Forex Factory (https://www.forexfactory.com/forum.php)
-   Trading Journals (https://www.forexfactory.com/forumdisplay.php?f=49)
-   -   Steviet's Live Trades! (https://www.forexfactory.com/showthread.php?t=10519)

steviet Nov 22, 2006 12:38pm | Post# 1

Steviet's Live Trades!
 
Hi,

This has been my best week so far in forex

I went long g/u, e/u & usdcad and short on u/j & usdchf when trading opened Sunday evening as my system indicated.

As of now I got stopped out at a 43 pip profit on usdcad & am up a total of 548 pips on my open trades with stop losses protecting some of that as each trade moves on

I've backtested my own daily system manually bar by bar for over a year on these 5 pairs and I know long term it is profitable. I use a 2% margin on each pair totalling 10% at any one time. The system calls on me to be very disciplined as I take any losses but it's working as expected so far

I'm only trading a micro account as I don't have enough money to start any other way but the funds are compounding nicely.

Kind Regards
Steve

alcastro Nov 22, 2006 12:47pm | Post# 2

Hi,

This has been my best week so far in forex

I went long g/u, e/u & usdcad and short on u/j & usdchf when trading opened Sunday evening as my system indicated.

As of now I got stopped out at a 43 pip profit on usdcad & am up a total of 548 pips on my open trades with stop losses protecting some of that as each trade moves on

I've backtested my own daily system manually bar by bar for over a year on these 5 pairs and I know long term it is profitable. I use a 2% margin on each pair totalling 10% at any one time. The system calls on me to be very disciplined as I take any losses but it's working as expected so far

I'm only trading a micro account as I don't have enough money to start any other way but the funds are compounding nicely.

Kind Regards
Steve
Hi Steve,

can you give us some insights about your system?

alpin Nov 22, 2006 12:52pm | Post# 3

My trade since monday is fine, allthings goes as I expected until today. I never got beaten up so badly like today. Looks like everything is going against me. But I think I'm not the only one. Just hoping everything back right on track again .

*edit*
Hey looks like the mighty GBP starting to go down. Well if it's continue to going to down like this maybe my week end is gonna be sunny like it use to be .

steviet Nov 22, 2006 12:59pm | Post# 4

I have tried a few systems since I started demoing in March this year & soon realised that I needed to trade on a longer timeframe because of my work schedule.

The system I have come up with suits my own trading style and is purely technical analysis on the daily charts. Sure, I know when news events are about to happen but news happened during the period I manually backtested this so if I did any different trading the system it would invalidate the results!

I trade virtually naked (apart from a couple of indicators for decoration) and look at candlestick formations and possible reversal signs.

When I open a trade, long or short, I use a stop loss and dont touch it until close of US trading each day where I will move to 10 pips below the low of the day (if long) or 10 pips above the high of the day (if short).

The trade is only closed when it hits my stop loss - I have no take profit figure. Sure, I leave pips on the table but my losses are smaller than my gains overall. Once I get stopped out I dont trade that pair until the end of the day where I assess whether this is just a retracement or a possible reversal of trend.

I need to be very very disciplined but when I catch a trend over say a week I can bag a few hundred pips. Only been trading this live for a few weeks but results are so far very promising, results being much in line with my backtesting.

Kind Regards
Steve

PipSteve Nov 22, 2006 1:01pm | Post# 5

interesting
 
Hi,

This has been my best week so far in forex

I went long g/u, e/u & usdcad and short on u/j & usdchf when trading opened Sunday evening as my system indicated.

As of now I got stopped out at a 43 pip profit on usdcad & am up a total of 548 pips on my open trades with stop losses protecting some of that as each trade moves on

I've backtested my own daily system manually bar by bar for over a year on these 5 pairs and I know long term it is profitable. I use a 2% margin on each pair totalling 10% at any one time. The system calls on me to be very disciplined as I take any losses but it's working as expected so far

I'm only trading a micro account as I don't have enough money to start any other way but the funds are compounding nicely.

Kind Regards
Steve
Hi Steve,
I also have limited funds when I will start with a live account (not anytime soon), and I am interested in your system. Care to share?

Thank you.

steviet Nov 24, 2006 7:32am | Post# 6

The week has just got a whole lot better :)
 
Hi all,

Just thought I'd give you an update on my current positions - I'm one happy bunny

GU Long from 1.8954 - currently 1.9331 - up 377 pips
EU Long from 1.2830 - currently 1.3087 - up 257 pips
UJ Short from 117.84 - currently 115.64 - up 220 pips
UCHF Short from 1.2437 - currently 1.2085 - up 352 pips
UCAD Short (opened yesterday) from 1.1414 - currently 1.1324 - up 90 pips

I knew this system would work with discipline - I have been sooooo tempted to close positions out earlier in the run or move stop losses closer to the price (as I am now) but patience pays off.

My monthly target is only 500 pips and I've currently gained 1339 pips this week, although this system will ultimately leave pips on the table...

Kind Regards
Steve

dailydow Nov 24, 2006 8:02am | Post# 7

well done steve lots of people im sure wiped out there accounts today trying to be clever and pick tops the trend is truly your friend

steviet Nov 24, 2006 12:20pm | Post# 8

well done steve lots of people im sure wiped out there accounts today trying to be clever and pick tops the trend is truly your friend
Thanks,

Yes, a few trader friends of mine were trying to pick tops at 1.9050, 1.9100 etc etc & I was telling them to do this would eventually blow their account - I've been there, done that & won't be doing it again

Kind Regards
Steve

ANALEX Nov 24, 2006 1:05pm | Post# 9

Thanks,

Yes, a few trader friends of mine were trying to pick tops at 1.9050, 1.9100 etc etc & I was telling them to do this would eventually blow their account - I've been there, done that & won't be doing it again

Kind Regards
Steve
...say I practiced this method of trading and select only the gbp/usd,
and ride the wave until it reverses, then ride it the other way...could I
make lots of pips? Also, how will I know a trend?

ANALEX Nov 24, 2006 1:16pm | Post# 10

...say I practiced this method of trading and select only the gbp/usd,
and ride the wave until it reverses, then ride it the other way...could I
make lots of pips? Also, how will I know a trend?

...to add to my last post, what if a news spike disrupts the trend and sends
the pair the wrong way...

steviet Nov 24, 2006 1:44pm | Post# 11

...to add to my last post, what if a news spike disrupts the trend and sends
the pair the wrong way...
OK,

It's a little difficult to explain as I don't really use indicators or even take notice of support or resistence, although I know where they are.

As I said in my first post, I don't stop trading through news as my backtesting didn't. My stop losses are placed at 10 pips below the previous day's low so in some cases like today on gu, its a fair way from the price.

If I'm stopped out with a loss or a profit then I don't trade that pair for the rest of the trading day. I wait until the start of the new day and assess whether I open a trade in the same direction if I feel it was just a retracement, or in the opposite direction if the trend has reversed.

One of the points I would look for a reversal is a doji after a bear or bull run followed by a daily bar in the opposite direction.

Some weeks I only break even or lose a little but by keeping losses to a minimum and letting profits run, I have found a winning system I believe (at least for me).

Hope this helps a little

Kind Regards
Steve

Isotonic Nov 25, 2006 2:22pm | Post# 12

i hate to be the party pooper but it looks like this week has been an easy trading week. make the most of it, be aggressive and turn the screw on winning trades if you're still in. looks like the dollar was an easy play and we could see further big moves.

bottom line is it won't last, so make your winners pay for your losers.

the eurchf has been another easy play past 2 weeks, more so than the pound.

steviet Nov 26, 2006 1:27pm | Post# 13

Thanks for the advice
 
i hate to be the party pooper but it looks like this week has been an easy trading week. make the most of it, be aggressive and turn the screw on winning trades if you're still in. looks like the dollar was an easy play and we could see further big moves.

bottom line is it won't last, so make your winners pay for your losers.

the eurchf has been another easy play past 2 weeks, more so than the pound.
Hi,

Thanks for your comments and no, you're not being a party pooper at all

As you will have seen, my personal system is essentially a trend based system on the daily charts. Last week was the type of week where the system really comes into it's own and I make the bulk of my pips. Every day we had higher lows on gu & eu, with lower highs on uj & uchf.

My stops are always set at 10 pips below the previous day low in a bull run & 10 pips away from the previous day high in a bear run. As Friday was such a big mover, my stop losses are a fair way from the current price and I already have over 500 pips profit locked in on the pairs I trade. This will give a little room for manouvre if we have some consolidation Monday.

When the pairs range, I do well to break even but my monthly target is only 500 pips. Last week was exceptional in terms of movement but there have been plenty of others like this where my system would have produced similar results.

Again, thanks for your advice - I always enjoy reading your posts

Kind Regards
Steve

Isotonic Nov 27, 2006 2:44am | Post# 14

steve,

i assume that all your trades here are dollar trades, in which you are actually trading the dollar with four or five times exposure. if you were on the wrong side last week you would of suffered heavy losses.

most people underestimate correlation risk...don't be one of them.

steviet Nov 27, 2006 2:50am | Post# 15

steve,

i assume that all your trades here are dollar trades, in which you are actually trading the dollar with four or five times exposure. if you were on the wrong side last week you would of suffered heavy losses.

most people underestimate correlation risk...don't be one of them.
Yes, I understand that - I am well aware of the correlation between the pairs. I trade with 2% of my account balance on each pair and keep tight stop losses when I first enter a trade so my losses are always much smaller than my gains.

Thanks for your advice and yes, I'm still in my trades from last Sunday

Kind Regards
Steve

soso_beton Nov 27, 2006 3:16am | Post# 16

So true! I trade only one USD pair these days. And sometimes USDCAD which has a life of its own anyway.

most people underestimate correlation risk...don't be one of them.

steviet Nov 28, 2006 1:01pm | Post# 17

Hi,

Update on my open positions.....

GU long from 1.8954 (stop loss now 1.9358 - guarantee 404 pips)
EU long from 1.2830 (stop loss now 1.3109 - guarantee 279 pips)
UChf short from 1.2437 (stop loss now 1.2120 - guarantee 317 pips)
UJ short from 117.84 (stop loss now 116.50 - guarantee 134 pips)
UCad short from 1.1414 (stop loss now 1.1346 - guarantee 68 pips)

Total pips in profit at the time of writing 1459 - guaranteed 1202

My monthly target on this system is 500 pips, which with the low margin I use would increase my account balance by approx 10%. If I get stopped out at these levels my balance has increased by 22%.

I know my system will only work well in trending markets but there are enough trending periods throughout the year to make it more than viable with a low risk reward ratio. It's been an 'easy' week it has been said so all I've done is take advantage of that fact.

Thanks for the advice people & happy trading

Kind Regards
Steve

swallow Nov 28, 2006 2:14pm | Post# 18

very interesting steviet you have to be disciplined and stick to the plan i guess... it seems to be working for you wd

steviet Nov 28, 2006 2:51pm | Post# 19

very interesting steviet you have to be disciplined and stick to the plan i guess... it seems to be working for you wd
Thanks

You've hit the nail on the head - discipline is the key to trade whatever system you find successful. I'll be sure to have a run of losers but I will stick with it through thick and thin because I know it will bring me profits long term.

Markets change over time but I believe a trend following system traded on daily charts will always return profits if stuck to rigidly as long as the money management is also right.

I aim to get rich slowly and I believe I can do it

Kind Regards
Steve

magicfx Nov 28, 2006 3:03pm | Post# 20

well done steve, thats what will make you one of the 5%, sticking to your plan

even if i miss an entry point by five pips, i wont trade it, i wait for what i want, and when i can get it

miss a trade, then theres a million others that will follow

keep it up steve

Isotonic Nov 28, 2006 3:12pm | Post# 21

steve, well done...keep it going.

i missed the pound breakout today. just didn't spot it.

steviet Nov 29, 2006 7:21am | Post# 22

Was stopped out of UCAD short this morning for 68 pips profit

Uchf & UJ also getting close to my stop losses - will look to re-enter UCAD at close of trading today.

Kind Regards
Steve

REPApips Nov 29, 2006 10:08am | Post# 23

What's your Stop Loss when you reenter the market?
 
Hi Stevie,

My first post here ever...

When you get stopped out and after you determine which direction to take on re-entry, how do you set your S/L? Is it again, 10 pts. above previous day's high if going short and 10 pts. below previous day's low if going long? Or do you start all over again using an entirely different system for setting that?

Thanks

steviet Nov 29, 2006 12:30pm | Post# 24

Hi Stevie,

My first post here ever...

When you get stopped out and after you determine which direction to take on re-entry, how do you set your S/L? Is it again, 10 pts. above previous day's high if going short and 10 pts. below previous day's low if going long? Or do you start all over again using an entirely different system for setting that?

Thanks
Hi & welcome

You've got it - that's exactly what I do - it minimizes losses if I make the wrong call - if a trend is coming to an end or consolidating it can be a bit choppy.

Update on USDCHF - stopped out this afternoon on the short for a gain of 335 pips - again will enter a new trade at close of US session.

Kind Regards
Steve

REPApips Nov 29, 2006 12:58pm | Post# 25

Who's your broker?
 
Hi Stevie,

Who's your broker, if you don't mind?

I'm trying to backtest your system but my stop losses are different from what you wrote below on this particular date. I realized that different brokers would have different daily highs and lows, depending on what time their daily charts start and end. Does your broker's day start at 0:00 EST? I have the charts for 3 brokers and none of them matches yours.

Also, you re-enter the market at the end of each trading day. Is your stop based on the high/low of that day that just ended, or is it based on the previous day. For example, right now is almost the end of Wednesday trading day. When you re-enter the market later, will your stops be based on Wednesday's highs and lows? Or Tuesday's?
Hi,


Update on my open positions.....

GU long from 1.8954 (stop loss now 1.9358 - guarantee 404 pips)
EU long from 1.2830 (stop loss now 1.3109 - guarantee 279 pips)
UChf short from 1.2437 (stop loss now 1.2120 - guarantee 317 pips)
UJ short from 117.84 (stop loss now 116.50 - guarantee 134 pips)
UCad short from 1.1414 (stop loss now 1.1346 - guarantee 68 pips)

Total pips in profit at the time of writing 1459 - guaranteed 1202

My monthly target on this system is 500 pips, which with the low margin I use would increase my account balance by approx 10%. If I get stopped out at these levels my balance has increased by 22%.

I know my system will only work well in trending markets but there are enough trending periods throughout the year to make it more than viable with a low risk reward ratio. It's been an 'easy' week it has been said so all I've done is take advantage of that fact.

Thanks for the advice people & happy trading

Kind Regards
Steve

steviet Nov 29, 2006 1:12pm | Post# 26

Hi,

My day ends at 10pm GMT which I believe is the end of the US session and as I'm in the UK is perfect for me.

I'll enter a new trade on UCAD & UCHF at 10pm tonight and the initial stop loss will be 10 pips off the low or high of today. Stop losses are revised then at 10pm again each day until my trade gets stopped out.

As I can only afford micro lots, I'm trading at Marketiva - I've not seen their name mentioned here - probably because they run an affiliate programme I believe.

I may take another look at Oanda at some point in the future.

Kind Regards
Steve

REPApips Nov 29, 2006 1:54pm | Post# 27

1 Attachment(s)
Hi & welcome

You've got it - that's exactly what I do - it minimizes losses if I make the wrong call - if a trend is coming to an end or consolidating it can be a bit choppy.

Update on USDCHF - stopped out this afternoon on the short for a gain of 335 pips - again will enter a new trade at close of US session.

Kind Regards
Steve
As I suspected, the choice of broker is critical for this system. If you've been using MB, let's say you went short on USDCHF Monday last week, you'd have been stopped out Monday this week, instead of today.

Date------ Open-- High-- Low--- Close- S/L--- Stopped?
2006.11.19 1.2440 1.2446 1.2435 1.2444
2006.11.20 1.2446 1.2449 1.2398 1.2440 1.2456 No
2006.11.21 1.2442 1.2451 1.2397 1.2409 1.2459 No
2006.11.22 1.2410 1.2411 1.2255 1.2267 1.2461 No
2006.11.23 1.2268 1.2280 1.2208 1.2238 1.2421 No
2006.11.24 1.2236 1.2242 1.2074 1.2090 1.2290 No
2006.11.26 1.2030 1.2040 1.2029 1.2036 1.2252 No
2006.11.27 1.2037 1.2109 1.2037 1.2063 1.2050 Yes
2006.11.28 1.2065 1.2089 1.2013 1.2023 1.2119
2006.11.29 1.2026 1.2114 1.2013 1.2109 1.2099


Regards
Name:  usdchf1.gif
Views: 6148
Size:  16 KB

steviet Nov 29, 2006 2:04pm | Post# 28

Would still have been a nice trade though - may even have given an earlier oportunity to go long today and pick up some more pips

I'd be interested to see how your backtesting works - I'm sure there will be occasions where on your 'end of day' you would stay in a trade or get a better entry than on mine

Kind Regards
Steve

steviet Nov 30, 2006 2:31am | Post# 29

Hi,

My USDJPY short from 117.84 was stopped out at 116.50 as its threatened to do for a couple of days but a good 134 pip gain

Opened USDCAD long from 1.1378 (s/l 1.1286) last night & also USDCHF long from 1.2100 (s/l 1.2002). Currently plus 7 & minus 37 respectively.

GBPUSD long still open from 1.8954 (s/l now 1.9424) up 584 pips & EURUSD long still open from 1.2830 (s/l now 1.3122) up 353 pips.

This is one of those occasions where I have longs in USDCHF & GBPUSD at the same time which I guess acts as a sort of hedge.

Happy trading folks

Kind Regards
Steve

steviet Nov 30, 2006 12:28pm | Post# 30

OK, so I got a loser today - USDCHF short minus 98 pips but thats what stop losses are there for...

Current trades

Long GU currently plus 726 pips
Long EU currently plus 428 pips
Long UCAD currently plus 30 pips

Will re-enter trades on UJ & UCHF at close of US trading tonight.

Kind Regards
Steve

steviet Nov 30, 2006 5:12pm | Post# 31

US is just closing on 30th November so here are the results so far since I started trading the system rigidly since the second week of November.

My monthly target is 500 pips which equates to an increase of 10% each month in my account balance.

November closed trades....

GBPUSD +123
EURUSD -95
USDJPY +180
USDCHF +211
USDCAD +57

Net pips total + 476

Open trades carried into December....

GBPUSD stop loss currently at +484 pips
EURUSD stop loss currently at +303 pips
USDJPY stop loss currently at -86 pips
USDCHF stop loss currently at -139 pips
USDCAD stop loss currently at -20 pips

Guaranteed locked in pips so far for December +542

I hope you don't mind me using this thread to forward test this over time..

Kind Regards
Steve

steviet Nov 30, 2006 5:49pm | Post# 32

If a mod is reading this by chance, is it possible to move this thread into the journal forum?

Thanks
Steve

fxdiva Nov 30, 2006 8:35pm | Post# 33

System
 
What kind of system are you guys using? Hope you're willing to share.

Fx Diva

intensedrive Nov 30, 2006 11:54pm | Post# 34

Stop Losses
 
How many pips are your stop losses to start out with? With your system when do you start moving your stop losses? Do you use trailing stop losses thanks

steviet Dec 1, 2006 2:34am | Post# 35

How many pips are your stop losses to start out with? With your system when do you start moving your stop losses? Do you use trailing stop losses thanks
Hi,

I think I explained it earlier in the thread but my stop losses start at 10 pips from the previous day's high/low depending on whether I go long or short.

At close of US session I move the stop loss to 10 pips from that day's high or low. The first day or two of a trade, I may well get stopped out but when I hit upon a trend then the pips flow in

Kind Regards
Steve

steviet Dec 1, 2006 5:21pm | Post# 36

Well, another fx week over and an update on my open positions.

All 5 trades are still open and currently this is how they stand....

GU long from 1.8954 (stop loss at 1.9626 - plus 682 pips)
EU long from 1.2830 (stop loss at 1.3211 - plus 381 pips)
UCHF short from 1.1977 (stop loss at 1.2020 - minus 43 pips)
UJ short from 115.79 (stop loss at 116.48 - minus 69 pips)
UCAD long from 1.1378 (stop loss at 1.1363 - minus 15 pips)

Guaranteed pips on these trades total 936 pips which is not a bad start to the month as my target is only 500 pips for the whole month

Have a great weekend all
Kind Regards
Steve

forexdanofsa Dec 1, 2006 5:46pm | Post# 37

are you using the daily chart

steviet Dec 1, 2006 6:55pm | Post# 38

are you using the daily chart
Yes, due to my work schedule I have found that the daily charts are best for me

Kind Regards
Steve

steviet Dec 3, 2006 11:05am | Post# 39

As I suspected, the choice of broker is critical for this system. If you've been using MB, let's say you went short on USDCHF Monday last week, you'd have been stopped out Monday this week, instead of today.

Date------ Open-- High-- Low--- Close- S/L--- Stopped?
2006.11.19 1.2440 1.2446 1.2435 1.2444
2006.11.20 1.2446 1.2449 1.2398 1.2440 1.2456 No
2006.11.21 1.2442 1.2451 1.2397 1.2409 1.2459 No
2006.11.22 1.2410 1.2411 1.2255 1.2267 1.2461 No
2006.11.23 1.2268 1.2280 1.2208 1.2238 1.2421 No
2006.11.24 1.2236 1.2242 1.2074 1.2090 1.2290 No
2006.11.26 1.2030 1.2040 1.2029 1.2036 1.2252 No
2006.11.27 1.2037 1.2109 1.2037 1.2063 1.2050 Yes
2006.11.28 1.2065 1.2089 1.2013 1.2023 1.2119
2006.11.29 1.2026 1.2114 1.2013 1.2109 1.2099


Regards
Hi again,

I see that your broker and some others have a Sunday bar which may only cover a few hours. My broker has only 5 daily bars a week - the first starting at 10pm GMT Sunday through to 10pm GMT Monday.

On checking, it would be prudent to basically ignore the Sunday bar as far as moving stop losses is concerned and not move the stop loss until close of the Monday daily bar. If you moved the stop losses taking the Sunday bar into account this would stop you out of some profitable trades.

Hope this helps

Kind Regards
Steve

coolshades Dec 3, 2006 2:49pm | Post# 40

stevie,

the last line? does it mean you enter a trade irrespective of current trend/sideways market? and keep your trade open till a trend forms and sucks it in..(or get s/led)..

and what do you use to gauge a trend? higher lows/lower highs on the daily/weekly/monthly chart?

this is a newbie question so pls excuse if it smacks of ignorance..

Hi,

I think I explained it earlier in the thread but my stop losses start at 10 pips from the previous day's high/low depending on whether I go long or short.

At close of US session I move the stop loss to 10 pips from that day's high or low. The first day or two of a trade, I may well get stopped out but when I hit upon a trend then the pips flow in

Kind Regards
Steve


© Forex Factory