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Steviet's Live Trades!

  • #3,441
  • Jul 15, 2008 4:11pm Jul 15, 2008 4:11pm
Well, after a not so great June, so far in July I've been grinding out the pips and after a slow but steady start have had a great day today, adding $2000 to equity.

This is how things currently stand.....

Jan 15th Start Balance $103529
Feb 29th Balance $107374
March 28th Balance $121148
April 30th Balance $121289
May 31st Balance $127273
June 30th Balance $116478
July 15th Balance $120523

So, back over $120k again at last and well on the way to working back up to an end of month equity high. It may take a month or two but I'll get there.

Kind Regards
Steve
  • #3,442
  • Jul 16, 2008 9:12am Jul 16, 2008 9:12am
congratulations Steve.
  • #3,443
  • Edited Jul 23, 2008 7:10am Jul 22, 2008 1:06pm | Edited Jul 23, 2008 7:10am
Hello Steviet. Im currently reading your post and im very happy to find somebody who really helps people trying to succed in this long race.

THANKS

Your post is cool and big .Did you recomend reading all the threat or just start from an specific page? Or Can you simply write a short description of your system?

Im currently demoing a the HEDGE GRID SYSTEM and is working nice so far. I just want to know how you do the hedge coz maybe I can personalize my current system to make some improvements.

Thanks in advance

Best Regards
  • #3,444
  • Aug 1, 2008 1:20am Aug 1, 2008 1:20am
Hi,

Sorry for the delay in replying to your post.

The whole journal is my 'journey' if you like right from day one of live trading.

I've been trading in this way since late summer 2007 and you will find references to how I look at the market and my 'rules' if you start reading from there.

Good luck with your system

Kind Regards
Steve
Quoting dachelm
Hello Steviet. Im currently reading your post and im very happy to find somebody who really helps people trying to succed in this long race.

THANKS

Your post is cool and big .Did you recomend reading all the threat or just start from an specific page? Or Can you simply write a short description of your system?

Im currently demoing a the HEDGE GRID SYSTEM and is working nice so far. I just want to know how you do the hedge coz maybe I can personalize my current system to make some improvements.

Thanks in advance

Best Regards
  • #3,445
  • Aug 1, 2008 1:26am Aug 1, 2008 1:26am
Well, after the trials and tribulations of June, July has been profitable although I did dip down to around $117k just after my mid month results and it has been slow & steady progress since then.

Jan 15th Start Balance $103529
Feb 29th Balance $107374
March 28th Balance $121148
April 30th Balance $121289
May 31st Balance $127273
June 30th Balance $116478
July 31st Balance $120329

At the beginning of this week was at $118k but have been off work this week which has helped bring the equity back up. Sort of a 'dry run' for when I start full time in September

Kind Regards
Steve
  • #3,446
  • Aug 2, 2008 1:25pm Aug 2, 2008 1:25pm
Hi Steve,

I am trying to copy your strategy for some time now.
And it is working for me well for some time.
But then the drawdown grows too high and I have to close all trades.
Some times my account balance is then below the amount I started before.

Can you please try to explain a bit, how you handle this problem?

Thanks

cyborg
  • #3,447
  • Aug 3, 2008 5:32am Aug 3, 2008 5:32am
Hi cyborg,

Drawdowns are always an issue but if you are following my strategy to the letter, they shouldn't ever grow too high to force you to close all trades.

I have certain rules in place to ensure that things never get out of hand and it's extremely important not to panic when the market is not going your way. Just a reminder of my general rules......

1. Each new position has a target of 50 pips & stop loss of 1000 pips. The stop loss equates to around 6% of current equity (although I'd suggest anyone not absolutely comfortable to start with 2%).

2. Maximum of 5 positions on at any one time in any direction. ie, 5 long, 5 short.

3. Each new position taken must be at least 50 pips away from any existing position in that direction.

So, those are the basic rules that I do not deviate from. Now it is down to the individual to make the rules work for them.

I don't use indicators but that's my choice but some find them helpful. What I am looking for initially, is support and resistance areas on the lower timeframes (1 hour/4 hour). These areas I'll target for my entry points. 50 pips is nothing to GBPJPY, which is why I target that amount.

Although my maximum amount of positions is 10 (5 long, 5 short), I rarely reach that figure. Also, I'm rarely more than 2 positions net either long or short to avoid wild swings.

During July I didn't net off at all by closing all positions. Sometimes I will if I've reached a new equity target or I'm going to be away for a day or two. Hitting a stop loss is not an issue - we all take losses and musn't be afraid to do so.

Due to the risk/reward ratio I need to have a high ratio of profitable trades (95%+) and this hasn't been a problem. I don't get married to a particular direction - the market moves the way it wants to and it's up to us as traders to take advantage.

I'm very aware that my style of trading is somewhat unconventional and it's certainly not for everyone. However, it works for me and I am profitable which is what counts.

I hope this has given you a little insight into the way I trade.

Kind Regards
Steve
  • #3,448
  • Aug 3, 2008 6:47am Aug 3, 2008 6:47am
Quoting steviet
Hi cyborg,

Drawdowns are always an issue but if you are following my strategy to the letter, they shouldn't ever grow too high to force you to close all trades.

I have certain rules in place to ensure that things never get out of hand and it's extremely important not to panic when the market is not going your way. Just a reminder of my general rules......

1. Each new position has a target of 50 pips & stop loss of 1000 pips. The stop loss equates to around 6% of current equity (although I'd suggest anyone not absolutely comfortable to start with 2%).

2. Maximum of 5 positions on at any one time in any direction. ie, 5 long, 5 short.

3. Each new position taken must be at least 50 pips away from any existing position in that direction.

So, those are the basic rules that I do not deviate from. Now it is down to the individual to make the rules work for them.

I don't use indicators but that's my choice but some find them helpful. What I am looking for initially, is support and resistance areas on the lower timeframes (1 hour/4 hour). These areas I'll target for my entry points. 50 pips is nothing to GBPJPY, which is why I target that amount.

Although my maximum amount of positions is 10 (5 long, 5 short), I rarely reach that figure. Also, I'm rarely more than 2 positions net either long or short to avoid wild swings.

During July I didn't net off at all by closing all positions. Sometimes I will if I've reached a new equity target or I'm going to be away for a day or two. Hitting a stop loss is not an issue - we all take losses and musn't be afraid to do so.

Due to the risk/reward ratio I need to have a high ratio of profitable trades (95%+) and this hasn't been a problem. I don't get married to a particular direction - the market moves the way it wants to and it's up to us as traders to take advantage.

I'm very aware that my style of trading is somewhat unconventional and it's certainly not for everyone. However, it works for me and I am profitable which is what counts.

I hope this has given you a little insight into the way I trade.

Kind Regards
Steve
Hi Steve,

congratulations on your success with the method.....

In your initial posts you seem to be shifting the stop losses to different positions at times but now I guess you leave them at the same level -1000 pips. And the take profit has now become 50 pips for each trade. Please correct me if I am wrong.

I want to ask if you are basically using the PA, support/resistance areas (fibo probably) to go with the trend. If it goes against, you hedge it or you open up another position same as the initial one, as you are sure about the trend that it will resume sooner or later.

I think you are primarily trading GJ ( I couldnt read the whole journal...it has become massive now). I had been trying almost the same method on demo last week without knowing about your success. Its encouraging.
I traded EU and USD/CHF without stop loss. All of my trades were in profit, i didn't use any stop loss so sometimes I went to sleep in loss and woke up in profit. It was great but in the end I entered in a trade which is still going on, in that I sold below daily fibo resistance level, but the higher trend (weekly/monthly) is bullish . As I was sure about my idea I opened another sell when it crossed above fibo level.
My question is as I am not very sure about the trend now viewing other aspects as well what would you do in such a situation leave the trade as it is or hedge it.
PS the price has just touched resistance level so there is no clear sign of trend continuation or reversal.

Have a great luck in August
Abhishek.
  • #3,449
  • Aug 3, 2008 11:05am Aug 3, 2008 11:05am
Hi Steve,
Can I ask a question about rule 3.
3. Each new position taken must be at least 50 pips away from any existing position in that direction.

Doesn't this mean that you can only ever have 5 positions in the same direction if the market moves against you. i.e. 5 short trades in a rising market, because rule 1 says that the target for each trade is 50 pips so each trade would be closed at 50 before you open another. Unless you mean that the target is a minimum and put on a trailing stop when its hit.

If this is true it would explain a lot.

Best Regards
Stew
  • #3,450
  • Edited 12:46pm Aug 3, 2008 12:45pm | Edited 12:46pm
Good question Stew!
I wanted to ask the same thing.....

And Steve, thank's a lot for explaining again your rules!
It makes me confident that I can handle it better now.
I was not aware of the 50 Pips gap between the trades.

When you could answer our question above you made my day!

cyborg
  • #3,451
  • Aug 4, 2008 12:23pm Aug 4, 2008 12:23pm
Hi Abhishek,

Yes, for the first six months or so of my journal I was testing a completely different method to what you see now. For nearly a year now I've been using the same stop loss & take profit figures.

All I use is price action and support/resistance areas and selectively hedge where necessary.

I only trade GBPJPY with this method, mainly because the volatility suits it so well.

Although the stop loss is a long way from the current price, I always know my 'worst case scenario'. Trading without stops is fine as long as you have a mental stop where you will close out that trade.

Kind Regards
Steve
Quoting 13may08
Hi Steve,

congratulations on your success with the method.....

In your initial posts you seem to be shifting the stop losses to different positions at times but now I guess you leave them at the same level -1000 pips. And the take profit has now become 50 pips for each trade. Please correct me if I am wrong.

I want to ask if you are basically using the PA, support/resistance areas (fibo probably) to go with the trend. If it goes against, you hedge it or you open up another position same as the initial one, as you are sure about the trend that it will resume sooner or later.

I think you are primarily trading GJ ( I couldnt read the whole journal...it has become massive now). I had been trying almost the same method on demo last week without knowing about your success. Its encouraging.
I traded EU and USD/CHF without stop loss. All of my trades were in profit, i didn't use any stop loss so sometimes I went to sleep in loss and woke up in profit. It was great but in the end I entered in a trade which is still going on, in that I sold below daily fibo resistance level, but the higher trend (weekly/monthly) is bullish . As I was sure about my idea I opened another sell when it crossed above fibo level.
My question is as I am not very sure about the trend now viewing other aspects as well what would you do in such a situation leave the trade as it is or hedge it.
PS the price has just touched resistance level so there is no clear sign of trend continuation or reversal.

Have a great luck in August
Abhishek.
  • #3,452
  • Aug 4, 2008 12:36pm Aug 4, 2008 12:36pm
Hey there Stew

Hows things?

Yes, I can only ever have 5 trades open in any direction. These are not necessarily exactly 50 pips apart as I'm looking for local support & resistance wher the price is likely to bounce. They may be 80 or 100 pips apart, really depending on how I see things & I don't use a trailing stop at all.

I rarely get to 5 positions in any one direction because I will have netted off before then ie closed all trades and started again from scratch.

The last week or two has been in a tight range of a few hundred pips which has been perfect. For example, the price will often hit a certain area & bounce up 50 pips on 5 or 6 occasions before actually breaking the support or resistance. So its quite possible to bag 250 or 300 pips from the same entry point without the price really going anywhere.

I hope that clarifies things for you

Kind Regards
Steve

Quoting stewrigh
Hi Steve,
Can I ask a question about rule 3.
3. Each new position taken must be at least 50 pips away from any existing position in that direction.

Doesn't this mean that you can only ever have 5 positions in the same direction if the market moves against you. i.e. 5 short trades in a rising market, because rule 1 says that the target for each trade is 50 pips so each trade would be closed at 50 before you open another. Unless you mean that the target is a minimum and put on a trailing stop when its hit.

If this is true it would explain a lot.

Best Regards
Stew
  • #3,453
  • Aug 4, 2008 12:38pm Aug 4, 2008 12:38pm
Hi again cyborg

I hope the above post answers your question too.

Kind Regards
Steve
Quoting cyborg
Good question Stew!
I wanted to ask the same thing.....

And Steve, thank's a lot for explaining again your rules!
It makes me confident that I can handle it better now.
I was not aware of the 50 Pips gap between the trades.

When you could answer our question above you made my day!

cyborg
  • #3,454
  • Aug 4, 2008 1:53pm Aug 4, 2008 1:53pm
Im still reading your threat but I guess It will be faster if I ask you directly. Im using a strategy that require hedge if the first try fails. Im using support and resistance in 4h chart with two indicators. Bollinger bands 20, 2 and stochastics 14,3,3. to have a better picture.

The question is... How do you hedge??

If your first trade fails how do you do? You buy and sell at the same time or just enter in the oposite direction??

Please let me know cause that is what my system is missing and still I've been doing good. in the past two weeks I had profit 500 pips so far.

Thanks in advance
  • #3,455
  • Aug 4, 2008 3:52pm Aug 4, 2008 3:52pm
Hi Steve,

thanks a lot!
As I said, you made my day................

cyborg
  • #3,456
  • Aug 4, 2008 4:58pm Aug 4, 2008 4:58pm
Hi again,

OK, I may place a long at a minor support identified on the shorter term charts (1 hour or less). If there is still a major support identified from the longer term charts at least 50 pips below that original entry I would probably place a further long in that area, expecting an initial bounce.

I'm more likely to hedge if I consider that a more important support has been broken. I'd normally place a short on the first test of this support (now resistance).

There is a lot more to it than that as I do use a lot of discretion and go with my instincts. This can only come with experience and not something you can really teach.

I never place a long and short at the same price.

Hope this helps.

Kind Regards
Steve
Quoting dachelm
Im still reading your threat but I guess It will be faster if I ask you directly. Im using a strategy that require hedge if the first try fails. Im using support and resistance in 4h chart with two indicators. Bollinger bands 20, 2 and stochastics 14,3,3. to have a better picture.

The question is... How do you hedge??

If your first trade fails how do you do? You buy and sell at the same time or just enter in the oposite direction??

Please let me know cause that is what my system is missing and still I've been doing good. in the past two weeks I had profit 500 pips so far.

Thanks in advance
  • #3,457
  • Aug 4, 2008 5:00pm Aug 4, 2008 5:00pm
You're most welcome

Quoting cyborg
Hi Steve,

thanks a lot!
As I said, you made my day................

cyborg
  • #3,458
  • Aug 12, 2008 2:56am Aug 12, 2008 2:56am
stevie,

have you tried this system on the gbpchf? i have just started trials on this, this week
  • #3,459
  • Aug 12, 2008 4:33am Aug 12, 2008 4:33am
Quoting steviet
Drawdowns are always an issue but if you are following my strategy to the letter, they shouldn't ever grow too high to force you to close all trades.

I have certain rules in place to ensure that things never get out of hand and it's extremely important not to panic when the market is not going your way. Just a reminder of my general rules......

1. Each new position has a target of 50 pips & stop loss of 1000 pips. The stop loss equates to around 6% of current equity (although I'd suggest anyone not absolutely comfortable to start with 2%).

2. Maximum of 5 positions on at any one time in any direction. ie, 5 long, 5 short.

3. Each new position taken must be at least 50 pips away from any existing position in that direction.

So, those are the basic rules that I do not deviate from. Now it is down to the individual to make the rules work for them.


Although my maximum amount of positions is 10 (5 long, 5 short), I rarely reach that figure. Also, I'm rarely more than 2 positions net either long or short to avoid wild swings.

Due to the risk/reward ratio I need to have a high ratio of profitable trades (95%+) and this hasn't been a problem. I don't get married to a particular direction - the market moves the way it wants to and it's up to us as traders to take advantage.

I'm very aware that my style of trading is somewhat unconventional and it's certainly not for everyone. However, it works for me and I am profitable which is what counts.

To all the fans and follower-want-to-be's:

Be aware what the guy just wrote.
First off, I know many will read 5 trades each direction tops and actually UTILIZE THAT despite him saying he rarely ever has more than 2 open at any point in time.

He also says why.

5 positions at 6% = 30% of your account at risk
10 positions at 6% = 60% of your account at risk

Losing 30-60% of your account even ONCE _WILL_ most likely destroy your mindset for good. I am quite certain of that.
Especially because - and this is the kicker and why I think people WILL be tempted to open many positions in the first place - any closed tradeonly MAKES 0.3%.
Yes, that's right, a minor radar blip of 0.3%. To many living on micro or mini accounts, that's usually around a McDonalds happy meal or two.
On Steve's(managed) 6 figure account, that's almost a month's rent.

This also means you need 10 functional trades for 3%, 100 trades for 30%.

I'm just saying. I know that I personally prefer making 6-10 trades at 1% risk for 30% rather than 100 trades at 6% risk for 30%.

It's just a LOT less WORK and if something busts out, that's just a scratch.

See, there's two ways to look at this(the big stop, high risk vs normal stop, normal risk thing).
I need to be wrong 6 times to be hurt as badly as Steve when he's wrong big time once.
On the other hand 1000 pips give him a lower likelyhood of being hit in the first place.
On yet another hand, if I have a stop only a fraction of that size, even a fraction of risk will make me the same or more returns at the same pip amount(To get 0.3% out of 50 pips I only need 0.9% risk on 150 pips for example).


I am just trying to make everyone aware that depending on how you view trading and like to trade yourself, it's definitely NOT "the easier way to trade" what you have here.
It's also not safer ("95%+ wins! Hah! Nothing can go wrong!") or less work("That size a stop, I don't need to know what I'm doing!") or more rewarding(around tenfold more trades needed to get anything done).

Also - if you do end up getting greedy and blow it up, there's a good chance things only need to go wrong ONCE thanks to the sizes.

And yes, that goes for the 2% instead of 6% just as well as then your returns suddenly are only 0.1% instead of 0.3%(100 trades to make 10%!!!!!).
And it'll still be 2 positions 4%, 5 x 2% = 10% and 10x2% = 20% vs 0.1% returns on any winner.

Just some words of caution.

Steve - you know I loves ya.
But I'm always afraid some people only see the returns, not the mechanics
And that's what the grouch that stole FF's xmas is here for! ;p
Just some reminders.

Glad to see you're moving out of the drawdown and into profits again =)

Best of luck with the "going pro". *fingers crossed*

Seeking
Trust price. Know yourself.
  • #3,460
  • Aug 12, 2008 6:34am Aug 12, 2008 6:34am
Hey there Seeking

Great to see you stop by and as always, very eloquent

Not quite agreeing on the 60% - I would say my maximum risk would ever be is 30%.....

Lets say I have 5 short positions on which would be the maximum allowed in any direction. If we had a sudden 1000 pip rise without me doing anything, then yes, all stop losses may be hit for a 30% loss.

In reality however, as you stated, I rarely have all 5 on and I wouldnt just sit there and watch lol. I'd be placing and re-placing long trades as fast as my little fingers could to offset the short positions already on. I also net off (close) positions often before they get anywhere near the stop loss.

At the end of last week I was in the rare position of having 5 longs & 5 shorts on. Since then I have gradually closed all trades and managing to increase my equity at the same time. Currently, as we speak I have no positions on.

You are correct on the rest of your post though....

No, it's not easy -it takes a lot of practice and hard work. It can seem easier to the uninitiated to start with as you clock up your first 10, 20, 30 trades and your balance (not actual equity) is increasing at a good rate. However, it's the equity you always need to be watching as that is where you are in reality.

Thanks again Seeking & good trading to you

Kind Regards
Steve
Quoting SeekingLight
To all the fans and follower-want-to-be's:

Be aware what the guy just wrote.
First off, I know many will read 5 trades each direction tops and actually UTILIZE THAT despite him saying he rarely ever has more than 2 open at any point in time.

He also says why.

5 positions at 6% = 30% of your account at risk
10 positions at 6% = 60% of your account at risk

Losing 30-60% of your account even ONCE _WILL_ most likely destroy your mindset for good. I am quite certain of that.
Especially because - and this is the kicker and why I think people WILL be tempted to open many positions in the first place - any closed tradeonly MAKES 0.3%.
Yes, that's right, a minor radar blip of 0.3%. To many living on micro or mini accounts, that's usually around a McDonalds happy meal or two.
On Steve's(managed) 6 figure account, that's almost a month's rent.

This also means you need 10 functional trades for 3%, 100 trades for 30%.

I'm just saying. I know that I personally prefer making 6-10 trades at 1% risk for 30% rather than 100 trades at 6% risk for 30%.

It's just a LOT less WORK and if something busts out, that's just a scratch.

See, there's two ways to look at this(the big stop, high risk vs normal stop, normal risk thing).
I need to be wrong 6 times to be hurt as badly as Steve when he's wrong big time once.
On the other hand 1000 pips give him a lower likelyhood of being hit in the first place.
On yet another hand, if I have a stop only a fraction of that size, even a fraction of risk will make me the same or more returns at the same pip amount(To get 0.3% out of 50 pips I only need 0.9% risk on 150 pips for example).


I am just trying to make everyone aware that depending on how you view trading and like to trade yourself, it's definitely NOT "the easier way to trade" what you have here.
It's also not safer ("95%+ wins! Hah! Nothing can go wrong!") or less work("That size a stop, I don't need to know what I'm doing!") or more rewarding(around tenfold more trades needed to get anything done).

Also - if you do end up getting greedy and blow it up, there's a good chance things only need to go wrong ONCE thanks to the sizes.

And yes, that goes for the 2% instead of 6% just as well as then your returns suddenly are only 0.1% instead of 0.3%(100 trades to make 10%!!!!!).
And it'll still be 2 positions 4%, 5 x 2% = 10% and 10x2% = 20% vs 0.1% returns on any winner.

Just some words of caution.

Steve - you know I loves ya.
But I'm always afraid some people only see the returns, not the mechanics
And that's what the grouch that stole FF's xmas is here for! ;p
Just some reminders.

Glad to see you're moving out of the drawdown and into profits again =)

Best of luck with the "going pro". *fingers crossed*

Seeking
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