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Steviet's Live Trades!

  • #2,861
  • Oct 29, 2007 8:37pm Oct 29, 2007 8:37pm
Steviet...what can i say.Nice going buddy.
I too trade the gj and love the pair. I have just a quick question though. I have noticed you only short gj.Is there a reason for doing this?
Just between you and me,i have noticed that you make quicker money shorting an instrument than longing it.Is this the reason for shorts?
Or maybe you want to keep things simple by just going one way with your trades?
I read an ebook that was quite good a few years ago(Bird Watching in Lion Country-Dr Forex) and he endoreses trading one pair in one direction.I think by doing this you can really get some focus,especially if having a crack intraday.
Your feedback is appreciated.(i don't want the secrets behind your trades just the reason for shorts only)

Cheers,
Steve
Oz
  • #2,862
  • Oct 30, 2007 1:43am Oct 30, 2007 1:43am
Quoting skfx
Steviet...what can i say.Nice going buddy.
I too trade the gj and love the pair. I have just a quick question though. I have noticed you only short gj.Is there a reason for doing this?
Just between you and me,i have noticed that you make quicker money shorting an instrument than longing it.Is this the reason for shorts?
Or maybe you want to keep things simple by just going one way with your trades?
I read an ebook that was quite good a few years ago(Bird Watching in Lion Country-Dr Forex) and he endoreses trading one pair in one direction.I think by doing this you can really get some focus,especially if having a crack intraday.
Your feedback is appreciated.(i don't want the secrets behind your trades just the reason for shorts only)

Cheers,
Steve
Oz
Hey Oz

Yup, I've been drawn to this pair and almost exclusivley trade it as it suits my methods so well with it's volatility. I have heard of the book but never read it - that's very interesting what you say.

I have been taking shorts these last few weeks for the simple reason that I have a bearish bias overall on the pair but yes I guess you do get into a habit of spotting the places to get in etc.

Kind Regards
Steve
  • #2,863
  • Oct 30, 2007 1:47am Oct 30, 2007 1:47am
Good little start to the day with a couple of monthly milesones reached

GBPJPY short 235.93 closed 235.63 (+30)
GBPJPY short 235.85 closed 235.65 (+20)
GBPJPY short 235.76 closed 235.66 (+10)

October pips +4050
Increase in Ac Bal Oct +40.23%
Consecutive profitable trades 391

Kind Regards
Steve
  • #2,864
  • Oct 30, 2007 2:10am Oct 30, 2007 2:10am
Thanks for the reply Stevie.
Congrats on the milestone.
Thumbs up from me champ and keep those pips rolling.

Cheers,
Steve
  • #2,865
  • Oct 30, 2007 5:31am Oct 30, 2007 5:31am
Strange style of trading using a 1000 pip stoploss. What to do if you have a 500 pip loss and it keeps hanging there for several month?
  • #2,866
  • Oct 30, 2007 7:13am Oct 30, 2007 7:13am
Quoting wiper
Strange style of trading using a 1000 pip stoploss. What to do if you have a 500 pip loss and it keeps hanging there for several month?
Not a lot, that would equate to less than 5% - also if its GJ it wouldn't 'hang for several months' - it would either get stopped out or go back into profit.

Cheers
Steve
  • #2,867
  • Oct 30, 2007 12:13pm Oct 30, 2007 12:13pm
Have you quite your day job yet and let me know if I should start lookind for a beach house for ya.

Keep in mind if you do get hit on a 1000 pip stop loss it could be on a few open trades at one time and not just one.

keep up the good work
  • #2,868
  • Oct 30, 2007 12:36pm Oct 30, 2007 12:36pm
Quoting turbokaos
Have you quite your day job yet and let me know if I should start lookind for a beach house for ya.

Keep in mind if you do get hit on a 1000 pip stop loss it could be on a few open trades at one time and not just one.

keep up the good work
LOL Kris,

Yup you may see me sweating if this thing gets above 242 before any retrace. Not been a great day but I'll try and pick up some more pips tonight once I get some food inside me.

One other point to note - my lowest position is only just over halfway to that dreaded 1000 pip stop loss. You may think that's 10% but because my account balance has been rising since I took that trade out probably 100 or so trades ago, if it was hit today (unlikely) then that would only equate to a 7.7% loss. The longer it stays, the more pips I gain in the meantime the less damage it would do.

As you say though, I don't want a clutch of them hitting all at once if I can help it.

Kind Regards, speak later
Steve
  • #2,869
  • Oct 30, 2007 12:38pm Oct 30, 2007 12:38pm
hey stevie, have you gone long yet on this pair? i might of missed an entry in your journal somewhere!

i've tried to match your last set of trades this morning to the chart i posted. looks like on the 0400-0800 gmt reversal bar (second arrow up) you got yer shorts on and off!

my bias for this would of been long (see blue arrows). the 1st entry would of had around 170 stop but the second was a plum reversal for < 100 stop which is hard to do on such a volatile cross.

actually i use crosses now solely for additional support and resistance levels when trading the majors, but your recent success has got everybody's attention.

i hope you don't leave us all behind stevie if you start managing a fund. i always knew you were tipped for greater things tho.

btw, your rookie year is nearly up! looks like you are the lewis hamilton of the forex world!
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  • #2,870
  • Oct 30, 2007 12:39pm Oct 30, 2007 12:39pm
One lunchtime trade to update...

GBPJPY short 237.19 closed 237.09 (+10)

October pips +4060
Increase in Ac Bal Oct +40.35%
Consecutive profitable trades 392

Kind Regards
Steve
  • #2,871
  • Edited 1:33pm Oct 30, 2007 12:52pm | Edited 1:33pm
Quoting Isotonic
hey stevie, have you gone long yet on this pair? i might of missed an entry in your journal somewhere!

i've tried to match your last set of trades this morning to the chart i posted. looks like on the 0400-0800 gmt reversal bar (second arrow up) you got yer shorts on and off!

my bias for this would of been long (see blue arrows). the 1st entry would of had around 170 stop but the second was a plum reversal for < 100 stop which is hard to do on such a volatile cross.

actually i use crosses now solely for additional support and resistance levels when trading the majors, but your recent success has got everybody's attention.

i hope you don't leave us all behind stevie if you start managing a fund. i always knew you were tipped for greater things tho.

btw, your rookie year is nearly up! looks like you are the lewis hamilton of the forex world!
Hey there Iso,

You know, you put so many smilies on your messages you don't leave any space for mine

Yesterday & today missed the big jumps up and now it's in the 237's am wondering how safe it is to start placing longs from here. There's resistance in the high 237.90's and i really can't see it breaking the last daily high at this attempt.

What I need to be mindful of is that when this pair drops it drops like a stone - when it climbs, generally it's a little more steady. It's a difficult call.

You were right about this mornings trades - they were pre & post paper round haha.

I'm still not convinced I'm any good at this when I read you guys posting (just look at that beatiful chart for instance) and to be honest if I had an account balance a lot higher than I have, I'd be only taking trades at 0.5% of account balance.

The £ has been very strong today after rumours they'll leave interest rates alone - none of the other yen pairs have made much headway compared to the £. Let's see what the fed have up their sleeves for tomorrow & in the meantime I'll be grabbing whatever I can.

Lewis Hamilton? Gimme a break lol! I just wish I was 20 years younger but I'm not haha

Kind Regards Iso
Steve
  • #2,872
  • Oct 30, 2007 1:32pm Oct 30, 2007 1:32pm
GBPJPY short 237.49 closed 237.39 (+10)

Oct pips +4070
Increase in AC Bal Oct +40.47%
Consecutive profitable trades 393

  • #2,873
  • Oct 30, 2007 1:41pm Oct 30, 2007 1:41pm
Quoting turbokaos
Have you quite your day job yet and let me know if I should start lookind for a beach house for ya.

Keep in mind if you do get hit on a 1000 pip stop loss it could be on a few open trades at one time and not just one.

keep up the good work
you are killing steve ! Don't forget the little people when you are on your yacht. Or at least stop by the US and say hi


That was my question also, what is the maximum amount of trades you will open up. For example if you have one floating at -500, and another say -300. Will you continue to open up trades? Or do you have a rule when say 3 go beyond -400 you can't open more? I only ask b/c like turbo said it could be a few trades that could hurt you. I personally don't see a problem with what your doing b/c as you said if you take a hit on one, by time you get there it is under 10% no biggie. But if it turns out to be 4-5 etc. It seems your thinking is that your present trades help make up for any negative float(wondering if you had a max/risk/shutdown present trades plan).

keep killin it bro

Mike
  • #2,874
  • Oct 30, 2007 2:14pm Oct 30, 2007 2:14pm
Quoting mbqb11
you are killing steve ! Don't forget the little people when you are on your yacht. Or at least stop by the US and say hi


That was my question also, what is the maximum amount of trades you will open up. For example if you have one floating at -500, and another say -300. Will you continue to open up trades? Or do you have a rule when say 3 go beyond -400 you can't open more? I only ask b/c like turbo said it could be a few trades that could hurt you. I personally don't see a problem with what your doing b/c as you said if you take a hit on one, by time you get there it is under 10% no biggie. But if it turns out to be 4-5 etc. It seems your thinking is that your present trades help make up for any negative float(wondering if you had a max/risk/shutdown present trades plan).

keep killin it bro

Mike
You're asking some good questions here Mike....

OK, when I started (almost by accident really) this strategy I hadn't really thought it would lead to anything like this and I've been trying to make rules off the cuff as I go.

Late September back in '63 -noooooooo thats a song - answer the guy's questions Steve

OK, late September I had as many as 20 positions open at the same time & once it gets over 10 I'm not so comfortable. Obviously if I cut the risk in half then that wouldn't be so much of an issue.

By early October I'd cleared all open trades and it felt good knowing I'd made 20 odd % and the risk was gone.

Let's give you a few figures so far. Including the last 10 days of September we've banked over 6500 pips over nearly 400 trades.This month's average profitable trade has been around 19 pips.

On average I'm netting nearly 200 pips a day in October. Maybe that will prove exceptional, maybe not. So, in 5 (10 max) days the new trades and banked pips should cover 1 stop loss being hit.

Or look at it another way 50 profitable trades (or thereabouts) covers one stop loss being hit. At 6500 (over 4000 in Oct) I can afford to have some stop losses hit & still prove very profitable. Some will get hit I know that but I back myself to keep bagging pips to more than cover.

Now, when I'm at the pc you'll see a lot of +10's because I'm there to close them out immediately. Actually my best days are when I wake up or come back from work to see multiple positions either hit t/p of 100 or well in profit. Perverse I know but maybe I should stay away from the pc more! Seriously though, those 10 pippers are like gold dust especially when (like the last two days) the market has overall gone against my open trades. That's where I need to make as many as I can to help counteract what the market is doing to my positions.

We are still VERY early days on this and rules may need to be changed but at the moment I see no reason (apart from maybe reducing position size) for changing anything.

Sheesh I've gone on - anyone got any verbal diarrhrea tablets??

I'm often reading your posts Mike & respect your opinions so bring 'em on!

Kind Regards
Steve
  • #2,875
  • Oct 30, 2007 2:54pm Oct 30, 2007 2:54pm
great stuff bro, full steam ahead, keep us updated


  • #2,876
  • Oct 30, 2007 2:59pm Oct 30, 2007 2:59pm
GBPJPY short from 237.31 closed 237.21 (+10)

Oct pips +4080
AC Bal Increase Oct +40.59%
Consecutive profitable trades 394

  • #2,877
  • Oct 30, 2007 4:38pm Oct 30, 2007 4:38pm
GBPJPY short 237.10 closed 237.00 (+10)

October pips +4090
Ac bal increase Oct +40.70%
Consecutive profitable trades 395

Well as NY closes, the price has gone against my open positions today. I've still managed to grab 100 pips today from somewhere, basically taking advantage of what price is doing NOW and not moping about my open trades.

Tomorrow, the market may reverse and I may pick up hundreds of pips - maybe it won't. The market does what the market does and my job is to take what I can when I can out of it.

If it does reverse tomorrow, will I consider myself lucky? A little, but there are days when you are lucky and days you are unlucky. What I must do is treat each situation the same and just take advantage of the opportunities presented.

Am I waffling again?

Kind Regards
Steve
  • #2,878
  • Oct 30, 2007 4:44pm Oct 30, 2007 4:44pm
Quoting bpatto
Do you have a 'BUY' button?

Just stopped in to see your account balance, well done. You should be able to crack 4000 pips this month. Perhaps I just set your monthly target for you.

Looks like I was right on the money, good month Steve, well done.
{Some Profound Statement goes here}
  • #2,879
  • Oct 30, 2007 4:49pm Oct 30, 2007 4:49pm
Quoting bpatto
Looks like I was right on the money, good month Steve, well done.
LOL

I'd completely forgotten about this post - so, what's the target for November boss?

Bear in mind I may let a couple of 1000 pip stop losses hit in November just to make things interesting :

Kind Regards
Steve
  • #2,880
  • Oct 30, 2007 5:04pm Oct 30, 2007 5:04pm
Quoting steviet
LOL

I'd completely forgotten about this post - so, what's the target for November boss?

Bear in mind I may let a couple of 1000 pip stop losses hit in November just to make things interesting :

Kind Regards
Steve
I would be more than happy to set a monthly target for you. Obviously I would need to do some Quantative Risk Management first.

How many shorts do you still have outstanding and at what levels would they be stopped out? ie. 1 @ 242.36, 2 @ 240.58, etc.

As you said, compounding does take a little of the pain out of them. That said you would have to remember that if you have a few of them hit at once and reduce your account balance by say 40%, then if you following Money Management of 1 % then your trades from that day forward would be at .06% risk of the original balance.

Food for thought.
{Some Profound Statement goes here}
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