Steviet's Live Trades! | Page 91 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Dukascopy Live Account - Don't Post if you haven't traded live with them! 117 replies

My Live Trades on my Live Account 588 replies

go live or bust ... diary of an fx live-trader-wannabe 1,621 replies

Trade 2 live accounts - one with full balance, 2nd as a live test? 0 replies

Oanda 10$ live acc quick-start guide (for newbie to trade live safe) 13 replies

Attachments: Steviet's Live Trades!
Exit Attachments

Steviet's Live Trades!

  • #1,801
  • Edited 6:55am May 12, 2007 6:43am | Edited 6:55am
Quote
I know, I for one, would not be able to exit a winning trade, and then deal with a hedge that's -100 pips in the hole waiting for it to come back. That just seems to go against everything I've ever believed. And I believe that most traders can't neither.

You never get to that point. I am not going to argue here and this is my last post on the subject because I really don't want to argue, but you manage the whole "position" back to profitability. Price doesn't necessarily have to come all the way back to the original trade to make the "position" profitable. This subject has been debated to no end on just about all of the web-boards and my intention is not to debate but to throw in food for thought on a trading method I know works. Also food for thought- Instead of using a target, what about a hedge trade while the position is in the positive when price is at a resistance point like a round number? Take the hedge profit until price turns back on its way in the trend.

Also- I never said you have to throw away common sense trading like following the trend and using resistance points.

And yes- Any trading takes emotional willpower. Patience is the real key.
"Its not where your at, but where your coming from"
  • #1,802
  • May 12, 2007 11:19am May 12, 2007 11:19am
Quoting howard
Hi Italian Sharp

May be you would be kind enough to start a thread and teach us all your day trading method and stop placement in real time.
First of all, I am not a FOREX trader. I am a futures trader so this wouldn't be the appropriate place to start a thread on daytrading and stop placement.

Second, I don't have anything to prove to anyone other than myself and my girlfriend. I prefer to stay in the shadow and I hate being on the spot. This is why you seldom see me post in forums not to mention start threads.

I can't tell whether your post is provocative or genuine.

Third and last, what's the point in starting a thread and making live calls on the market for anyone to see? What's the return on such a time-consuming and market-distracting activity? If I were to promote my services to people into forums, it could be a good idea. But since I am not a tout, I see no point in doing so.

If my post sounded like I was boasting about my recent improvements, I am sorry. I didn't mean it that way. I honestly don't think there is anything amazing in being profitable every day if you are daytrader. Seriously, if I knew it couldn't be possible to profitable almost every single day, I would take another job.

My considerations about stoploss were purely intended to be food for thought. Since getting rid of the infamous stoploss helped me enhance my performance, perhaps Stevie and other readers could benefit from my experience and insights.

As I mentioned in my prior post, trading without the nightmare of a stoploss let me focus more on price action, providing me with a psychological edge.

You'd be shocked to know how many times the mkt was heading toward my stoploss level and I, for fear of being pickpocketed, either anticipated the market by reversing or closed my position earlier to reduce my loss. Only to find out that either the original stoploss wouldn't have been hit or once hit, the market would turn back into my direction.
  • #1,803
  • May 12, 2007 11:51am May 12, 2007 11:51am
Quoting ItalianSharp
First of all, I am not a FOREX trader. I am a futures trader so this wouldn't be the appropriate place to start a thread on daytrading and stop placement.

Second, I don't have anything to prove to anyone other than myself and my girlfriend. I prefer to stay in the shadow and I hate being on the spot. This is why you seldom see me post in forums not to mention start threads.

I can't tell whether your post is provocative or genuine.

Third and last, what's the point in starting a thread and making live calls on the market for anyone to see? What's the return on such a time-consuming and market-distracting activity? If I were to promote my services to people into forums, it could be a good idea. But since I am not a tout, I see no point in doing so.

If my post sounded like I was boasting about my recent improvements, I am sorry. I didn't mean it that way. I honestly don't think there is anything amazing in being profitable every day if you are daytrader. Seriously, if I knew it couldn't be possible to profitable almost every single day, I would take another job.

My considerations about stoploss were purely intended to be food for thought. Since getting rid of the infamous stoploss helped me enhance my performance, perhaps Stevie and other readers could benefit from my experience and insights.

As I mentioned in my prior post, trading without the nightmare of a stoploss let me focus more on price action, providing me with a psychological edge.

You'd be shocked to know how many times the mkt was heading toward my stoploss level and I, for fear of being pickpocketed, either anticipated the market by reversing or closed my position earlier to reduce my loss. Only to find out that either the original stoploss wouldn't have been hit or once hit, the market would turn back into my direction.
My intention was just to ask you to teach us how to day trade, no matter fx or futures.
Regards
  • #1,804
  • May 12, 2007 12:38pm May 12, 2007 12:38pm
Quoting athalon7
You never get to that point. I am not going to argue here and this is my last post on the subject because I really don't want to argue, but you manage the whole "position" back to profitability. Price doesn't necessarily have to come all the way back to the original trade to make the "position" profitable. This subject has been debated to no end on just about all of the web-boards and my intention is not to debate but to throw in food for thought on a trading method I know works. Also food for thought- Instead of using a target, what about a hedge trade while the position is in the positive when price is at a resistance point like a round number? Take the hedge profit until price turns back on its way in the trend.

Also- I never said you have to throw away common sense trading like following the trend and using resistance points.

And yes- Any trading takes emotional willpower. Patience is the real key.
Ok, I see what you're saying. I like that idea of hedging at key points (say minor resistance / support) on your way to your target.

I wasn't trying to argue. I am not a hedge trader, and I'm glad to see you giving some examples. That helps me understand your point better.

Thanks.
Mr. Trend
  • #1,805
  • May 12, 2007 1:29pm May 12, 2007 1:29pm
That was a pretty insightful post by Italian, and I must say I have to agree on the SL management thing.

The problem with SL (and indeed limit buys /sells) is that spikes will ruin your day, in many cases for no reason. Steve is wise enough not to trade during a news frenzy, so there is less of that going on, but really there is no way to completely avoid volatility. There's always a bunch of banks going against each other, their 5-year-career-expectancy analysts always screw something up, so fights between the big boys are simply unavoidable. Add in equity market disasters, political events, and G.W Bush, and you suddenly realize why the forex markets are an unfriendly place.

This said, Italian trades intraday, but Steve does the daily's. Removing SL and calmy looking at daily charts "every now and then" is not going to help at all. Simply too much can happen any given day, and Steve is in the market almost all the time I believe. If only we could convert you to the H4 Steve

Which brings us to the million dollar question of what can be done to improve the SL. Frankly I think Steve's own method of using daily supports/resistance (as opposed to highs/lows )for his "complimentary" trades is one of the best things he can do. I've experimented a lot with SL over the years (all 2 of them lol) and there's very little you can do on a daily chart to save your bum during ranging periods if you want to trade mechanically.

The result waters down to how good a particular trader is at recognizing ranging/consolidation periods in the medium term, and in adapting technique accordingly. This comes with experience, and no amount of indicators in the world will help in that regard. The only gripe I have with Steve's entries is that (from what he's told me) he enters opposite his last trade if the SL is hit, with no further consideration. I would stay stick to the SL, but give more thought to a new entry, but that's just my opinion. And if steve follows all our opinions I guarantee you he will leave forex sometime during next week .

On the other hand Steve, you might want to consider all the different opinions just as a matter of reflection as you go along. Since we are all learning from mistakes, it would be good if you opened a couple demo accounts and traded them in tandem with your real money, but using our ramblings along with your method. Who knows, they might work out, you can't lose. It's better than keeping mental note of what you could have done here and there. Good luck, mate.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #1,806
  • May 12, 2007 1:40pm May 12, 2007 1:40pm
Italian wrote:

Quote
Third and last, what's the point in starting a thread and making live calls on the market for anyone to see? What's the return on such a time-consuming and market-distracting activity? If I were to promote my services to people into forums, it could be a good idea. But since I am not a tout, I see no point in doing so.
*GASP*
Your post is sadly a big troll.

The return is that you get to pass on your experience and trading style to the community, as many experienced (and non experienced) traders here have done. By opening a journal you get conversations like this one, with input from other members. The journal section is not an ego section, it is a useful trading tool. It helps you stick to your method because you know others will criticize you, and it allows others to follow some of the best traders online today. You have provoked me so much I am going to start a journal today, I think.

Plus, we are better than your girlfriend!! No wait, I don't mean it that way..stop putting words in my mouth! I mean we can do things your girlfriend can't do. Oh crap..never mind..forget it.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #1,807
  • May 12, 2007 1:53pm May 12, 2007 1:53pm
Oh OK, and I have to stick my two cents in too... Remember, this is Steve's thread... we should be talking to him,and not to others...

Also, remember, steve works a job... maybe he does not have the luxury of checking on his trades from work... !!! And I for one, don't think I would go out the door without leaving a stop on a trade... been there, done that !!! I too, do not want to change my 8 hour a day job, in for sitting in front of my monitor looking at charts all day...

The post by IS, I am sure was meant only with good intentions... and there is a lot there to think about that is is good stuff.. But I also believe Steve has a pretty good handle on where he is and what he wants to do... if we all had our heads together as well as Steve does... we might all be richer forex wise...

And I must say too. IS has a lot of good points, that I will be thinking about.
  • #1,808
  • May 12, 2007 2:45pm May 12, 2007 2:45pm
Hehe,

Been at work this morning and then straight onto cricket - we won & I got a wicket, a catch & 45 runs - there's life in the old dog yet

Thanks to everyone for offering their opinions - my thread becomes really popular after a big loss - like people slowing down to watch the aftermath of a road accident Seriously though, anyone is welcome to post here as long as i doesn't get out of hand and for the most part people are trying to be constructive. I'll take on board what I think is worth looking at and leave the rest, no problem.

Anyhow, it's clear I need to stay focused and I'll soon be back making some lovely pips again lol.

I think my style is a little different to most but there are so many ways to make money from this market. There are successful traders out there who trade anything from 5 minute charts right through to monthly. My guess is that there are more successful traders who trade the longer (4 hour plus) timeframes but it really is up to each individual where they are most comfortable and also what fits in with their own situation.

As most know I work fulltime in the UK and therefore I see London open for about 10 minutes before I need to get the kids to school and on to work. I am unable to check trades from work but I do nip home for half an hour or so just before US opens in most cases. Then I'll be back again after all the news events at anywhere up to 6pm to see how the day has gone.

Plutonite, just for your info, if I get stopped out I don't necessarily take a trade in the opposite direction the next day. Most cases this is true but not always. I must admit, if I could, the 4 hour charts would be something I would look more into if I could check the trades more often.

Thanks to all who have contributed so far - it's all good as far as I'm concerned.

Cheers all

Kind Regards
Steve
  • #1,809
  • May 12, 2007 6:24pm May 12, 2007 6:24pm
Quoting Plutonite
The result waters down to how good a particular trader is at recognizing ranging/consolidation periods in the medium term, and in adapting technique accordingly. This comes with experience, and no amount of indicators in the world will help in that regard. The only gripe I have with Steve's entries is that (from what he's told me) he enters opposite his last trade if the SL is hit, with no further consideration. I would stay stick to the SL, but give more thought to a new entry, but that's just my opinion.

Completely agree.
  • #1,810
  • May 12, 2007 6:39pm May 12, 2007 6:39pm
Quoting Plutonite
Italian wrote:


*GASP*
Your post is sadly a big troll.

The return is that you get to pass on your experience and trading style to the community, as many experienced (and non experienced) traders here have done. By opening a journal you get conversations like this one, with input from other members. The journal section is not an ego section, it is a useful trading tool. It helps you stick to your method because you know others will criticize you, and it allows others to follow some of the best traders online today. You have provoked me so much I am going to start a journal today, I think.
It'd be physically impossible for me to have a live journal and trade at the same time. I have to keep my eyes on 2 screens and monitor about 20 different charts to keep the feeling of what's going on.

I do have an online journal in a private chatroom where I am the only member...basically, I write to myself and collect my thoughts and impressions during my live session. Yeah, maybe I could do that online...but there is also lots of personal stuff in there that I am not sure I would be willing to share with others and, most importantly, I am not sure others would be interested in it...like "my girlfriend just got back from work and she's on her periods and she's been nervous and giving me a hard time" or "I feel like going to the toilet but I can't leave the market now because volatility is good"

Most importantly, I don't think I am at a point of my trading career where I can teach others. I am still in the phase of building my confidence and putting some successful years under my belt. For the moment, I prefer to visit threads and participate in discussions. I guess that's a form of help as well.

Quoting Plutonite
Plus, we are better than your girlfriend!! No wait, I don't mean it that way..stop putting words in my mouth! I mean we can do things your girlfriend can't do. Oh crap..never mind..forget it.

That was real funny.

I am gonna stop here because I am getting the feeling that the last posts have somehow deviated from the purpose of this thread, which let's not forget is Stevie's journal.

I anticipate my apologies to Stevie for stealing some space in his thread.

Congrats for your cricket win and have a great Sunday.

IS
  • #1,811
  • May 13, 2007 2:47pm May 13, 2007 2:47pm
*points out stop placement on pin bars by their very nature mean: if hit, there is no reversal and you have no business being in, if they survive, you're "never" going to see them again in the first place...*

Stops are not ever an issue IF you enter at extremes, boundaries and flip points. This does mean waiting "a lot" sometimes for the really good setups, but it also means less struggle, sloshing, noise, spread etc etc etc...
But I do believe Stevie was originally trying to catch the trending periods, so that's a different approach..

Stops per se are not the root of all evil - depending on how and what and where you trade they are simple a go / no go signal.

And daily TF takes a LOT of that news noise out of the equation if you ask me..

Assume you are wrong from the outset - and let the market prove you're right. No more disappointments, only pleasant surprises

Let's give the journal back to Stevie now
Trust price. Know yourself.
  • #1,812
  • May 14, 2007 4:05pm May 14, 2007 4:05pm
OK, back to business.....

All 10 trades (5 main and 5 complimentary) carried over from Friday into Sunday's open. The main trades were already well down and were close to their stop losses.

4 of the 5 main trades had their stop losses hit with only GU surviving the day. The most annoying was the GBJPY short that just hit it's stop loss at 238.65 an hour or so before the poor sterling news brought it back down towards the 238 area again.

So, results on main trades....

GBPJPY short minus 133 pips
AUDUSD short minus 87 pips
NZDUSD short minus 84 pips
USDJPY short minus 45 pips

In short, a disaster which means main trade monthly total is currently minus 799 pips, giving a total of plus 63 pips overall since November!

Complimentary trades have a wider stop loss and faired better. Only NZDUSD was stopped out for minus 91 pips. A new NZDUSD long has been added to this from 0.7372.

It will take time to see how the complimentary trades fair over the next few months as they often last for weeks, moving stop losses to important levels of support or resistance.

4 new main trades are...

GBPJPY short from 238.23
AUDUSD long from 0.8322
NZDUSD long from 0.7375
USDJPY short from 120.34

Kind Regards
Steve
  • #1,813
  • May 14, 2007 4:37pm May 14, 2007 4:37pm
  •  Drphu
  • | Joined Feb 2007 | Status: Take2Trades and call me in Morning! | 31 Posts
Quoting steviet
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

Why Trade GY anyway if you trade GU and UY it = GY
"Make Life's Reality a Dream Come True!" DrPhu
  • #1,814
  • May 14, 2007 9:14pm May 14, 2007 9:14pm

it seem to me that you place trades in opposite direction once your SL is hit. Don't know how good a strategy that is.

I'm short AUD by the way.

  • #1,815
  • May 14, 2007 11:47pm May 14, 2007 11:47pm
Quoting Drphu
Why Trade GY anyway if you trade GU and UY it = GY
Because I want to :
  • #1,816
  • May 14, 2007 11:50pm May 14, 2007 11:50pm
Quoting amylase

it seem to me that you place trades in opposite direction once your SL is hit. Don't know how good a strategy that is.




I'm short AUD by the way.

That's incorrect - on many occasions I will place trade in the same direction again. Look at the last few yen trades.
  • #1,817
  • May 15, 2007 12:22am May 15, 2007 12:22am
  •  Drphu
  • | Joined Feb 2007 | Status: Take2Trades and call me in Morning! | 31 Posts
Anyway, I'm sure we will all trade what we want and th eway we want.

U said u might like to have a Hi Lo forcast to help out...
Vantage Point does that however a free site updates these daily.

http://www.fxtoolkit.com/

- Good luck to ya Stevi
"Make Life's Reality a Dream Come True!" DrPhu
  • #1,818
  • May 15, 2007 12:42am May 15, 2007 12:42am
Quoting Drphu
Anyway, I'm sure we will all trade what we want and th eway we want.

U said u might like to have a Hi Lo forcast to help out...
Vantage Point does that however a free site updates these daily.

http://www.fxtoolkit.com/

- Good luck to ya Stevi

Cheers - good luck to you too

Kind Regards
Steve
  • #1,819
  • May 15, 2007 12:21pm May 15, 2007 12:21pm
Hi folks,

Well, the market today has continued to go against me on the main trades. The total pips gained since last November has now gone to just over minus 100 pips.

So, in just over 5 months I've made 2200 pips as a high and then lost it all lol. The only consolation is that my balance is still a little higher than when I started as I now only risk 1% on the main trades.

Let's go through today's main trade stop outs.

First to go was USDJPY short for minus 22 pips. My stop loss was at 120.56, the day's high so far is 120.60 and currently trading at 120.30 (below my entry price)

Next, AUDUSD long for minus 20 pips. The days low is 0.8302 - where was my stop loss? You guessed it 0.8302! Now trading at 0.8343.

Next GBPUSD short for minus 60 pips. Was up 50 pips when I left it at lunchtime but was stopped out at 1.9855.

Finally GBPJPY short from 238.23 for minus 67 pips. Again was up nearly 50 pips at lunchtime & just stopped out at 238.90.

Only NZDUSD long remains and currently in profit but I'm sure an earthquake in New Zealand or something similar will soon put a stop to that

Some will say my stop losses are too tight but I've experimented widening them to include the spread and still got stopped out. At least the complimentary trades are all still running with much wider stop losses.

All 5 complimentary trades remain, 2 of which are currently in profit. I hope over the next 6 months I can show that by trading these methods together I can turn in some kind of profit.

At the end of next month I'll be increasing my account to $1000 & I'm committed to seeing the full year's testing out.

The initial goal of 6000 pips seems a long way off now - I guess if most newbies blow their first account within a year I'll be doing not too bad if I can avoid that.

Update later

Kind Regards
Steve
  • #1,820
  • May 15, 2007 12:37pm May 15, 2007 12:37pm
Hi Steve!! It has been a while since I perused your massive thread so I just wanted to stop by and say Hello!!! I wish you well, and it is good to see you sticking to your guns! I am sure you will find the information that you need to overcome these minor hurdles - just give it some time!!

Take care,

D.
4 traders viewing now