with his success, as they say, if it aint broke, don't fix it.
- #683
- Jan 31, 2007 6:29pm Jan 31, 2007 6:29pm
- Joined Jun 2006 | Status: Trader | 5,709 Posts
Nope,
To clarify, I use 2% of my account balance on each trade which would equate to a 2% loss if my initial s/l was 100 pips on a /USD pair or a little more on a USD/ pair. In reality my initial stop losses are under 100 pips so therefore the risk is under 2%.
Today will be an exception to the rule as we have seen large moves but remember I've yet to lose 100 pips (2%) on a single trade so far.
Famous last words
Kind Regards
Steve
I am actually going to try this out with my s/l method. I feel that this is a better way than 2% fixed. But instead of 100 pip predetermined s/l, I use high/low of previous week/month for my predetermined s/l, and use pivots (daily,weekly,monthly) to see where is the safe place I can place my s/l under my predetermined one..
thanks for the idea!!
Good to see how well you are doing...
I've been in India on holiday for a month and decided not to trade whilst I was away - it was like going cold turkey!
I note we are the same age now (lol) and I always like to see another Man Utd fan, good result against Watford, eh? Although not born in Manchester (
), I've been a fan for many years - I was at the game in 1999 in Barcelona which was awesome. However, I have to admit, my husband's a rugby player so I can't wait for the rugby this weekend - don't ask me who to support though, DH is Scottish and I'm vaguely English (brought up in various foreign locales in Forces family) with a Welsh mother, hmmmmm.
Right, let's not mention the cricket again.
Onto trading, I love your method as working shifts at my beloved Heathrow means trading once a day works brilliantly and there is none of the strain on the old ticker (ok, I was off yesterday, chickened out and took the profit on the GBP/USD run but it's back to discipline for me now, honest, Sir!) and as is everyone else here, I'm constantly impressed by your patience and discipline.
Don't you dare stop posting, you only live a few miles from me....
Kind regards, Jacquie
I've been in India on holiday for a month and decided not to trade whilst I was away - it was like going cold turkey!
I note we are the same age now (lol) and I always like to see another Man Utd fan, good result against Watford, eh? Although not born in Manchester (
), I've been a fan for many years - I was at the game in 1999 in Barcelona which was awesome. However, I have to admit, my husband's a rugby player so I can't wait for the rugby this weekend - don't ask me who to support though, DH is Scottish and I'm vaguely English (brought up in various foreign locales in Forces family) with a Welsh mother, hmmmmm.Right, let's not mention the cricket again.
Onto trading, I love your method as working shifts at my beloved Heathrow means trading once a day works brilliantly and there is none of the strain on the old ticker (ok, I was off yesterday, chickened out and took the profit on the GBP/USD run but it's back to discipline for me now, honest, Sir!) and as is everyone else here, I'm constantly impressed by your patience and discipline.
Don't you dare stop posting, you only live a few miles from me....
Kind regards, Jacquie
- #687
- Feb 1, 2007 12:43am Feb 1, 2007 12:43am
Good to see how well you are doing...
I've been in India on holiday for a month and decided not to trade whilst I was away - it was like going cold turkey!
I note we are the same age now (lol) and I always like to see another Man Utd fan, good result against Watford, eh? Although not born in Manchester (
Right, let's not mention the cricket again.
Onto trading, I love your method as working shifts at my beloved Heathrow means trading once a day works brilliantly and there is none of the strain on the old ticker (ok, I was off yesterday, chickened out and took the profit on the GBP/USD run but it's back to discipline for me now, honest, Sir!) and as is everyone else here, I'm constantly impressed by your patience and discipline.
Don't you dare stop posting, you only live a few miles from me....
Kind regards, Jacquie
{Link Removed}]
- #690
- Feb 1, 2007 4:25am Feb 1, 2007 4:25am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hey, thanks for all your comments peeps 
Howard, special thanks for putting that together - I think it looks right to me
Hoping for a trendy February - I think that the reason GU is still successful even in ranges is that GU tends to range in 300-500 pips so we're still able to catch part of that before it reverses on us.
The others tend to range tighter which make it more difficult to bag many pips before it reverses lol. Just an observation so far.
OK, GU short was stopped out as expected for minus 54 pips which brings a new challenge. This is the first month where I haven't had open trades carried forward where pips have already been booked. Also its NFP day tomorrow which may be fun lol.
Total Pip Gain For Feb 07: minus 54 pips
Cumulative since Nov 06: plus 1914 pips
Kind Regards
Steve
Howard, special thanks for putting that together - I think it looks right to me
Hoping for a trendy February - I think that the reason GU is still successful even in ranges is that GU tends to range in 300-500 pips so we're still able to catch part of that before it reverses on us.
The others tend to range tighter which make it more difficult to bag many pips before it reverses lol. Just an observation so far.
OK, GU short was stopped out as expected for minus 54 pips which brings a new challenge. This is the first month where I haven't had open trades carried forward where pips have already been booked. Also its NFP day tomorrow which may be fun lol.
Total Pip Gain For Feb 07: minus 54 pips
Cumulative since Nov 06: plus 1914 pips
Kind Regards
Steve
- #693
- Feb 1, 2007 9:24am Feb 1, 2007 9:24am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
"The others tend to range tighter which make it more difficult to bag many pips before it reverses lol. Just an observation so far".... he said
Hmm.... I have made that observation too.. if the GU goes the same way... then plan (b)... I hope you have that ready for us Steve!!
- #694
- Feb 1, 2007 9:25am Feb 1, 2007 9:25am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
stevie
i started a journal
i blame this on you
im just putting down what trades i execute for my clients and sometimes why
lets kick their market making, pip slippin, stop hunting ass!
- #695
- Feb 1, 2007 9:27am Feb 1, 2007 9:27am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, remaining 4 trades still open with an overall small profit. Will be able to tighten those stop losses significantly later but a little worryingly all seem to be trying to form dojis on the daily charts lol.
And its NFP tomorrow - deep joy
Update later.....
Kind Regards
Steve
And its NFP tomorrow - deep joy
Update later.....
Kind Regards
Steve
- #697
- Feb 1, 2007 9:52am Feb 1, 2007 9:52am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
I am working on plan (b), so expect to hear something in a few weeks,
i hope... I pray, i beg.... surely not!!! In the meantime, glued to your thread, some great comments coming from it too...
mark
As Rick said earlier, the market probably only truly trends for about 20% of the time - it's the other 80% where you are trying to break even or make a small profit. That 20% is just great though, especially with the correlated pairs as they tend to all go at once
Kind Regards
Steve
- #698
- Feb 1, 2007 10:05am Feb 1, 2007 10:05am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
That 20% is just great though, especially with the correlated pairs as they tend to all go at once
Kind Regards
Steve
wanted to ask this the last night already - when you went long EURUSD and short USDCHF, why did you keep the GBPUSD short? I mean, you effectively were saying long EURGBP and short GBPCHF that way
Just seemed odd to me that you'd keep one long USD if you just went short USD twice?
Also to clarify... you DO use some sort of setup to enter? You don't just flip around by rough open/close direction or something? Forgive me if i'm a bit confused, I haven't really eaten for 8 hours since this morning and am a bit dazed...
Best Regards,
SeekingLight
Trust price. Know yourself.
- #699
- Feb 1, 2007 10:29am Feb 1, 2007 10:29am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Steve,
wanted to ask this the last night already - when you went long EURUSD and short USDCHF, why did you keep the GBPUSD short? I mean, you effectively were saying long EURGBP and short GBPCHF that way
Just seemed odd to me that you'd keep one long USD if you just went short USD twice?
Also to clarify... you DO use some sort of setup to enter? You don't just flip around by rough open/close direction or something? Forgive me if i'm a bit confused, I haven't really eaten for 8 hours since this morning and am a bit dazed...
Best Regards,
SeekingLight
The reason I kept GU short is because those are the rules I set up and I will not deviate from them. If my stop loss was hit yesterday I would have taken a long GU today from what I saw on the daily charts.
The rules have been set up from manually backtesting the pairs over a very long time and those rules have proven to be profitable trading live too. As I've said before, people are welcome to use the essence of my system & trade differently but they are set up to keep me disciplined.
Sure, its really annoying when the market ranges - I could have taken over 100 pips profit from GU when I popped home yesterday lunchtime. Also, today's open trades are now slightly down but have been up over 130 pips between them today at their extreme.
I know I'll get periods like this where for weeks on end the markets can't decide where they want to go, so I'm prepared for it if I can catch the trends when they happen. I've had a great start to the live testing but I'm sure there will be a month or two where I make a loss or barely a profit. I'm also pretty sure I'll get a month or two where I'll pull in close to 1000 pips to counteract that.
My set ups are very simple - check candlestick formations, trendlines & support/resistance - thats about it. At the end of the day none of us can really predict where the market is going, we just need a system that will constantly make pips for us if properly traded. That could be on 1 minute charts or monthly charts, whatever suits us and our lifestyle.
Kind regards
Steve
- #700
- Edited 2:33pm Feb 1, 2007 2:08pm | Edited 2:33pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, 4 current trades have stop losses tightened to an acceptable level before NFP.....
USDCHF short from 1.2437 (s/l 1.2470 guarantees minus 33 pips)
USDJPY short from 120.65 (s/l 121.01 guarantees minus 36 pips)
EURUSD long from 1.3032 (s/l 1.2991 guarantees minus 41 pips)
USDCAD short from 1.1792 (s/l 1.1814 guarantees minus 22 pips)
New trade....
GBPUSD long from 1.9672 (s/l 1.9611 guarantees minus 61 pips)
Trading has been a little tricky these past couple of weeks but we'll be back into a nice trend at some point so patience & discipline is the key. NFP Friday is always 'interesting' so let's see how things pan out tomorrow.
Kind Regards
Steve
USDCHF short from 1.2437 (s/l 1.2470 guarantees minus 33 pips)
USDJPY short from 120.65 (s/l 121.01 guarantees minus 36 pips)
EURUSD long from 1.3032 (s/l 1.2991 guarantees minus 41 pips)
USDCAD short from 1.1792 (s/l 1.1814 guarantees minus 22 pips)
New trade....
GBPUSD long from 1.9672 (s/l 1.9611 guarantees minus 61 pips)
Trading has been a little tricky these past couple of weeks but we'll be back into a nice trend at some point so patience & discipline is the key. NFP Friday is always 'interesting' so let's see how things pan out tomorrow.
Kind Regards
Steve