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Steviet's Live Trades!

  • #541
  • Jan 25, 2007 12:35pm Jan 25, 2007 12:35pm
hi evry1! im a newbie here n have been following steevies journal 4 quite sometime n my humble submission is that it's just simply splendid!!

i believe steevies method coupled with good money management might actually be the holly grail we've all been talking about!

that's actualy where d problem lies 4me. d money mgt thing being a bit stubborn n doesnt want to stick into this small brain of mine.

eg. if steevie is making an average of 500pips per month, how come his % increase in his acct balance is an average of about 10% n i read somewhere that all u need is about 250pips per month 2 be able 2 double ur acct balance in about 4 months.

culd some1 pls help me out. also ive been trying to find a thread dedicated to money mgt on FF to no avail. pls i need ur help with this cos i believe no mather d system everything boils down to MM.

thanks every1
  • #542
  • Jan 25, 2007 12:43pm Jan 25, 2007 12:43pm
Quoting geezng
hi evry1! im a newbie here n have been following steevies journal 4 quite sometime n my humble submission is that it's just simply splendid!!

i believe steevies method coupled with good money management might actually be the holly grail we've all been talking about!

that's actualy where d problem lies 4me. d money mgt thing being a bit stubborn n doesnt want to stick into this small brain of mine.

eg. if steevie is making an average of 500pips per month, how come his % increase in his acct balance is an average of about 10% n i read somewhere that all u need is about 250pips per month 2 be able 2 double ur acct balance in about 4 months.

culd some1 pls help me out. also ive been trying to find a thread dedicated to money mgt on FF to no avail. pls i need ur help with this cos i believe no mather d system everything boils down to MM.

thanks every1
Hi, pleased you like the journal

You could easily double your account with 250 pips a month if you're prepared to risk a much bigger percentage of your balance on each trade. What that also means though is that you can just as easily lose your account in just as quick time.

I'm not prepared to do that and although I have little capital I'm patient enough to build that up over 4-6 years. Sit down with your calculator and work out how $1000 compounded each month at 10% works out over that time frame. You would be both shocked and amazed. Trouble is some people want everything now and aren't patient enough to study, learn, come up with a plan, be disciplined enough to stick to it and get rich slowly.

Once you get your balance up to $100,000, 10% a month isn't a bad deal especially if you are still only risking a small amount of your balance on each trade.

Hope this helps a little.

Kind Regards
Steve
  • #543
  • Jan 25, 2007 1:17pm Jan 25, 2007 1:17pm
This is an awesome Journal
  • #544
  • Jan 25, 2007 1:37pm Jan 25, 2007 1:37pm
Hi Stevie

Thanks for the insight.. Since I am fundamentally challenged I guess I just stick to the charts and to that guy Stevie's system. Well, almost...
Your thread is on its way to the library of the Congress or its equivalent in that building in London.

Quoting steviet
Hi,

Firstly, many congrats on your 110 pips & if you're still sober I'll try and give my take on it. The same has happened on UJ where I took a short trade yesterday and have been as much as 140 pips up on it. I'm currently about 60 pips up and will lock in around 30 of those by close tonight unless something dramatic happens. That's my rule & I stick to it - I may only get a few pips but that's fine because I don't miss out on the multiple hundred pip trades that way.

As far as explaining why the weaker yen in the latter part of the day. I believe there is an upcoming meeting of the G7 nations this weekend. A few days ago there was rumour that they would discuss the weak yen & therefore a lot of traders with short yen positions cashed in. Today, a couple of ministers have said that they won't be talking about the yen so again it has weakened. That's what the fundemental traders will tell you anyhow.

I may be wrong - usually am lol

Kind Regards
Steve
  • #545
  • Jan 25, 2007 1:53pm Jan 25, 2007 1:53pm
Just been stopped out of EURUSD long for minus 27 pips. Will re-enter in a couple of hours.

Been one of those weeks where I've left a lot of pips on the table, even on the losing trades but hey ho, must be patient.

Total pips for Jan 07: plus 751 pips
Cumulative since Nov 06: plus 2083 pips

Kind Regards
Steve
  • #546
  • Jan 25, 2007 3:04pm Jan 25, 2007 3:04pm
hey steve,

keep up the good work ! your trading style works and it's great to see everyone so enthusiastic about this journal !!! i always read it

anthony
  • #547
  • Jan 25, 2007 4:11pm Jan 25, 2007 4:11pm
It's that time of day again - been a pretty disappointing week since I closed the GU long for plus 300. Had a string of smallish losses and looking at my open trades there may be a few more to come before we get a clear direction.

Existing trades.....

GBPUSD short from 1.9693 (s/l 1.9745 guarantees minus 53 pips)
USDJPY short from 121.61 (s/l 121.38 guarantees plus 23 pips)
USDCHF short from 1.2468 (s/l 1.2508 guarantees minus 40 pips)

New trades.....

EURUSD short from 1.2930 (s/l 1.3013 guarantees minus 83 pips)
USDCAD short from 1.1828 (s/l 1.1846 guarantees minus 18 pips)

Total risk on these trades is 171 pips - UJ has been frustrating, GU looks promising, UCHF & EU are acting as a hedge now & UCAD has failed at or around this level 4 days in a row and until it finds a direction would not risk going long with such a large stop loss. If it breaks 1.1850 then we should have a clearer direction so losing 18 pips to find out is not a big deal.

Anyhow, I need to cheer up - overall I'm well ahead of my overall target of 1500 pips by end of Jan and hovering over 2000 still despite recent losses

Kind Regards
Steve
  • #548
  • Jan 25, 2007 4:20pm Jan 25, 2007 4:20pm
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
I have started my demo of your system today although already made stops either high or low from yesterday without adding your 10 pips. I still went long on usd/cad, went with trend! but then again mine is a demo and yours is live... (makes a huge difference) although sometimes it should not.

We will have to wait and see....

Good luck.. rather you get that one right with real money!!
  • #549
  • Jan 25, 2007 4:24pm Jan 25, 2007 4:24pm
Quoting markt
I have started my demo of your system today although already made stops either high or low from yesterday without adding your 10 pips. I still went long on usd/cad, went with trend! but then again mine is a demo and yours is live... (makes a huge difference) although sometimes it should not.

We will have to wait and see....

Good luck.. rather you get that one right with real money!!
We could both be wrong of course - my stop loss is very tight for this system so it may touch 1.1850 stopping me out & then go down from there

Let's see how it pans out......

Kind Regards
Steve
  • #550
  • Jan 25, 2007 4:49pm Jan 25, 2007 4:49pm
Steviet's Existing trades.....

GBPUSD short from 1.9693 (s/l 1.9745 guarantees minus 53 pips)
USDJPY short from 121.61 (s/l 121.38 guarantees plus 23 pips)
USDCHF short from 1.2468 (s/l 1.2508 guarantees minus 40 pips)

New trades.....

EURUSD short from 1.2930 (s/l 1.3013 guarantees minus 83 pips)
USDCAD short from 1.1828 (s/l 1.1846 guarantees minus 18 pips)


Hey Steve,

It seems that spotting reversal patterns is the crucial step in your method. On yesterdays' EUR/USD, there was a fairly strong Two Towers pattern, reversing a brief uprun at the 382 Fib.

I would be interested to know why you did not see this as a reversal pattern. I certain would not impune your incredible success to date; just trying to develop your eye for reversal patterns!

Best,
Steve
Attached Image
TULKAS
  • #551
  • Jan 25, 2007 5:47pm Jan 25, 2007 5:47pm
Quoting Tulkas
Steviet's Existing trades.....

GBPUSD short from 1.9693 (s/l 1.9745 guarantees minus 53 pips)
USDJPY short from 121.61 (s/l 121.38 guarantees plus 23 pips)
USDCHF short from 1.2468 (s/l 1.2508 guarantees minus 40 pips)

New trades.....

EURUSD short from 1.2930 (s/l 1.3013 guarantees minus 83 pips)
USDCAD short from 1.1828 (s/l 1.1846 guarantees minus 18 pips)


Hey Steve,

It seems that spotting reversal patterns is the crucial step in your method. On yesterdays' EUR/USD, there was a fairly strong Two Towers pattern, reversing a brief uprun at the 382 Fib.

I would be interested to know why you did not see this as a reversal pattern. I certain would not impune your incredible success to date; just trying to develop your eye for reversal patterns!

Best,
Steve
Hi,

It's not a case of not seeing it - it appeared in GU too and because I was stopped out on GU I went short yesterday. I don't necessarily have to look for reversal patterns in my method because if say I'm long and going with the trend, my stop loss will stop me out when the trend stalls. It's only then I have to decide whether I think we are going to reverse or just consolidate before moving on. I'm by no means perfect nor is the system, but so far results are showing I'm doing something right. I'm just looking for that slight edge which is all you need to become consistently successful I believe.

I've been holding an EU long for a few days and as per my rules I stay with the trade until it gets stopped out. It wasn't stopped out yesterday so I moved my stop losses as per plan. It was stopped out today so now I'm EU short. It's just the way my method works - it's not perfect and I lose around 60-70% of trades but I am proving that it is a consistent method overall.

People will look at what I do and come up with their own twist and personalise it - they may do better or worse than me with their version. If I can prove to myself that I can make 10% a month on average then I know I'm in control of my own destiny as far as this business is concerned.

Kind Regards
Steve
  • #552
  • Jan 25, 2007 5:53pm Jan 25, 2007 5:53pm
OK, my USDJPY short was stopped out tonight for a gain of 23 pips. Will re-enter on Sunday night.

Total pips for Jan 07: plus 774 pips
Cumulative since Nov 06: plus 2106 pips

Kind Regards
Steve
  • #553
  • Jan 25, 2007 5:54pm Jan 25, 2007 5:54pm
I think the methods fairly good to be honest, and you obviously done a good harvest over the last few months.

I think theres a theory of looking to much into technical anaylsis, if you can't predict the trend, like you say, it is a gamble, a system that requires less than 50% win ratio is good in my opinion.

Good work steve, and i might try and few trades on demo myself.

Any pairs you wish you didnt/hand't trade and any pairs you feel are better than others?
  • #554
  • Jan 25, 2007 6:04pm Jan 25, 2007 6:04pm
Quoting Kwackers
I think the methods fairly good to be honest, and you obviously done a good harvest over the last few months.

I think theres a theory of looking to much into technical anaylsis, if you can't predict the trend, like you say, it is a gamble, a system that requires less than 50% win ratio is good in my opinion.

Good work steve, and i might try and few trades on demo myself.

Any pairs you wish you didnt/hand't trade and any pairs you feel are better than others?
Hi,

I think the fact that I spent a great deal of time studying this method before going live has given me confidence in the system I use. On backtesting manually, I took all those 50/50 entries, moved the daily bar on & assumed I took the wrong trade every time. I could then assume I was stopped out for a loss and get with the trend a bar late if you like.

Even by doing this, I averaged just over 6000 pips each year so I believe I should make at least that if I stick rigidly to the method. I'm happy others want to change it to suit them but that doesn't suit me - otherwise the studying I did would be worthless if I don't trade that way.

I started off trading with a chart that looked like a Christmas Tree and there were so many 'indicators' you didn't know which way to turn. As far as I'm concerned all indicators are lagging in nature and only tell you what's already happened.

So far, USDCAD has been a little disappointing but there were periods over the 2 years when all pairs had their poor periods. Otherwise it's been all good so far although 3 months is still very early to make any conclusions over which pair is best etc.

Kind Regards
Steve
  • #555
  • Jan 25, 2007 6:20pm Jan 25, 2007 6:20pm

Thanks for the reply.
I need to go back through the post, check the method and anything you've changed and i'll give it a go.

I've just changed platform so getting used to all the different bits and bobs at the moment.

  • #556
  • Jan 26, 2007 1:29am Jan 26, 2007 1:29am
OK, USDCHF stopped out at 1.2508 for a loss of 40 pips. Been a very frustrating week but patience is king.

Pip gain in Jan 07: plus 734 pips
Cumulative since Nov 06: plus 2066 pips

Kind Regards
Steve
  • #557
  • Jan 26, 2007 2:14am Jan 26, 2007 2:14am
Quoting steviet
Been a very frustrating week but patience is king.
Yes for you and me both
  • #558
  • Edited 3:53am Jan 26, 2007 3:28am | Edited 3:53am
Quoting turbokaos
Yes for you and me both
Me three.
You are right Steve, Patience is king.
I've been following your posts and this is so far the only journal I've been reading here in FF. Your technique in adjusting stop loss is what Ive implemented in my trading since the begining on the year and it woks great...especially just doing it only in daily basis. So thanks and I hope you continue this journal longer than you planned for or start another one.
Regards,
Rick
I'm a disciplined trader and that's the only way I trade.
  • #559
  • Jan 26, 2007 6:17am Jan 26, 2007 6:17am
Quoting drick008
Me three.
You are right Steve, Patience is king.
I've been following your posts and this is so far the only journal I've been reading here in FF. Your technique in adjusting stop loss is what Ive implemented in my trading since the begining on the year and it woks great...especially just doing it only in daily basis. So thanks and I hope you continue this journal longer than you planned for or start another one.
Regards,
Rick
Hi Rick,

Yes, I'll be doing this for the full year - a promise is a promise

If just one person (as well as me lol) has gained anything from this to help their trading strategy then I reckon it's a job well done.

From what I can gather you're doing great so just keep it up and ignore the not so good days - its worth it when you get on a big trade

Kind Regards
Steve
  • #560
  • Jan 26, 2007 6:42am Jan 26, 2007 6:42am
Well, USDCAD appears to be my nemesis again lol. Just stopped out for minus 18 pips. Currently my EU short & GU short are up by 120 pips so some positive US news this afternoon would be handy

Total pips for Jan 07: plus 716 pips
Cumulative since Nov 06: plus 2048 pips

Kind Regards
Steve
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