Steviet's Live Trades!

Quoting coolshades

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stevie,

have you tried this system on the gbpchf? i have just started trials on this, this week

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Quoting coolshades

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thks, thought so. also when you close trades when negative, on what basis do you do that?

No hard & fast rule on this one. Sometimes when I've hit an equity target, sometimes when I can see possible breakout and I can't be at the pc (working full-time doesn't help). This I'll do less off when I start full-time in September.

in addition to sl's response, i will also say that one or two losses of 1000 pips will not necessarily kill you so long as you have a sufficiently large account to start off with, and are mentally prepared for it.

That's right (the one or two stops being hit bit). As far as account size is concerned that shouldn't be an issue as the SL should really equate to % of account whateer that may be.

yes i agree that most starters will equate 95% with 100%.

Agreed

and by the way i have been on a similar system but on a sl of about 100 on a 4hour system and a tp of 20 and have had a success rate of 85% consistently for 5 months. only a couple of weeks back i have graduated to a 1000 pip sl and higher tp, for my own reasons. will monitor how this goes.

That's a really encouraging result over 5 months - fantastic!!

this system IS discretionary and frankly what works for steve is highly unlikely to work for a starter.

Yup, being discretionary you need to have a good idea where the high probablility trades are and you cannot simply place orders here there & everywhere.

I've every faith that you will make a success - after all, you're cool and you wear shades LOL

Kind Regards
Steve

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Quoting coolshades

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and by the way i have been on a similar system but on a sl of about 100 on a 4hour system and a tp of 20 and have had a success rate of 85% consistently for 5 months.

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Quoting soltani

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Hi coolshades,

Unless the size of your position differs for each of your trades, I don't see how you can profit from this system. You should have a success rate of around 83% just to breakeven, and this is not considering the spread. Of course, I might be missing something here.

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Quoting FxChi

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Hi Guys,

This is an interesting concept of wide SL's, small TP's, and hedging. I have some idea's and am going to backtest to see how well this performs. My question is this regarding hedging: I open a short market order (let's say 1.8000), and the market turns and is long. I then hedge (1.8050) and am long and don't close it, but the market turns again and hits my original Short position target (1.7950), is the full order closed? Essentially, I would have locked in a 100 pip loss or can I leave the long hedged position open until it hits my TP?

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Quoting norazlan

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I like to hedge GJ ,because this pair have alot of U turn.I buy and sell simultaneously on this pair using market order EA(EA that buy and sell on the spot.) TP 500 pips.When the other position float around -200 pips. Just closed the position.
500-200 =+300 pips.

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Quoting sonicdeejay

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Interesting idea...

Care to explain more how it works, possibly with example??

sonic

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Quoting steviet

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OK, so here goes with the update - better late than never but I'm sure you'll understand after reading.

My target was to get the account balance back up to $127k by the end of August and reached just over $126k ready for full-time trading.

I had one week left of work, the first week of September, and it was probably the worst week of my life. My investor and I agreed to double the lot size in preparation for going full-time - BIG MISTAKE!

As you no doubt know, GJ went crazy that week and what was already a very traumatic week for me just got worse and worse. All my customers from the last 20 years were bidding me farewell & good luck, had a big leaving meal with my work colleagues and all the time the account was tanking.

I've never felt so low in all my life - about to embark on a new venture and Steve cocks it up big time, ruining the best part of two years' work.

My investor and I agreed not to trade the account whilst we took stock and decided where to go from here. However, there is a silver lining to this humungous black cloud, a glimmer of hope.

I've continued trading my own live account (allbeit a small one), replicating the trades on my investor's account. It took much the same hit that first week of September but I've continued trading it full-time. In the last two weeks by trading it full-time, I've managed to more than re-coup the losses and actually made 33% return in a week! 600 pips yesterday, another 800 today - crazy but I knew I could make a lot more dedicating to it full-time and just being methodical with my methods.

Armed with these figures, I've spoken again to my investor today and we've agreed to draw a line and start again from tomorrow.

I suppose at least it's never dull HAHAHAHA

Kind Regards
Steve

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Quoting steviet

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...it was probably the worst week of my life... I've never felt so low in all my life

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Quoting steviet

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Thanks people for your kind words both here & in pm.

So, yesterday I started trading the managed account again as well as my own. Made a small profit of around $1k yesterday & today was the sort of day that my methods reap the benefits.

On the managed account made just over $4k today - 350 pips alone from just placing longs around the 190.00 area for 50 pips each.

This week has been very tiring & I'm shattered so closed everything down a few hours ago and will take tomorrow off. Back to it on Monday

Kind Regards
Steve

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Quoting Gnat

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Hallo Steve!

Seems we all had some crazy times in the late summer of 2008! I will be moving to my new house on the 10th&11th and then my personal episode is not over, but settled.

I am completely sorry that you started on the wrong foot with your new full time venture and am happy as a puppy that you found a good way to stay in the game. Showing your stamina with your own account and so having good reason to let the investor stay on board was really the best you could do!

I hope you have done OK in the highly volatile markets we are facing these last few days and looking at my own methods here and seeing the similarities I have faith that you made some bucks!

See you around here soon!
Ciao!
Matt

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Quoting steviet

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Hey Matt

Great to hear from you and pleased things seem to be working out for you

These crazy markets are not that condusive to the way I trade and find a lot of the time I'm just treading water. However, things are progressing well and must stay patient and true to my way of trading.

Yesterday we saw huge daily ranges - 1200 pips in GBPJPY & over 1650 pips in EURAUD - utter madness!!!!!! Even Asia decided to push GJ up nearly 400 pips in less than an hour this morning. I would imagine my friend Karmo has reaped the benefits on shorting the beast yesterday - maybe he'll order a second BMW M3 for his mate Steve hehe.

Thanks for the post - I'm so caught up in the trading that I need a good excuse to post here.

Kind Regards
Steve

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