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Steviet's Live Trades!

  • #2,721
  • Oct 22, 2007 4:44pm Oct 22, 2007 4:44pm
Hi Steviet

Wow, you've been on an amazing run. Congratulations and keep up the great work.

One question out of curiosity:

I notice that you tend to grab 10 pips most of the times. What's the average amount of "heat" you take on those trades? You must be taking some heat to have such a great streak...the moment you open a position, you are down by the spread...which is 6 pips right?
  • #2,722
  • Oct 22, 2007 4:46pm Oct 22, 2007 4:46pm
Quoting ItalianSharp
Hi Steviet

Wow, you've been on an amazing run. Congratulations and keep up the great work.

One question out of curiosity:

I notice that you tend to grab 10 pips most of the times. What's the average amount of "heat" you take on those trades? You must be taking some heat to have such a great streak...the moment you open a position, you are down by the spread...which is 6 pips right?
Cheers,

Spread is 8 pips - depends on how good my entry is - often I can close a position in less than 10 minutes.

Steve
  • #2,723
  • Oct 22, 2007 5:55pm Oct 22, 2007 5:55pm
Quoting steviet
Cheers,

Spread is 8 pips - depends on how good my entry is - often I can close a position in less than 10 minutes.

Steve
Ok, if the spread is 8 pips then the moment you start a trade, you are down 8...what is the average amount of heat you take on each of those trades?

With "heat" i mean pressure. How much do you go down before you grab those 10 ticks? On average of course. Basically, how much are you willing to risk to make those 10pips?
  • #2,724
  • Oct 22, 2007 5:57pm Oct 22, 2007 5:57pm
GBPJPY short 232.92 closed 232.72 (+20)

Oct pips +2820
Ac bal increase Oct +26.26%
Consecutive profitable trades 323
  • #2,725
  • Oct 22, 2007 6:13pm Oct 22, 2007 6:13pm
Quoting ItalianSharp
Ok, if the spread is 8 pips then the moment you start a trade, you are down 8...what is the average amount of heat you take on each of those trades?

With "heat" i mean pressure. How much do you go down before you grab those 10 ticks? On average of course. Basically, how much are you willing to risk to make those 10pips?
Yup, that's right - as soon as a position is opened I'm minus 8 pips and need 18 to grab my minimum 10 pip profit.

To be honest with you I couldn't tell you the average amount on each trade but basically, a trade at minus 100 would equate to 1% of account balance.

I place a 'disaster stop' at 1000 pips - so far none have been hit, however I would back myself to make at least that before a position stopped out.

Although most recent trades have netted 10 pips, the average is just around 20 pips per trade. So, if we take that and multiply by consecutive winners since mid September we're looking at over 6000 pips (or 6 1000 stop losses being hit). I would still end up more than breaking even in this scenario as the older trades would have been taken at 1% of the then account balance, whereas the newer trades are making more profit as they are taken at 1% of the higher balance.

Kind Regards
Steve
  • #2,726
  • Oct 22, 2007 6:16pm Oct 22, 2007 6:16pm
GBPJPY short 232.66 closed 232.56 (+10)

Oct pips +2830
Increase in ac bal Oct +26.37%
Consecutive 324
Closed trades in Oct 144
Average pip win per trade Oct 19.65
  • #2,727
  • Oct 22, 2007 6:27pm Oct 22, 2007 6:27pm
Steviet

I was asking you those questions for 2 simple reasons:

1) it's always important to know your strategy inside out.

2) if the average amount of heat you take on each trade is high, that's a lot of pressure on you to keep that winning% very high.

I believe winning % is something very important yet it really depends on how you achieve a high percentage.

For instance, one of my setups used to produce over 80% of winners. However, after careful in-depth analysis, I found out that I had to pay a price for such a high winning %. Obviously, I paid that price with that 20% of losers.

Basically, my stops were a bit too wide and I figured that It'd make me more money to lower the winning % to 70-65 and have smaller stops.

The above is not meant to be a critique to what you are doing. Heck, I don't even know what you are doing anyways.

Just some food for thought simply because we all tend to be very impressed by a high winning %, whereas the thing that matters the most - especially when we do some serious size - is the amount of risk we take on to achieve our results.

There also is a psychological inclination to have a high winning% because we all like to win and we'd even pay a high price to win at any cost.

In reality, it's the best losers that ultimately come out ahead in this racket.
  • #2,728
  • Oct 22, 2007 6:36pm Oct 22, 2007 6:36pm
Quoting ItalianSharp
Steviet

I was asking you those questions for 2 simple reasons:

1) it's always important to know your strategy inside out.

2) if the average amount of heat you take on each trade is high, that's a lot of pressure on you to keep that winning% very high.

I believe winning % is something very important yet it really depends on how you achieve a high percentage.

For instance, one of my setups used to produce over 80% of winners. However, after careful in-depth analysis, I found out that I had to pay a price for such a high winning %. Obviously, I paid that price with that 20% of losers.

Basically, my stops were a bit too wide and I figured that It'd make me more money to lower the winning % to 70-65 and have smaller stops.

The above is not meant to be a critique to what you are doing. Heck, I don't even know what you are doing anyways.

Just some food for thought simply because we all tend to be very impressed by a high winning %, whereas the thing that matters the most - especially when we do some serious size - is the amount of risk we take on to achieve our results.

There also is a psychological inclination to have a high winning% because we all like to win and we'd even pay a high price to win at any cost.

In reality, it's the best losers that ultimately come out ahead in this racket.
Thanks IS again for your thoughts on this.

As for winning %, yes this strategy it has to be high, very high but with the speed GJ moves and the entry criteria I set for myself, most move into profit very quickly. Of course they can also move the other way pretty quick too however so far it's working OK for me.

You'll remember well that my initial daily method was completely the opposite a low win % with smallish losses and bigger winners (or that was the idea anyway lol).

Kind Regards
Steve
  • #2,729
  • Oct 22, 2007 6:40pm Oct 22, 2007 6:40pm
GBPJPY short 232.79 closed 232.69 (+10)

Oct pips +2840
Increase in ac bal Oct 26.48%
Consecutive 325

OK, that's over 500 pips since Sunday open which is good in my book so going to get some rest now. GJ seems to be ranging in a tight 50 pip range from 232.50 to 233 these last few hours so let's see if it breaks either way on Asian session.

Kind Regards
Steve
  • #2,730
  • Oct 22, 2007 8:55pm Oct 22, 2007 8:55pm
Steve,

Congratulation, you are one of the most successful scalper I seen here. .

I trade 5 second chart so I beat you by 295 second ! :

Instead of posting your every trade here realtime? why not set a screencapture that is uploaded to webhost each time, you will save tons of time,

God Bless
  • #2,731
  • Oct 22, 2007 9:34pm Oct 22, 2007 9:34pm
Hey Steve,

several times you have mentioned that you have to act very quickly to close your trades as soon as they give you 10 pips profit. But you also let some ride more than that...I guess more than 20 pips (in order to achieve your 20 pip average per trade). What is your method here?
I guess you don't close as soon as you reach 10 in profit (otherwise you would have never gone past 10). So how do you secure your 10 pips and still run further than that? Do you open mltiple positions?

As you can see you have a lot of us analyzing every letter that you write....trying to discover your method. Something like a Forex CSI!!!
  • #2,732
  • Oct 23, 2007 12:03am Oct 23, 2007 12:03am
GBPJPY short 233.22 closed 232.82 (+40)

Oct pips +2880
Increase in ac bal Oct 26.92%
Consecutive profitable trades 326

  • #2,733
  • Oct 23, 2007 12:44am Oct 23, 2007 12:44am
Quoting Syafi
Steve,

Congratulation, you are one of the most successful scalper I seen here. .

I trade 5 second chart so I beat you by 295 second ! :

Instead of posting your every trade here realtime? why not set a screencapture that is uploaded to webhost each time, you will save tons of time,

God Bless
5 second chart?! Does that mean you base your entries on the weekly charts?!

Anyway, thanks - trust me it's easier for me just to type in here than trying to do any of that technical stuff haha

Kind Regards
Steve
  • #2,734
  • Oct 23, 2007 12:51am Oct 23, 2007 12:51am
Quoting alcastro
Hey Steve,

several times you have mentioned that you have to act very quickly to close your trades as soon as they give you 10 pips profit. But you also let some ride more than that...I guess more than 20 pips (in order to achieve your 20 pip average per trade). What is your method here?
I guess you don't close as soon as you reach 10 in profit (otherwise you would have never gone past 10). So how do you secure your 10 pips and still run further than that? Do you open mltiple positions?

As you can see you have a lot of us analyzing every letter that you write....trying to discover your method. Something like a Forex CSI!!!
Hey mate

OK, I open a position and now immediately set a t/p of 100 pips. As soon as it hits a 10 pip profit then I place a stop loss at +10. Most times it stops me out here but if it gets into the 20's then s/l moved to +20 and so forth.

If I'm away from the pc or asleep with open positions that's often where I'll grab a few more. For example, that last 40 pips - I woke up at 4.30am (why I don't know lol) and thought hmmm, that looks a good short opportunity. Drifted back off to sleep for an hour to find it plus 40 something so locked those in.

And yes, I've often got a few positions open at once.

Kind Regards
Steve
  • #2,735
  • Oct 23, 2007 1:26am Oct 23, 2007 1:26am
GBPJPY short 233.90 closed 233.80 (+10)

Oct pips +2890
Increase in ac bal +27.02%
Consecutive profitable trades 327
  • #2,736
  • Oct 23, 2007 1:49am Oct 23, 2007 1:49am
GBPJPY short 233.64 closed 233.44 (+20)
GBPJPY short 233.39 closed 233.29 (+10)
GBPJPY short 233.19 closed 233.09 (+10)

Oct pips +2930
Increase in ac bal Oct +27.46%
Consecutive profitable trades 330

  • #2,737
  • Oct 23, 2007 1:52am Oct 23, 2007 1:52am
Quoting steviet
GBPJPY short 233.64 closed 233.44 (+20)
GBPJPY short 233.39 closed 233.29 (+10)
GBPJPY short 233.19 closed 233.09 (+10)

Oct pips +2930
Increase in ac bal Oct +27.46%
Consecutive profitable trades 330

Brilliant you are the man
  • #2,738
  • Oct 23, 2007 4:36am Oct 23, 2007 4:36am
please look at your PMs
regards
  • #2,739
  • Oct 23, 2007 6:05am Oct 23, 2007 6:05am
Quoting steviet
Hey mate

OK, I open a position and now immediately set a t/p of 100 pips. As soon as it hits a 10 pip profit then I place a stop loss at +10. Most times it stops me out here but if it gets into the 20's then s/l moved to +20 and so forth.

If I'm away from the pc or asleep with open positions that's often where I'll grab a few more. For example, that last 40 pips - I woke up at 4.30am (why I don't know lol) and thought hmmm, that looks a good short opportunity. Drifted back off to sleep for an hour to find it plus 40 something so locked those in.

And yes, I've often got a few positions open at once.

Kind Regards
Steve

Steve,

I am still confused. Here is why: lets say you open a long position at 233.10 and as usual (in your case) it moves in to your favor up to 233.20 Based on your post you will then move your s/l to +10. Well, that s/l will be at 233.20. So that means you will be closing your trade! Am I correct? The other alternative that will be that wait until it moves at least an extra 9 pips (spread + 1 pip) up to 233.29 and then move your s/l.
Would that be the case?

As you can note, the research continues!!!
  • #2,740
  • Oct 23, 2007 8:27am Oct 23, 2007 8:27am
I'm pretty sure Steve meant, +10 from entry point, which would be a BE after first shift, and then he moves it with price every 10 pips until it is hit. It looks like his daily strategy but on the 5 min TF.
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