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Steviet's Live Trades!

  • #1,821
  • May 15, 2007 12:41pm May 15, 2007 12:41pm
Quoting steviet

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
still got few months left for the full year testing. Remember how you got over 2000 pips in just 3-4 months?. I wouldn't be surprise if you recover again in the last 3-4 months. Only cool headed people wiht goals can withstand that kind of fluctuations, a trait of a trend trader
  • #1,822
  • May 15, 2007 12:44pm May 15, 2007 12:44pm
Quoting Daemien
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.
Hey D

I remember you were one of the major contributors when I first started - boy I was good then eh?

As you can see things haven't gone quite according to plan since the end January but 3 months is a long time in forex lol.

Good to see you stopping by - I do see your posts in other threads from time to time - hope you & yours are well

Kind Regards
Steve
  • #1,823
  • May 15, 2007 12:48pm May 15, 2007 12:48pm
Quoting hilmy83
still got few months left for the full year testing. Remember how you got over 2000 pips in just 3-4 months?. I wouldn't be surprise if you recover again in the last 3-4 months. Only cool headed people wiht goals can withstand that kind of fluctuations, a trait of a trend trader
Hi hilmy

Yup, it seems a long way off just now but I've managed to lose over 900 pips in May so I don't think time is an issue lol.

I've made a few mistakes & still learning the hard way but I'm still here with initial capital intact.

I'll just keep going and see where we are at the end of testing - you never know we may actually see a nice trend on one or two of the pairs by then

Cheers
Steve
  • #1,824
  • May 15, 2007 12:50pm May 15, 2007 12:50pm
Well just to clarify, my inactivity has absolutely nothing to do with your performance here hehehe. I am just finding that the more I am learning & moving forward, the less I need to read here (and the more it is detrimental to my trading to be honest).

I am currently taking an Elliott Wave course. Will send you a PM on some information at a later date if you are interested. Looks very promising.

Take care steve & happy pipping!

Derek


Quoting steviet
Hey D

I remember you were one of the major contributors when I first started - boy I was good then eh?

As you can see things haven't gone quite according to plan since the end January but 3 months is a long time in forex lol.

Good to see you stopping by - I do see your posts in other threads from time to time - hope you & yours are well

Kind Regards
Steve
  • #1,825
  • May 15, 2007 1:04pm May 15, 2007 1:04pm
Quoting Daemien
Well just to clarify, my inactivity has absolutely nothing to do with your performance here hehehe. I am just finding that the more I am learning & moving forward, the less I need to read here (and the more it is detrimental to my trading to be honest).

I am currently taking an Elliott Wave course. Will send you a PM on some information at a later date if you are interested. Looks very promising.

Take care steve & happy pipping!

Derek
LOL,

No blame attached at all - yup, I know what you mean - sometimes the more you read the more your brain becomes scrambled & the worse you trade.

I need to keep the blinkers on and then I'll have a true reflection of how I've done.

PM me whenever you like - no problem

Kind Regards
Steve
  • #1,826
  • May 15, 2007 4:08pm May 15, 2007 4:08pm
OK,

One main trade (NZDUSD long from 0.7375) has stop loss tightened.

4 new main trades...

USDJPY short from 120.21
AUDUSD long from 0.8332
GBPUSD long from 1.9851
GBPJPY long from 238.66

Ongoing complimentary trades

USDJPY short from 120.06
AUDUSD long from 0.8292
GBPUSD short from 1.9793
GBPJPY short from 237.45
NZDUSD long from 0.7372

Kind Regards
Steve
  • #1,827
  • May 15, 2007 4:57pm May 15, 2007 4:57pm
Hi Steve,

I think I know the problem..Liverpool made the final without United!
Sorry about that one, seem to remember reading that you were a fan a while back.
Anyway still following your efforts with interest, and am going to join the party for real in August. So keep up the sterling work!

Regards,

Ed.

P.S. Have you/anyone else here looked into using an ATR based stepped stop to protect profits, for example when in profit by 1xATR the trail initiates at 1/2xATR increments? Just wondering as I reckon this might keep away from market "noise" better than a standard trailing stop.
  • #1,828
  • May 15, 2007 5:21pm May 15, 2007 5:21pm
Quoting Ted1983
Hi Steve,

I think I know the problem..Liverpool made the final without United!
Sorry about that one, seem to remember reading that you were a fan a while back.
Anyway still following your efforts with interest, and am going to join the party for real in August. So keep up the sterling work!

Regards,

Ed.

P.S. Have you/anyone else here looked into using an ATR based stepped stop to protect profits, for example when in profit by 1xATR the trail initiates at 1/2xATR increments? Just wondering as I reckon this might keep away from market "noise" better than a standard trailing stop.
Hey Ed,

LOL, yup, much as it goes against the grain I'll be supporting Liverpool when they play AC Milan. At least winning the premiership was some consolation and if we can beat the blues on Saturday, that would make for a pretty successful season .

Sometime back in the journal, the ATR based stop was brought up by someone (I think it may have been February when things started going a little pear shaped ).

I've kept to my rules on my main trades as that is what I backtested but the complimentary system gives more room for 'noise' and I only move my stop loss there periodically. This I do following a correction and reversal back in the way my trade is set. The stop loss on these trades may not be moved for days and when they are I manually change them. It's still too early to say but I'm confident this will help me through the choppy periods and also where a trend consolidates before moving on.


Kind Regards
Steve
  • #1,829
  • May 15, 2007 5:26pm May 15, 2007 5:26pm

Good luck with your trades.

Seems to me that you are quite bearish about the dollar.

  • #1,830
  • May 15, 2007 5:50pm May 15, 2007 5:50pm
Quoting amylase

Good luck with your trades.




Seems to me that you are quite bearish about the dollar.


Hey thanks

The way I've been trading recently, I need all the luck I can get

Kind Regards
Steve
  • #1,831
  • May 15, 2007 6:23pm May 15, 2007 6:23pm
it may have been me who brought up ATR! Cenile at 23, never mind.

Thing is, at the moment I'm laking a solid trade management system, I've looked at dropping to the hourlies to move stops to beneath congestion areas, but i wont be able to do this all the time.

Anyway hope this doesnt congest your thread too much , but I'm gonna bore you all with my idea of "system", please comment!

I feel I can pick a decent entry using various setups.
I,m using the SMA14 of RSI14, with the EMA7 of the RSI7 laid over it. Basically its the MACD of the RSI.
Thats my only twiddly thing, which I believe gives a good proxy of the market behaviour and follows the overall trend well.
Apart from that i've got a 10EMA, which constitutes a pullback zone and short term trend (which is advising me to short the pound as I type).

Of course the main indicator is price action, the rest is just what I see as a "sketch view" of the action.

Now heres the problem;

I know how to pick a setup, but I know when I do go live I would like a rigid set of rules to manage the trade, hence bringing up the ATR stop method. (which normalizes volatility aswell, which should allow me to trade many pairs on a level playing field).

Currently my exit strategy goes like this,(risking 2% balance):-

Exit Strategy

· Place stop loss at ATR 20.
· Use hourly support/resistance to step stop order, not within ½ ATR 20.
· Exit half position when reward : risk ratio reaches 2.

(bad copy and paste job)

I guess this will allow me to bank some profits, but if I do catch a wave I can just let the other portion ride for all its worth and consider a fresh new entry later.

So guys, how do I make this sort of think as mechanical as possible, to stop me from cheating and taking profits early, bearing in mind I cant watch the screens all day on the hourly?

All feedback will be appreciated and considered.

Ed

(that was too long wasn't it?)
  • #1,832
  • May 16, 2007 2:42pm May 16, 2007 2:42pm
Hi Stev, i have been seeing your posting for long time, and i think until now , you have lost your sense of trading, and till now i post, u have lost over 200 pips for the 4 new main trades. I have some advices for u, whether u accept it or not, it's up to u

First, I have been seeing u put a position at Japan market open or during Japan market open, i may suggest that u should place a new position after UK market opens or after UK news, coz at that time, u can predict which way it will move.

Second, I think u should close manually before big news like NFP , rate decision or others, after that u can enter the market again.

Why do suggest u two things above? coz, since early 2007 , your performance keeps running down, and after i study over and over, the big problems are the news that make prices volatile


I think u should not just enter market only with a Techincal Analysis, but u should use the Fundamental too

If u use the FUndamental too, u should have grown over 1000++ pips until know coz i have followed your method but i closed them manually before big news and re enter them after those news


Thanks
  • #1,833
  • May 16, 2007 2:55pm May 16, 2007 2:55pm
steviet, just dropping by to give you support.

you are using stops, thinking of win/loss ratios, money management. also you have a traders mind set.

again, i have no advice to give you. all you need to do is keep trading. your system will prove profitable or you will change some components of it. whatever. none of my concern.

as for some of you constantly giving him advice, have you ever thought about asking him for some advice. most of you can really use it.
BAM BAM BOOM! -bravado
  • #1,834
  • May 16, 2007 3:19pm May 16, 2007 3:19pm
Quoting luthor02
Hi Stev, i have been seeing your posting for long time, and i think until now , you have lost your sense of trading, and till now i post, u have lost over 200 pips for the 4 new main trades. I have some advices for u, whether u accept it or not, it's up to u

First, I have been seeing u put a position at Japan market open or during Japan market open, i may suggest that u should place a new position after UK market opens or after UK news, coz at that time, u can predict which way it will move.

Second, I think u should close manually before big news like NFP , rate decision or others, after that u can enter the market again.

Why do suggest u two things above? coz, since early 2007 , your performance keeps running down, and after i study over and over, the big problems are the news that make prices volatile


I think u should not just enter market only with a Techincal Analysis, but u should use the Fundamental too

If u use the FUndamental too, u should have grown over 1000++ pips until know coz i have followed your method but i closed them manually before big news and re enter them after those news


Thanks
Hi,

Thanks for your concerns - I have little concerns however.....

I'm testing a system over a year (a long period for some traders) to prove firstly whether it stands up to live trading and secondly to see whether I can cut it as a trader.

As always, I could cite bad luck, poor judgement, market is against me etc etc but what goes round comes round. I'll have bad days, good days, bad weeks, good weeks, bad months, good months.

Simple fact is I am at my pc everyday as the US market closes and thats when my daily bars start and end. That's what I backtested so that's what I'm forward testing. I am not here for news events generally so I cannot consider trading that way. In addition the two years backtesting was subject to news events that I wouldn't have a clue what was released as I checked the daily bars.

I am here as London opens and you do get a sense of where the market may go for the day. However, these last few weeks my trades have generally been looking good halfway through the day and been scuppered during the US session.

One thing is for sure - the market is undecided at the moment so any snippet of news is affecting the pairs more in my opinion. I mean, carry trades are closing in on all time highs - will we see a massive unwinding or will we continue for some time to come? The dollar index is at all time lows - will it or won't it bounce? Is sterling overpriced as it get to $2 to the £ blah blah blah lol.

I could also say that IF I'd stayed with USDCAD after March and added GBPJPY earlier to catch the unwinding madness, I'd still be well in profit. Fact is I didn't - end of story lol.

Thanks for your advice - I'm sticking to my plan for now - best of luck in your trading

If you would like to start your own journal and detail every single trade made over the next year, I for one would be interested to learn more - thanks.

Kind Regards
Steve
  • #1,835
  • May 16, 2007 3:25pm May 16, 2007 3:25pm
Quoting bravado
steviet, just dropping by to give you support.

you are using stops, thinking of win/loss ratios, money management. also you have a traders mind set.

again, i have no advice to give you. all you need to do is keep trading. your system will prove profitable or you will change some components of it. whatever. none of my concern.

as for some of you constantly giving him advice, have you ever thought about asking him for some advice. most of you can really use it.
Thanks for the support bro

Had yet another crap day today - oh well, my time will come. I know if I change anything, one or more of these pairs will go on a nice thousand pip run & I'll miss it as in USDCAD.

The valuable lesson learned there was the grass in not necessarily greener on the other side - trade what you believe and just stay consistent.

Cheers
Steve
  • #1,836
  • May 16, 2007 3:31pm May 16, 2007 3:31pm
OK lol,

Apparently my system was great when I was in the pips back in January
http://forexfactory.com/showpost.php...&postcount=454

I'm in for the long haul Luthor - I may come through the year negative pips, I really don't know but one thing's for sure - I'll have had a year of live trading experience without losing a load of money, learning a lot about myself & picking up a few friends along the way who really know what they're talking about

Kind regards
Steve
  • #1,837
  • May 16, 2007 3:32pm May 16, 2007 3:32pm
Good Evening Steve

I have been following your thread for some months and I just wanted to drop in to say that your determination and humour are admirable.

Keep it up and all the best.
Nothing worth having is easy.
  • #1,838
  • May 16, 2007 3:45pm May 16, 2007 3:45pm
Quoting Patience
Good Evening Steve

I have been following your thread for some months and I just wanted to drop in to say that your determination and humour are admirable.

Keep it up and all the best.
Hehe, you gotta laugh and have a bit of fun or you'd cry some days

Congrats on your first post my friend - I've seen your name looking at my thread & always reminds me that's what I need more of - patience.

Kind Regards
Steve
  • #1,839
  • May 16, 2007 3:47pm May 16, 2007 3:47pm
Oh bugger - it's nearly time to tell you good folks how many pips I've lost today
  • #1,840
  • May 16, 2007 4:03pm May 16, 2007 4:03pm
OK, here goes - for those of a nervous disposition please look away now :

Main trades stopped out today....

USDJPY short from 120.21 stopped out at 120.70 for minus 49 pips. I thought 120.50 would be inpenetrable but what do I know haha.

AUDUSD long from 0.8332 stopped out for minus 40 pips.

NZDUSD long from 0.7375 stopped out for minus 38 pips.

Complimentary trade stopped out today....

USDJPY short from 120.06 stopped out for minus 64 pips. This trade was placed on May 9th but refused to move much lower - eventually broke to the upside - doh!

New main trades...

USDJPY long from 120.82 (s/l 120.05)
AUDUSD short from 0.8241 (s/l 0.8353)
NZDUSD short from 0.7327 (s/l 0.7404)

No new complimentary trade on USDJPY for now.

Happy trading all

Kind Regards
Steve
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