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Steviet's Live Trades!

  • #2,101
  • Jun 29, 2007 3:10pm Jun 29, 2007 3:10pm
i think you should close all your trades, take a break for a week or two (or even a month). come back later and review all your work to date - trades, journal, management.

if not all of the above, just exit all trades and try to clear your head for the weekend. the market will still be there next week.

if you need help reviewing your trades then shoot me a PM.
  • #2,102
  • Jun 29, 2007 3:14pm Jun 29, 2007 3:14pm
Quoting Isotonic
i think you should close all your trades, take a break for a week or two (or even a month). come back later and review all your work to date - trades, journal, management.

if not all of the above, just exit all trades and try to clear your head for the weekend. the market will still be there next week.

if you need help reviewing your trades then shoot me a PM.
Thanks bro

I have done a review on what would've happened in June on my 'old' system and I really didn't like what I saw - not only would it have been my first 1000+ pip month, it would have actually exceeded 2000 by some way lol
  • #2,103
  • Jun 29, 2007 4:40pm Jun 29, 2007 4:40pm
Chin Up Stevie......thata boy.
No giving up you big sissy.......and thats an order.
No seriously though,you will pull through this with ease......You've shown you have the gift buddy........PERSISTANCE.Most newbies never make it because they get dejected and lose the staying power.
We all go through the fustration,let me tell you.
I agree with Iso.Step back and get some perspective,some fresh air if you will.You obviously know you can bag the pips,and lots of them,but maybe you are letting a few slip through your fingers.
Have a good weekend.

Cheers
SK
  • #2,104
  • Jun 30, 2007 6:48am Jun 30, 2007 6:48am
Quoting skfx
Chin Up Stevie......thata boy.
No giving up you big sissy.......and thats an order.
No seriously though,you will pull through this with ease......You've shown you have the gift buddy........PERSISTANCE.Most newbies never make it because they get dejected and lose the staying power.
We all go through the fustration,let me tell you.
I agree with Iso.Step back and get some perspective,some fresh air if you will.You obviously know you can bag the pips,and lots of them,but maybe you are letting a few slip through your fingers.
Have a good weekend.

Cheers
SK
Thanks SK ,

OK, I didn't close the two remaining positions on Friday in the end and they are currently up 147 pips. The EURUSD has finally broken through 1.3500 after days in a tight range so I'll see how it plays out next week.

The GBPCHF short still has potential on the weeklys and Friday's dive so again, I'm holding on at least for the short term.

Although I see some good set ups for the new week I'm going to take both yours and Iso's advice and take a break from taking any new trades this week I think. I believe it's a US holiday and that, together with NFP and other important data coming out may be a good week to just take stock and think where I go from here.

The old method if I had stuck with it would be well in profit despite the drawdowns and overall the new method has been very successful in the first month of trading.

The old method gets killed in choppy periods and has a low win % - the new one rides through them but can encounter the odd big loss despite having a good win %.

The way I trade I can handle the big drawdowns as long as they remain the exception rather than the rule. I know a lot of traders would not even consider drawdowns (pip wise) that large but remember that 100 pips equates to only 1% or in some cases even less of my trading balance.

The USDCAD trade I took out two positions (a Stevie mad moment????) where I should've just taken out one. This is the main reason I took such a hit on Friday, not the system itself. With only one position I would have still been sitting very pretty pip wise & capital wise in June.

I'll be doing some studying these next few days as Iso suggests but I'm still of the opinion that both systems have merit. The original system I would need to make some adjustments after being stopped out and not jump straight back in until I saw my next good set up on that pair. Maybe I should open a second account with Oanda and trade both systems simultaneously?

Decisions, decisions, decisions lol

Kind Regards
Steve
  • #2,105
  • Jun 30, 2007 9:01am Jun 30, 2007 9:01am
dude, the offer of help is always there if you should ever need it.
  • #2,106
  • Jun 30, 2007 9:40am Jun 30, 2007 9:40am
Just sent you a pm - thanks for the offer bro

steve
  • #2,107
  • Jul 1, 2007 1:50pm Jul 1, 2007 1:50pm
Hi Steviet.

Long time no see, my friend

How r u & your forex trading so far?

For your info, I'm just back from the Cambodia under a UNESCO program that help the poor children there to have a chance to study...

Today is a brand new day for a brand new month, hope U will be able to have a good starting day for this July...

( PS: I will be hangout more here from now on, cya )
  • #2,108
  • Jul 2, 2007 6:19am Jul 2, 2007 6:19am
Quoting wilhb81
Hi Steviet.

Long time no see, my friend

How r u & your forex trading so far?

For your info, I'm just back from the Cambodia under a UNESCO program that help the poor children there to have a chance to study...

Today is a brand new day for a brand new month, hope U will be able to have a good starting day for this July...

( PS: I will be hangout more here from now on, cya )
Hey, good to see you my friend!

That is fantastic - maybe you would like to see the charity page that my sister runs... http://www.kmf-web.org.uk

OK, trade update....

Looks like it was a good idea to hang onto my two positions Friday...

EURUSD long from 1.3410 currently plus 169 pips
GBPCHF short from 2.4554 currently plus 131 pips :

Kind Regards
Steve
  • #2,109
  • Jul 2, 2007 7:23am Jul 2, 2007 7:23am
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
Hey Steve,

I think your new trading method will prove far more successful than your original. You have more flexibility now with more pairs. How many pairs do you currently consider to trade? Ok. You were just very unfortunate with those usd/cad trades. Lots of people were calling the bottom on that one. (You were right.. you had 2 trades running..) what was all that about unless you are spreading the risk evenly between them. Also, your stop losses were very generous indeed. All in all I think (excluding that extra usd/cad trade), all looks rosey!

Hey, I am sure a great buying opportunity lies ahead with usd/cad. You will make it back and more!

All the Best!
mark
  • #2,110
  • Jul 2, 2007 7:48am Jul 2, 2007 7:48am
Quoting steviet
Looks like it was a good idea to hang onto my two positions Friday...

EURUSD long from 1.3410 currently plus 169 pips
GBPCHF short from 2.4554 currently plus 131 pips :

Kind Regards
Steve
Did I promise you too much about those pins?

Well done keeping the patience!!!!!

Have a good week and some great pips Steve
Trust price. Know yourself.
  • #2,111
  • Jul 2, 2007 11:42am Jul 2, 2007 11:42am
Quoting markt
Hey Steve,

I think your new trading method will prove far more successful than your original. You have more flexibility now with more pairs. How many pairs do you currently consider to trade? Ok. You were just very unfortunate with those usd/cad trades. Lots of people were calling the bottom on that one. (You were right.. you had 2 trades running..) what was all that about unless you are spreading the risk evenly between them. Also, your stop losses were very generous indeed. All in all I think (excluding that extra usd/cad trade), all looks rosey!

Hey, I am sure a great buying opportunity lies ahead with usd/cad. You will make it back and more!

All the Best!
mark
I tend to agree Mark,

I have a choice of 17 pairs and just looking at the best potential set ups (in theory anyway lol).

Apart from the disastrous Canada trade the rest of June was a good month - the stop losses were off the weekly lows but looking at how it's dived again today despite Fridays promising daily bar, I'd probably still be in the trades. Better off out of them & move on.

After a quick chat with Turbo Friday we came to the conclusion to keep my two remaining trades running. They are currently...

EURUSD long from 1.3410 (s/l now 1.3610 guarantees 200 pips) currently +224
GBPCHF short from 2.4554 (s/l now 2.4454 guarantees 100 pips) currently +144

Shame I wasn't here earlier when GBPCHF hit a low of 2.4323 (+230ish) but we may revisit that before hitting my s/l.

A huge thanks also to Isotonic who has been a great help to me over the weekend . I'm reading as fast as I can bro

Kind Regards
Steve
  • #2,112
  • Jul 2, 2007 11:57am Jul 2, 2007 11:57am
Quoting SeekingLight
Did I promise you too much about those pins?

Well done keeping the patience!!!!!

Have a good week and some great pips Steve
Hehehe,

As you know, the GBPCHF was taken off the weekly pin bar not yesterday but last Sunday. Patience indeed on this on

Now its a case of trying to keep in the trade as long as possible without getting stopped out. If I do get stopped out then I'll look for a retracement and new pin bar on the dailys. It may drop to the low 2.40's or even further. Only strong sterling has stopped the dive but as I write this I see it's now just below 2.44 again

Thanks bro

Kind Regards
Steve
  • #2,113
  • Jul 2, 2007 12:16pm Jul 2, 2007 12:16pm
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
I honestly think there is more pips in gbp/chf! let it run! Come on 2.39 and below!

Quoting steviet
I tend to agree Mark,

I have a choice of 17 pairs and just looking at the best potential set ups (in theory anyway lol).

Apart from the disastrous Canada trade the rest of June was a good month - the stop losses were off the weekly lows but looking at how it's dived again today despite Fridays promising daily bar, I'd probably still be in the trades. Better off out of them & move on.

After a quick chat with Turbo Friday we came to the conclusion to keep my two remaining trades running. They are currently...

EURUSD long from 1.3410 (s/l now 1.3610 guarantees 200 pips) currently +224
GBPCHF short from 2.4554 (s/l now 2.4454 guarantees 100 pips) currently +144

Shame I wasn't here earlier when GBPCHF hit a low of 2.4323 (+230ish) but we may revisit that before hitting my s/l.

A huge thanks also to Isotonic who has been a great help to me over the weekend . I'm reading as fast as I can bro

Kind Regards
Steve
  • #2,114
  • Jul 2, 2007 2:55pm Jul 2, 2007 2:55pm
stevie, this is what i want to teach you once you're done with the books. spend a month reading them and i'll give you some extra stuff to do later on. but first i want you to get a good grounding on system building, MM and psychology.

i will send you charts next month, take whatever you can from my archives and roll your own. for now, this is what i'm doing on 4h euro - i'm training somebody else on cable.

i'll try and contact you at least once a week by PM, IM or email.
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  • #2,115
  • Jul 2, 2007 2:57pm Jul 2, 2007 2:57pm
don't worry i'll send you plenty of trendline material later...i'll give you bitesize chunks so you don't get overloaded.
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  • #2,116
  • Jul 2, 2007 3:42pm Jul 2, 2007 3:42pm
Unbelievable!

So many wonderful things have happened to me with regard to trading since I decided to start making a note of my daily trades just 8 months ago.

There have been so many unexpected little bonuses along the way that could not have been predicted.

Little did I know how many people would be remotely interested in what I was trying to do and as a super bonus I've been able to gain free advice from traders such as turbokaos & isotonic - simply amazing

Thanks you two and all the other traders I speak to and chat here with regularly (you know who you are) - it really is appreciated more than you'll ever know. Next step is to become more consistent and make you guys proud!

I'm sure there'll be loads of trials and tribulations along the way but I'm determined to nail this and feel I'm getting closer to my own personal goal of being able to trade 'full-time' at some point in the future (with a little help from my friends of course )

So newbies, start your own journal here, stick with it, don't be afraid of posting good, bad & downright ugly trades and you never know, in 6 months you could be where I am now - still learning but a long way farther down the road than I would've been otherwise

Kind Regards
Steve
  • #2,117
  • Jul 3, 2007 12:47am Jul 3, 2007 12:47am
OK, both my trades have been stopped out overnight. They'd been moved pretty tight to protect profits - the EU trade may have a little more to run but I'm out.

EURUSD long from 1.3410 (15th June) for +200 pips
GBPCHF short from 2.4554 (24th June) for +100 pips

July pips: +300

Kind Regards
Steve
  • #2,118
  • Jul 5, 2007 11:26am Jul 5, 2007 11:26am
OK, I promised Iso I wasn't gonna place another trade this week but as I had an early lunch and the BOE gave their interest rate announcement I just couldn't help myself after seeing GU not able to get through 2.02. My assessment was that most of the rate hike was priced in already.

So, current trades are....

GBPUSD short from 2.0194 (currently plus 79)
GBPUSD short from 2.0179 (currently plus 63)
GBPCHF short from 2.4469 (currently minus 19)
GBPCHF short from 2.4500 (currently plus 12)

Chances are I'll close all trades in the next hour or two and then get back to my Iso homework

Kind Regards
Steve
  • #2,119
  • Jul 6, 2007 1:18am Jul 6, 2007 1:18am
Well, I closed 3 of the 4 trades in profit.....

GBPUSD short from 2.0194 closed at 2.0119 for +75 pips
GBPUSD short from 2.0179 closed at 2.0119 for +60 pips
GBPCHF short from 2.4500 closed at 2.4481 for +19 pips

One open trade still...

GBPCHF short from 2.4469 (s/l now 2.4519 - worst case scenario loss of 50 pips)

July pips +454

Kind Regards
Steve
  • #2,120
  • Jul 6, 2007 6:22am Jul 6, 2007 6:22am
K, the stop loss was hit this morning on the last GBPCHF trade for a loss of 50 pips. No worries, net gain on yesterdays 4 trades works out at plus 104 pips so not a bad day overall.

Staying out of the market now until next week - will look for any good set ups over the weekend on the weekly charts.

July pips +404

Kind Regards
Steve
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