glad to see you here as well scott!it didn't occur to me to look at any of the majors apart from cable. i notice that the overnight charges on the gbp/jpy quickly mount up and can kill a potential profit.
i hope that you keep us posted on your progress here and share your thoughts as well.
keep up the good work!
btw, i've opened a 2nd account on alpari (another demo) for the gbp/chf. and tweaked the MM for this "experimental" (sorry stevie!) to 1200 stop / 60 tp and 3% risk per trade. since they do standard lots i started with a 1 mil account.
i find that for the crosses that if you follow the constituent majors then that helps enormously, so for this pair i could go - gbp/usd x usd/chf = gbp/chf.
- #3,161
- Feb 21, 2008 2:25pm Feb 21, 2008 2:25pm
- Joined Mar 2006 | Status: THANK YOU MERLIN,TWEE and FF Team | 4,603 Posts
- #3,163
- Feb 21, 2008 4:17pm Feb 21, 2008 4:17pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
LOL, fell asleep at the laptop! Lucky my nose didn't inadvertantly land on the buy/sell button 
OK, whilst it stays in the range it is pretty easy pickings you're right. Once it breaks out then the hard work begins - i've been doing this since just before GJ was attempting to break through 241.50 area on the upside. Since then, you would say the pair has been in a downtrend and I've still managed to be successful. Even when trending, the market will generally consolidate for a while.
I'm yet to go through a period where the pair just trends one way very quickly with no sort of pullback. Here it will be more difficult and where I'll need my wits about me. The method forces you just to take trades one way if the market is in a strong trend as you can only have a maximum of 5 positions on in any direction at any time.
Kind regards
Steve
OK, whilst it stays in the range it is pretty easy pickings you're right. Once it breaks out then the hard work begins - i've been doing this since just before GJ was attempting to break through 241.50 area on the upside. Since then, you would say the pair has been in a downtrend and I've still managed to be successful. Even when trending, the market will generally consolidate for a while.
I'm yet to go through a period where the pair just trends one way very quickly with no sort of pullback. Here it will be more difficult and where I'll need my wits about me. The method forces you just to take trades one way if the market is in a strong trend as you can only have a maximum of 5 positions on in any direction at any time.
Kind regards
Steve
I have been reading this journal from the start, nice work Steve, if you decide to train newbies i will be the first. I have a question, do you only use your strategy in a ranging market, where you look for tops and bottoms? When the market has broken out of the range and start trending, do you still apply the same strat, and will you only trade it in the direction of the main trend? Thanks in advance
- #3,164
- Feb 21, 2008 4:22pm Feb 21, 2008 4:22pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
You've got it Iso 
As long as you can correctly identify the range and be careful not to place too many positions at the extremes of the range, you should be OK.
As I keep saying, entries are the least most important thing about the method. You see, I had to create something even a numpty like me could make work
Kind Regards
Steve
As long as you can correctly identify the range and be careful not to place too many positions at the extremes of the range, you should be OK.
As I keep saying, entries are the least most important thing about the method. You see, I had to create something even a numpty like me could make work
Kind Regards
Steve
At times, you could just flip a coin - head for long and tails for short - and let your MM rules do the rest. That's what I did for a couple of trades when I don't see a clear pattern. Of course if its trending then I'll load up on one direction but the beauty of this approach is that the entries don't matter at all if the price is stuck in a range and I would wager it is more profitable than in a trend. Another counter-intuitive characteristic of this system.
Stevie, this really is a beautiful system you've come up with - I hope I just don't turn it into an ugly sister (or me for that matter).LOL
- #3,165
- Feb 21, 2008 6:03pm Feb 21, 2008 6:03pm
LOL, fell asleep at the laptop! Lucky my nose didn't inadvertantly land on the buy/sell button
OK, whilst it stays in the range it is pretty easy pickings you're right. Once it breaks out then the hard work begins - i've been doing this since just before GJ was attempting to break through 241.50 area on the upside. Since then, you would say the pair has been in a downtrend and I've still managed to be successful. Even when trending, the market will generally consolidate for a while.
I'm yet to go through a period where the pair just trends one way very quickly with no sort of pullback. Here it will be more difficult and where I'll need my wits about me. The method forces you just to take trades one way if the market is in a strong trend as you can only have a maximum of 5 positions on in any direction at any time.
Kind regards
Steve
- #3,167
- Feb 21, 2008 8:24pm Feb 21, 2008 8:24pm
Originally Posted by montis http://www.forexfactory.com/images/buttons/viewpost.gif
I couldnt read all posts so can you plz explains your method trading .
best reagrds
hi steviet.
this method smjones and isotonic are trying is not starts in wich page? i came here stalking smjones posts. looking some posts before i can't find where is starts.
can you say or someone else say in wich post or at least wich page or at least estimate number of pages ago you explain that new method?
thanks in advance. Sorry for bothering you and for my bad english.
EDIT: post 3052? could confirm? thanks again
The only sovereign I can allow to rule me is reason.
- #3,169
- Feb 21, 2008 10:01pm Feb 21, 2008 10:01pm
- | Joined Feb 2006 | Status: Trader | 1,305 Posts
Hi Steviet
I've been lurking around the forums for a while now but decided to come out of the closet recently lol. I've been popping in every now and then reading up some of the things you've done (I was following you a while back when you were doing testing for 1 year straight I think on the other method). If anything, I think you deserve a medal for your discipline and patience. There's certainly not many here that are able to pull that off (me being one of them lol - but trying hard to improve). Hard work always pays off - great work on your trades so far
zoopy
I've been lurking around the forums for a while now but decided to come out of the closet recently lol. I've been popping in every now and then reading up some of the things you've done (I was following you a while back when you were doing testing for 1 year straight I think on the other method). If anything, I think you deserve a medal for your discipline and patience. There's certainly not many here that are able to pull that off (me being one of them lol - but trying hard to improve). Hard work always pays off - great work on your trades so far
zoopy
- #3,170
- Feb 21, 2008 10:41pm Feb 21, 2008 10:41pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
paycheck???
Drinks on steve!
Drinks on steve!
- #3,171
- Feb 21, 2008 10:43pm Feb 21, 2008 10:43pm
- Joined Jul 2006 | Status: Trader | 4,090 Posts
paycheck???
Drinks on steve!
I dream, therefore I become.
- #3,173
- Feb 22, 2008 12:46am Feb 22, 2008 12:46am
- Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
WELL, I'm just glad I stumbled again on this thread at just the right moment... CONGRATULATIONS STEVIE! There will be much merry making I am sure. My advice to you is to NOT do what I did with my lmanaged-fund -of-best-friends-and-colleagues-and-their-mom money and spend it in one week. I'm totally serious. One week. But you're a cooler head than me of course so I'm not worried at all, I'm sure you'll spend it wisely 
Once again congrats and all the best my friend. We need to get together on some IM sometime, this forum is tough for following updates from everyone.
Once again congrats and all the best my friend. We need to get together on some IM sometime, this forum is tough for following updates from everyone.
Hi Scott,
Of course I don't mind lol. I tell you, if it wasn't for people like yourself & Iso, there's every chance I wouldn't have made it this far.
What your doing with USDCAD is along the lines of what I was thinking, by using the ATR on other currencies.
Oh I forgot to say, I'm due for my first payment on my managed account next Friday
Look forward to seeing your results Scott.
Kind Regards
Steve
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- #3,174
- Feb 22, 2008 12:56am Feb 22, 2008 12:56am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Absolutely, when trending down would be looking to sell rallies. My t/p of 50 pips still applies though whatever the market is doing.
Kind Regards
Steve
Kind Regards
Steve
Lets say the market is trending down, you just be sellling rallies and looking for areas of congestion as exits?
- #3,175
- Feb 22, 2008 12:58am Feb 22, 2008 12:58am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi there zoopy
Thanks for your kind words - I've seen you about, must have been on the Jacko thread?
Kind Regards
Steve
Thanks for your kind words - I've seen you about, must have been on the Jacko thread?
Kind Regards
Steve
Hi Steviet
I've been lurking around the forums for a while now but decided to come out of the closet recently lol. I've been popping in every now and then reading up some of the things you've done (I was following you a while back when you were doing testing for 1 year straight I think on the other method). If anything, I think you deserve a medal for your discipline and patience. There's certainly not many here that are able to pull that off (me being one of them lol - but trying hard to improve). Hard work always pays off - great work on your trades so far
zoopy
- #3,176
- Feb 22, 2008 1:00am Feb 22, 2008 1:00am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
LOL Mike, a few debts to pay first but I feel that I'm actually on my way now
paycheck???
Drinks on steve!
- #3,177
- Feb 22, 2008 1:01am Feb 22, 2008 1:01am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Thanks Mike
Methinks you're hot on my heels. You keep that journal going my friend
Methinks you're hot on my heels
. You keep that journal going my friend Ohhh yeah, Congratulations Steve! If anybody here deserves it, it's you my man! Good job and good luck on your continued success! Your an inspiration to a LOT of people here.
- #3,178
- Feb 22, 2008 1:02am Feb 22, 2008 1:02am
Hi There Steve,
Congrats, Party Mode ON.Well actually I'm not surprise.You have it all..The heart and the ability..I'm glad for you mate.Hope you getting better and better to the future.
Congrats, Party Mode ON
.Well actually I'm not surprise.You have it all..The heart and the ability..I'm glad for you mate.Hope you getting better and better to the future.Hi Scott,
Of course I don't mind lol. I tell you, if it wasn't for people like yourself & Iso, there's every chance I wouldn't have made it this far.
What your doing with USDCAD is along the lines of what I was thinking, by using the ATR on other currencies.
Oh I forgot to say, I'm due for my first payment on my managed account next Friday
Look forward to seeing your results Scott.
Kind Regards
Steve
- #3,179
- Feb 22, 2008 1:04am Feb 22, 2008 1:04am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Thanks Pete,
I agree it will be interesting to see how 'proper' traders like Iso & Scott do with this.
Hope you're well!
Kind Regards
Steve
I agree it will be interesting to see how 'proper' traders like Iso & Scott do with this.
Hope you're well!
Kind Regards
Steve
Steve,
Congrats on the first payday my friend. You deserve it. Keep up the great work.
also
Great stuff Scott, looking forward to seeing your onward results.
Cheers
Pete
- #3,180
- Feb 22, 2008 1:09am Feb 22, 2008 1:09am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Thanks Pluto,
With me still working full-time, these funds will mainly go towards the future - first objective is to pay off all debts and then build up some capital so sometime in the next year I'll have a few more choices in life.
Shoot me a PM and I'll give you my yahoo IM & MSN addresses & we can chat.
Kind Regards
Steve
With me still working full-time, these funds will mainly go towards the future - first objective is to pay off all debts and then build up some capital so sometime in the next year I'll have a few more choices in life.
Shoot me a PM and I'll give you my yahoo IM & MSN addresses & we can chat.
Kind Regards
Steve
WELL, I'm just glad I stumbled again on this thread at just the right moment... CONGRATULATIONS STEVIE! There will be much merry making I am sure. My advice to you is to NOT do what I did with my lmanaged-fund -of-best-friends-and-colleagues-and-their-mom money and spend it in one week. I'm totally serious. One week. But you're a cooler head than me of course so I'm not worried at all, I'm sure you'll spend it wisely
Once again congrats and all the best my friend. We need to get together on some IM sometime, this forum is tough for following updates from everyone.