Steviet's Live Trades!

Quoting stewrigh

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So you finally took the plunge!

Thats great news. I'm sure you'll be even more successful trading full time.

All the best and keep the journal going.

Regards
Stew

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Quoting mbqb11

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Steve awesome to hear bud! Keep us all updated been a pleasure to watch the full progression to full time trader.

Mike

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Quoting coastalfx

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Great job Steve!

Good luck,
Jackie

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Quoting hunter101

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Hi,

I Been following this thread with great interests, seems that you are having a bad month, hopefully you will turn out positive, or at least have min losses. My question for you are:

1) How much pips, roughly, do you generate per month?
I don't count pips but I guess we calculated around 3900 from Mid Jan to end of May so lets say 800 net on average?
2) How are you able to get 200 open orders on one currency pair? (If its hedging, what broker do you use?)
I don't. My maximum is 10 at any one time but normally far fewer. You may have got the 200 figure from Matt's (Gnat's) post which is the way he trades.
3) Have you hit your S/L yet of 1000 pips? (I reviewed your last trade blot and looks like you have 4 losing positions that you closed)
Since January I've had one stop loss hit (this month). However, I will close all positions from time to time when I feel its appropriate to do so. I then start over from scratch. The 1000 is essentially a disaster stop.
4) How do you calculate your risks? You went from 4.50 dollars per pip, to 7 dollars per pip, how do you do this? Of course you are compounding, but do you do this monthy?
My investor & I agreed I should trade 50,000 units per position initially. As the balance increased we agreed to increase this to 75,000 which I'm still currently trading.
5) Why did you deivate from your original plan, 500 pips permonth?
To be honest, when I started I knew very little and it's actually emabarrassing reading the beginning of this journal lol. I'm still learning and applying what I learn.
6) What are your expectations when you go full live in the fall?
I aim to just carry on what I have been doing. Just applying my rules over and over again - pretty boring but that's what it's all about. There are many times where I miss out on moves and get clobbered because I'm at work. I would hope that things will be a little less volatile and more serene. I'll close all positions more often and give myself the odd day off.

Since it seems your progress is going at 5% per month, but looking at it, you made 3.8% (from 103 to 107k), 13.08% (from 107 to 121K) and from 6.61% (from 121 to 129k), which is nice, with just one currency pair. Hopefully your June performance doesnt seem to be going well, hopefully you will not be too emotional draught to not post your progress. Remember from March to April, you made 100 dollars or so (give or take 50 dollars).

Yes, I believe it will be less volatile being able to track trades more closely during London & early New York. At the moment I work those hours which can prove costly. June has been poor but gradually bring it back around. I don't think it will be a profitable month, rather damage limitation.

Like i said, i am following this thread with great interests, and like you, i am working full time, and am going to trade. But my current job doesnt offer any FX on my computer, company blocks sites. Just curious.

Nor mine although I can pop back at lunchtime to check on things.

- J

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Quoting hunter101

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Great! So it is possible to trade your style (or incorporated) while having a 9-5 job. If you dont mind me asking, what broker do you use? Ever thought ofgetting a mobile device that has access to your current broker? Iphone, blackberry, smartphone?

-J

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Quoting Mr Trend

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Sheesh. You start making money and you forget about your fellow traders on IM. I see how it is...

Glad to see you're doing well. I still hope to get out to London to see you...

Keep up the good work...

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Quoting ItalianSharp

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Hi there

Glad to read you decided to join the big boys and do this fulltime. It's going to be a great challenge but I am sure you'll be just fine due to your discipline and well-balanced personality.

I am also very confident your private-family life will be a lot better as you'll have more spare time for wife/kids and yourself too.

Just keep doing what you've been doing so far. If it's been working until today I see no reason why it should stop working tomorrow.

For all newbies reading this thread, instead of "copying" Steviet's style, try to learn the real value of his journey:

1) Find a trading style that suits your personality

2) Make sure that trading style provides you with an edge

3) Stay disciplined and trade your plan

4) Rinse and repeat

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Quoting tdion

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steve based on my own research, i've concluded that "casting the net" (opening multiple small positions into a trend) can be very rewarding in trending markets

the problem i've noticed is in whipsawing markets, where drawdown escalates as the price moves back and forth between opposing positions

have you given any thought to this, and what is your best conclusion?

ps) best wishes on your trades in 08-09

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Quoting steviet

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I'm still very much learning as I go but so far I've traded the plan for nearly a year now. This month looks like it may be the first this year where I'm going to turn in a negative result.

Everything that could go against me has this month so it's been a real challenge. Missed countless entries whilst at work & I seem to have had an endless stream of trades which get to +45-49 pips and then reverse (my t/p is 50 pips). It has been extremely frustrating but the important thing is to stay focused and stick to what I know works for me.

As far as trending or ranging markets are concerned, I've found both to be profitable for me but yes, the drawdown can escalate. Of course, I'm still picking up pips and I just close down all positions from time to time and start the process again. Normally these days I net off way before a stop loss is hit but interestingly enough the one that was hit this month got to within a pip of take profit on 3 separate occasions in the first couple of days it was open lol.

Thanks for your best wishes Tom - after this month I need all the best wishes I can get haha.

Kind Regards
Steve

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Quoting steviet

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I'm still very much learning as I go but so far I've traded the plan for nearly a year now. This month looks like it may be the first this year where I'm going to turn in a negative result.

Everything that could go against me has this month so it's been a real challenge. Missed countless entries whilst at work & I seem to have had an endless stream of trades which get to +45-49 pips and then reverse (my t/p is 50 pips). It has been extremely frustrating but the important thing is to stay focused and stick to what I know works for me.

As far as trending or ranging markets are concerned, I've found both to be profitable for me but yes, the drawdown can escalate. Of course, I'm still picking up pips and I just close down all positions from time to time and start the process again. Normally these days I net off way before a stop loss is hit but interestingly enough the one that was hit this month got to within a pip of take profit on 3 separate occasions in the first couple of days it was open lol.

Thanks for your best wishes Tom - after this month I need all the best wishes I can get haha.

Kind Regards
Steve

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Quoting Plutonite

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Woah, I'm late to the party as usual! Congrats (or condolences?) on the move to the full timer world.
I personally made the decision never to do that, but everybody's got their own case, and I'm sure you'll be far more alert for opportunities than good old me. I rely entirely on luck in spotting entries now, so freakin busy. I know you had similar issues due to being away for the day job.

So, do you think you're going to be more flexible now with your TP/SL setup now that you are free to watch the screen? Any new ideas in consideration? I can tell you a combination of time-based and gut-based stops has benefited me very well (whereas in the past anything gut-based got me licked). I think we really do improve with experience, even though these improvements tend to saturate as we become less willing to learn new tricks. It's hard to try and improve when it is so easy to destroy months of work, I guess.

Good luck amigo! Screw the lost month, you know you'll make it up, you always do. Sorry for not posting my own news anywhere, I promise lots of Good Things(tm) soon.

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