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  • #3,041
  • Dec 26, 2007 9:06am Dec 26, 2007 9:06am
Please see my comment in the quoted area.

Quoting szbu
Well, that is not Steve's Way.
He wants S/L =1000 pips, which IS 2% of Acct Balance.
Assume you have $1000 balance,
2% would be $200, 2% of 1000$ is 20%, not 200$!!!
$200/1000 = $0.2/pips

we know lot size 10,000 units is $1 (roughly for g/j) for 1 pip.
You need to buy 10000*0.2 = 2000 units for one trade.
You know the size of lot you can trade. the next thing is to look for who offer that.
I use OANDA and use 10 accounts to accommodate the method since OANDA does not allow the hedge within the account.

S
  • #3,042
  • Dec 26, 2007 9:21am Dec 26, 2007 9:21am
Quoting szbu
Well, that is not Steve's Way.
He wants S/L =1000 pips, which IS 2% of Acct Balance.
Assume you have $1000 balance,
2% would be $200,
$200/1000 = $0.2/pips

we know lot size 10,000 units is $1 (roughly for g/j) for 1 pip.
You need to buy 10000*0.2 = 2000 units for one trade.
You know the size of lot you can trade. the next thing is to look for who offer that.
I use OANDA and use 10 accounts to accommodate the method since OANDA does not allow the hedge within the account.

S
As one pointed out there was an error -- my fault, i did not use $1000 balance. But the analysis and the computation are still the same.
Once again, You have $1000:
2% would be $20,
$20/1000 = $0.02/pips

we know lot size 10,000 units is $1 (roughly for g/j) for 1 pip.
You need to buy 10000*0.02 = 200 units for one trade.
You know the size of lot you can trade. the next thing is to look for who offer that.
OANDA offers min of 50 units, thus you still can apply Steve's.
Have fun!
  • #3,043
  • Dec 26, 2007 9:41am Dec 26, 2007 9:41am
Thanks.
  • #3,044
  • Dec 26, 2007 11:12am Dec 26, 2007 11:12am
Quoting smilee89
Thanks.
Hehe,

I knew you peeps would get there in the end whilst I was away

Thanks S & Rick (good to see you back btw )
Steve
  • #3,045
  • Dec 26, 2007 1:41pm Dec 26, 2007 1:41pm
So, Stevie, you're a Christmas' Boy!

HAPPY BIRTHDAY MAN! 40? That's just the beginning of real youth! Come on! Now we're only staring to rock!
I'm 38 myself, just a kid. So I'm awaiting hitting 40 with great expectations!

May you have 1000 pips profit on each trade, and may there be many of these, mate!
Best Wishes!!!

George
  • #3,046
  • Dec 27, 2007 7:18am Dec 27, 2007 7:18am
thx for correcting trade size...

pretend i have 5000 balance account (demo or live)

please describe the MM for this size account using steviet`s method ...which is basically his plan...
"Firstly I'd say that the amount of pips we're talking about doesn't really matter - what does matter is % risk and returns. I've settled on using a position size of 0.2% with a maximum of 10 positions on at any time. The 1000 pip stop loss only equates to a 2% risk on each position -..."

thanks in advance...i have a very difficult time with the part of trading...and would appreciate seeing it in black and white...
  • #3,047
  • Dec 27, 2007 10:39am Dec 27, 2007 10:39am
Quoting farmhand
thx for correcting trade size...

pretend i have 5000 balance account (demo or live)

please describe the MM for this size account using steviet`s method ...which is basically his plan...
"Firstly I'd say that the amount of pips we're talking about doesn't really matter - what does matter is % risk and returns. I've settled on using a position size of 0.2% with a maximum of 10 positions on at any time. The 1000 pip stop loss only equates to a 2% risk on each position -..."

thanks in advance...i have a very difficult time with the part of trading...and would appreciate seeing it in black and white...
Here you go:
the point is that for every +-1000 pips, you have +-2% changing in your account.

for $5000 account balance, set S/L=1000 pips per trade that is 2% of $5000.

2%*5000=$100
$100/1000pips=$0.1/pip

for one pip changing, resulting $1 change in lot size of 10,000.
therefore you need to trade 0.1*10000=1000 units for one position.

if You trade 10 positions, the max of risk would be 20% of account balance.
  • #3,048
  • Dec 28, 2007 4:48pm Dec 28, 2007 4:48pm
Quoting steviet
Hi again,

Sure - November's results can be found at http://www.forexfactory.com/showpost...postcount=2918

December so far has been very difficult for me but here goes...

Dec 3rd - 4 closed trades, 173 pips
Dec 4th - 6 closed trades, 279 pips
Dec 5th - 4 closed trades, 209 pips
Dec 6th - 1 closed trade, 23 pips
Dec 7th - 3 closed trades, 152 pips
Dec 10th - 4 closed trades, 202 pips
Dec 11th - 4 closed trades, 201 pips
Dec 12th - 0 closed trades, 0 pips
Dec 13th - 0 closed trades, 0 pips
Dec 14th - 0 closed trades, 0 pips
Dec 17th - 0 closed trades, 0 pips
Dec 18th - 0 closed trades, 0 pips
Dec 19th - 1 closed trade, 51 pips
Dec 20th - 6 closed trades, 302 pips
Dec 21st - 2 closed trades, 56 pips

So, 35 trades closed in December for 1648 pips (around 3.3%)
November was 165 trades closed for 7585 pips (around 15.1%)

Since I have had these stricter rules with better money management and a limit to open positions, we have had 200 consecutive profitable trades.

So far, so good although a stop loss will be hit at some point - at least we've got a few pips in the bank to cover when this happens. Until then I'll just keep accumulating as best I can

Kind Regards
Steve
OK, my broker is now closed until the New Year, so final December totals are in...

Dec 24th - 1 closed trade, 16 pips
Dec 25th - 0 closed trades, 0 pips
Dec 27th - 1 closed trade, 50 pips
Dec 28th - 6 closed trades, 271 pips

So, total for Dec is 1985 pips (approx 3.97%), current drawdown 931 pips over 5 positions.

Been a tricky month but still come out on top and since trading more conservatively from November the results are as follows...

Total pips 9575 (approx 19.15%)
Current drawdown 931 pips (approx 1.86%)
Closed trades, 208
Open trades, 5

Happy New Year

Kind Regards
Steve
  • #3,049
  • Dec 28, 2007 4:51pm Dec 28, 2007 4:51pm
steve happy belated bday!

And have a happy and safe new year


Mike
  • #3,050
  • Dec 28, 2007 4:54pm Dec 28, 2007 4:54pm
Quoting mbqb11
steve happy belated bday!

And have a happy and safe new year


Mike
Cheers Mike

Have a great New Year yourself
  • #3,051
  • Dec 29, 2007 2:46pm Dec 29, 2007 2:46pm
i began following steviet`s live trades when the basket held a mixture...now i believe steviet concentrates on just gj. the thread is enormous...can u lead me to the most detailed posts to rediscover steviet`s plan.

can u catch me up as to the basic plan

thx in advance
  • #3,052
  • Dec 29, 2007 4:15pm Dec 29, 2007 4:15pm
Quoting farmhand
i began following steviet`s live trades when the basket held a mixture...now i believe steviet concentrates on just gj. the thread is enormous...can u lead me to the most detailed posts to rediscover steviet`s plan.

can u catch me up as to the basic plan

thx in advance
OK, I'll try and sum up how I trade GBPJPY and the rules I apply....

Firstly the rules...

1. I will hold a maximum of 10 positions at any one time.
2. Each position has a t/p of 50 pips and a s/l of 1000 pips.
3. Position size is 0.2% of account balance. So, each winning trade equates to a 0.1% profit and each losing trade equates to a 2% loss.
4. All trades are left to hit their s/l or t/p unless a trade is in profit at New York close, in which case it is closed manually.

OK, that was the easy part. From here on in it is more difficult to explain because my method is discretionary. I still work full-time so basically miss virtually all the London session unless I'm on holiday.

Since I started trading I've used almost exclusively the daily charts and that is where we begin. As I study the daily chart I'm asking myself...

Are we ranging? - if so where are the tops and bottoms of the range?
Are we trending? - if so, where are the likely support, resistence areas where we may consolidate or pull-back?
Have we just broken through an established range? If so, where should the price head towards before pausing again?
I trade using candlesticks and am also looking for classic reversal signs - you may know these as pin bars - check james16 thread for more info.

I then look at the 4 hour charts downwards and go through the same process which gives me a shorter term outlook on things but always keeping the longer term in mind.

Entries are actually taken from the 5 minute charts, again taking the overall bias in mind. I try not to put all my eggs in one basket so to speak - if I'm short biased doesn't mean I'll necesarily be holding 10 short positions. A lot of my entries are by no means perfect but that really doesn't matter. As with all methods it's the discipline of sticking with the plan.

With the risk/reward ratio being so poor (in some people's eyes), I need to profit 20 trades out of 21 to break even. As some of you know, I started a version of this method in September and have been pretty successful thus far.

November & December has brought in a more conservative method but still over 200 consecutuive profitable trades. I will have stop losses hit at some point but overall I believe I can be consistently profitable. The important thing for me is not to have more than 1 or 2 positions 'stranded' at the edge of a range.

Money management is incredibly important as is faith in the system. I have seen first hand people trying to trade my system and either disregard position size (sometimes increasing tenfold) or bailing out of trades at -200, -500 pips and therefore taking an unecessary loss.

I know this won't answer all your questions and because I'm using my own discretion for entries that would be impossible. However, I hope this has given you something to think about by looking at this business from a slightly different angle.

Kind regards
Steve
  • #3,053
  • Dec 30, 2007 10:11am Dec 30, 2007 10:11am
Steve, your trading style seems very logical and somewhat unique based on most systems i have reviewed (especially TP/SL ratio and position sizing). just curious, is this something you came up with entirely on your own, or were you in some way influenced by something you read, some experience you had in your profession, etc?
  • #3,054
  • Dec 30, 2007 2:22pm Dec 30, 2007 2:22pm
Quoting natejax
Steve, your trading style seems very logical and somewhat unique based on most systems i have reviewed (especially TP/SL ratio and position sizing). just curious, is this something you came up with entirely on your own, or were you in some way influenced by something you read, some experience you had in your profession, etc?
Good question!

When I first started trading live, my initial method was based on moving stop losses at the end of each day and locking in profits. This was all well and good when the market went my way for a few days. Of course the main issue with this system was when the market consolidated and I was constantly stopped out with the whipsaw.

Stop losses became more of a hindrance than a help and that's what really started me thinking. I've read a few books and studied a few systems and of course you pick out little diamonds that you think may be useful.

I just thought there must be a way of putting together what I've learnt so far. I agree, it's a little different from most things out there but it works for me I'm sure there are others that trade this way to some degree but I haven't seen a similar system elsewhere yet.

I have modified some aspects since I first came up with the method, primarily money management through position size and number of positions held. Position size was initially 1% of account balance (now 0.2%) and I didn't have a rule conerning maximum positions open at once (now 10).

The first month brought a 40% gain but it was also far too risky which is why the additional rules are now in place.

Kind Regards
Steve
  • #3,055
  • Dec 30, 2007 10:42pm Dec 30, 2007 10:42pm
the description of your strategy is very helpful and much appreciated
  • #3,056
  • Dec 31, 2007 12:05pm Dec 31, 2007 12:05pm
what a day so far for carry trade!
GBP/JPY has been droping 300 pips in 3 hrs! Congrats anyone (i hope you Steve ) have made big money on this.
I have 6 longs on G/J and the worst one has 170 pips from S/L.
  • #3,057
  • Dec 31, 2007 12:19pm Dec 31, 2007 12:19pm
Quoting szbu
what a day so far for carry trade!
GBP/JPY has been droping 300 pips in 3 hrs! Congrats anyone (i hope you Steve ) have made big money on this.
I have 6 longs on G/J and the worst one has 170 pips from S/L.
Unfortunately, the broker I use for my account was closed today. Have 3 shorts open from the high 222's that were opened late November. Hopefully we'll open on 2nd January somewhere in the 221's and I can close those at last.

Also have two longs, one at 225.74 and one at 228.06 - unless we bounce from here I may have to take my first loss using this method

Let's see what the New Year has in store....

Kind Regards
Steve
  • #3,058
  • Dec 31, 2007 12:51pm Dec 31, 2007 12:51pm
Quoting steviet
Unfortunately, the broker I use for my account was closed today. Have 3 shorts open from the high 222's that were opened late November. Hopefully we'll open on 2nd January somewhere in the 221's and I can close those at last.

Also have two longs, one at 225.74 and one at 228.06 - unless we bounce from here I may have to take my first loss using this method

Let's see what the New Year has in store....

Kind Regards
Steve
i also hope g/j will bounce.
Happy New Year Steve!
  • #3,059
  • Dec 31, 2007 1:08pm Dec 31, 2007 1:08pm
Quoting szbu
i also hope g/j will bounce.
Happy New Year Steve!
Happy New Year to you too

I did manage to pick up 494 pips today for my 'signal' account which has cleared out all my shorts. I have a total of 5 long positions still on this account so despite being out of the market on my live account today, maybe this was a blessing in disguise.

Many people have asked for the link so here it is but PLEASE PLEASE PLEASE do not think about using it live unless you have close to the $50k recommended. As most of you know who read my posts, money management is absolute key to the way I trade. You will see that I'm approaching 100 consecutive profitable trades here, however, drawdowns can be larger (pip wise, not % wise) than most will be used to.

And mods, if this link is not allowed please delete

http://www.zulutrade.com/TradeHistor...l.aspx?pid=121

Kind Regards
Steve
  • #3,060
  • Dec 31, 2007 1:13pm Dec 31, 2007 1:13pm
Steve, Thanks for link and Happy New Year.

Do you think it would be ok if i traded your signals with 5% of my account per trade?


j/k

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