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Steviet's Live Trades!

  • #1
  • First Post: Edited Oct 2, 2010 3:10pm Nov 22, 2006 11:38am | Edited Oct 2, 2010 3:10pm
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
  • #2
  • Nov 22, 2006 11:47am Nov 22, 2006 11:47am
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
Hi Steve,

can you give us some insights about your system?
  • #3
  • Edited 12:30pm Nov 22, 2006 11:52am | Edited 12:30pm
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 .
  • #4
  • Nov 22, 2006 11:59am Nov 22, 2006 11:59am
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
  • #5
  • Nov 22, 2006 12:01pm Nov 22, 2006 12:01pm
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
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.
Steve
  • #6
  • Nov 24, 2006 6:32am Nov 24, 2006 6:32am
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
  • #7
  • Nov 24, 2006 7:02am Nov 24, 2006 7:02am
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
  • #8
  • Nov 24, 2006 11:20am Nov 24, 2006 11:20am
Quoting dailydow
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
  • #9
  • Nov 24, 2006 12:05pm Nov 24, 2006 12:05pm
Quoting steviet
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?
  • #10
  • Nov 24, 2006 12:16pm Nov 24, 2006 12:16pm
Quoting ANALEX
...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...
  • #11
  • Nov 24, 2006 12:44pm Nov 24, 2006 12:44pm
Quoting ANALEX
...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
  • #12
  • Nov 25, 2006 1:22pm Nov 25, 2006 1:22pm
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.
  • #13
  • Nov 26, 2006 12:27pm Nov 26, 2006 12:27pm
Quoting Isotonic
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
  • #14
  • Nov 27, 2006 1:44am Nov 27, 2006 1:44am
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.
  • #15
  • Nov 27, 2006 1:50am Nov 27, 2006 1:50am
Quoting Isotonic
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
  • #16
  • Nov 27, 2006 2:16am Nov 27, 2006 2:16am
So true! I trade only one USD pair these days. And sometimes USDCAD which has a life of its own anyway.

Quoting Isotonic
most people underestimate correlation risk...don't be one of them.
-soso
  • #17
  • Nov 28, 2006 12:01pm Nov 28, 2006 12:01pm
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
  • #18
  • Nov 28, 2006 1:14pm Nov 28, 2006 1:14pm
very interesting steviet you have to be disciplined and stick to the plan i guess... it seems to be working for you wd
  • #19
  • Nov 28, 2006 1:51pm Nov 28, 2006 1:51pm
Quoting swallow
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
  • #20
  • Nov 28, 2006 2:03pm Nov 28, 2006 2:03pm
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
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