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  • #1,721
  • May 1, 2007 12:31pm May 1, 2007 12:31pm
Quoting turbokaos
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)
Dark side - you crack me up

Actually turbo, I blame it on your change in avatar - my trades have been pants since you lost yours

Seriously you're right of course, you've been there, done that, worn the t-shirt, now only wearing a fig leaf lol.

I've still a lot to learn and a lot of it is dealing with times like these, which I thought I'd overcome - obviously not yet.

This journal would make great reading for a psychology student methinks!

Cheers bro
Steve
  • #1,722
  • May 1, 2007 12:36pm May 1, 2007 12:36pm
Steve,

Take it easy bro. Trust me, I feel your pain. It may be a good day to take off and regroup, as your head is not in the place it needs to be to execute proper trades. As has been said by many, your methods and contributions have been appreciated and very inspiring to many. Keep up the MM and remember the losses are part of the business. They keep us grounded and help us seek improvements not only within our systems, but also and probably more importantly, our trader psyche. 95% of traders wash out and without a doubt all successfull traders have blown an account or two on their way to success. Bad patches are innevitable, no matter how great a system or a trader is. This is more than a marathon, it is long and slow, consistantly 2 steps forward and 1 step back, with the occassional 2 steps back. Stick to your rules, your MM, and take the emotion out of the trades.

Cheers,
Northpro
  • #1,723
  • May 1, 2007 12:39pm May 1, 2007 12:39pm
Don't worry Steve, everyone is trying to improve your method for you (and themselfs), LOL Maybe by the end of the year you or somone will hit that little tweak and Shazaam. I'm following you papertrading 8 major pairs in three variances myself. You've got a good system going, if you didn't have bad days you wouldn't appreciate the good one's. I would like to know what it would be like though, ha.
  • #1,724
  • May 1, 2007 12:51pm May 1, 2007 12:51pm
Quoting Plutonite
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
Hey

Yes, been thinking about this a great deal recently - as you probably know my main trades are made up with s/l at 10 pips above or below previous day's low or high (20 pips on GBPJPY).

When the market trends, it's magic - even when it ranges within a few hundred pips it's pretty good too. The best performing pairs by far have been GBPUSD & GBPJPY as the average daily move is so high. I also brought in the 100 pip stop loss rule (70 on NZDUSD & AUDUSD) to prevent big winners turning into losers.

When it's choppy, it's a nightmare and even in trends you'll get stopped out fairly frequently by corrections. That's why I reduced the trades to 1% of capital on each pair - actually my 270 pip loss only equates to 135 pips in money terms so maybe things aren't that disastrous.

From mid April I decided to test a second system that for now I've just called a complementary system. The idea is that it stays with any trend and stop losses are only moved when a level of support or resistance has shown itself on the daily charts. It should also help with choppy periods and in fact it has so far as the trades I opened last week are now in profit and stop losses haven't been hit. Again, 1% of capital is used on each pair.

It's still very early days for this system and so far the two closed trades have been losses but that's ok.

Thanks for the link - I did see it last night and must read it again more thoroughly. The balance is always keeping losses manageable and trying to let profits run without giving too much back. I see you are using the 4 hour charts but what you are doing looks very promising. My broker doesn't have a trailing stop loss facility so I move manually when I'm about & it's appropriate.

With GBPUSD & GBPJPY I guess you'll need to work out the trailing stop level carefully as they move with such volatility & you may get stopped out too often if it's too tight.

Thanks for your kind words

Kind Regards
Steve
  • #1,725
  • May 1, 2007 1:01pm May 1, 2007 1:01pm
Quoting logical1
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.
Hi Kiran,

LOL, just getting out my frustration - I'll be here later with my trades as usual - honest lol

Kind Regards
Steve
  • #1,726
  • May 1, 2007 1:02pm May 1, 2007 1:02pm
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
Steve,

You might find that your stop losses are just too tight especially on jpy pair. The fact that you just enter trades once a day leaves you trading a certain way. It seems to me you are getting stopped out by news events. These unfortunately for your sake do influence the market especially today when overall the market has been poor over the past 7 days if you trade as you do.
The whole world and his dog were waiting for good USD news which we got this afternoon. We then got an exagerated movement in the pairs which because of your trading strategy went against you.

Thats bad luck, but if you do trade that way, look a little more long term and widen those stop losses if only initially.

All the Best, (Hey, and don't worry, I am learning the hard way too!)

mark

P.S. Yes awaiting that PM.
  • #1,727
  • May 1, 2007 1:22pm May 1, 2007 1:22pm
Quoting Northpro
Steve,

Take it easy bro. Trust me, I feel your pain. It may be a good day to take off and regroup, as your head is not in the place it needs to be to execute proper trades. As has been said by many, your methods and contributions have been appreciated and very inspiring to many. Keep up the MM and remember the losses are part of the business. They keep us grounded and help us seek improvements not only within our systems, but also and probably more importantly, our trader psyche. 95% of traders wash out and without a doubt all successfull traders have blown an account or two on their way to success. Bad patches are innevitable, no matter how great a system or a trader is. This is more than a marathon, it is long and slow, consistantly 2 steps forward and 1 step back, with the occassional 2 steps back. Stick to your rules, your MM, and take the emotion out of the trades.

Cheers,
Northpro
Northpro my friend,

I'm sure I've mentioned this to you before that it was your journal in particular that inspired me to start one of my own and the PM's you've sent me in the past have always made a great deal of sense.

I think I need to read those words everyday - here in the UK and I'm sure in a lot of countries worldwide we live in a society that expects everything to come quickly and easily. Forex is almost like the 'old' days where credit was difficult to come by and if you wanted something you grafted hard until you'd saved enough to buy it. Eek! I'm starting to sound like my father.

Thanks for taking the time to post & catch you soon no doubt.

Kind Regards
Steve
  • #1,728
  • May 1, 2007 1:26pm May 1, 2007 1:26pm
Quoting ICUB42
Don't worry Steve, everyone is trying to improve your method for you (and themselfs), LOL Maybe by the end of the year you or somone will hit that little tweak and Shazaam. I'm following you papertrading 8 major pairs in three variances myself. You've got a good system going, if you didn't have bad days you wouldn't appreciate the good one's. I would like to know what it would be like though, ha.
Very true - I'm making the odd tweak here & there and I'm sure there's someone out there trading a variance of this and is more successful than me lol.

What I need is consistency long term & I think I'm not that far away from being there. Just need to sort my brain out lol

Kind Regards
Steve
  • #1,729
  • Edited 1:40pm May 1, 2007 1:32pm | Edited 1:40pm
Quoting markt
Steve,

You might find that your stop losses are just too tight especially on jpy pair. The fact that you just enter trades once a day leaves you trading a certain way. It seems to me you are getting stopped out by news events. These unfortunately for your sake do influence the market especially today when overall the market has been poor over the past 7 days if you trade as you do.
The whole world and his dog were waiting for good USD news which we got this afternoon. We then got an exagerated movement in the pairs which because of your trading strategy went against you.

Thats bad luck, but if you do trade that way, look a little more long term and widen those stop losses if only initially.

All the Best, (Hey, and don't worry, I am learning the hard way too!)

mark

P.S. Yes awaiting that PM.
Congratulations

This is my 1000th post in Forex Factory! Mostly pure drivel as most avid readers know but even so an achievement of sorts

Yup trading daily charts you are less influenced by news than other timefames but if the price is within 30 pips of your stop loss at announcement time then you're as vulnerable as anyone to those stop losses getting hit.

People have said about widening the stop losses & it may have some merit - what i need to do is to backtest how many trades would survive and eventually bring a smaller loss or even a profitable trade against those that would have been stopped out anyway and bring a larger loss.

Lot's of stuff to think about as always lol

Kind Regards
Steve
  • #1,730
  • May 1, 2007 1:34pm May 1, 2007 1:34pm


It now says I'm a senior member - please any newbies don't take this too seriously as it sounds like I actually know what I'm doing
  • #1,731
  • May 1, 2007 2:58pm May 1, 2007 2:58pm
It could be worse Steve, at least Chelsea are losing (at half time anyway), not really a fan of Liverpool, I prefer "our team" who will hopefully meet them in the final, and beat Chelsea to the Premiership title.

At least we play real football and not the disjointed stuff you get from the Chelsea "stars".

Couldn't believe it when Neville scored the own goal on saturday to get us back in the game, would love to hear Jose's conspiracy theory about that one.

Who needs the penalty decisions when you have x players to help you out.
  • #1,732
  • May 1, 2007 3:28pm May 1, 2007 3:28pm
Quoting scorpion
It could be worse Steve, at least Chelsea are losing (at half time anyway), not really a fan of Liverpool, I prefer "our team" who will hopefully meet them in the final, and beat Chelsea to the Premiership title.

At least we play real football and not the disjointed stuff you get from the Chelsea "stars".

Couldn't believe it when Neville scored the own goal on saturday to get us back in the game, would love to hear Jose's conspiracy theory about that one.

Who needs the penalty decisions when you have x players to help you out.
Hehe,

Come on the reds
  • #1,733
  • May 1, 2007 4:10pm May 1, 2007 4:10pm
OK, 4 new main trades....

NZDUSD short from 0.7405 (s/l 0.7460)
GBPUSD short from 1.9985 (s/l 2.0088)
GBPJPY short from 239.53 (s/l 240.05)
USDJPY long from 119.86 (s/l 118.94)

Stop losses have been placed at 10 pips (20 gbpjpy) plus the spread.

Follow these trades at your peril hahaha

Kind Regards
Steve
  • #1,734
  • May 1, 2007 4:58pm May 1, 2007 4:58pm
Hey, after you posted your results for past 6 month, I honestly say CONGATULATIONS!!!!
Really!
That is already good, you are already ahead of many others, believe me (I'm one of them..hehe).
You are the prove that discipline + MM = success.
And don't even think of closing this journal. Come on! This is one of the best on FF.
In the next 6 months you'll see for yourself. Probably you will improve your strategy more, and grab more pips.
Feb-April were hard months. I guess for many traders, not only for you.

You know, just by reading your journal I get that temptation to go live again...but promise is a promise...and I've promised to demo for another 3-4 months after I got big DD on my live account in February.

You are an inspiration to many!

Best!

George
  • #1,735
  • May 1, 2007 5:18pm May 1, 2007 5:18pm
Quoting GeorgeW
Hey, after you posted your results for past 6 month, I honestly say CONGATULATIONS!!!!
Really!
That is already good, you are already ahead of many others, believe me (I'm one of them..hehe).
You are the prove that discipline + MM = success.
And don't even think of closing this journal. Come on! This is one of the best on FF.
In the next 6 months you'll see for yourself. Probably you will improve your strategy more, and grab more pips.
Feb-April were hard months. I guess for many traders, not only for you.

You know, just by reading your journal I get that temptation to go live again...but promise is a promise...and I've promised to demo for another 3-4 months after I got big DD on my live account in February.

You are an inspiration to many!

Best!

George
Hi again George

You know what? You've got the knack of saying the right thing at the right time - thanks! It's certainly been a tricky few months but still here fighting lol.

They say forex is a very lonely business - well I'm glad that through this journal I've picked up some great friends (and great traders) - that's one thing that I never invisaged when I started. Hopefully we'll stay in contact and when I can go full-time I can bore the pants off them hehe.

Overall as you say, I'm still in profit (although dented) and considering I only started demoing around a year ago that's not too bad I guess.

With my money management and small capital, it's going to take a while to get to that level but more importantly I should have gained much more confidence and proficiency without blowing my account.

Don't go live again until you have fulfilled your promise - that's good discipline in itself. I'll still be here for the full twelve months and lets see where we are at the end.

Kind Regards
Steve
  • #1,736
  • May 1, 2007 5:52pm May 1, 2007 5:52pm
Hey Steve,

I see things are still moving along. I'll be posting my six month report card on myself soon. I'm not ready for a full trading journal just yet ... it's a lot of work to maintain and answer questions. You are doing a great job with your journal. Keep up the great work!

Happy Trading ...

Pipex
If it is not broken, fix it until it is!
  • #1,737
  • May 2, 2007 6:19am May 2, 2007 6:19am
Quoting Pipex
Hey Steve,

I see things are still moving along. I'll be posting my six month report card on myself soon. I'm not ready for a full trading journal just yet ... it's a lot of work to maintain and answer questions. You are doing a great job with your journal. Keep up the great work!

Happy Trading ...

Pipex
Thanks - much happier today - see below lol
  • #1,738
  • May 2, 2007 6:24am May 2, 2007 6:24am
Well, well, well - what a difference a day makes lol

All 5 main trades are currently in profit to the tune of 200 or so pips - hopefully US news will help rather than hinder lol.

4 out of 5 complimentary trades up totalling around 150 pips too.

The main trades will be closed later assuming they are still in profit so hope to post some good news later

Kind Regards
Steve
  • #1,739
  • May 2, 2007 12:46pm May 2, 2007 12:46pm
sorry, i've just spotted your 6 month score-card just now. i was wondering where it was.lol.

i see you've been getting a bit down lately with your latest losses - it's good to see that you have many supporters to pick you up (and you can always count me as one of those.)

so let's see...around 2100 in wins and around 1200 in losses so around 900 pips up when you reported! i think losses in feb ran away from you as the stress of losing took its toll (as with all of us). except in a public journal there is no hiding place. kudos to you for keeping it real through such a difficult phase when others would of simply quit.

from your results so far i think if you could avg around 300 pips a month in wins and try and half that for losses say 150-200 pips then if you could net 100 pips a month for 1200 for the year, you would still be way ahead of most pro's. remember right now you're still net pip positive.

first things first...pat yourself on the back for keeping up such an excellent journal for the past 6 months - i think it has been the biggest success story in this section, and perhaps one of the biggest anywhere on a trading forum. this section normally turns out to be a graveyard after a while - just sort on the last posts column to see why.

secondly your discipline has been very good. i like the way you've kept to your plan inspite of distractions and changes have seemed to come in a controlled manner, rather than chopping up your main system too much.

thirdly - take a break, take a week or two away from your desk. forget about trading for a while. then come back and review your good months and your bad months from a fresh perspective and your batteries recharged and spirits lifted! come back and resume testing next month perhaps...

i still stand by my original assessment that one day you'll make it - even when things seem really bad. you have all the qualities to make it in the business. maybe even the next jacko on FF!!!

ps: let's hope man yoo can do the business in milan tonight. COME ON YOU REDS!!!
  • #1,740
  • May 2, 2007 1:21pm May 2, 2007 1:21pm
Quoting Isotonic
sorry, i've just spotted your 6 month score-card just now. i was wondering where it was.lol.

i see you've been getting a bit down lately with your latest losses - it's good to see that you have many supporters to pick you up (and you can always count me as one of those.)

so let's see...around 2100 in wins and around 1200 in losses so around 900 pips up when you reported! i think losses in feb ran away from you as the stress of losing took its toll (as with all of us). except in a public journal there is no hiding place. kudos to you for keeping it real through such a difficult phase when others would of simply quit.

from your results so far i think if you could avg around 300 pips a month in wins and try and half that for losses say 150-200 pips then if you could net 100 pips a month for 1200 for the year, you would still be way ahead of most pro's. remember right now you're still net pip positive.

first things first...pat yourself on the back for keeping up such an excellent journal for the past 6 months - i think it has been the biggest success story in this section, and perhaps one of the biggest anywhere on a trading forum. this section normally turns out to be a graveyard after a while - just sort on the last posts column to see why.

secondly your discipline has been very good. i like the way you've kept to your plan inspite of distractions and changes have seemed to come in a controlled manner, rather than chopping up your main system too much.

thirdly - take a break, take a week or two away from your desk. forget about trading for a while. then come back and review your good months and your bad months from a fresh perspective and your batteries recharged and spirits lifted! come back and resume testing next month perhaps...

i still stand by my original assessment that one day you'll make it - even when things seem really bad. you have all the qualities to make it in the business. maybe even the next jacko on FF!!!

ps: let's hope man yoo can do the business in milan tonight. COME ON YOU REDS!!!
Hey thanks - thought you'd given up on me . Actually it's OK because I see you've been in Jacko's thread - one of the most enlightening threads I've seen.

It's OK, all is well in Stevie world today - looks like I should be able to close my 5 main trades tonight all in profit. They are currently up around 170 pips so that'll put me almost back on track.

4 of the 5 complimentary trades are also in the green to the tune of 135 pips overall - these are longer term with wider stop losses so I'll keep them running until I see a break of major daily support or resistance.

I'm afraid I can't tear myself away lol - I said it'll be for 12 months and that's what I'll do - there's still a lot to learn but I'm getting there slowly.

We may take a break for a week or two in the summer - if that's the case I'll leave my laptop at home I promise hehe.

I didn't realise so many still followed here but it's good fun most of the time. Just about to take the kids to the local to support United so fingers crossed they'll round off a good day.

Cheers for the support Iso - you're doing a great job all over this forum - people like you make this place the success it is

Kind Regards
Steve
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