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  • #1,701
  • Apr 28, 2007 7:59am Apr 28, 2007 7:59am
Steve and everybody,

For what it is worth, me being a rookie of only a year or so. I checked my charts and various trading methods on all my trades most of which matched the trades in this thread and they all matched up the right way for the trades. I will admit that I have not yet had the stomach to leave a trade on the table for days and when I have tried I get stopped out or loose my shorts. But I would have to say that Friday got to almost everybody I know in a bad way. I guess that would mean that when our ship was sinking we had some company in the water?
We will shake it off and have our way next week, but MAN that sucked on friday and it happened fast for me. On a high note after I saw that all my pips went into the red and were stopped out I was able to just walk away and drink a beer while I was sulking from the losses. lol

kevin
  • #1,702
  • Apr 28, 2007 9:03am Apr 28, 2007 9:03am
LOL Kevin,

Yes, Friday was possibly the most disappointing trading day I've had since starting the journal in November & I know I'm not alone. I imagine some intraday traders did well Friday but when you're trading longer term and not able to get to the pc, you just set the s/l and let the market do it's thing.

Just need to keep the faith and think about the big picture. Tomorrow is a new day & time to get focused again on the week ahead.

I didn't have a chance for a beer yesterday but just listened to my football team (Manchester Utd) near enough clinch the title - the weather here in England is fantastic so I'll chill out this afternoon.

Thanks for the post Kevin

Kind Regards
Steve

Quoting kevinsw
Steve and everybody,

For what it is worth, me being a rookie of only a year or so. I checked my charts and various trading methods on all my trades most of which matched the trades in this thread and they all matched up the right way for the trades. I will admit that I have not yet had the stomach to leave a trade on the table for days and when I have tried I get stopped out or loose my shorts. But I would have to say that Friday got to almost everybody I know in a bad way. I guess that would mean that when our ship was sinking we had some company in the water?
We will shake it off and have our way next week, but MAN that sucked on friday and it happened fast for me. On a high note after I saw that all my pips went into the red and were stopped out I was able to just walk away and drink a beer while I was sulking from the losses. lol

kevin
  • #1,703
  • Apr 29, 2007 4:06pm Apr 29, 2007 4:06pm
Big gaps over the weekend - two new main trades to place...

USDJPY long from 119.33 (s/l 118.80)
GBPJPY long from 238.27 (s/l 237.13)

LOL, GBPJPY has dived about 40 pips within seconds of me placing trade - welcome to the new week.

Kind Regards
Steve
  • #1,704
  • Apr 29, 2007 4:37pm Apr 29, 2007 4:37pm
Hi there Steve!

I am thinking that maybe opening this week a EURJPY long would be better than GBPJPY...

USDJPY is up
EURUSD is up
EURGBP is UP!!!

so... maybe EURJPY will be more profitable than GBPJPY...

I have both opened anyway! lol

what about u?
  • #1,705
  • Apr 29, 2007 4:39pm Apr 29, 2007 4:39pm
You may well be right but I only trade 2 yen pairs at the moment.

Good luck with your trades

Kind Regards
Steve

Quoting iiivb
Hi there Steve!

I am thinking that maybe opening this week a EURJPY long would be better than GBPJPY...

USDJPY is up
EURUSD is up
EURGBP is UP!!!

so... maybe EURJPY will be more profitable than GBPJPY...

I have both opened anyway! lol

what about u?
  • #1,706
  • Apr 30, 2007 4:15pm Apr 30, 2007 4:15pm
OK, my first post on my new laptop

Two trades closed out today....

Main trade USDJPY long from 119.33 closed for plus 17 pips
Also GBPJPY long from 238.27 closed for plus 65 pips

All other trades are still active although following US news not looking so great. Pleased GBPUSD hasn't managed to close above $2 however.

Two main trades placed...

USDJPY long from 119.48 (s/l 119.07)
GBPJPY short from 238.76 (s/l 239.24)

Also one complementary trade set....

GBPJPY short from 238.78 (s/l 241.72)

Will try and post full results for April in the next few hours (if I can bear it lol)

Kind Regards
Steve
  • #1,707
  • Edited 5:53pm Apr 30, 2007 5:41pm | Edited 5:53pm
As promised, here are some more detailed results for the 6 completed months using my method. April I have split the trades between main system trades and complementary trades which aims to preserve capital duing rough months. Each trade now uses 1% of account balance.

So far the jury is out as only 2 trades have been closed on the complementary system for a loss of 216 pips.

Controversially it seems I've decided to ditch EURUSD, USDCHF & USDCAD for now in favour of AUDUSD, NZDUSD & GBPJPY. Time will tell whether I can trade the 3 new ones as well as GU & UJ.

November 2006

Total net pip gain plus 476 pips

Increase in account balance plus 7.08%

GBPUSD plus 123 pips
EURUSD minus 95 pips
USDJPY plus 180 pips
USDCHF plus 211 pips
USDCAD plus 57 pips

December 2006

Total net pip gain plus 856 pips

Increase in account balance plus 12.00%

GBPUSD plus 447 pips
EURUSD plus 342 pips
USDJPY plus 233 pips
USDCHF minus 115 pips
USDCAD minus 51 pips

January 2007

Total net pip gain plus 636 pips

Increase in account balance plus 10.54%

GBPUSD plus 605 pips
EURUSD plus 33 pips
USDJPY minus 110 pips
USDCHF plus 147 pips
USDCAD minus 39 pips

February 2007

Total pip gain minus 909 pips

Increase in account balance minus 14.54%

GBPUSD minus 566 pips
EURUSD minus 255 pips
USDJPY plus 223 pips
USDCHF minus 184 pips
USDCAD minus 127 pips


March 2007

Total pip gain plus 137 pips

Increase in account balance plus 2.0%

GBPUSD plus 366 pips
EURUSD minus 78 pips
USDJPY minus 95 pips
USDCHF minus 222 pips
USDCAD plus 136 pips
GBPJPY plus 100 pips
AUDUSD minus 69 pips
NZDUSD minus 1 pip

April 2007

Total pip gain minus 334 pips

Increase in account balance minus 4.55%

GBPUSD minus 28 pips
USDJPY minus 170 pips
GBPJPY plus 348 pips
AUDUSD minus 282 pips
NZDUSD minus 202 pips


Cumulative (6 months)

Total net pip gain plus 862 pips (average plus 144 pips per month)

Average increase in account balance plus 2.1% per month

GBPUSD plus 947 pips (average plus 157.8 pips pm)
EURUSD minus 53 pips (average minus 10.6 pips pm)
USDJPY plus 261 pips (average plus 43.5 pips pm)
USDCHF minus 163 pips (average minus 32.6 pips pm)
USDCAD minus 24 pips (average minus 4.8 pips pm)
GBPJPY plus 448 pips (average plus 224 pips pm)
AUDUSD minus 351 pips (average minus 175.5 pips pm)
NZDUSD minus 203 pips (average minus 101.5 pip pm)

So, after six months testing live the method has still given a profit but Feb & April have both been losing months. I must admit to feeling a little down about the lack of progress this year but it's still early yet and I'd rather be in profit.

May will start with a few open positions that are negative and we may well begin the month very much on the back foot.

Let's hope the new month is a 'green' one and show how the second system does indeed complement the main method long term.

Kind Regards
Steve
  • #1,708
  • Apr 30, 2007 7:04pm Apr 30, 2007 7:04pm
Hi Stevie

do not let a bad month get in your head. Don't forget you are a swing trader and not a daytrader, hence a month for you is like a day/week for a daytrader.

Keep up the good work and make sure you always trade according to your original plan. 12 full months of trading and stats will give you plenty of numbers to tweak around and you'll have a very good basis to build on.

I have a few tips I would like to give you but I'll wait until you complete the full year. I don't want to sway your focus from where it should be.

IS
  • #1,709
  • May 1, 2007 12:56am May 1, 2007 12:56am
Hi IS,

Thanks for the encouragement

Yup, been a tough few months but I'll come through - lot's of things I regret but the important thing is I'm learning without loing my shirt. If I'd perservered with USDCAD for example, I'd have been talking about April being a good month lol but that's history.

I've a few trades in the red at the moment so I'm not expecting May to start well - GBPJPY is currently flirting with my s/l lol.

It's very easy to get caught up in the moment rather than looking at the big picture but no-one ever said it was going to be simple.

Thanks again

Kind Regards
Steve
Quoting ItalianSharp
Hi Stevie

do not let a bad month get in your head. Don't forget you are a swing trader and not a daytrader, hence a month for you is like a day/week for a daytrader.

Keep up the good work and make sure you always trade according to your original plan. 12 full months of trading and stats will give you plenty of numbers to tweak around and you'll have a very good basis to build on.

I have a few tips I would like to give you but I'll wait until you complete the full year. I don't want to sway your focus from where it should be.

IS
  • #1,710
  • May 1, 2007 1:04am May 1, 2007 1:04am
There she blows - GBPJPY main trade stopped out for minus 48 pips. Bounced off my s/l beautifully - already trading 20 pips lower rofl
  • #1,711
  • May 1, 2007 2:58am May 1, 2007 2:58am
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
I think all of us congratulate you on your great work so far Steve! With your column who needs Coronation Street & Eastenders!! Ahhh... but can we keep our football!!

I am hoping you will see some great moves in your favour this month, see that total increase and put a big smile back on your face!

I will be cheering Man Utd too!
  • #1,712
  • May 1, 2007 6:42am May 1, 2007 6:42am
Quoting markt
I think all of us congratulate you on your great work so far Steve! With your column who needs Coronation Street & Eastenders!! Ahhh... but can we keep our football!!

I am hoping you will see some great moves in your favour this month, see that total increase and put a big smile back on your face!

I will be cheering Man Utd too!
Hey Mark

Just reminded me - I need to PM you don't I?

Well, I thought Eastenders was depressing before I just looked at my trades lol. It appears no-one is buying the dollar and therefore some of my positions are suffering big time.

One closed trade to report - GBPUSD short stopped out for minus 131 pips - what a great start to the month...NOT!

At least that's only about 1.5% of my balance - this way I can make as many shite trades as I like without blowing my account and hopefully learn long the way. Trouble is I seem to be gettin worse rather than better lol.

Kind Regards
Steve
  • #1,713
  • May 1, 2007 11:52am May 1, 2007 11:52am
Right, I'm now really p####d off - USDJPY long from 119.48 stopped out at 119.07 (low for the day is 119.08 & now trading at near 119.80) - minus 41 pips.

NZDUSD short from 0.7394 stopped out at 0.7444 (high for the day 0.7446 & now trading at 0.7410 area) - minus 50 pips.

So, closed trades for May 1st now total minus 270 pips but hey, it's still early yet, lets see if we can get another couple of stop losses hit before the day is out

Complementary trades are still on with 3 in profit as they have wider stop losses.

I'm really starting to question the value of doing this journal - done it for 6 months and have proved that a newbie can make a bit of money and not blow his account in the process. So frustrated I don't know if I can be bothered with it all

Kind Regards
Steve
  • #1,714
  • May 1, 2007 11:53am May 1, 2007 11:53am
hang in there Steve!

You are doing great bud, and this journal is of value to many of your followers


Mike
  • #1,715
  • May 1, 2007 12:01pm May 1, 2007 12:01pm
Quoting mbqb11
hang in there Steve!

You are doing great bud, and this journal is of value to many of your followers


Mike
Thanks Mike, but I was up over 2000 pips (I know you guys don't like pips lol) which was around 30% increase in account balance after only 3 months.

I may as well have switched off the pc there and then as since then my pip balance is down below plus 600 or a measly 10% increase on my original capital after 6 months!

I know, maybe people should take the opposite positions to me & use my stop loss as their take profit - sorted

I so want to do this as my main source of income within a few years - maybe I'm starting to doubt my own ability?

Kind Regards
Steve
  • #1,716
  • May 1, 2007 12:06pm May 1, 2007 12:06pm
Quoting steviet
Thanks Mike, but I was up over 2000 pips (I know you guys don't like pips lol) which was around 30% increase in account balance after only 3 months.

I may as well have switched off the pc there and then as since then my pip balance is down below plus 600 or a measly 10% increase on my original capital after 6 months!

I know, maybe people should take the opposite positions to me & use my stop loss as their take profit - sorted

I so want to do this as my main source of income within a few years - maybe I'm starting to doubt my own ability?

Kind Regards
Steve
steve you are so far ahead of the game, just by being able to set rules down and follow them day in and day out. I know you have some really smart people following your thread and if you have to make a few tweaks, seek their advice(like Iso, turbo etc).

Don't doubt yourself EVER!

Best,
Mike
  • #1,717
  • May 1, 2007 12:07pm May 1, 2007 12:07pm
Quoting steviet
Thanks Mike, but I was up over 2000 pips (I know you guys don't like pips lol) which was around 30% increase in account balance after only 3 months.

I may as well have switched off the pc there and then as since then my pip balance is down below plus 600 or a measly 10% increase on my original capital after 6 months!

I know, maybe people should take the opposite positions to me & use my stop loss as their take profit - sorted

I so want to do this as my main source of income within a few years - maybe I'm starting to doubt my own ability?

Kind Regards
Steve
What this I hear sounds like the dark side is trying to take over...

How much money and how long do you think it would take before you became a successful surgeon?

Think of trading the same way but at an extreme discount for the education.

the same dedication is need to become a trader or a doctor (surgeon)
  • #1,718
  • May 1, 2007 12:13pm May 1, 2007 12:13pm
Quoting steviet
Right, I'm now really p####d off - USDJPY long from 119.48 stopped out at 119.07 (low for the day is 119.08 & now trading at near 119.80) - minus 41 pips.

NZDUSD short from 0.7394 stopped out at 0.7444 (high for the day 0.7446 & now trading at 0.7410 area) - minus 50 pips.

So, closed trades for May 1st now total minus 270 pips but hey, it's still early yet, lets see if we can get another couple of stop losses hit before the day is out

Complementary trades are still on with 3 in profit as they have wider stop losses.

I'm really starting to question the value of doing this journal - done it for 6 months and have proved that a newbie can make a bit of money and not blow his account in the process. So frustrated I don't know if I can be bothered with it all

Kind Regards
Steve
Hold those horses stevie!! Nobody said a certain system is going to be perfect right from the start. Did you really expect a mechanical method to make profit EVERY month? Come on, you're still in profit, and the most profitable months gained more % than the worst ones. Don't be pissed, just try to figure out ways to improve this S/L setting so that you get to keep some of your profits or at least prevent major loss. I was trying to get a discussion going here:http://www.forexfactory.com/showthread.php?t=27560

about this very issue ONLY, to try and get some good proven methods of managing SL positions and sizes as the trade is progressing. You may want to experiment with some of the things I posted and compare them (on a demo account) to your own SL settings. In particular, see the last post. It's no harm to test several ways of trading at once!

Best Regards,
-P
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #1,719
  • May 1, 2007 12:24pm May 1, 2007 12:24pm
Quoting mbqb11
steve you are so far ahead of the game, just by being able to set rules down and follow them day in and day out. I know you have some really smart people following your thread and if you have to make a few tweaks, seek their advice(like Iso, turbo etc).

Don't doubt yourself EVER!

Best,
Mike
Cheers Mike,

Now I've had my dinner I feel a whole lot better lol. No, actually just had a bad day at work and all I needed was to check my trades and find I've skillfully hit the days high or low within a pip or two on a big % of recent trades.

I'm sure I'll survive & as you say, I'm still up overall - just having a down day lol.

Kind Regards
Steve
  • #1,720
  • May 1, 2007 12:29pm May 1, 2007 12:29pm
Quoting steviet


I'm really starting to question the value of doing this journal - done it for 6 months and have proved that a newbie can make a bit of money and not blow his account in the process. So frustrated I don't know if I can be bothered with it all

Kind Regards
Steve

Sorry Stevie, but not gonna let you away with that, you still have another 6 months of journal ahead of you, you can decide about quiting on October 31st 2007!!!

Keep going buddy, you have come too far to go back now!

Kiran.
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