I wish the tricky bit had of started some other time.... Not good start for my account, but sticking to it and see how it goes!!
- #702
- Feb 1, 2007 4:26pm Feb 1, 2007 4:26pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
I wish the tricky bit had of started some other time.... Not good start for my account, but sticking to it and see how it goes!!
Sorry 'bout that Mark - patience is a virtue
The market has to trend at some point - it always has & always will. That's why the money management is as it is so we're still here to take advantage when it does.
Kind Regards
Steve
- #703
- Feb 1, 2007 4:32pm Feb 1, 2007 4:32pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
New trade....
USDGBP long from 1.9672 (s/l 1.9611 guarantees minus 61 pips)
Does that mean you'll be short GBPUSD?
Trust price. Know yourself.
- #704
- Feb 1, 2007 4:34pm Feb 1, 2007 4:34pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Does that mean you'll be short GBPUSD?
Well spotted - 5 pips to you hehe
thx
- #706
- Feb 1, 2007 5:46pm Feb 1, 2007 5:46pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hello everybody,
Now that I have been sucked in to this system by Steviet and must now
read every post in total, I just figured my first post should be here. I will post questions of course but I would guess most will be answered by reading everything here thus far.
Will this work with the hourly charts as well?
Okay...time to read, just wanted to get the first post out of the way?
kevin
Welcome
I guess you could look at trying this on a shorter timeframe - the reason I use daily charts is that I still work full-time and the method suits perfectly.
I also thought that should I be successful in my endeavours and trade 'full-time' in a few years from now, I could still trade this method without having to spend endless hours in front of the pc babysitting trades.
There is a method in my madness (or is it the other way round
)Kind Regards
Steve
- #707
- Feb 2, 2007 1:56am Feb 2, 2007 1:56am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Well, managed to hold onto USDCAD into the third day but just got stopped out for minus 22 pips. Having a really testing time at the moment and methinks with NFP due today, it ain't going to get much better this week.
The market will decide on a direction soon and when it does that's when I pounce
Total Pip Gain Feb 07: minus 76 pips
Cumulative Since Nov 06: plus 1892 pips
Account Balance Increase Feb: minus 1.36%
Average per month Nov-Jan: plus 9.87%
Kind Regards
Steve
The market will decide on a direction soon and when it does that's when I pounce
Total Pip Gain Feb 07: minus 76 pips
Cumulative Since Nov 06: plus 1892 pips
Account Balance Increase Feb: minus 1.36%
Average per month Nov-Jan: plus 9.87%
Kind Regards
Steve
- #711
- Feb 2, 2007 6:39am Feb 2, 2007 6:39am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
how does system done around nfp or major news?
I really enjoy watching you kick the market ass keep it up!
I'm having a bad week but I expect to have a few of these on my journey. My backtesting was done purely on Technical Analysis so that's how I trade live too. Basically I ignore any news events due but obviously take note of the price action that follows to help me decide on future trades.
It's really difficult when you go days on end getting stopped out in a ranging market but that's what I have to deal with psychologically, knowing my time will come
Kind Regards
Steve
- #712
- Edited 11:30am Feb 2, 2007 8:46am | Edited 11:30am
- | Joined Jul 2006 | Status: Will take it all off for Pips! | 1,105 Posts
Steve,
Trying to think about ways to improve.., OK, no! not improve, (maybe inhance) your already excellent system...
I think the constant need to change (tweak/improve) maybe why most can't seem to succeed in trading (lack of discipline)
If its not broke don't fix it.
Keep on trucking Steve
- #715
- Feb 2, 2007 10:16am Feb 2, 2007 10:16am
- | Joined Jul 2006 | Status: Will take it all off for Pips! | 1,105 Posts
- #717
- Feb 2, 2007 11:35am Feb 2, 2007 11:35am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
- don't you just love NFP Fridays!US data all poor & they go and revise last months NFP coz they can't seem to count
- 206K from 167K - what's the point in releasing any figures if they're that far out? If they worked at my bank they would've been sacked a long time ago lol.OK, update is that EURUSD got stopped out for minus 41 pips and USDCHF for minus 33 pips. GBPUSD is still standing at minus 3 pips as I write. Had a couple of PM's from other experienced traders who have had a similar week so that's comforting to know that I'm not the only one.
I can think of a few 4 letter words to describe this week but I've plumped for 'poor' which is probably the most civil way of putting it lol.
Worst thing is, despite the whipsawing today, we still haven't really broken out of the ranges the pairs have been stuck in. Let's see what happens between now and close to see if there is any indication for Monday.
Net Pip Gain Feb 07: minus 186 pips
Cumulative since Nov 06: plus 1782 pips
Increase in A/c Bal Feb 07: -3.17%
Average Increase Nov-Jan: +9.87%
So, after 2 days in Feb, we're looking rather red but long term we are still very green. No need to question the system - I'll just keep on trucking and hope next week is a little more trendy. In fact, my aim for end of Jan was plus 1500 pips, so if I look at it that way I'm still doing OK for a newbie hehe.
Have a great weekend all and hope your week was a little better than mine.
Kind Regards
Steve
- #718
- Feb 2, 2007 12:11pm Feb 2, 2007 12:11pm
Has been a poor week. Dropped 229 pips this week but overall am still up 2205 pips since I started my forward test at the end Nov.
You just gotta take the rough with the smooth. My backtest showed an average 75% success rate on trades. I was around the 83% at the start of the week so I guess I was due to pay someting back at some point
:
You just gotta take the rough with the smooth. My backtest showed an average 75% success rate on trades. I was around the 83% at the start of the week so I guess I was due to pay someting back at some point
:
it's these tough weeks or months that will test the trader more than his system! can you hold your own after running up a string of losses?
being in the market, waiting for big moves means you're gonna have to ride out these tough patches and hold your discipline. that's why there is no substitute for live trading - even small accounts like yours!
not that you don't know any of this already - i still think you can win with this approach if you've done your back-testing right.
btw, is your max risk 10% at any time since you always trade 5 pairs together? i think you mentioned one time you were hit for a 5% loss and recovered.
also you said you back-tested each pair independently, since you essentially hold a USD portfolio did you have days when you hit your uncle point (max loss), when you put all the trades together?
i might be misunderstanding your money management here, so it could be my bad!!!
just remembered> on a big report day like today could you be running additional risk of all your stops being hit on your portfolio - ie your uncle point being reached?
being in the market, waiting for big moves means you're gonna have to ride out these tough patches and hold your discipline. that's why there is no substitute for live trading - even small accounts like yours!
not that you don't know any of this already - i still think you can win with this approach if you've done your back-testing right.
btw, is your max risk 10% at any time since you always trade 5 pairs together? i think you mentioned one time you were hit for a 5% loss and recovered.
also you said you back-tested each pair independently, since you essentially hold a USD portfolio did you have days when you hit your uncle point (max loss), when you put all the trades together?
i might be misunderstanding your money management here, so it could be my bad!!!
just remembered> on a big report day like today could you be running additional risk of all your stops being hit on your portfolio - ie your uncle point being reached?
- #720
- Feb 2, 2007 12:38pm Feb 2, 2007 12:38pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Has been a poor week. Dropped 229 pips this week but overall am still up 2205 pips since I started my forward test at the end Nov.
You just gotta take the rough with the smooth. My backtest showed an average 75% success rate on trades. I was around the 83% at the start of the week so I guess I was due to pay someting back at some point
Onto next week & I'm sure we'll be back on track