Steviet's Live Trades!

Quoting ItalianSharp

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Steve is an employed worker and is accustomed to a monthly paycheck. It's very hard to make the mental shift and accept that for 2-3 months you may not make money, or even lose money.

Just think about it: you quit your job, you are all excited about your great system, you have saved enough capital for 12months of survival...

...and when you start off, markets are rangebound for 2 months. If your system is solely based on trending markets and only works when markets move nicely in one direction - like almost all systems i should say - how do you think you are going to feel at the end of the 2nd month?

Maybe you are down by 10% after 2 months of trading. You meet your relatives, friends and everyone asks you how things are doing. Well, you are a trader right? You are supposed to make money right?

I don't mean to sound negative, but just very REALISTIC.

I went thru that shit and I actually lost 30% of my capital in the first month of trading. And what saved me from losing it all was solid money management. And yes, my system was a trend-based system and couldn't deal with choppy markets.

All I am trying to say is that too many people underestimate the importance of psychological stability and personal wellness and their implications with trading.

1 month without making profits at what is supposed to be your job is a very long month.

If you trade as a hobby and have a stable income, you can put up with even longer periods of famine.

Yet, if you trade fulltime and your bills, family, mortgage, etc depend on trading, it's really tough to deal with famine.

This was one of the reasons why I quit trading FOREX. I knew that in order to make the big bucks trading FOREX you had to use medium to large time frames, like hourly to dailys or even weeklys. That implied periods of famine and periods of feast, just like you said.

As a former employee myself, I just couldn't put up with the fact I basically depended on the big trades. What if the markets stagnate for half a year? Can you just imagine that?

I have no doubt Steve's system is successful over a 12-month stretch.

The issue is, can you trade a system that goes to thru famine and feast and maintain your psychological stability in the meantime?

You made a comparison between trading and running a business. True, trading is like running your own business.

However, if you run a business you get many benefits from your business even during famine periods. You get a car, you almost get all your bills paid for, you can deduct meal expenses, etc. Even the law protects your business. It's easier to get mortgages. In a few words, you are recognized as an entity by the society.

If you are a trader, you are on your own. It's you, your computer, your screens, your charts, and your capital against the best traders in the world.

This is a great topic about trading, yet too many people are concerned about indicators, systems, etc...and once they get something to work, they think the path to becoming a millionaire is wide open in front of them.

How many can actually survive the stress of going thru famine and losing money for an extended period of time and still have the nerve, coolness, and discipline to believe in the system and wait for those big trades to bail you out?

I was not able to do that and I would never be able to. It goes against my work principles. To me, trading should be like any other job in terms of structure. Trading should also be remunarated much more than any other job due to risk premium.

I decided to become a trader simply because it's the only thing I feel passionate about and it's the only "job" that can keep me working for 12-14 hours a day without me even looking at the clock once.

As far as the rest, trading should be just the same as any other job. You work and you get paid for your work. You work very well, and you get paid very well. You work poorly, you get paid poorly.

Yet, not getting paid is not an option to me. Hell, today I am freaking out because I had to close this week with a loss. Even a week without profits makes me angry. One day is fine, two days is way too long.

Steve, you sound like a straight guy. Just make sure you consider all facets of the game before you make the big jump.

Ignored

Quoting ItalianSharp

Disliked

Steve is an employed worker and is accustomed to a monthly paycheck. It's very hard to make the mental shift and accept that for 2-3 months you may not make money, or even lose money.


Just think about it: you quit your job, you are all excited about your great system, you have saved enough capital for 12months of survival...

...and when you start off, markets are rangebound for 2 months. If your system is solely based on trending markets and only works when markets move nicely in one direction - like almost all systems i should say - how do you think you are going to feel at the end of the 2nd month?

Maybe you are down by 10% after 2 months of trading. You meet your relatives, friends and everyone asks you how things are doing. Well, you are a trader right? You are supposed to make money right?

I don't mean to sound negative, but just very REALISTIC.

I went thru that shit and I actually lost 30% of my capital in the first month of trading. And what saved me from losing it all was solid money management. And yes, my system was a trend-based system and couldn't deal with choppy markets.

All I am trying to say is that too many people underestimate the importance of psychological stability and personal wellness and their implications with trading.

1 month without making profits at what is supposed to be your job is a very long month.

If you trade as a hobby and have a stable income, you can put up with even longer periods of famine.

Yet, if you trade fulltime and your bills, family, mortgage, etc depend on trading, it's really tough to deal with famine.

This was one of the reasons why I quit trading FOREX. I knew that in order to make the big bucks trading FOREX you had to use medium to large time frames, like hourly to dailys or even weeklys. That implied periods of famine and periods of feast, just like you said.

As a former employee myself, I just couldn't put up with the fact I basically depended on the big trades. What if the markets stagnate for half a year? Can you just imagine that?

I have no doubt Steve's system is successful over a 12-month stretch.

The issue is, can you trade a system that goes to thru famine and feast and maintain your psychological stability in the meantime?

You made a comparison between trading and running a business. True, trading is like running your own business.

However, if you run a business you get many benefits from your business even during famine periods. You get a car, you almost get all your bills paid for, you can deduct meal expenses, etc. Even the law protects your business. It's easier to get mortgages. In a few words, you are recognized as an entity by the society.

If you are a trader, you are on your own. It's you, your computer, your screens, your charts, and your capital against the best traders in the world.

This is a great topic about trading, yet too many people are concerned about indicators, systems, etc...and once they get something to work, they think the path to becoming a millionaire is wide open in front of them.

How many can actually survive the stress of going thru famine and losing money for an extended period of time and still have the nerve, coolness, and discipline to believe in the system and wait for those big trades to bail you out?

I was not able to do that and I would never be able to. It goes against my work principles. To me, trading should be like any other job in terms of structure. Trading should also be remunarated much more than any other job due to risk premium.

I decided to become a trader simply because it's the only thing I feel passionate about and it's the only "job" that can keep me working for 12-14 hours a day without me even looking at the clock once.

As far as the rest, trading should be just the same as any other job. You work and you get paid for your work. You work very well, and you get paid very well. You work poorly, you get paid poorly.

Yet, not getting paid is not an option to me. Hell, today I am freaking out because I had to close this week with a loss. Even a week without profits makes me angry. One day is fine, two days is way too long.

Steve, you sound like a straight guy. Just make sure you consider all facets of the game before you make the big jump.

Ignored

Quoting coastalfx

Disliked

Just for the record someone who is trading can be set up as a sole proprieter or a company entity and get the exact same benefits as ANY other business. After all a professional trader is a business owner!

Ignored

Quoting howard

Disliked

Hi

I set out below extracts of a few of Steve's past posts which may address the points and concerns raised in the above postings:

--Steve is using this trend method for a 12 month test period, during this time all trending and consolidating conditions will be included and will show the strength of the method.

--He stated that, if needed he will drop to smaller time frames during choppy periods.

--He trades on Marketiva using micro lots with good MM.

--He has a full time job, therefore he has no worries, while at the same time he is confident about his method.

--Above all he is my good neighbour,LOL.

I hope I have not misquoted anything, Steve and it is to your approval.

Regards

howard

Ignored

Quoting ItalianSharp

Disliked

Steve is an employed worker and is accustomed to a monthly paycheck. It's very hard to make the mental shift and accept that for 2-3 months you may not make money, or even lose money.

Just think about it: you quit your job, you are all excited about your great system, you have saved enough capital for 12months of survival...

...and when you start off, markets are rangebound for 2 months. If your system is solely based on trending markets and only works when markets move nicely in one direction - like almost all systems i should say - how do you think you are going to feel at the end of the 2nd month?

Maybe you are down by 10% after 2 months of trading. You meet your relatives, friends and everyone asks you how things are doing. Well, you are a trader right? You are supposed to make money right?

I don't mean to sound negative, but just very REALISTIC.

I went thru that shit and I actually lost 30% of my capital in the first month of trading. And what saved me from losing it all was solid money management. And yes, my system was a trend-based system and couldn't deal with choppy markets.

All I am trying to say is that too many people underestimate the importance of psychological stability and personal wellness and their implications with trading.

1 month without making profits at what is supposed to be your job is a very long month.

If you trade as a hobby and have a stable income, you can put up with even longer periods of famine.

Yet, if you trade fulltime and your bills, family, mortgage, etc depend on trading, it's really tough to deal with famine.

This was one of the reasons why I quit trading FOREX. I knew that in order to make the big bucks trading FOREX you had to use medium to large time frames, like hourly to dailys or even weeklys. That implied periods of famine and periods of feast, just like you said.

As a former employee myself, I just couldn't put up with the fact I basically depended on the big trades. What if the markets stagnate for half a year? Can you just imagine that?

I have no doubt Steve's system is successful over a 12-month stretch.

The issue is, can you trade a system that goes to thru famine and feast and maintain your psychological stability in the meantime?

You made a comparison between trading and running a business. True, trading is like running your own business.

However, if you run a business you get many benefits from your business even during famine periods. You get a car, you almost get all your bills paid for, you can deduct meal expenses, etc. Even the law protects your business. It's easier to get mortgages. In a few words, you are recognized as an entity by the society.

If you are a trader, you are on your own. It's you, your computer, your screens, your charts, and your capital against the best traders in the world.

This is a great topic about trading, yet too many people are concerned about indicators, systems, etc...and once they get something to work, they think the path to becoming a millionaire is wide open in front of them.

How many can actually survive the stress of going thru famine and losing money for an extended period of time and still have the nerve, coolness, and discipline to believe in the system and wait for those big trades to bail you out?

I was not able to do that and I would never be able to. It goes against my work principles. To me, trading should be like any other job in terms of structure. Trading should also be remunarated much more than any other job due to risk premium.

I decided to become a trader simply because it's the only thing I feel passionate about and it's the only "job" that can keep me working for 12-14 hours a day without me even looking at the clock once.

As far as the rest, trading should be just the same as any other job. You work and you get paid for your work. You work very well, and you get paid very well. You work poorly, you get paid poorly.

Yet, not getting paid is not an option to me. Hell, today I am freaking out because I had to close this week with a loss. Even a week without profits makes me angry. One day is fine, two days is way too long.

Steve, you sound like a straight guy. Just make sure you consider all facets of the game before you make the big jump.

Ignored

Quoting turbokaos

Disliked

You know I left the factory for awhile just cause people where drivng me nut it felt like they where in search of the grail. But have read a lot of good post and happy to be back. More realist topic are coming up about thing trully make you or break you has a trader such as money managment and lot of stuff that was posted above... Can you really handle that bad month and survie threw to keep on trucking becasue it bound to happne... If i get it to work I want to do a poll and see what number each person comes up $% wise if they were up let say 500 pips. I wonder just how many diff results we would get cause that would tell alot, more importanly that would tell if your system could handle a worst case senerio lets say 500 to 1000 pips down... Then if it can just like ItalianSharp said are you going to beable to keep on trucking w/ the same system or will jump ship and begin in a new quest?

not trying be rude and looks like your using a good risk to reward ratio but what if have you factored in a 'KATRINA"

No matter what it a learning curve keep up the pips... and you can alway with draw them profits and move it over to the saving account don't always have to keep compunding

I duno.. but the quality of post i have gotten better

Ignored

Quoting pipple

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anyone can open a forex account with a business name, tax id number. its a bit more paperwork but just about every broker out there offers it. if they dont i wouldnt trust them. ive been an IB/money manager for awhile and used many different brokers and never encountered a fair one that didn't offer a biz account. anyway ive been reading your posts here and you guys are getting too emotional for a forex forum, geez how are you gonna let the market spank you and not cry. just a thought.........

no offense meant here guys, but im kind of pulling for stevie, maybe we let him stick to say 70% of the posts and then fill in the thank you's and emotional bull afterwards.

i think hes damn close to finding the gumption to actually do this for a living, and as someone who does already, i dont want any of you miserable types ruining this kids chances. let him be, hes got nuts already and they're getting more and more swollen by the day.

stevie just wanted to let you know theres been a ton of people before you that have done this and crushed it 6 figs every year and then some. eventually you will be managing other peoples money just to get the commission on it because you just know you will. also, dont get married cause forex profits are entitled to the "she gets half" rule, ive had it happen to more than a few clients.

Ignored

Quoting pipple

Disliked

anyone can open a forex account with a business name, tax id number. its a bit more paperwork but just about every broker out there offers it. if they dont i wouldnt trust them. ive been an IB/money manager for awhile and used many different brokers and never encountered a fair one that didn't offer a biz account. anyway ive been reading your posts here and you guys are getting too emotional for a forex forum, geez how are you gonna let the market spank you and not cry. just a thought.........

no offense meant here guys, but im kind of pulling for stevie, maybe we let him stick to say 70% of the posts and then fill in the thank you's and emotional bull afterwards.

i think hes damn close to finding the gumption to actually do this for a living, and as someone who does already, i dont want any of you miserable types ruining this kids chances. let him be, hes got nuts already and they're getting more and more swollen by the day.

stevie just wanted to let you know theres been a ton of people before you that have done this and crushed it 6 figs every year and then some. eventually you will be managing other peoples money just to get the commission on it because you just know you will. also, dont get married cause forex profits are entitled to the "she gets half" rule, ive had it happen to more than a few clients.

Ignored

Quoting ItalianSharp

Disliked

1. I am cheering for Stevie as well. I wish him the best and I can't see any reason why anyone in here would wish him otherwise.

2. If you are a fulltime successful trader, you must differentiate between starting off a micro-forex account with a couple of hundred bucks and investing a much bigger capital necessary to make a living.

3. Even if you test out your strategies on a $200 account and you do manage to take it to $1,000, the most common mistake rookie traders make is they can think they can reproduce the very same results with a much larger capital. Theoratically, WHY NOT?

Nevertheless, when you switch from a $200 account to a $50,000 account, that's a totally different ball game. Psychology kicks in.

You see, if you open a $200 account and blow it, so be it. You just lost $200, you arent any poorer than when you started off. Some people spend that amount of money on a few drinks during the weekend to get thrashed, so no big deal spending it into trading education.

On the assumption that you do have a successful system that makes money in the long haul, drawdowns on a much bigger capital are much tougher to deal with as opposed to drawdowns suffered with "play" money.

In fact, it's no coincidence that the big traders, those trading with a big capital, don't try to go for the homerun but they rather make some decent constant profits keeping drawdowns to a minimum.

Stevie sounds like he knows what he's doing and nobody in here is trying to discourage him from pursuing his dream.

All my posts are meant to provide help based on my own experience and the experience of other traders more successful than me.

I like the fact Stevie is progressing step by step and that is a crucial component in the road to long term profits.

Those who think trading is only about a good system and good money management overlooking the psychological implications of this profession are doomed to face very tough times.

Ignored

Quoting summitfx

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Don't let pipple pop your pimples!

Ignored

Quoting mikhaildgreat

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Hello steviet,

great thread and great strategy. im happy to see someone actually making pips in the market. I see you use the turtle exit in your trading, im also a turtle guy. but turtle entry need some work and its wonderful that you use candlestick patterns for your entry, enabling you to enter the trend much earlier.

Im still not so good with candlestick patters because there are so many and sometime I just see so many conflicting patterns that even confuses me more. So I have a few questions if you dont mind. What do look for in candlstick pattern? just the major ones like; doji, engulfing, harami, and hammer, and also hangman... Oh my im gettting confused just talking about it

Anyways where do you look for this patterns? just the last few candles from your entry point, or do you scan several candles back to make a decision?

Sorry for all the questions just trying to see how your logical process works during trading.

Kind Regards and Congrats,
Mikhail

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