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Steviet's Live Trades!

  • #241
  • Jan 3, 2007 3:45pm Jan 3, 2007 3:45pm
Quoting llambert3
Steviet just so you know, I wrote a program that had an initial start date and from there tried to automate this system. It doesn't work. You have to look at the candle patterns and make a decision when the s/l is hit (as you are doing already)... I tried reversing the trade when a s/l was hit of 10, 20, 30, 40, 60, etc. it still never worked. hee hee

Of course I was hoping for something automated, as I went and backtested myself to determine the next trend when a s/l was hit and I was all to often wrong..

I was curiuos about your 10pip s/l..There were plenty of trades in the past that if you had a 15 pip s/l or 20, you'd stay in the trade for more gains, without having to make that dreaded decision again. How did you come up with 10? Do you think it should be different for different situations (ie, when you decide to reverse the trade and it is near the open) or even for different pairs?

Thanks for your help.
Hi,

Yes, I agree - I don't think this really can be automated (which I like by the way). I also know that 10 pips may be a little tight as I've been stopped out a few times by the odd pip. On the other side though, if it were widened by another 5 or 10 pips, most times it would be hit on all 5 pairs which would mean losing an extra 25 to 50 pips - difficult one.

What I do know though is that both manually backtested and so far live forward testing has produced consistent positive pips so I'll only re-assess if it becomes a regular pattern.

Thanks for your input

Kind regards
Steve
  • #242
  • Jan 3, 2007 3:56pm Jan 3, 2007 3:56pm
Quoting steviet
Hi,

Yes, I agree - I don't think this really can be automated (which I like by the way). I also know that 10 pips may be a little tight as I've been stopped out a few times by the odd pip. On the other side though, if it were widened by another 5 or 10 pips, most times it would be hit on all 5 pairs which would mean losing an extra 25 to 50 pips - difficult one.

What I do know though is that both manually backtested and so far live forward testing has produced consistent positive pips so I'll only re-assess if it becomes a regular pattern.

Thanks for your input

Kind regards
Steve
Yeah, the 10 pip s/l may not hit enough to justify the additional losses for other trades. I guess it is more of having to make a decision again. Maybe keep going with the trend until you see another pattern of reversal. I only wanted something automated because I was wrong most of the time..

Just like today, I would've bet my house (not really) that the usd/jpy would've tanked. The daily uptrend was already huge (and needs a retracement), then to me the 12/27 and 1/2 daily candles pointed downward. I'd seen in the past when backtesting that if in an uptrend with those candles it was time for that reversal or retracement (at least enoough to come out positive). Then today had to come along and destroy that. I guess you can't be right all the time, even with the candle patterns.
  • #243
  • Jan 3, 2007 4:24pm Jan 3, 2007 4:24pm
hello stevit

have been following your thread.. very impressive best of luck in 2007

would like to know your thoughts on gbp/usd i am currently long @ 9510 target 9560-9580
  • #244
  • Jan 3, 2007 4:28pm Jan 3, 2007 4:28pm
OK, sorry for the delay - posted my trades & then my computer froze lol.

Existing trade still open.....

USDCAD long from 1.1656 (s/l 1.1632 guarantees minus 24 pips)

Broke through 1.1700 today so should be able to lock in some profit by this time tomorrow.

New trades.......

USDCHF long from 1.2261 (s/l 1.2111 guarantees minus 150 pips)
GBPUSD short from 1.9513 (s/l 1.9761 guarantees minus 248 pips)
USDJPY long from 119.35 (s/l 118.56 guarantees minus 79 pips)
EURUSD short from 1.3168 (s/l 1.3300 guarantees minus 132 pips)

Today we have seen massive movement (well over 200 pips on GU) and therefore my initial stops are the biggest since starting the journal. This time tomorrow I should have been able to tighten them significantly but forex is a funny old game.

I think this is a good time to remind everyone that this is my journal and not a signal service. I am at peace with the way I trade and I can take any losses without killing my account or really putting a dent in it.

For example, worst case scenario here is a loss of over 600 pips if the market completely reverses in the next 24 hours and stops me out. Very unlikely but possible - I don't discount anything. However, the method has already bagged 1781 pips since November and 449 already in January - I can take it and move on - if you choose to mirror my trades that's fine but you and only you are responsible for your actions

Let's see how these play out...

Kind Regards
Steve
  • #245
  • Jan 3, 2007 5:17pm Jan 3, 2007 5:17pm
Quoting obeewon
hello stevit

have been following your thread.. very impressive best of luck in 2007

would like to know your thoughts on gbp/usd i am currently long @ 9510 target 9560-9580
Hi,

Sorry I missed your post earlier - I was hoping it would retrace to around 9550 before I entered my trade and it may well do so in the Asian session tonight.

Kind Regards
Steve
  • #246
  • Jan 3, 2007 6:55pm Jan 3, 2007 6:55pm
Hi Iam new to this forum and first wanted to say that my english is not the best sorry!
I was trading demo for 3month and now opening a real account and happy to be here in this forum to meet so many forextradingpeople I have no own tradingsystem just trading very defensive and looking for some retracements and signals I think I can trade/ also receiving some newsletters with references....

I am also reading all your threads and find them very interisting.

my question for your last positions is:
do you also think that this is the trend "short/long" how you now opened your positions or just thinking to take profit with retracements and then turn and go with the trend, cause I think (and I know thats just what I think) that this are good trades to take some profit (I hope well profit for you) the other way the trend is!!
perhaps there is no need to ask this question cause thats not the way you are trading... just tell me...only was interested in
hope you understand what I want to ask

thanks and regards Pedolino
  • #247
  • Jan 3, 2007 7:09pm Jan 3, 2007 7:09pm
Hi Steviet!!


Love the journal - keep up the great work and good luck in 2007!!

Happy pippin'...
  • #248
  • Jan 4, 2007 1:37am Jan 4, 2007 1:37am
Quoting Pedolino
Hi Iam new to this forum and first wanted to say that my english is not the best sorry!
I was trading demo for 3month and now opening a real account and happy to be here in this forum to meet so many forextradingpeople I have no own tradingsystem just trading very defensive and looking for some retracements and signals I think I can trade/ also receiving some newsletters with references....

I am also reading all your threads and find them very interisting.

my question for your last positions is:
do you also think that this is the trend "short/long" how you now opened your positions or just thinking to take profit with retracements and then turn and go with the trend, cause I think (and I know thats just what I think) that this are good trades to take some profit (I hope well profit for you) the other way the trend is!!
perhaps there is no need to ask this question cause thats not the way you are trading... just tell me...only was interested in
hope you understand what I want to ask

thanks and regards Pedolino
Hi & welcome

I'm not sure I understand your question fully - maybe if you read all the way through my journal you would see how my personal method works. I know it's a few pages long now but you should get the gist of how I trade.

Kind Regards
Steve
  • #249
  • Jan 4, 2007 1:38am Jan 4, 2007 1:38am
Quoting Daemien
Hi Steviet!!


Love the journal - keep up the great work and good luck in 2007!!

Happy pippin'...
Cheers Daemien

Check your pm - hope that helps

Kind Regards
Steve
  • #250
  • Jan 4, 2007 3:37am Jan 4, 2007 3:37am
Quoting steviet
Hi Ian,

Good to hear from a fellow brit - hmmm, haven't had that situation yet - I guess I would either have to place it as close to the 10 pips as they would let me or simply not trade that pair for the day if it was a brand new trade.

Kind Regards
Steve
Hi Steviet,
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Thanks for the reply, I was back testing the system and so far have not fallen into the trap either but was just curious and you probably know yourself forex is a funny old game!
<o></o>

I'm glad I found this post and will follow eagerly as I am also looking for a system that I can use for a change in career. I am absolutely convinced that by follow the same principles as you are (discipline, mm, minimal loses) it is possible to make a living from forex.
<o></o>

The one thing that I have been trying over the last 6 months is trying to test different strategies. Some are only looking to make 10 pips a day, some are looking to ride the trends, etc...<o></o>

The biggest problem with most of these other systems is they require you to almost constantly monitor the charts. Doing this you become emotionally involved in the trade and it can get pretty stressful.<o></o>

The thing I really like about this system is the fact that its working on a daily timeframe and you only have to check the charts once daily.<o></o>

Thanks for sharing the system with us<o></o>

Regards<o></o>

Ian<o></o>
  • #251
  • Jan 4, 2007 4:53am Jan 4, 2007 4:53am
Im trying to find a good system to use to give me a good outlook on my trades?=steviet?

Check your pm - hope that helps

Kind Regards
Steve [/quote]
  • #252
  • Jan 4, 2007 6:21am Jan 4, 2007 6:21am
Quoting ianhannaford
Hi Steviet,
<o></o>

Thanks for the reply, I was back testing the system and so far have not fallen into the trap either but was just curious and you probably know yourself forex is a funny old game!
<o></o>

I'm glad I found this post and will follow eagerly as I am also looking for a system that I can use for a change in career. I am absolutely convinced that by follow the same principles as you are (discipline, mm, minimal loses) it is possible to make a living from forex.
<o></o>

The one thing that I have been trying over the last 6 months is trying to test different strategies. Some are only looking to make 10 pips a day, some are looking to ride the trends, etc...<o></o>

The biggest problem with most of these other systems is they require you to almost constantly monitor the charts. Doing this you become emotionally involved in the trade and it can get pretty stressful.<o></o>

The thing I really like about this system is the fact that its working on a daily timeframe and you only have to check the charts once daily.<o></o>

Thanks for sharing the system with us<o></o>

Regards<o></o>

Ian<o></o>
You're welcome Ian

When I first looked at forex I tried trading on smaller timeframes and got too emotionally involved with the trades. To put it simply, I was rubbish lol.

I've settled on the daily charts for a few reasons. One, I work full time so I can only really trade this way profitably - secondly, if I can prove to myself I am consistent with this method and I can do this 'full time', I will still only have to monitor the trades once a day. Maybe I would look again at smaller timeframes if I became bored with all that free time but I wouldn't need to.

Sounds like we're 'birds of a feather' - you have to be very patient & very disciplined but its proving itself so far and as a basic trend following system should stand the test of time.

Kind Regards
Steve
  • #253
  • Jan 4, 2007 6:22am Jan 4, 2007 6:22am
Quoting turn1to100
Im trying to find a good system to use to give me a good outlook on my trades?=steviet?

Check your pm - hope that helps

Kind Regards
Steve
[/quote]

No pm received yet
  • #254
  • Jan 4, 2007 6:58am Jan 4, 2007 6:58am
No pm received yet [/quote]

I think he was quoting your message to daemien, he just deleted the "quote" part.
  • #255
  • Jan 4, 2007 10:30am Jan 4, 2007 10:30am
Hi Stiviet,
I follow your last trade and close now with + 188 pips . I'm not hold much my positions and book profits and wait with NFP tomorrow.

Your journal is very important for the beginners like me.

Regards,

Jason
  • #256
  • Jan 4, 2007 11:15am Jan 4, 2007 11:15am
Quoting llambert3
No pm received yet
I think he was quoting your message to daemien, he just deleted the "quote" part.[/quote]

ok, thanks - see even people without a brain like myself can trade

Kind regards
Steve
  • #257
  • Jan 4, 2007 11:29am Jan 4, 2007 11:29am
Quoting ESPITIA
Hi Stiviet,
I follow your last trade and close now with + 188 pips . I'm not hold much my positions and book profits and wait with NFP tomorrow.

Your journal is very important for the beginners like me.

Regards,

Jason
Well done, I'm pleased to hear of your success.

Reading through these posts, seeing people following my trades makes me far more nervous than trading for myself lol. I just place my trades and then forget until 10pm (well I may take a peek now and again hehe).

Please make sure you read my signature & then if you wish to take a trade remember it is your decision and more importantly youir money on the line.

Kind Regards
Steve
  • #258
  • Jan 4, 2007 11:55am Jan 4, 2007 11:55am
Quoting steviet
Well done, I'm pleased to hear of your success.

Reading through these posts, seeing people following my trades makes me far more nervous than trading for myself lol. I just place my trades and then forget until 10pm (well I may take a peek now and again hehe).

Please make sure you read my signature & then if you wish to take a trade remember it is your decision and more importantly youir money on the line.

Kind Regards
Steve
Just following along here. I went back to last year and went day by day to backtest the gbp/usd only. Did really well in 2005. The last s/l was 1/3/06 as I was in a sell prior to that. Of course the 1/3/06 daily candle was crazy opposite. But from 1/3/06 to sometime in May or June, I kept getting 60 pips, losing 90, geting 95, losing 80, etc. I basically made no money for 5 or 6 months, then all of a sudden I got a 1284 pip gain on one trade. (By the way, this was with an 80 pip s/l not 10, maybe 10 would've gotten good results during those months so I'll check it out)

I would hope that the other pairs were making money during the non trending time, but it got me curious as to what you would do as a full time trader that needed a monthly income during that period? Have you thought about that?

Also, I apologize for writing so much in your journal. I will try to refrain from writing so much and just read it. I know you want to write STOP to me, you are just too kind.
  • #259
  • Jan 4, 2007 12:19pm Jan 4, 2007 12:19pm
James just go back and read it from the beginning... it's simple.
  • #260
  • Jan 4, 2007 12:49pm Jan 4, 2007 12:49pm
Hey stevie,

Nice move for us today. (+190) Thank you.
I don't know much about fundies but NFP might go both ways
If the report will be negative, it will probably take some or all of the pips from USD related gains.
Since this is a demo account I can afford to be patient and not to throw up tomorrow if the report turns against us...

regards

frank
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