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Steviet's Live Trades!

  • #1,121
  • Mar 5, 2007 6:49am Mar 5, 2007 6:49am
OK, open trades looking pretty good......

USDCHF minus 47 pips
USDCAD plus 133 pips
USDJPY plus 508 pips
GBPUSD plus 412 pips

My EU short was stopped out this morning by 2 pips for minus 27 - would have been plus 100 now but that's how it goes.

My USDCHF short (that I was going to long) is looking a little vulnerable but let's see - early days yet. BTW, my long would've been stopped out for minus 28 pips anyhow.

If the highs & lows have been reached today, should be able to lock in around 535 pips later.

Kind Regards
Steve
  • #1,122
  • Mar 5, 2007 11:19am Mar 5, 2007 11:19am
Don't mind if I say so...

March is off to an AMAZING start!

Jackie
  • #1,123
  • Mar 5, 2007 11:25am Mar 5, 2007 11:25am
Yup,

It's certainly off to a stormer - I guess looking at the charts it's a EU short later which means EU & UCHF will probably act as a hedge - hopefully both stop losses don't get hit for a double whammy lol.

Need to try and keep the same mindset whatever those pip totals tell you and not get caught up in the moment by getting complacent.

UJ & GU have retraced a little since lunch & UCHF has hit a new high this afternoon. Just need to be methodical & take what the market gives us - these are the times we need to make the most of as they don't happen on this scale very often.

In November we had a similar run but it was over a longer period - maybe we haven't finished yet - you never know

Kind Regards
Steve

Quoting coastalfx
Don't mind if I say so...

March is off to an AMAZING start!

Jackie
  • #1,124
  • Mar 5, 2007 11:30am Mar 5, 2007 11:30am
makes me want to do some backtesting. Could have bagged over 1000 pips on that pair alone with this system.

Just a thought.

Jackie
  • #1,125
  • Mar 5, 2007 11:34am Mar 5, 2007 11:34am
Yup,

GJ scares me a little - I have thought the same but backtesting during volatile periods can means losses in excess of 100 pips fairly frequently - same with GBPCHF, the other big mover.

I may revisit the pairs & others after the twelve months is up - AUDJPY looks a great pair to use and I may backtest that properly at some point.

Another trader friend is demoing some other pairs alongside live testsing the ones I use and yes, GJ has been pretty good haha.

Kind Regards
Steve

Quoting coastalfx
makes me want to do some backtesting. Could have bagged over 1000 pips on that pair alone with this system.

Just a thought.

Jackie
  • #1,126
  • Mar 5, 2007 1:22pm Mar 5, 2007 1:22pm
tell me one person who likes monday mornings (now what was that boomtown rats song again!? ). booker's stuff is good for noob's!

i think that some of PM your crew check in here time to time, no?

another thing to watch out for...when somebody (like me for instance ) gives an opinion on your charts, trades or whatever then don't get swayed from your own convictions. i read your response to what i did and i think you might value my opinions too much!!!

Quoting steviet
Hi Iso,

Now, normally I hate Monday mornings but with the 4 open positions up over 1000 pips I'll make an exception . Last night's Asian session was the most volatile I've ever seen - GJ was down over 400 pips in 2 hours - crazy.

Actually, the first books I read on forex were by Rob Booker (the free e-books) from his piptopia site, which gave me a good grounding.

I'm in contact with a few traders here & elsewhere via pm's & yahoo messenger who have been invaluable support. In most cases we trade completely different systems but one thing is the same - the mindset.

Thanks for your continued input here - it really is very much appreciated & I'm indebted to you & others, keeping me on the straight & narrow.

Kind Regards
Steve
  • #1,127
  • Mar 5, 2007 2:43pm Mar 5, 2007 2:43pm
Hey, leave Sir Bob out of it :

Lol, I still find myself on occasion pouring over the charts, looking at the pros and cons of which way to enter new trades, especially over a weekend. This doesn't happen often but it really shouldn't happen at all.

I get drawn into reading opinions and being influenced by them instead of just trading my simple system. I'm wrong often, especially where we reach a point of consolidation - it's going one way but no-one knows for sure which.

I'm happy I went short on UCHF earlier - it followed a big bear bar and on my system it's a given I go short. I don't mind the result of the trade, it's staying true to what I backtested that's important.

I guess even when we have a potentially or proven winning system, it's in our nature to squeeze more out and make it better. What I need to do is trade it 'as is' and then do as you say - rigourously backtrack at the end of each month and say 'what could I have done better' etc.

To be fair you probably did influence me on this one but it was the way the system told me to go anyway so thanks for that

Kind Regards
Steve


Quoting Isotonic
tell me one person who likes monday mornings (now what was that boomtown rats song again!? ). booker's stuff is good for noob's!

i think that some of PM your crew check in here time to time, no?

another thing to watch out for...when somebody (like me for instance ) gives an opinion on your charts, trades or whatever then don't get swayed from your own convictions. i read your response to what i did and i think you might value my opinions too much!!!
  • #1,128
  • Mar 5, 2007 4:09pm Mar 5, 2007 4:09pm
OK, a day where we have been able to lock in more profit. Not everything has gone our way - EU short was stopped out at 1.3211 for a small loss before diving below 1.3100.

Current trades......

USDCHF short from 1.2163 (s/l 1.2255 guarantees minus 92 pips)
USDCAD long from 1.1673 (s/l 1.1746 guarantees plus 73 pips)
GBPUSD short from 1.9619 (s/l 1.9459 guarantees plus 160 pips)
USDJPY short from 120.60 (s/l 116.87 guarantees plus 373 pips)

New trade.....

EURUSD short from 1.3090 (s/l 1.3223 guarantees minus 133 pips)

So, current open trades are up around the 1000 pip mark with 381 locked in (includes new EU trade)

USDCHF - currently minus 45 pips
USDCAD - currently plus 136 pips
GBPUSD - currently plus 410 pips
USDJPY - currently plus 505 pips
EURUSD - currently breakeven

You certainly need patience trading this method but you reap the rewards when they come

Here's to another day of locking in pips

Kind Regards
Steve


  • #1,129
  • Mar 5, 2007 4:30pm Mar 5, 2007 4:30pm
The Rewards are the important part!
  • #1,130
  • Mar 6, 2007 12:00pm Mar 6, 2007 12:00pm
Hmmm,

USDCAD stopped out for plus 73 pips & USDCHF stopped out for minus 92pips .

USDCHF high for the day was my actual stop loss lol - I popped in at lunch and it was within 2 pips of being stopped out but 5 hours later it finally went. Musn't get too annoyed as current positions looking OK despite the retrace today.

Current open positions....

EURUSD short from 1.3190 - minus 17 pips
GBPUSD short from 1.9619 - plus 345 pips
USDJPY short from 120.60 - plus 407 pips

Kind Regards
Steve
  • #1,131
  • Mar 6, 2007 12:38pm Mar 6, 2007 12:38pm
Impressive steve,

i know you follow your system but why dont you just lock in all pips when you have your 1000 pips for the month?

you could possibly leave some pips on the table but 1000 pips per month is a goal that most traders never achiev in this business!!!!

anyway, i follow your thread every day and enjoy seeing a trader that rocks the market

keep it up
  • #1,132
  • Mar 6, 2007 1:16pm Mar 6, 2007 1:16pm
that's the gamble you take with letting your profits run. do you mean locking in with stops or taking profits (with limits)?
  • #1,133
  • Mar 6, 2007 1:46pm Mar 6, 2007 1:46pm
well thatīs up to steve.

i would lock in all profits as soon as i had my 1000 pips in the pockek.

iīm bringing this up because i remember steve wrighting something about "getting 500 pips every month would be great".

but as i said this is totally steveīs business and his hard earned pips.

cheers
  • #1,134
  • Mar 6, 2007 2:28pm Mar 6, 2007 2:28pm
Hi,

Thanks for your comments - it certainly is tempting to close out when you are so far up. My system is just being tested for the year and that certainly is an option.

Just been out for a lovely meal with the wife and drank a little too much wine lol. A little annoyed GU has hit new highs whilst I've been out & EU is back at days highs - was hoping to lock in a little more tonight but often when the market is this volatile, so is the retracement.

Iso has explained it in one sentence - you always leave plenty of pips on the table but hopefully, overall it works out profitable.

Cheers & Kind Regards
Steve

Quoting Wallboroff
Impressive steve,

i know you follow your system but why dont you just lock in all pips when you have your 1000 pips for the month?

you could possibly leave some pips on the table but 1000 pips per month is a goal that most traders never achiev in this business!!!!

anyway, i follow your thread every day and enjoy seeing a trader that rocks the market

keep it up
  • #1,135
  • Mar 6, 2007 2:51pm Mar 6, 2007 2:51pm
Wallboroff,

Using this system there is a very simple trade off. Lock in your pips early and the market may run and you could lose out on future pips.

Or in Steve's case he get's stopped out and loses pips however, it's evened out when the market runs such as it has the past few days.

Way to go Steve keep up the good work!
  • #1,136
  • Mar 6, 2007 5:02pm Mar 6, 2007 5:02pm
I never cry over pips I did not get, as long as I got some !!! My wife is always saying, wow, look how many pips I could have gotten !!! but I am always happy with even a few pips... maybe I close out early, maybe my target was lower than where the price really went... but I always have a smile as long as I got some pips... because it was only a few short weeks ago that I was not getting pips !!! Now I am...

And it seems stviet is getting LOTS more than I am... !!! Way to go !!!!
  • #1,137
  • Mar 6, 2007 5:07pm Mar 6, 2007 5:07pm
GU see another fall to 9245 area... have a short @ 9350 waiting for market to come to me... outstanding numbers steve... its payback time from feb

good luck
  • #1,138
  • Mar 6, 2007 6:49pm Mar 6, 2007 6:49pm
Stevie!!!

Where are you - you have trades to do....lol

PC bombed out again?

regards

Xerof
  • #1,139
  • Mar 6, 2007 8:52pm Mar 6, 2007 8:52pm
It s certainly an interesting thought that Steviet should lock in the profits he earns....certainly this was what I was thinking when I first came across his system....but....i think the system is such that it captures the trend.......and once the trend reverses the stop would ensure the profits are locked in....

If he is to lock in profits by closing the trades when he hits a certain point...then there is a new trade to be taken....i.e..Long or short....if its in the same direction of the previoustrade...then those pips will be caught in the previous trade in any event.....if its a reversal trade then maybe he would capture some extra pips instead of letting it be stopped out.....

But the problem here would probably be that the rules of the system currently as it stands state...."enter the trade at 17.00(EST)" as that probably suits him well....

I think as it stands its probably makes sense to have no profit take points but rather let the trade continue and lock in profits via the stop even though it probably means leaving a some pips...

Wow....and I also note the daily update of trades was missing today....I m truly shocked....!:surprised Then again we should probably forgive him...I m sure he has a good excuse....(But the only excuse I can think of for not putting the trades is being out celebrating the Mighty Liverpool's Champions League victory!!!!)
  • #1,140
  • Mar 6, 2007 9:46pm Mar 6, 2007 9:46pm
I noticed a lot of discussion of taking profits here, and thought I would add my opinion here (it's a strong one)

I do not know if any of you have ever read any of the Market Wizards by Schwager, but it is basically a collection of interviews with dozens of VERY SUCCESSFUL traders. In it, almost EVERY trader mentions to settle your losses and let profits run.

I understand that there is a different style for everyone, but I find it extremely interesting that all these very sucessful traders share the same view about a thing such as that.

Personally, I can't stand limiting myself to a point. Who's to say that the price will not go beyond that point. Unless there is any indication of a reversal, why would you take profit? (This is rhetorical). There's no changing my point of view on this, but just thought I'd share my opinion.

Regards,

Kevin
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