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mbqb11 Jan 11, 2008 5:32pm | Post# 3101

Steve best of luck bro, keep in touch with your progress




Mike

steviet Jan 11, 2008 5:37pm | Post# 3102

Steve best of luck bro, keep in touch with your progress




Mike
Cheers Mike & thanks

Northpro Jan 11, 2008 11:15pm | Post# 3103

Steve,

Wishing you continued success with OPM..Enjoy! Yes we will stay in touch.

Cheers my friend,
Pete

GeorgeW Jan 12, 2008 10:52am | Post# 3104

BEST OF TRENDS!
Wish you many pips and good % returns!



George

montis Jan 12, 2008 5:25pm | Post# 3105

hi steviets
 
I couldnt read all posts so can you plz explains your method trading .


best reagrds

Trader KGB Jan 12, 2008 7:26pm | Post# 3106

I couldnt read all posts so can you plz explains your method trading .


best reagrds


Just read post #3052, he sums up everything nicely in that one post.

montis Jan 13, 2008 7:14am | Post# 3107



Just read post #3052, he sums up everything nicely in that one post.
thx KGB.

john15689 Jan 16, 2008 3:05pm | Post# 3108

hi steviet, i am a new italian trader.... Firstly: thank u for all your free work and help that u provide to us. Secondly: Can u summerize your strategy ? what is your approach? What must be do in order to be constantly profitable.

thanks for your attention

form italy with affection

szbu Jan 16, 2008 6:33pm | Post# 3109

1 Attachment(s)
I have used Steve's MM....
12/05/07 -- 01/16/08 4:00pm ET
Realized +1815 pips
Drawdown -2160 pips
Positions open:
5
Acct +3.6%
(if all positions were closed, acct would be -0.6%)
Name:  makeitacct2a.gif
Views: 1552
Size:  7 KB

steviet Jan 31, 2008 5:33pm | Post# 3110

January totals
 
OK, well January has not been easy but here are my results so far...

Jan 3rd banked -136 pips over 8 trades
Jan 4th banked +490 pips over 9 trades
Jan 7th banked +51 pips over 1 trade
Jan 8th banked +315 pips over 7 trades
Jan 9th banked +316 pips over 7 trades
Jan 10th banked +266 pips over 6 trades
Jan 11th banked +180 pips over 4 trades

Results using this method so far...

Nov +7585 pips (approx 15%)
Dec +1985 pips (approx 4%)
Jan so far +1482 pips (approx 3%)

Next week I start trading someone else's money for the first time and I'm very much looking forward to the challenge. However, it is going to take my full attention so I'm not sure how much I'll be around, at least for a while.

With that said it's been a great journey and I owe a great deal to all of those (they know who they are) who have helped in the last 15 months.

Just remember, there are plenty of ways to consistently make money from this market - the important thing is to find something that you are comfortable with.

Have a great weekend one & all

Kind Regards
Steve
OK, may be my last results posting on my own live account - I'm still around but most of my attention is with trading an investor's account - more on that later.

January I've taken my first losing trades but still managed to stay profitable...

Jan 14th banked +50 pips over 1 trade
Jan 15th banked +109 pips over 2 trades
Jan 16th banked -589 pips over 8 trades
Jan 17th banked +225 pips over 5 trades
Jan 18th banked +252 pips over 5 trades
Jan 21st banked -1661 pips over 9 trades
Jan 22nd banked +492 pips over 10 trades
Jan 23rd banked +414 pips over 8 trades
Jan 24th banked +359 pips over 7 trades
Jan 25th banked +202 pips over 4 trades
Jan 28th banked +336 pips over 7 trades
Jan 29th banked +307 pips over 6 trades
Jan 30th banked +50 pips over 1 trade
Jan 31st banked +183 pips over 4 trades

Results over 3 months...

Nov +7585 pips (approx 15%)
Dec +1985 pips (aprox 4%)
Jan +2211 pips (aprox 4.5%)

Total of 11781 pips over 316 trades of which 311 have been winning trades and 5 losing trades.

OK, started trading an investors account (just over $100k), 12 days ago and have so far made 79 successful trades and no stops hit. The first week included the biggest daily fall in the FTSE since 9/11, next day was the biggest fed rate change in 25 years and the day after the FTSE rose by the biggest amount in 7 years. Talk about being thrown in at the deep end but I'm still just doing what I do and replicating my results so far.

Good to hear from my friends in PM

Kind Regards
Steve

forexnetworth Feb 1, 2008 3:50am | Post# 3111

Greetings Steve,

I have been following your progress and am very impressed with your results. I use a similar strategy and without any indicators and it works well. Your trading results are proof that the simplier the system, the better the results. All the best and God Bless.

Regards,

Forexnetworth

steviet Feb 1, 2008 1:14pm | Post# 3112

:)
 
Hi Forexnetworth

Thanks for your kind words! All the best to you as well.

Kind Regards
Steve

Isotonic Feb 14, 2008 12:04pm | Post# 3113

hey stevie!

i read the summary post of your system you gave last year, and given your recent track record on your investor account (AWESOME!) i must say you've caught my attention again!!

i just have a couple more questions or comments - apologies in advance if the answers are obvious - so here goes:

1. i note that some of your trades seem to be closed at t/p whilet others look like they're closed after letting them run for a bit (see bold lines from your jan figures)

2, i can see why you've picked a beast like the gbp/jpy since retracements or whipsaws can quickly fill your t/p's, have you considered another monster - gbp/chf for this strategy? obviously the gbp side of the equation is the same and currently the other sides have lower interest rates than the pound and similar future expectations i think so the price action should be similar as well.

3. what's the biggest drawdown you've encountered so far, against any one trade? like i said the volatility on these monster pairs is usually enough to ensure your profits are hit, but a sustained trend could make some of these positions uncomfortable surely..? looks like in your case, for now, the market has always come back!! lol

phew! sorry for the long questions!! feel free to answer or ignore...

btw, elements of your system remind me of BWILC where Du Toit would cut his profits short and let his losses run and i think he did something similar to you on the euro and pound (others pls correct if im wrong!)

take care my friend!

OK, may be my last results posting on my own live account - I'm still around but most of my attention is with trading an investor's account - more on that later.

January I've taken my first losing trades but still managed to stay profitable...

Jan 14th banked +50 pips over 1 trade
Jan 15th banked +109 pips over 2 trades
Jan 16th banked -589 pips over 8 trades
Jan 17th banked +225 pips over 5 trades
Jan 18th banked +252 pips over 5 trades
Jan 21st banked -1661 pips over 9 trades
Jan 22nd banked +492 pips over 10 trades
Jan 23rd banked +414 pips over 8 trades
Jan 24th banked +359 pips over 7 trades
Jan 25th banked +202 pips over 4 trades
Jan 28th banked +336 pips over 7 trades
Jan 29th banked +307 pips over 6 trades
Jan 30th banked +50 pips over 1 trade
Jan 31st banked +183 pips over 4 trades

Results over 3 months...

Nov +7585 pips (approx 15%)
Dec +1985 pips (aprox 4%)
Jan +2211 pips (aprox 4.5%)

Total of 11781 pips over 316 trades of which 311 have been winning trades and 5 losing trades.

OK, started trading an investors account (just over $100k), 12 days ago and have so far made 79 successful trades and no stops hit. The first week included the biggest daily fall in the FTSE since 9/11, next day was the biggest fed rate change in 25 years and the day after the FTSE rose by the biggest amount in 7 years. Talk about being thrown in at the deep end but I'm still just doing what I do and replicating my results so far.

Good to hear from my friends in PM

Kind Regards
Steve

steviet Feb 14, 2008 1:13pm | Post# 3114

Here you go Iso :)
 
Well hi there Iso - good to see you again my friend.

I'll answer your questions if I may in a bold red as my wife reminds me its Valentines Day & lurve is in the air
hey stevie!

i read the summary post of your system you gave last year, and given your recent track record on your investor account (AWESOME!) i must say you've caught my attention again!!

I have?

i just have a couple more questions or comments - apologies in advance if the answers are obvious - so here goes:

1. i note that some of your trades seem to be closed at t/p whilet others look like they're closed after letting them run for a bit (see bold lines from your jan figures)

A little confusing this one as I'm using two brokers - one for my peanuts account & one for the slightly larger managed account.

a. My account I set 50 t/p & 1000 s/l. Each time a s/l is hit (that could look rude if u read it wrong hehe), it has stopped me out to the pip. However, the t/p gives me the best price at 50 or over for some reason (not complaining). So I may get a straight 50 but have had as much as 67 if the market gaps past my t/p on a strong move.


b. My managed account looks at it differently where it changes the entry price every night on rollover. I haven't tended to change the t/p so the older long positions have hit their t/p as much as 90 pips so far. If I believe we are close to a resistance or support I may close these manually at or around 50 pips profit if I'm around.

2, i can see why you've picked a beast like the gbp/jpy since retracements or whipsaws can quickly fill your t/p's, have you considered another monster - gbp/chf for this strategy? obviously the gbp side of the equation is the same and currently the other sides have lower interest rates than the pound and similar future expectations i think so the price action should be similar as well.

I'm so 'in the zone' just trading GBPJPY but you're right - GBPCHF along with EURAUD would be good candidates to try a similar thing. I guess you could adjust for slower moving pairs to have say s/l at 600 and t/p at 30. Bottom line, I'm happy just trading the one beast lol.


3. what's the biggest drawdown you've encountered so far, against any one trade? like i said the volatility on these monster pairs is usually enough to ensure your profits are hit, but a sustained trend could make some of these positions uncomfortable surely..? looks like in your case, for now, the market has always come back!! lol

OK, drawdowns - my amended rules state that I can only have a maximum of 5 positions in either direction and a maximum of 10 on at any time. At 2% per position, it has so far kept drawdowns to a minimum. On the managed account we are using around 4.5% per position & I wouldn't be comfortable with anything more than that.

On your second point, yes in theory you're correct on this one. However, I've managed to limit losses to 5 positions with the price at a high of 241 & low in the 204's, a range of nearly 4000 pips. Been a bit lucky at times but we all need a bit of that don't we? Essentially what I'm trying to do is identify the range on the daily and try and limit positions opened at the extreme of these until that range is broken. Once it is broken then it's a case of looking where it's likely to stall again and then working within the new range.

Today was a case in point with the 214 area being threatened again but so far it has been rejected again which means I can carry on picking up the pips.

What some don't realise is that the 1000 is not a big deal to me. On average I can make 200-300 pips a day, sometimes more so it can be clawed back pretty quick as long as I don't panic. So far, so good.

phew! sorry for the long questions!! feel free to answer or ignore...

I'd never ignore you Iso - you installed in me the discipline to be able to trade the way I do.

btw, elements of your system remind me of BWILC where Du Toit would cut his profits short and let his losses run and i think he did something similar to you on the euro and pound (others pls correct if im wrong!)

I've heard of the book but not the author - are you sure he/she isn't copying me?? hehe

take care my friend!

U2 Iso

SmokyByers Feb 14, 2008 3:30pm | Post# 3115

StevieT,

I've checked in on your thread from time to time over the past several months. I must say, you are one of the true Forex trading success stories and you appear to have done it with humility. I just wanted to say congrats!

I have my own trading tactics so I'm not aware of how you're trading, but you taken something and made it work and that's all that matters. Here's to your continued success!

Smoke

steviet Feb 14, 2008 5:38pm | Post# 3116

Thanks Smoke

Your kind words are much appreciated. It sounds like you too have found a style that suits you and you are having success with.

Best of trading to you!

Kind Regards
Steve

Isotonic Feb 15, 2008 4:36pm | Post# 3117

1 Attachment(s)
thanks for all your replies stevie, hope you got some good luuvin' yesterday

i've actually been practising a system similar to yours over the past few days and managed to eke out 500 pips!

i'm demoing on interbankfx mt4 platform - they let you go, er, "bothways" i think but i haven't got to that stage yet.LOL

i know it's early days but have a look at the statement. i'm using 0.2% per trade and have been batching them up in 3's on the 4h chart with the current one just a single trade.

there is definitely potential in what you've come up with but i have some more questions for ya if you don't mind too much...

(statement is a pdf file, why can't we upload html files??)

Well hi there Iso - good to see you again my friend.

I'll answer your questions if I may in a bold red as my wife reminds me its Valentines Day & lurve is in the air
Statement.pdf

Isotonic Feb 15, 2008 4:51pm | Post# 3118

daily range
 
1 Attachment(s)
it wont't be more than a couple of posts. i think you said the current daily range is from 204-214 which i also agree with. so this is the current "grid" to borrow from drforex on FF (aka BWILC Dirk Du Toit). the blue lines highlight the range.

btw if i make any wrong assumptions or statements about your method please step in and correct!
Click to Enlarge

Name: gu1.gif
Size: 12 KB

steviet Feb 15, 2008 4:55pm | Post# 3119

Hey Iso!

Just checked out your pdf file & looks like you're doing far better than me - must be beginners luck :

Seriously, as you know it has worked for me for a good period of time now and as long as you keep your head the there's no reason why anyone couldn't be successful trading a similar way.

Ask whatever you like and I'll see what I can do

Kind Regards
Steve

thanks for all your replies stevie, hope you got some good luuvin' yesterday

i've actually been practising a system similar to yours over the past few days and managed to eke out 500 pips!

i'm demoing on interbankfx mt4 platform - they let you go, er, "bothways" i think but i haven't got to that stage yet.LOL

i know it's early days but have a look at the statement. i'm using 0.2% per trade and have been batching them up in 3's on the 4h chart with the current one just a single trade.

there is definitely potential in what you've come up with but i have some more questions for ya if you don't mind too much...

(statement is a pdf file, why can't we upload html files??)

steviet Feb 15, 2008 4:56pm | Post# 3120

Correct so far :

it wont't be more than a couple of posts. i think you said the current daily range is from 204-214 which i also agree with. so this is the current "grid" to borrow from drforex on FF (aka BWILC Dirk Du Toit). the blue lines highlight the range.

btw if i make any wrong assumptions or statements about your method please step in and correct!


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