated exchanges which provides benefits like transparency, liquidity and reduced counterparty risk through central clearing. The main risks of derivatives include credit risk, market risk and operational risk.
This document provides an introduction to equity and ETF trading. It discusses:
1. FESE represents 35 stock exchanges in Europe that facilitate trading in equities, bonds, and derivatives. The exchanges have over €13 trillion in listed company market capitalization and over €8.5 trillion in annual equity turnover.
2. Equity trading involves investors buying and selling shares of companies through brokers and banks on stock exchanges. Exchanges match buy and sell orders to determine share prices through continuous price formation.
3. ETFs are funds that track market indices and trade like stocks, with characteristics including diversification and low costs. They have evolved significantly and now trade with various models.
The document discusses legal risks and good governance practices for the growing Islamic finance industry. It provides an overview of Islamic finance principles, products, and markets. It also covers governance topics such as regulatory compliance, standardized processes and terminology, and guidance from international standards. Overall, the document emphasizes the importance of strong governance to manage legal risks and further develop the Islamic finance sector.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
OneGlobalFX is a trading platform that allows users to automatically replicate the trades of top traders, select from a variety of trading strategies, and create a diversified portfolio without paying fees. The platform provides transparency into trades and account performance. Users can also build a public track record to attract investors and earn income by having their trades followed. OneGlobalFX aims to connect traders globally using an innovative trading platform.
The Empirical Premium Fund makes money through the passage of time by selling options and collecting premiums, similar to how insurance companies make profits. It utilizes quantitative analysis and dynamic hedging algorithms to structure a diversified portfolio of options strategies. A time placement in the fund offers principal protection while seeking consistent returns over a 24-month period from various option strategies on currencies, commodities, and equities. The fund managers use extensive technology and modeling to efficiently manage risk and capitalize on market volatility.
This short document promotes creating presentations using Haiku Deck on SlideShare. It encourages the reader to get started making their own Haiku Deck presentation by providing a button to click to begin the process. The document is advertising the ability to easily create presentations on SlideShare using Haiku Deck.
OneGlobalFX is a currency trading company that leverages capital by allocating it to independent currency traders, monitors their performance, and pays them incentive fees if their strategies generate profits; traders must trade test for 3 months and then may receive $100k-$1M in allocated capital based on their consistent profitability from short-term micro-trend trading strategies.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
D2 Capital Partners: Intro To Capital Markets Careers & D2 Capital P...Ian Nguyen
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D2 Capital Partners is an independent investment and advisory partnership that operates across the capital markets spectrum. It raises capital for companies, assists with deployment of capital, and structures innovative solutions. The presentation materials discuss D2 Capital's role in capital markets, careers in capital markets, and how to break into the industry, focusing on venture capital, private equity, mergers and acquisitions, and other areas.
OneGlobalFX is a trading platform that allows users to automatically replicate the trades of top traders, select from a variety of trading strategies, and create a diversified portfolio without paying fees. The platform provides transparency into trades and account performance. Users can also build a public track record to attract investors and earn income by having their trades followed. OneGlobalFX aims to connect traders globally using an innovative trading platform.
The Empirical Premium Fund makes money through the passage of time by selling options and collecting premiums, similar to how insurance companies make profits. It utilizes quantitative analysis and dynamic hedging algorithms to structure a diversified portfolio of options strategies. A time placement in the fund offers principal protection while seeking consistent returns over a 24-month period from various option strategies on currencies, commodities, and equities. The fund managers use extensive technology and modeling to efficiently manage risk and capitalize on market volatility.
This short document promotes creating presentations using Haiku Deck on SlideShare. It encourages the reader to get started making their own Haiku Deck presentation by providing a button to click to begin the process. The document is advertising the ability to easily create presentations on SlideShare using Haiku Deck.
OneGlobalFX is a currency trading company that leverages capital by allocating it to independent currency traders, monitors their performance, and pays them incentive fees if their strategies generate profits; traders must trade test for 3 months and then may receive $100k-$1M in allocated capital based on their consistent profitability from short-term micro-trend trading strategies.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
D2 Capital Partners: Intro To Capital Markets Careers & D2 Capital P...Ian Nguyen
Â
D2 Capital Partners is an independent investment and advisory partnership that operates across the capital markets spectrum. It raises capital for companies, assists with deployment of capital, and structures innovative solutions. The presentation materials discuss D2 Capital's role in capital markets, careers in capital markets, and how to break into the industry, focusing on venture capital, private equity, mergers and acquisitions, and other areas.
FPM Frankfurt Performance Management AG is an independent fund management company focused on investing in German equities. They practice fundamental bottom-up stock picking without regard to benchmarks or sector/index weightings. Their two flagship funds are the FPM Funds Stockpicker Germany All Cap fund and the FPM Funds Stockpicker Germany Small/Mid Cap fund, which invest primarily in large/mid and small/mid sized German companies respectively based on rigorous fundamental analysis.
MERIMeeting du 21 octobre 2014 - Financial Markets and Instruments overviewOlivier NAVARRE
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This document provides an overview of financial markets and instruments. It begins with introductions to the global financial system and why it exists, as well as the major actors and products involved. It then covers topics like investment banking, corporate banking, exchanges, money markets, primary and secondary markets, financial statements, and various financial instruments including equity, fixed income, derivatives, and others. Diagrams and examples are provided to illustrate key concepts and terms.
Vantage Capital Markets LLP is an independent global brokerage firm with offices in London and affiliated offices in Hong Kong and South Africa. It has operated since 1979 under previous names. Within Vantage Capital Markets, Vantage Global Investment Strategies is a dedicated hedge fund platform that provides macroeconomic research, trade execution, risk hedging, and structured investments for hedge funds. VGIS aims to generate returns for hedge funds through fundamental analysis-driven investment strategies and tailored risk management solutions. It manages long/short model portfolios and has outperformed benchmarks in recent periods.
H.R. Verbeek gave a presentation on ING Financial Markets and fixed income trading. He discussed ING's global presence and trading operations. He then covered various fixed income products traded including government bonds, corporate bonds, interest rate derivatives, and repos. Verbeek also discussed ING's role as a primary dealer, the financial crisis and its impact on markets, the European debt crisis, and challenges for the future of fixed income trading.
Wintermute is introducing itself and its services over the next few weeks. The introduction will cover Defi and governance with Wintermute, careers, and ventures. Wintermute offers market making, OTC trading, and investing in blockchain projects. It has offices in Singapore and London with over 90 employees across finance, strategy, legal and other areas. Wintermute also engages in on-chain trading, liquidity provision, and DAO governance to support objective, long-term decision making. People can learn more by visiting Wintermute's website or following their social media.
1) Derivatives are financial instruments whose value is derived from an underlying asset such as a commodity, currency, bond or stock. They allow for the transfer of risk from those who wish to avoid it to those who are willing to accept it.
2) Common types of derivatives include forwards, futures, options and swaps. Forwards involve a customized contract between two parties to buy or sell an asset at a future date. Futures are similar to forwards but are exchange-traded and standardized.
3) Derivatives allow businesses and individuals to hedge against risk, providing protection from adverse price movements. They also enable speculation by those seeking profit from price changes in the underlying asset.
Financial engineering involves designing innovative financial instruments and processes to solve problems in finance. It applies theoretical finance and modeling to make pricing, hedging, and portfolio management decisions. Financial engineers bundle and unbundle securities to maximize profits using various assets. They are prepared for careers in areas like money and banking, corporate finance, investments, and financial markets.
This document provides information on Fincor - Sociedade Corretora, S.A., Portugal's largest independent stock broker. It discusses Fincor's shareholder structure, services, products, clients, objectives, and methods for accessing financial markets electronically. Fincor aims to provide best execution, cost effectiveness, a full range of financial products and services, and independence to its retail, private, and institutional clients.
Fincor is Portugal's largest independent stock broker. It provides a range of financial services including brokerage, trading, portfolio management, and access to global markets. It aims to offer best execution, a full range of products, and cost effectiveness. Fincor has over 20 years of experience and offers online and electronic trading platforms as well as traditional telephone and branch services.
The paper opens with an overview of the
commodity trading advisor (CTA) sector, highlighting the
significant growth that has taken place in the managed
futures industry in recent years and explaining how
the managed futures strategies that CTAs employ
work in practice. The breadth of sub-strategies under
the managed futures umbrella are then examined.
The third part of the paper examines the benefits and
perceived risks to investors of allocating to managed
futures strategies and also addresses various common
misunderstandings about CTAs.
The paper concludes by exploring the common ways
as to how investors can access the various investment
strategies that are available
The document discusses financial markets and provides details about capital markets and money markets. It defines a financial market as any marketplace where buyers and sellers trade financial securities and commodities. Capital markets deal with longer term financial instruments like stocks and bonds, while money markets facilitate short term borrowing and lending with maturities of one year or less, including treasury bills, certificates of deposit, and commercial paper. Both markets play important roles in raising capital and facilitating transactions.
This document provides an overview of financial markets in Bangladesh. It discusses the relationship between lenders and borrowers, and defines the capital market and money market. The capital market involves trading of financial securities and commodities with maturities over one year, while the money market involves short-term trading of assets with maturities under one year. The document also compares the key differences between the capital and money market, and briefly discusses the foreign exchange market and repo market.
Corporate Finance Modeling for Investment AnalysisRob Trippe
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210+ page comprehensive body of knowledge on financial model development and conceptual techniques for investment analysis and corporate financial planning. Available as hard copy and as an extended live, in-class corporate seminar. It's all you need to know for great corporate financial model development and implementation. Live examples, case studies and Q&A included.
UK Government Barter Report Summary FindingsDaniel Evans
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It is Ormita’s mission to transform this otherwise lost profit into new income, investments and other benefits.
Ormita works directly with Government Ministries, State Owned Enterprises, Fortune 500 Companies, Stock Exchange Listed Companies and a handful of carefully selected private corporations in 54 countries.
The Ormita Commerce Network, its licensees, and subsidiaries operate under the master brand name ‘Ormita’ or ‘Ormita Barter’. We are the world’s largest multi-national barter network as measured by international transaction volume, country footprint and service offerings, and believed to be the second largest barter network in the world after the WIR Bank, (formerly known as the Swiss Economic Circle / Wirtschaftsring-Genossenschaft or WIR).
We provide regular barter related information and offerings to more than 210,000 business and public sector clients through personnel operating in Australia, Canada, China, Egypt, Germany, Greece, Hong Kong, India, Indonesia, Iran, Italy, Macau, Mexico, New Zealand, Pakistan, Poland, South Africa, Sweden, Turkey, United Kingdom, United States of America and Zambia. For more information, please visit ormita.com.
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Similar to Gloranis Praesentation Gross Word 97 En (1) (20)
1. Systematic Currency-Trading
The most fascinating aspects of the
foreign exchange market are its
liquidity, around-the-clock trading,
zero transaction costs and the
intelligent diversification of a
portfolio.
Page 1 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
2. Systematic Currency-Trading
Contents
Gloranis 3
Currency market 4
Advantages 7
Investment approach 8
Gloria the currency robot 10
Risk management 12
Investment objective 14
Track record 15
Page 2 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
3. Systematic Currency-Trading
Gloranis
Gloranis GmbH is an independent investment advisor based in Zurich, specialising exclusively The result is impressive: this unique innovative
in currency investments
investments. investment style regularly generates substantial
risk adjusted
ris k- adjusted returns and additionally provides
The many years' experience and passion of both founding partners for trading, combined with an efficient form of diversification for
clients' need for stable positive returns ( pure alpha) , were the main motivation for
lpha) conventional asset classes such as equities and
developing the profitable trading strategy called Gloria. bonds.
While respectfully and knowingly acknowledging the unpredictability of the markets and their
returns, a fully automatic currency robot was developed. Now, for the first time, it is also
automatic
available to private investors.
Page 3 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
4. Systematic Currency-Trading
Currency market / forex
Forex is short for foreign exchange and refers to the global market on which currencies are
traded. The daily trading volume of USD 4 trillion makes forex the world's largest market,
market,
while ensuring liquid and fair trading.
Page 4 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
5. Systematic Currency-Trading
Low risk
Currencies are the least volatile asset class compared to equities and bonds. It is a widespread
misunderstanding that foreign exchange is riskier than traditional asset classes.
Equities - VIX Index:
Chicago Board of Options Exchange Volatility Index
Fixed Income USSV055 Index:
USD Swaption 5 Year Fixed/Floating Volatility Index
Currencies - CVIX Index:
Deutsche Bank FX Volatility Index
Page 5 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
6. Systematic Currency-Trading
Correlation
Foreign exchange has little in common with the other asset classes (low correlation). While
the correlation between common asset classes has risen steadily in the past, leading to
increasing risks for investors, currencies have retained their independence. For this reason,
currency investments are a valuable method of diversifying a portfolio and reducing risk.
Currency:
Deutsche Bank Currency Returns (DBCR) Index
Fixed Income:
JP Morgan U.S. Aggregate Bond Index
Commodities:
Deutsche Bank Liquid Commodities (DBLCI) Index
Real Estate:
NAREIT Index
Equities:
S&P 500 Index
Page 6 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
7. Systematic Currency-Trading
Advantages
There are other advantages as well:
Advantages FX market Equity market
24-hour market Yes No
Commission-free trading Yes No
A currency cannot become bankrupt Yes No
Short strategies possible Yes No
Fair prices through a high degree of liquidity Yes No
Market manipulation not possible Yes No
For the reasons indicated above, the foreign exchange market is ideally suited to the use of a
fully automatic trading system (algorithmic trading).
Page 7 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
8. Systematic Currency-Trading
Investment approach / systematic
The investment strategy of Gloranis GmbH is purely systematic. It is based on the conviction
that better results can be obtained over the long term through a purely systematic trading
approach – detached from feelings and emotions
emotions.
In a systematic or algorithmic investment approach, the buy or sell signals are generated
automatically by a computer program and executed in a matter of seconds.
The major advantages of a systematic approach are seen as two-fold: it dis ciplin es investors
disciplines
and keeps them from being guided by feelings such as fear, greed or overestimation of their
own abilities.
The human brain is not designed for systematic behaviour. Rational decisions are often
contrary to intuition and prevent logical courses of action.
Page 8 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
9. Systematic Currency-Trading
Systematic trading
> Information that is not in accord with the decision that was taken is ignored or The main advantage of an automated trading
underweighted (selective perception). emotion.
model is the absence of emotion
> Realisation of losses is delayed since on-paper losses are viewed as a cost of the decision,
while reversing the decision is equivalent to a pointless expense. This prevents investors
from liquidating a position quickly and re-investing profitably.
> Asymmetrical assessment of gains and losses leads to premature realisation of gains and a
situation in which losses are realised too late.
Page 9 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
10. Systematic Currency-Trading
Gloria
The Gloria robot was developed in-house at
Gloranis GmbH, and is the result of many years'
trading experience combined with the latest
trading technologies.
Gloria is a swing- trading program It identifies
swing- rogram.
and uses distinct price movements based on the
mean-reversion effect, taking volatility into
account.
For 24 hours a day, 5 days a week, Gloria
monitors the candlestick charts of 12 currency
pairs at present. When it finds promising
opportunities it implements them as buy and sell
orders in a matter of seconds, using a unique
lgorithm.
algorithm
Page 10 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
11. Systematic Currency-Trading
Gloria / swing-reversal trading
A position is only taken once a minimum price
target and the associated exit point have been
defined in advance. All the investments are
transparent and therefore easy to follow They
follow.
also form the basis for systematic risk
management.
Application of all the parameters in the robot is
subordinate to risk minimisation and is
accordingly weighted disproportionately. This is
because the objective is not to generate a return
that is as high as possible, but a return that is as
stable as possible.
Gloria provides our investors with an investment
approach that is positively set apart from other
traditional forms of investment. It is not a
comparison with the benchmark that counts, but
the results.
Page 11 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
12. Systematic Currency-Trading
Risk management
Successful investing requires effective risk management In order to trade systematically, an
effective management. The normal stop-l oss aims to close a position
stop-
investor must have precise knowledge of the expected values applicable to his trading system when a pre-defined rate is reached, in order to
in order that they can subsequently be parameterised in the robot. limit losses.
To ensure that this is done as effectively as possible, several levels of risk management The trailing s top-l oss aims to safeguard gains. It
trailing top-
elements are applied. These are predefined as fixed values for each currency pair and moves in the same direction as a favourable rate
integrated directly in the algorithm: movement and is constantly adjusted.
Each currency pair traded in our currency portfolio is given a candle-s top developed in-
candle- in- The take-profit order closes a position when a
take-
house.
house pre-defined profit threshold is reached.
If the rate becomes highly unfavourable (e.g. intervention by a central bank) and when the The candle s top- loss limits the loss of a position
candle top-
candle-stop is reached, the open position is immediately closed and trading in this currency directly in the relevant candle of the currency
pair is suspended for the time being. Unlike the conventional stop-loss, the candle-stop takes pair.
effect directly in the relevant candle, i.e. much earlier, thus preventing greater losses (see
following chart).
Page 12 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
13. Systematic Currency-Trading
Risk management / candle-stop
The candle-stops that are used are different from
one currency pair to the other and are set
differently (differing volatilities).
The exact definition of the parameters is the key
to successful position management in order to
obtain risk-adjusted returns.
In addition, all the parameters are used to
prepare an exact risk/return profile at the
currency pair level. The purpose is to enable the
algorithm and its trading pattern to be checked at
any time.
Page 13 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
14. Systematic Currency-Trading
Investment objective
The primary aim of Gloranis is capital preservation and long- term capital growth
and long- capital growth.
targeted
The targeted return is 15% p.a.
typical leverage
The typical l everage is 0.5 - 1.5 x
Page 14 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
15. Systematic Currency-Trading
Track record
Gold in SXI Real
Gloranis in comparison Gloranis S&P 500
CHF Estate
Return last 1 month 1.78% 3.87% -7.93% 1.10%
Annualised return 32.01% -8.28% 11.64% 8.34%
Annualised volatility 7.52% 20.7% 22.17% 7.29%
Annual Sharpe ratio 3.86 -0.54 0.39 0.74%
% positive month 94% 52% 63% 65%
Maximum consecutive gain 155.62% 20.42% 26.47% 9.74%
Maximum consecutive loss -5.02% -39.5% -14.23% -9.14%
Best month 10.82% 9.83% 18.68% 3.98%
Worst month -5.02% -14.05% -14.23% -9.14%
Performance in back-testing / Dummy account Since inception: 303.68%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2008 2.19% 4.03% 2.78% 2.77% 1.52% 1.59% 2.65% 1.96% 2.20% 3.94% 0.90% 4.48% 35.73%
2009 1.32% 1.96% 4.88% 2.66% 1.39% 3.15% 1.88% 1.56% 3.58% 2.64% 2.86% 3.69% 39.16%
2010 0.98% 2.22% 2.22% 3.91% 1.58% - 2.28% 2.02% 3.37% 1.01% 1.87% 2.37% 26.54%
2011 0.87% 2.39% 5.58% -5.02% 4.15% 1.62% 2.52% 10.82% -3.70% 2.90% 3.14% 1.78% 29.55%
2012
Page 15 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective
16. Systematic Currency-Trading
Thank you very much
You are responsible not only for what you do,
but also for what you do not do.
So trade against the trend, systematically and successfully,
with
DISCLAIMER: The information presented above is intended for information purposes only and does not constitute an offer or preparation or solicitation of an offer to buy or sell an investment or financial instrument. This information must likewise not be construed as an invitation or offer to participate in a trading strategy. In
relation to the performance data used in this document, every reader must know and understand that past performance is no guarantee of future results. Trading on the foreign exchange market bears a high level of risk and may not be suitable for all investors. It is possible that you could suffer a loss, which could include part or
all of your deposit. For this reason you should only invest risk capital such that your personal financial circumstances would not be adversely affected in any way. These publications do not constitute an invitation to trade on financial markets. You should carefully consider your financial circumstances and make an appropriate
decision in view of your financial situation before you make an investment. Although the information presented above is based on sources that could be considered credible, Gloranis GmbH has not taken any steps to verify that this information, or parts thereof, is accurate, correct or complete. Neither Gloranis GmbH or any of its
affiliated or subsidiary companies, nor any partners, employees, managers, members of management, directors or representatives make any representations or assurances whatsoever, either expressly or implied, and none of these parties shall be liable for any losses, damage, costs or expenses of whatever nature and form, in
connection with the adequacy, accuracy, due care, correctness or completeness of the information (or parts thereof) in this document or from the use of the reproduced information. Neither Gloranis GmbH nor its employees or managers are under any obligation to update, add to or improve the information in this document. The
information is indicative only and may be changed without notice. This document has not been reviewed by any higher-level supervisory authority.
Page 16 || Gloranis GmbH || Forchstrasse 282 || CH-8008 Zürich || www.gloranis.ch || Thinking and trading from a new perspective