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  • #1,081
  • Feb 28, 2007 2:27pm Feb 28, 2007 2:27pm
something else i do that i would recommend...

as well as digesting your monthly totals, scroll back over the past months chart on all pairs, and back-test one day at a time. do you:

a. spot any signals, setups you missed first time round?
b. see the trades you took that didn't quite match up to what your system said?
c. see how your stops and take profits performed over the month.
d. see new setups missed during back-testing?

a-c are a system review, but without the pressure of live trading. sit back, relax and see how well you coped. did the pressure skew your perception of your system, causing you to err? or did you follow all steps correctly?

d will give you new insights into your system, perhaps you can see something new to improve how you trade. if you do a quarterly review then you might see even more.

perhaps you do this already, but monthly reviews is something i would strongly recommend if you don't (and to all newbies as well).
  • #1,082
  • Feb 28, 2007 3:09pm Feb 28, 2007 3:09pm
Boycie,

Your sense of humour knows no bounds

Thanks for that - even my teenage son laughed which doesn't happen very often

Cheers
Steve
  • #1,083
  • Feb 28, 2007 3:14pm Feb 28, 2007 3:14pm
Yup,

I only include closed trades in the figures but I will have over 250 guaranteed pips to start March

Thanks for the advice mate

Kind Regards
Steve

Quoting Isotonic
looks like UJ might pull your feb figures up! certainly been a tough month for your system.

just looking at your equity swings from +10% to -14% shows a lot of volatility in your portfolio but thats a consequence of your MM and correlation. if you can handle those swings on a bigger account will show a lot of emotional control few people can handle.

actually i think the month-on-month equity swings are more important than monthly pip totals that most traders (including most professionals) focus on. in a similar way to a cash-flow statement is more informative than a profit/loss statement - seeing the net pips translate into cash is what this business is all about.
  • #1,084
  • Edited 3:29pm Feb 28, 2007 3:25pm | Edited 3:29pm
Again, great advice - there are times when I could close a trade early for more pips and then get in the opposite way.

For example, i'm short on a pair and have been a few days so maybe have a hundred pips already locked in. That evening we have a long legged doji or hammer - next day, as expected we are stopped out early as the s/l is tight and a bullish bar forms (GU always has good examples of this). How I trade at present, I wouldn't get in until the start of the new day and we may already be 100 pips up from my exit point. Now, thats fine if a trend is forming and runs for a few hundred more pips, however, if we're a little rangy it may stall next day and stop me right out.

These type of things I am aware of and yes, the market being the market will do something unexpected from time to time. On balance though, this would be a good time to enter - trouble is, often I'm not here which is why the method is as it is.

I could've made a few hundred more pips yesterday on any yen or swiss pair if I'd used my 'free trade' that we mentioned these last few days - in fact I had 2 'free' slots that I could've used. I'm still a little uneasy doing anything different until the end but I certainly am learning and will be reviewing as you suggest on a monthly basis.

Cheers again Iso

Kind regards
Steve

Quoting Isotonic
something else i do that i would recommend...

as well as digesting your monthly totals, scroll back over the past months chart on all pairs, and back-test one day at a time. do you:

a. spot any signals, setups you missed first time round?
b. see the trades you took that didn't quite match up to what your system said?
c. see how your stops and take profits performed over the month.
d. see new setups missed during back-testing?

a-c are a system review, but without the pressure of live trading. sit back, relax and see how well you coped. did the pressure skew your perception of your system, causing you to err? or did you follow all steps correctly?

d will give you new insights into your system, perhaps you can see something new to improve how you trade. if you do a quarterly review then you might see even more.

perhaps you do this already, but monthly reviews is something i would strongly recommend if you don't (and to all newbies as well).
  • #1,085
  • Feb 28, 2007 4:08pm Feb 28, 2007 4:08pm
OK, all 5 trades are still active and we've managed to lock in some guaranteed pips for the start of March....

USDCAD long from 1.1673 (s/l 1.1647 guarantees minus 26 pips)
GBPUSD short from 1.9619 (s/l 1.9656 guarantees minus 37 pips)
USDJPY short from 120.60 (s/l 118.93 guarantees plus 167 pips)
USDCHF short from 1.2378 (s/l 1.2256 guarantees plus 122 pips)
EURUSD long from 1.3125 (s/l 1.3170 guarantees plus 45 pips)

So, we have locked in 271 pips of profit so far - I'll just run through the trades as I see them....

USDCAD - a little disappointing - it went to a high in the 1.1730's but has failed to hold and looks a little tired - may not be able to secure a profit here but currently at plus 20 pips.

GBPUSD - this pair was nearly 100 pips up earlier but has bounced back and is looking pretty bullish to me - currently minus 20 pips.

USDJPY - retraced to 118.83 earlier but would like to see further declines from here - currently at plus 210 pips.

USDCHF - similar to UJ, hit 1.2246 as a high, currently at plus 180 pips.

EURUSD - been in this trade for a few days now, grinding out a few pips - looked vulnerable like GU earlier bu has bounced back well - may be able to bag some more pips tomorrow here. If so I would also expect GU to be stopped out. Currently at plus 106 pips.

Cheers for now

Kind Regards
Steve
  • #1,086
  • Mar 1, 2007 6:54am Mar 1, 2007 6:54am
Well,

Lady luck smiled on me last night with both my USDJPY short & GBPUSD short reversing within a few pips of their stop losses. GU may get stopped out later anyway but UJ is now nearly up 300 pips, short from 120.60.

Currently, the five positions are up by over 600 pips and I would hope to lock in some more profit by close tonight. Ahh, happy days

Kind Regards
Steve
  • #1,087
  • Mar 1, 2007 7:10am Mar 1, 2007 7:10am
You're showing your age there Steve... was a good show in it's time

D.

Quoting steviet
Well,

Lady luck smiled on me last night with both my USDJPY short & GBPUSD short reversing within a few pips of their stop losses. GU may get stopped out later anyway but UJ is now nearly up 300 pips, short from 120.60.

Currently, the five positions are up by over 600 pips and I would hope to lock in some more profit by close tonight. Ahh, happy days

Kind Regards
Steve
  • #1,088
  • Mar 1, 2007 7:14am Mar 1, 2007 7:14am


actually, the teenagers now say it - one of their 'in' phrases lol

Cheers

Quoting Daemien
You're showing your age there Steve... was a good show in it's time

D.
  • #1,089
  • Edited 11:11am Mar 1, 2007 8:56am | Edited 11:11am
Steve, come quick, it's christmas on USDJPY
Mh....then again, the stops not gonna move, is it....
There's good sides to this system, there's not so happy-making sides to it
Trust price. Know yourself.
  • #1,090
  • Mar 1, 2007 9:08am Mar 1, 2007 9:08am
Quoting SeekingLight
Steve, come quick, it's christmas on USDJPY
Indeed. Merry Christmas everyone!
  • #1,091
  • Mar 1, 2007 11:17am Mar 1, 2007 11:17am


Yup, I see I've been about 365 pips up on UJ earlier - still up just over 300 but stop loss can't be moved until tomorrow's close

Kind Regards
Steve

Quoting SeekingLight
Steve, come quick, it's christmas on USDJPY
Mh....then again, the stops not gonna move, is it....
There's good sides to this system, there's not so happy-making sides to it
  • #1,092
  • Mar 1, 2007 11:20am Mar 1, 2007 11:20am
OK, first closed trade in March - my EURUSD long from 1.3125 has been stopped out for plus 45 pips.

Should be able to tighten stop losses on UCHF & UCAD trades later - remaining 4 trades are currently up about 530 pips. Shame GU & UJ touched their stop losses so not allowed to tighten later lol.

Kind Regards
Steve
  • #1,093
  • Mar 1, 2007 4:08pm Mar 1, 2007 4:08pm
OK, end of another day - 4 trades still on with stop losses adjusted - EU stopped out earlier for plus 45 pips.....

USDCAD long from 1.1673 (s/l 1.1662 guarantees minus 11 pips)
GBPUSD short from 1.9619 (s/l 1.9656 guarantees minus 37 pips)
USDJPY short from 120.60 (s/l 118.93 guarantees plus 167 pips)
USDCHF short from 1.2378 (s/l 1.2245 guarantees plus 133 pips)

USDCAD - edging up, may be able to sneak some profit tomorrow - currently plus 49 pips.

GBPUSD - a real rollercoaster - yesterday was up 100 pips, last night twice was 1 pip from stopping out - currently plus 36 pips.

USDJPY - like GU, was a few pips from stopping out and has been as much as 365 pips up. Currently plus 294 pips.

USDCHF - has edged up a little today but stop loss tightened sightly. Currently plus 156 pips.

New trade......

EURUSD short from 1.3184 (s/l 1.3250 guarantees minus 66 pips)

Happy trading all

Kind Regards
Steve
  • #1,094
  • Mar 1, 2007 5:18pm Mar 1, 2007 5:18pm
So, USDCHF finally stops out for plus 133 pips . Lets see what the Japanese news has in store for my USDJPY trade in a few minutes.

It sure is nice to post some positive pips these last few days and a great start to March.

Kind Regards
Steve
  • #1,095
  • Mar 1, 2007 5:52pm Mar 1, 2007 5:52pm
Steviet


Man I have been losing sleep worrying about you !!! Good to see some pips now huh ??!!!
  • #1,096
  • Mar 1, 2007 5:55pm Mar 1, 2007 5:55pm


Don't lose sleep on my account my friend - I sleep soundly knowing things will turn around and we have seen that this last week.

But yes, green is a much better colour than red that's for sure

Kind Regards
Steve

Quoting Tiki Trader
Steviet


Man I have been losing sleep worrying about you !!! Good to see some pips now huh ??!!!
  • #1,097
  • Mar 2, 2007 6:20am Mar 2, 2007 6:20am
Well, again its been a great day for me so far with the 4 open trades currently about 620 pips in profit

UJ short from 120.60 currently at 116.88
GU short from 1.9619 currently 1.9451
UCAD long from 1.1673 currently 1.1754
EU short from 1.3184 currently 1.3157

Have already banked 178 pips for March before these trades so its been a real stella month so far - February seems a distant memory lol.

Kind Regards
Steve
  • #1,098
  • Mar 2, 2007 6:45am Mar 2, 2007 6:45am
How nice to see it's going great for you again!

Feels good that I'm on your side in the most of my trades these days, because your side is (almost) always the right side
  • #1,099
  • Mar 2, 2007 6:49am Mar 2, 2007 6:49am
Yes, when the market trends it's just a great feeling - been a little lucky on both UJ & GU yesterday when they brushed my s/l but after February I think I'm entitled to a bit of luck

Glad you've been pulling in some pips too

Kind Regards
Steve

Quoting grillbritt
How nice to see it's going great for you again!

Feels good that I'm on your side in the most of my trades these days, because your side is (almost) always the right side
  • #1,100
  • Mar 2, 2007 9:19am Mar 2, 2007 9:19am
When I woke up this am and saw the Yen had fallen even further I wanted to go back to sleep and wake up again!

Lately, I keep waking up to more pips... lol

All the best,
Jackie
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