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Steviet's Live Trades!

  • #2,961
  • Dec 11, 2007 1:35pm Dec 11, 2007 1:35pm
Quoting steviet
Before I start Scott, that's one cool avatar

Yes, you're not far wrong. Mainly I'm looking at daily & even weekly for general direction and take special note of the supports and resistances on those timeframes.

Entries aren't hugely important with such a large stop loss although it's still great to grab those 50 pips in a 5 minute breakout . It may seem weird to some but trading off the 5 min charts whilst keeping a close eye on the longer term (& I mean much longer term) can be done with some success.

Take today for example. Although we have seen a bounce up in GBPJPY the last week or so, I remain generally bearish until we see 230+.

In view of that I took shorts in the 228.40's, 228.70's & 229.20's. My view was 229.30 area was as far as we would get before bouncing back down. I was wrong as it pierced this level but no panic - took a long just before work at 229.24 & closed at 229.74 before the expected retrace where this afternoon the other shorts have been picked up for another 150 pips.

Sheesh Scott, I can't believe you've made me miss the US interest rate decision lol. Only joking, I don't trade news hehe.

Don't tell me I've been lucky again - my 5 open positions are all shorts under 225 hehe. Suddenly they may be back 'in play' again in the next day or two. It may seem strange to say, I was more nervous taking that single long at 229.24 this morning than I was about the shorts I was holding below 225.

Hope this gives you a little insight into my weird & wonderful way of trading these crazy markets.

Kind Regards
Steve
Yep, I have it now... Thanks for the refinement. The avatar is a image I found on a Yahoo ad. And as I feel like this guy most of the time, I thought it was fitting...
  • #2,962
  • Dec 11, 2007 1:40pm Dec 11, 2007 1:40pm
Quoting smjones
Yep, I have it now... Thanks for the refinement. The avatar is a image I found on a Yahoo ad. And as I feel like this guy most of the time, I thought it was fitting...
No problem
  • #2,963
  • Dec 11, 2007 2:10pm Dec 11, 2007 2:10pm
Quoting steviet

... I remain generally bearish until we see 230+.

In view of that I took shorts in the 228.40's, 228.70's & 229.20's. My view was 229.30 area was as far as we would get before bouncing back down. I was wrong as it pierced this level but no panic - took a long just before work
1. I don't understand this:
If you decide that you go bearish until you see 230+, how come you go long at 229.24?

2. If you have in the end of the day, an open trade which is in prfoit, less than 50 pips, you take it / close it. If you have in the end of the day a loosing trade (between -1 pip to -999 pip), you leave it open, and you will open another trade only tomorrow?

3. when do you open more than 1 trade on the same day?
  • #2,964
  • Dec 11, 2007 2:36pm Dec 11, 2007 2:36pm
Quoting smilee89
1. I don't understand this:
If you decide that you go bearish until you see 230+, how come you go long at 229.24?

2. If you have in the end of the day, an open trade which is in prfoit, less than 50 pips, you take it / close it. If you have in the end of the day a loosing trade (between -1 pip to -999 pip), you leave it open, and you will open another trade only tomorrow?

3. when do you open more than 1 trade on the same day?
1. Just because I'm generally bearish on a pair doesn't mean I won't take a trade in the other direction. 229.20 break was important from the daily's so I took a long to partly cover my 8 shorts I had open at the time. If I see an opportunity I trade it.

2. Correct on the taking profits & leaving others open. The maximum open trades I have is 10 - I can open & close as many as I like each day as long as no more than 10 are open at any one time.

3. Virtually every day - the most trades I've closed in a day is 16 but the average is around 5. The days I was off work in the last two weeks in November I managed to pick up over 5000 pips but I did spend too much time staring at charts. Remember 5000 pips to me is 10% so no big deal.

Kind Regards
Steve
  • #2,965
  • Dec 11, 2007 2:56pm Dec 11, 2007 2:56pm
Can it be that you have an open trade, say in profit of 23 pips, and you open another trade (in the same direction of course)? If so, when do you do that?

by the way, what is the spread you pay for this pair (g/j)?
  • #2,966
  • Dec 11, 2007 3:19pm Dec 11, 2007 3:19pm
Quoting smilee89
Can it be that you have an open trade, say in profit of 23 pips, and you open another trade (in the same direction of course)? If so, when do you do that?

by the way, what is the spread you pay for this pair (g/j)?
No, that's not something I would generally do. It's so difficult to explain exactly how I trade - it's something I've learned by many hundreds of hours staring at these blessed charts.

I still consider myself a beginner - I think it's best to always think that and it keeps the feet on the ground.

The spread I pay on my own live account is 8 pips.
  • #2,967
  • Dec 11, 2007 5:08pm Dec 11, 2007 5:08pm
Hi Steve,

Looking at your last long trade at 229.24 exit at 229.74 for 50 pips. The exact high on that move was at 228.82, 8 pips higher. If you had taken that trade 10 pips higher you would be looking at a 500 pip loss instead of a 50 pip gain. Looks like you just got lucky on that one. You missed a 500 pip disaster by only 10 pips. The breakout of the double top at 229.30 turned in to a fakeout leading to a 500 drop... You dodged a bullet!
  • #2,968
  • Dec 11, 2007 5:27pm Dec 11, 2007 5:27pm
Quoting FXNorm
Hi Steve,

Looking at your last long trade at 229.24 exit at 229.74 for 50 pips. The exact high on that move was at 228.82, 8 pips higher. If you had taken that trade 10 pips higher you would be looking at a 500 pip loss instead of a 50 pip gain. Looks like you just got lucky on that one. You missed a 500 pip disaster by only 10 pips. The breakout of the double top at 229.30 turned in to a fakeout leading to a 500 drop... You dodged a bullet!
Yup you're right Norm - my platform had a high of 229 84. However, it was only one position and that's OK.

Remember, I had and still have 5 shorts open at under 225, the lowest at 222.82. That particular one wasn't looking too clever at minus 700 this morning but is now well within range should we test the low 220's in the next day or two. That's exactly why I close nothing unless the stop loss is hit.

Again I have to re-emphasise, 500 pip drop sounds massive - it's only 1% on my position size so no sweat. Other traders may trade with a 50 pip stop loss which is also 1% - just a different way of getting the results we want

Kind Regards
Steve
  • #2,969
  • Dec 11, 2007 9:36pm Dec 11, 2007 9:36pm
Yes, recently I've been trading exactly the same way as you have, going with the trend, logic and common sense with a huge stop and a modest tp. And it's been great for me.

Good job on booking that many pips steviet.
  • #2,970
  • Dec 12, 2007 12:20am Dec 12, 2007 12:20am
Hi Steve
You have a signal service? What's the link if there're interested parties to sign up?

Quoting steviet
Hi Sam,

As an aside, 3 weeks ago I started a signal service that replicates my trades,

Kind Regards
Steve
  • #2,971
  • Dec 12, 2007 12:40am Dec 12, 2007 12:40am
Quoting JodyOng
Yes, recently I've been trading exactly the same way as you have, going with the trend, logic and common sense with a huge stop and a modest tp. And it's been great for me.

Good job on booking that many pips steviet.
Cool Jody

And there was me thinking I was the only weird one
  • #2,972
  • Dec 12, 2007 12:47am Dec 12, 2007 12:47am
Quoting dreamer81
Hi Steve
You have a signal service? What's the link if there're interested parties to sign up?
OK, firstly I'm not sure if I'm allowed to put a link in here - it is a free service as far as the end user is concerned.

Secondly, I would suggest that unless you have a micro account that allows you to place trades long and short on the same pair at the same time, you need an account of at least $25k (preferably $50k) to prevent excess drawdown.

On a $50k account, maximum drawdown has so far been just over 5% trading minilots (0.1) on each position. If you attempt to trade this on a smaller account then yes, potential profit is greater but so is the risk.

Kind Regards
Steve
  • #2,973
  • Dec 12, 2007 4:59am Dec 12, 2007 4:59am
Well it's certainly against many old trading adages. Jesse Livermore was my hero and I idolized his trading, but after trading for a period on my own, I came to realize that sometimes you've just got to depend on yourself.

And one reason why your method works, is that the volatility is great! =) You only trade the GBPJPY steviet? I'm holding on to shorts on it too. hahaha.
  • #2,974
  • Dec 12, 2007 6:18am Dec 12, 2007 6:18am
Steve,
could you post your Nov's result please?
  • #2,975
  • Dec 12, 2007 1:42pm Dec 12, 2007 1:42pm
Quoting steviet
Yup you're right Norm - my platform had a high of 229 84. However, it was only one position and that's OK.

Remember, I had and still have 5 shorts open at under 225, the lowest at 222.82. That particular one wasn't looking too clever at minus 700 this morning but is now well within range should we test the low 220's in the next day or two. That's exactly why I close nothing unless the stop loss is hit.

Again I have to re-emphasise, 500 pip drop sounds massive - it's only 1% on my position size so no sweat. Other traders may trade with a 50 pip stop loss which is also 1% - just a different way of getting the results we want

Kind Regards
Steve
Hi Steve,
How hong have you holded those shorts? You know you play Carry Trade and the interests you are paying could eat you profit big time, correct?
  • #2,976
  • Dec 12, 2007 9:57pm Dec 12, 2007 9:57pm
Hey steve!

Just wanted to say thanks for all the information you're providing. I'm sure many of the guy's/gal's following you on a daily basis are gaining lots of valuable information that we don't have to discover thru trial and error on our own, whew! hate making my own errors.

Keep up the good work, we all wish you continued success. The more successful you are the more we learn without having to try it all on our
own and that's worth its weight in gold, literally.

Thanks Again - Norm
  • #2,977
  • Dec 12, 2007 10:01pm Dec 12, 2007 10:01pm
Hello Steviet,

Have been quietly reading your journal since you started last November. I have learnt a lot the past year from reading your journal and other threads at the factory. I would like to continue following your trades and progress on your trading method. Can you send me the link to your signal service?

Congrats on your success and finding a method that works for you

Kevin
  • #2,978
  • Dec 13, 2007 1:07pm Dec 13, 2007 1:07pm
Quoting steviet
OK, firstly I'm not sure if I'm allowed to put a link in here - it is a free service as far as the end user is concerned.

Secondly, I would suggest that unless you have a micro account that allows you to place trades long and short on the same pair at the same time, you need an account of at least $25k (preferably $50k) to prevent excess drawdown.

On a $50k account, maximum drawdown has so far been just over 5% trading minilots (0.1) on each position. If you attempt to trade this on a smaller account then yes, potential profit is greater but so is the risk.

Kind Regards
Steve
Hi steve i'm the guy that was a permanet fixture on you thread since dec06
I eventually went live 3 months ago mostly geppy, it has been good to me especially the last week. if it wasnt for you i would have still been on a demo acc. i'm going away for three week most prob get withdrawal symtems not trading or reading, my wive will kill me with my laptop if i take it with.
Im rambling. Steve Ijust want to wish you and your family everything of the best for the holiday season hopefully next year this time your perm job will be trading . Also have a nice birthday on chrismas day.
I really owe you a lot.http://www.forexfactory.com/images/icons/icon7.gif
regards
carl
  • #2,979
  • Dec 13, 2007 1:41pm Dec 13, 2007 1:41pm
Quoting boomer1
Hi steve i'm the guy that was a permanet fixture on you thread since dec06
I eventually went live 3 months ago mostly geppy, it has been good to me especially the last week. if it wasnt for you i would have still been on a demo acc. i'm going away for three week most prob get withdrawal symtems not trading or reading, my wive will kill me with my laptop if i take it with.
Im rambling. Steve Ijust want to wish you and your family everything of the best for the holiday season hopefully next year this time your perm job will be trading . Also have a nice birthday on chrismas day.
I really owe you a lot.http://www.forexfactory.com/images/icons/icon7.gif
regards
carl
could you please tell us your trading outcome?
  • #2,980
  • Dec 13, 2007 2:48pm Dec 13, 2007 2:48pm
Quoting szbu
Steve,
could you post your Nov's result please?
http://www.forexfactory.com/showpost...postcount=2918
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