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  • #3,321
  • Apr 19, 2008 10:41am Apr 19, 2008 10:41am
Hello again

Sorry for the delay in my reply - I've been on holiday and decided to take a complete break and didn't even take my laptop with me

OK, I have found James16 thread useful in my learning process and the daily bars are important in that they give me a bias for my trades. This doesn't mean I won't take trades in the other direction as well but if for example we are bullish I'll mainly be buying on dips on the 5 min charts.

As you rightly say, a lot of my trades are 'gut feeling' trades which you'll only start to appreciate after countless hours staring at charts.

Hope this helps in some small way.

Kind Regards
Steve
Quoting giraia_br
many thanks for the answer and for the commendation (but i needed to found this word using a online translator).

one question about the price action. Do you use the j16 formations on dayli charts to have the bias and then took retraces and breakouts on 5 min or do you really use IBs, DBHLC etc on 5 min charts?

and the next question is difficult to ask so problably answering is more difficult, but i will try: how do you deal with overtrade X high probability trades? Again, i know that this is very discretionary but i like to see some comments on it if possible.

thanks again Steviet and sorry to ask so many questions.
  • #3,322
  • Apr 20, 2008 7:08pm Apr 20, 2008 7:08pm
Quoting steviet
Hello again

Sorry for the delay in my reply - I've been on holiday and decided to take a complete break and didn't even take my laptop with me

OK, I have found James16 thread useful in my learning process and the daily bars are important in that they give me a bias for my trades. This doesn't mean I won't take trades in the other direction as well but if for example we are bullish I'll mainly be buying on dips on the 5 min charts.

As you rightly say, a lot of my trades are 'gut feeling' trades which you'll only start to appreciate after countless hours staring at charts.

Hope this helps in some small way.

Kind Regards
Steve

thanks for reply Steve. I has been reading all posts by you and Isotonic again this weekend. But i think only testing it in a demo to have all answer i have.


and i am waiting Scott's new stetament.

thanks again Steve.
  • #3,323
  • Apr 25, 2008 10:03am Apr 25, 2008 10:03am
I have been following your thread from the beginning (or close to it). It's the first time that I am posting a reply though.

Well done on the amazing success that you have had. This has given me inspiration to stay with my trading even when it looked as if none of my plans or theories were working (or ever going to, so it seemed).

I can honestly say that I am now trading profitably consistently (on a mini account). Still early days. Between you and Dirk Du Toit (Bird Watching in Lion Country), I have tweaked out a system so similiar to yours, that is working for me. I only trade GBP though (crazy thing):

Thank you once again for all your effort in writing your journal (and staying so polite and sane throughout). It truly has given hope to many of us.... It can be done!!!

Regards
D
  • #3,324
  • Apr 26, 2008 2:39pm Apr 26, 2008 2:39pm
Hey D

Firstly, thanks for your kind words.

As I've said in the past, if this journal has inspired just one person then it's job done as far as I'm concerned. I'm so pleased that you've taken an idea, played around with it, made it your own and stuck with it.

I'm no genius, just an ordinary guy who is persistent and keeps a cool head (most of the time lol) when things don't quite go as planned. I'm still convinced that anyone can make the forex market work for them with the right attitude and the plan that suits them.

Well done D - you've made my day

Kind Regards
Steve
Quoting DJ4x
I have been following your thread from the beginning (or close to it). It's the first time that I am posting a reply though.

Well done on the amazing success that you have had. This has given me inspiration to stay with my trading even when it looked as if none of my plans or theories were working (or ever going to, so it seemed).

I can honestly say that I am now trading profitably consistently (on a mini account). Still early days. Between you and Dirk Du Toit (Bird Watching in Lion Country), I have tweaked out a system so similiar to yours, that is working for me. I only trade GBP though (crazy thing):

Thank you once again for all your effort in writing your journal (and staying so polite and sane throughout). It truly has given hope to many of us.... It can be done!!!

Regards
D
  • #3,325
  • May 1, 2008 11:44am May 1, 2008 11:44am
Well, April has been a very difficult month for me - had a week off from trading mid month whilst taking a break with the family. Can't make a mint every month - more damage limitation but still plugging away. Anyhow, not a disaster by any means

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)

When I have positions open, the balance quoted takes into account unrealised drawdown. In other words, if I closed everything now that would be the balance.

Kind Regards
Steve
  • #3,326
  • May 1, 2008 1:36pm May 1, 2008 1:36pm
Hi Stevie:

First time posting on your thread. Just want to say that even though your style of trading does not suit my personality, I applaud your persistence, discipline and thinking against the grain. The fact that you're able to achieve consistent profits after just over a year's experience, is an inspiration, especially for someone like me just starting out (2 months under my belt). I aim to finish my first year in the black, and more importantly, establish my own style and trading system.

Here's to good trading!
Being the best loser that I can be.
  • #3,327
  • May 2, 2008 1:43am May 2, 2008 1:43am
Quoting steviet
Well, April has been a very difficult month for me - had a week off from trading mid month whilst taking a break with the family. Can't make a mint every month - more damage limitation but still plugging away. Anyhow, not a disaster by any means

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)

When I have positions open, the balance quoted takes into account unrealised drawdown. In other words, if I closed everything now that would be the balance.

Kind Regards
Steve
Hi Steve,
I wonder about how many SL got hit during April, I bet it was on 17/18 April? http://www.forexfactory.com/images/icons/icon6.gif
I think the quoted blue text above, most people would call it: equity http://www.forexfactory.com/images/icons/icon10.gif

Regards,
--
Sang Dukun
  • #3,328
  • May 2, 2008 7:27am May 2, 2008 7:27am
None were hit. I now net off from time to time and start again from scratch when I feel it would be best.

Quoting DukunFX
Hi Steve,
I wonder about how many SL got hit during April, I bet it was on 17/18 April? http://www.forexfactory.com/images/icons/icon6.gif
I think the quoted blue text above, most people would call it: equity http://www.forexfactory.com/images/icons/icon10.gif

Regards,
--
Sang Dukun
  • #3,329
  • May 2, 2008 10:32am May 2, 2008 10:32am
Quoting steviet
None were hit. I now net off from time to time and start again from scratch when I feel it would be best.
Hi Steve,

I see, you escaped from the last trending situation on 16/17/18 April, which was NOT the best situation for your original strategy.

So the rule #4 is now changed.
(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.)

May I know the reason behind this change?
Is that more on Account Equity preservation or trading speed?
I know the trading speed (lol, just reminded me the name of "formula-1" ) of your original strategy would slow down when more position in red.

Thankyou for the update, although I was waiting to see whether your original strategy proven during the trending situation. I was interested in your playing with wide SL.
My live testing with wide SL (although quite different to yours in term of TP, entry/exit, size, etc.) still in good play although 2 SL got hit during April.
I still think that your classic original strategy (lol) is better than the new version, and as you previously said: hitten SL is just the cost of doing business for it.

Take care my friend .

Regards,
--
Sang Dukun.

PS. smjones and Isotonic, may we have your update please? Thanks.
  • #3,330
  • May 2, 2008 4:48pm May 2, 2008 4:48pm
Hi Sang

Yes, that week I was away so had closed all oustanding trades the previous week.

Rule #4 changed in place of netting off after discussion with my investor. He was happier doing it this way and I'm still not sure which way is better. The one big advantage is that you are able to start again with 10 new positions, along with being able to choose the most appropriate moment to net off.

The disadvantage of netting off is that you are closing positions that may well eventually hit their target.

Both are essentially 'cost of doing business' as you rightly say.

Before I went live with my investor I managed to avoid having a stoploss hit whilst we traded down from the 240 area to the 210 area over hundreds of trades, so it can be done. However, he was rightly concerned that there could be occasion where 5 stop losses could be hit one after the other.

Still doing this whilst working full time during the whole London session and the first half of New York session is very frustrating and feels like I'm having to trade with one arm tied behind my back lol. However, that's the situation at the moment so I have to deal with it.

It sounds like you have been successful with your own variation on a theme which is great news!

Happy trading and Kind Regards
Steve
Quoting DukunFX
Hi Steve,

I see, you escaped from the last trending situation on 16/17/18 April, which was NOT the best situation for your original strategy.

So the rule #4 is now changed.
(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.)

May I know the reason behind this change?
Is that more on Account Equity preservation or trading speed?
I know the trading speed (lol, just reminded me the name of "formula-1" ) of your original strategy would slow down when more position in red.

Thankyou for the update, although I was waiting to see whether your original strategy proven during the trending situation. I was interested in your playing with wide SL.
My live testing with wide SL (although quite different to yours in term of TP, entry/exit, size, etc.) still in good play although 2 SL got hit during April.
I still think that your classic original strategy (lol) is better than the new version, and as you previously said: hitten SL is just the cost of doing business for it.

Take care my friend .

Regards,
--
Sang Dukun.

PS. smjones and Isotonic, may we have your update please? Thanks.
  • #3,331
  • May 16, 2008 6:43am May 16, 2008 6:43am
Well, so far May has been very good to me! Equity has increased every day this month and my investor is a happy chappy

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)
May 15th Balance $129172.98 (0 positions open)

Nothing open at the moment and probably have an afternoon off and prepare for next week...

Kind Regards
Steve
  • #3,332
  • May 16, 2008 10:43pm May 16, 2008 10:43pm
Quoting steviet
Well, so far May has been very good to me! Equity has increased every day this month and my investor is a happy chappy

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)
May 15th Balance $129172.98 (0 positions open)

Nothing open at the moment and probably have an afternoon off and prepare for next week...

Kind Regards
Steve
congrats Steve.


i want to try to test manualy, but is to much discretion for me, i have no idea of what you are doing (and this is exactaly because i re-read all the posts form you and iso).

i still playing only with two EA's. MA's with limit of 10 positions and 50 pips between each entry... but not good results.

best regards.
  • #3,333
  • May 16, 2008 11:11pm May 16, 2008 11:11pm
Quoting steviet
Well, so far May has been very good to me! Equity has increased every day this month and my investor is a happy chappy

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)
May 15th Balance $129172.98 (0 positions open)

Nothing open at the moment and probably have an afternoon off and prepare for next week...

Kind Regards
Steve
Nice job Steve .. from the way the account is growing surely but steady I can see that you are managing the risk well .... awesome job.
Blogging daily now at www.volume.zone
  • #3,334
  • May 17, 2008 2:25pm May 17, 2008 2:25pm
Quoting giraia_br
congrats Steve.


i want to try to test manualy, but is to much discretion for me, i have no idea of what you are doing (and this is exactaly because i re-read all the posts form you and iso).

i still playing only with two EA's. MA's with limit of 10 positions and 50 pips between each entry... but not good results.

best regards.
Hi again

Yes, you are right in that there is a lot of discretion involved in the way I trade. I have my 'rules' which are the cornerstone of my strategy but beyond that it is down to the individual.

For example, I may place a short in what I consider a bear market and see the price go 50 or 100 pips against me. If I consider it a retrace I may place another short, however someone else may consider it a reversal and start placing longs.

It really is how the individual views the market and how they react to price movement that will determine their success.

The last week, I've been making most of my pips on short trades and until I see price breach the 205 mark I'll be selling rallies.

Kind Regards
Steve
  • #3,335
  • May 17, 2008 2:28pm May 17, 2008 2:28pm
Quoting malcolmb14
Nice job Steve .. from the way the account is growing surely but steady I can see that you are managing the risk well .... awesome job.
Hi Malcolm,

Thanks for taking the time to visit & post in my journal. I don't post a great deal these days but I do lurk & your posts are amongst my favourites.

Kind Regards
Steve
  • #3,336
  • May 17, 2008 8:20pm May 17, 2008 8:20pm
Hey Steve,

I posted on your thread probably a year ago and have been following it since then on the sidelines. You seem to have found your path to financial freedom. I must congratulate you on your ability to keep your strategy very structured and emotionless. Your discipline is outstanding. VERY impressive returns.

You have taken a whole different take on the concept of risk to return and I have recently adapted this concept due to my realization of how many losing trades were positioned right but had too small of a stop loss. I can see that you have thought for yourself and not just listened to people telling you how you should trade. Hope your enjoying being in the top 5% of traders!

Brenton
  • #3,337
  • May 18, 2008 4:40am May 18, 2008 4:40am
Quoting steviet
Well, so far May has been very good to me! Equity has increased every day this month and my investor is a happy chappy

Jan 15th Start Balance $103529
Feb 29th Balance $107374 (no positions open)
March 28th Balance $121148 (no positions open)
April 30th Balance $121289 (6 positions open)
May 15th Balance $129172.98 (0 positions open)

Nothing open at the moment and probably have an afternoon off and prepare for next week...

Kind Regards
Steve
Hi steviet
Many Cong. On your wounderfull achievement.
PipHacker
  • #3,338
  • May 18, 2008 5:11am May 18, 2008 5:11am
Quoting steviet

The last week, I've been making most of my pips on short trades and until I see price breach the 205 mark I'll be selling rallies.

Kind Regards
Steve
Thank heavens, now I feel less insane for being a rabid GJ short if Mr. Six Figures is going my way as well
Push it down with your yards and miles I say! Hehehe...well done on the progress Steve


Hope you're keeping well,

Seeking
Trust price. Know yourself.
  • #3,339
  • May 19, 2008 11:36am May 19, 2008 11:36am
Quoting brxxt
Hey Steve,

I posted on your thread probably a year ago and have been following it since then on the sidelines. You seem to have found your path to financial freedom. I must congratulate you on your ability to keep your strategy very structured and emotionless. Your discipline is outstanding. VERY impressive returns.

You have taken a whole different take on the concept of risk to return and I have recently adapted this concept due to my realization of how many losing trades were positioned right but had too small of a stop loss. I can see that you have thought for yourself and not just listened to people telling you how you should trade. Hope your enjoying being in the top 5% of traders!

Brenton
Hey Brenton,

Good to see you around

Thanks for the kind words - it's not easy but I seem to have found a way to be consistent over time and I'm just really comfortable with the way I do things

Good to see that you've looked at the way you trade too - just be very strict on the money management side of things and stick to your rules

Kind Regards
Steve
  • #3,340
  • May 19, 2008 11:36am May 19, 2008 11:36am
Quoting PipHacker
Hi steviet
Many Cong. On your wounderfull achievement.
PipHacker
Thanks very much PipHacker!

Kind Regards
Steve
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