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  • #2,921
  • Dec 1, 2007 7:07am Dec 1, 2007 7:07am
Quoting natejax
Steve: great thread and congrats on the success. I too tried the intraday and with full-time job + family, it cuts into quality of life a bit.. i had actually planned on using a system based on parabolic SAR (very similar to yours but stops are placed where the dots are and entries dictated exclusively by the dots).. i actually decided that i like your system better. the only discretion i am putting in is that i will probably monitor lots of pairs and take positions when i think something looks like a trend, reversal, or predictable range.. i like the candlestick analysis element also..

i made my first trades today, based on your system:

SHORT EU
LONG UJ


i will probably keep trades small in # and ramp up. i have a modest amount of capital to work with exclusively for forex.. if i am successful, i will pull in more money...

thanks for taking the time to post your experiences.. it is truly inspiring.
Thanks Natejax

I see you've started your own journal - time for you to take up the mantle I think

Kind Regards
Steve
  • #2,922
  • Dec 1, 2007 7:11am Dec 1, 2007 7:11am
Quoting szbu
Hello Steve (or others),
To understand the 0.2% of account balance I ran the following numbers:

assume I want to implement Steviet system with a little much fund as possible.

Oanda told that we can use a little as $1 to buy 50 units for the margin of 1:50, 1:50 is the maximum margin available. for the simplicity I use eur/usd. 50 units is $50. %0.2 of $500 is $1. So I needed a $500 account for the system.

1 pip worthies $10 in 1 lot, 1 lot = $100,000;

1 pip worthies $0.005 in 50/100000 = 0.0005 lots.

S/L 1000 pips would cost $5, in the other word is 1% of $500 account.

S/L 1000 pips would lock your loss to 1% of a $500 account on one trade.

for 10 trades open one time, the risk would be 10% of S/L 1000pips.

But for me, if i could only open a $200 account with Oanda, the 1000 pips would be 2.5% of the account. 10 trades would be 25%. I might just trade 4 pairs one time to have the maximum drawdown of 10% of the account..


Am I correct on the numbers?

Thanks!

SZBU
Hi SZBU,

OK, how I'm managing the risk is to use 0.2% of account balance on leverage of 1:100. This means that each position risks 2% if a stop loss is hit.

I have a maximum of 10 trades on at any one time so the maximum exposure is 20%.

I'm only trading GBPJPY - would like to try out Oanda but at the moment they don't allow hedging so I've been told.

Kind Regards
Steve
  • #2,923
  • Dec 1, 2007 7:15am Dec 1, 2007 7:15am
Quoting llambert3
Wow Steviet, just unbelievable. Been a long time since I wrote. I got the daily emails and read them all everyday then they stopped because you stopped.

Well I know you've changed your trading up since last we spoke many many months ago. Have you ever thought of doing more than one system? Meaning trade the way you started the thread as well as the new way or is it because of your limits you can't trade other systems?

Anyway, I hate looking at daily charts and seeing the long trends that you often got looking at the charts once a day. Last I remember you stopped trading the usd/cad and boom it takes off. Unbelievable.

Well just wanted to stop in and say you are doing a great job. I hope you can make your dreams come true. I am working on mine too.
Hey - great to see you revisit the thread

Thanks for your kind words - I've basically put together what I've learned over the last year and these last few months things have gone very well.

The last couple of weeks I've been off work so my daily put total has nearly doubled. Hopefully by this time next year I'll be in the position where I can trade as and when I want but I won't be leaving work until all debts are paid and I have plenty of money in the bank to cover the lean times.

Good luck with your trading!

Kind Regards
Steve
  • #2,924
  • Dec 1, 2007 7:21am Dec 1, 2007 7:21am
Hi,

I've received a pm from you but it won't allow me to reply. I think you have to change your settings in your profile to accept pms.

Kind regards
Steve
  • #2,925
  • Dec 1, 2007 8:32am Dec 1, 2007 8:32am
Quoting steviet
Hi SZBU,

OK, how I'm managing the risk is to use 0.2% of account balance on leverage of 1:100. This means that each position risks 2% if a stop loss is hit.

I have a maximum of 10 trades on at any one time so the maximum exposure is 20%.

I'm only trading GBPJPY - would like to try out Oanda but at the moment they don't allow hedging so I've been told.

Kind Regards
Steve
Hi Steve,

Great that you are doing so well with your trading. A quick question, I think I missed something.

In the above quote you say Oanda does not offer hedging. Why would you need hedging? Based on your 1000 sl model, I would think a hedge is counter productive.

BTW, you can hedge at Oanda by using an account and a sub account. Lots of people do this all the time.
  • #2,926
  • Dec 1, 2007 8:34am Dec 1, 2007 8:34am
Quoting smjones
Hi Steve,

Great that you are doing so well with your trading. A quick question, I think I missed something.

In the above quote you say Oanda does not offer hedging. Why would you need hedging? Based on your 1000 sl model, I would think a hedge is counter productive.

BTW, you can hedge at Oanda by using an account and a sub account. Lots of people do this all the time.
I think I just figured out what you are talking about. You are not looking for hedging, you are looking to keep open longs and shorts on the same currency at the same time.
  • #2,927
  • Dec 1, 2007 9:26am Dec 1, 2007 9:26am
Quoting smjones
I think I just figured out what you are talking about. You are not looking for hedging, you are looking to keep open longs and shorts on the same currency at the same time.
LOL Scott - you got it - sorry for the confusion

Kind Regards
Steve
  • #2,928
  • Edited 6:15pm Dec 2, 2007 1:32am | Edited 6:15pm
Quoting steviet
Hi SZBU,

OK, how I'm managing the risk is to use 0.2% of account balance on leverage of 1:100. This means that each position risks 2% if a stop loss is hit.

I have a maximum of 10 trades on at any one time so the maximum exposure is 20%.

I'm only trading GBPJPY - would like to try out Oanda but at the moment they don't allow hedging so I've been told.

Kind Regards
Steve
Thank you Steve,
Ok, What you want is: 1000 pips drawdown will be equivalent to 2% loss of the account;

for 1:100 leverage you need 2%/(1000/100) = 0.2% of account to make one trade.

for 1:50 leverage, like Oanda's offering, it will be 2%/(1000/50) = 0.1 % of the account to make one trade.

for 1:500 leverage, like North Finance's offering, it will be 2%/(1000/500) = 1% of the account to make one trade.

SZBU
  • #2,929
  • Dec 2, 2007 3:05am Dec 2, 2007 3:05am
Quoting steviet
OK, the remaining results for November.....

Total pips for November banked - 7585
No of closed trades - 165
Total drawdown at present - 2600 pips over 7 positions

Have a great weekend all

Kind Regards
Steve
Slaying the beast as usual I see, nice job.
  • #2,930
  • Dec 2, 2007 5:59am Dec 2, 2007 5:59am
Can someone here post the link to this method please?
I don't find the page that contains the exlpanation of Steviet's method.
Thnx in advance.
  • #2,931
  • Dec 2, 2007 7:10am Dec 2, 2007 7:10am
so inspiring me
http://chivas88chi.blogspot.com

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
  • #2,932
  • Dec 3, 2007 7:29am Dec 3, 2007 7:29am
Quoting steviet
LOL Scott - you got it - sorry for the confusion

Kind Regards
Steve
you can that by using two sub accts, submit one long and one short at the "same" time -- almost.
  • #2,933
  • Dec 3, 2007 7:36am Dec 3, 2007 7:36am
Quoting szbu
you can that by using two sub accts, submit one long and one short at the "same" time -- almost.
A better way might be to submit a long on one sub account and if you want a the market to pay the spread, not the trader, submit a limit or stop entry sell the distance of the spread.

If you were to go long GBPJPY at say 228.00 and you wanted a short also, ( BTW not what Steviet is doing ) and the market were at 227.91 and there is a 9 pip spread, you would go long on one sub account and then place a sell limit at 228.09 on the other sub account. This way the trade is perfectly balanced and the market paid the spread.
  • #2,934
  • Dec 3, 2007 11:22am Dec 3, 2007 11:22am
Quoting steviet
OK, the remaining results for November.....

16/11 - Closed trades 7, pips 257
19/11 - Closed trades 11, pips 474
20/11 - Closed trades 9, pips 455
21/11 - Closed trades 16, pips 615
22/11 - Closed trades 9, pips 424
23/11 - Closed trades 13, pips 577
26/11 - Closed trades 13, pips 632
27/11 - Closed trades 11, pips 563
28/11 - Closed trades 9, pips 455
29/11 - Closed trades 10, pips 476
30/11 - Closed trades 8, pips 385

Total pips for November banked - 7585
No of closed trades - 165
Total drawdown at present - 2600 pips over 7 positions

Using 0.2% of account balance per position is the important thing here. This month we've made over 15% with a max drawdown of just under 5%.

Last month I used 1% of account balance and although I made 40%, drawdowns were too high and hitting a margin call was a very real possibility.

Still no stop losses hit in either October or November (nearly 600 trades) but it will happen and I'm ready for it when it does. Basically, using a s/l of 1000 pips and t/p at 50, I need to make 20 profitable trades for each loss to break even.

As we go into December, I'm carrying my largest drawdown ever at around 5%. There have only been 2 days where I've carried over more than a 2000 loss into the following day - most days its in the hundreds.

Anyway, I'm starting to ramble now

Have a great weekend all

Kind Regards
Steve
Congratulations Stiviet. Earlier you said that will share your expirience with the new broker. Can you share that now? Also what size of account are you menaging now? I understand if you wish to keep these details private, im just giving it a shot here.
  • #2,935
  • Dec 4, 2007 11:08am Dec 4, 2007 11:08am
Steve,
You are right. we can not implement your system in OANDA, because all sub accts are Independent and can not short and long on the same pair.

I am looking affordable brokers to implement you system. NF does allow hedge, but the mini lots is 0.1. that is $1/pip, and s/l 1000 would be $1000 >> very expensive. the account balance would be $50,000.

Any seggustion on the brokers?

SZBU
  • #2,936
  • Dec 4, 2007 12:15pm Dec 4, 2007 12:15pm
Quoting szbu
Steve,
You are right. we can not implement your system in OANDA, because all sub accts are Independent and can not short and long on the same pair.

I am looking affordable brokers to implement you system. NF does allow hedge, but the mini lots is 0.1. that is $1/pip, and s/l 1000 would be $1000 >> very expensive. the account balance would be $50,000.

Any seggustion on the brokers?

SZBU
Ok, thought it again. I think we still can the S/L 1000pips system with OANDA.
open 1 primary and 9 subs. you can open 1 position on each acct. each with S/L 1000pips for 10*2%=20% of the balance of the acct.
Thus for all, each position still same risk 2% of the combinded accts balance.
  • #2,937
  • Dec 4, 2007 3:07pm Dec 4, 2007 3:07pm
Quoting fxtrader30
Congratulations Stiviet. Earlier you said that will share your expirience with the new broker. Can you share that now? Also what size of account are you menaging now? I understand if you wish to keep these details private, im just giving it a shot here.
OK, I'm still with my original broker at present as they suit my method with the capital I have. I'm only trading a few thousand dollars on my own account although it looks like I'll be working with an associate in the New Year who is currently trading a very large account (well, for me anyhow lol)

Kind Regards
Steve
  • #2,938
  • Dec 4, 2007 3:16pm Dec 4, 2007 3:16pm
Quoting szbu
Steve,
You are right. we can not implement your system in OANDA, because all sub accts are Independent and can not short and long on the same pair.

I am looking affordable brokers to implement you system. NF does allow hedge, but the mini lots is 0.1. that is $1/pip, and s/l 1000 would be $1000 >> very expensive. the account balance would be $50,000.

Any seggustion on the brokers?

SZBU
Hi again

Yes you are right - to use the same low risk levels as me you would need to trade 0.1 lot for each position on a $50,000 account. It may well prove that you can safely trade 0.1 lot on a $25,000 account but time will tell.

This does limit this method to either those who have an account balance of that size or above OR a broker that will offer micro lots or even smaller.

I use marketiva still and they have been good to me - like Oanda they allow any position size but unlike Oanda they also allow you to have short and long positions on the same pair at the same time.

I'm also working on something with Kris (Turbokaos) which, although in it's infancy is looking very promising. I'm not even sure if I can mention anything here (although it will be free to the end user), so when we're ready I'll double check with the mods at FF.

Kind Regards
Steve
  • #2,939
  • Dec 5, 2007 1:10pm Dec 5, 2007 1:10pm
helllo steve and all,

kindly i need some information, i am afraid that i missed the whole system here
i checked from the first page of this thread, and i found out from the very begening steve started to post his trade and results,
but how and from where is getting the signal,i cant find it and no idea how this sytem works
some here saying it is a great system, but how to get it?

can someone please update me where to find the system?

thks
raja
  • #2,940
  • Dec 5, 2007 2:03pm Dec 5, 2007 2:03pm
Quoting anti-pip
helllo steve and all,

kindly i need some information, i am afraid that i missed the whole system here
i checked from the first page of this thread, and i found out from the very begening steve started to post his trade and results,
but how and from where is getting the signal,i cant find it and no idea how this sytem works
some here saying it is a great system, but how to get it?

can someone please update me where to find the system?

thks
raja
Hi Raja,

How I've been trading these last few months especially there is no actual 'system'. There is a method to my madness and I have various rules to keep myself in check.

I don't use indicators and unfortunately it's not something that you can programme an EA on (unless you can get inside my head ).

There is something I'm putting together with someone and

1) If we remain consistently profitable over a few months initially and
2) Subject to the consent of Merlin and his team,

we can share freely exactly what we're doing.

Kind Regards
Steve
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