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  • #1,141
  • Mar 7, 2007 1:16am Mar 7, 2007 1:16am
OK, I have a huge confession to make

You know I said in my last post about that wine I had? Well, 5 minutes after that I was asleep and didn't wake up until 2am thus missing my trade entries & stop loss changes. Even then, my pc is in the bedroom & I couldn't wake up the wife lol.

So, overnight USDJPY was stopped out for plus 373 pips and I have entered new trades just now and amended stop losses. I must say though, I would have also been stopped out on GU overnight.

OK current trades are.....

USDJPY short from 116.41 (s/l 116.84 guarantees minus 43 pips)
USDCAD long from 1.1770 (s/l 1.1722 guarantees minus 48 pips)
USDCHF long from 1.2246 (s/l 1.2183 guarantess minus 63 pips)
EURUSD short from 1.3090 (s/l 1.3141 guarantees minus 51 pips)
GBPUSD short from 1.9619 (s/l 1.9332 guarantees plus 287 pips)

Sorry peeps - what a disaster lol

Kind Regards
Steve
  • #1,142
  • Mar 7, 2007 1:16am Mar 7, 2007 1:16am
yes read both are excellent reads (have to read the stock market one at some point also!)

you've hit the main feature of trend trading: cut your losses short and let your winners run - these wizards, like most traders, follow this style.

van tharp's TWTFF explains this concept better in my opinion...
  • #1,143
  • Mar 7, 2007 1:18am Mar 7, 2007 1:18am
dude!!! booze and trading don't mix!!! i hope you've cleared your hangover before you start work.lol.

Quoting steviet
OK, I have a huge confession to make

You know I said in my last post about that wine I had? Well, 5 minutes after that I was asleep and didn't wake up until 2am thus missing my trade entries & stop loss changes. Even then, my pc is in the bedroom & I couldn't wake up the wife lol.

So, overnight USDJPY was stopped out for plus 373 pips and I have entered new trades just now and amended stop losses. I must say though, I would have also been stopped out on GU overnight.

OK current trades are.....

USDJPY short from 116.41 (s/l 116.84 guarantees minus 43 pips)
USDCAD long from 1.1770 (s/l 1.1722 guarantees minus 48 pips)
USDCHF long from 1.2246 (s/l 1.2183 guarantess minus 63 pips)
EURUSD short from 1.3090 (s/l 1.3141 guarantees minus 51 pips)
GBPUSD short from 1.9619 (s/l 1.9332 guarantees plus 287 pips)

Sorry peeps - what a disaster lol

Kind Regards
Steve
  • #1,144
  • Mar 7, 2007 1:21am Mar 7, 2007 1:21am
Wow,

I see everyone else has been busy whilst I was asleep lol. Thanks for all your comments & I guess to sum up, yes I know we leave pips on the table but you have to if you want to catch the really big trends. It's just my way of doing things and if I can get it right and be a full time trader in the next few years, guess what? I'll still only have to enter my trades at 10pm and effectively walk away until the next day!

What I don't want is another JOB, which effectively would be what I have if I have to sit in front of this thing all day sweating on trades.

Just my thoughts....

Kind Regards
Steve
  • #1,145
  • Mar 7, 2007 1:23am Mar 7, 2007 1:23am
Sad thing was, it was only a bottle of wine that we shared (2 glasses each )

I can't believe they let me sleep when they know 10pm I put on my trades but you just can't get the staff these days lol

Cheers bro
Steve

Quoting Isotonic
dude!!! booze and trading don't mix!!! i hope you've cleared your hangover before you start work.lol.
  • #1,146
  • Mar 7, 2007 1:48am Mar 7, 2007 1:48am
Quote
Sad thing was, it was only a bottle of wine that we shared (2 glasses each )

Lol...I was going to make some speculative and accusatory remarks about your non-appearance at 10pm, but decided that perhaps blaming it on the PC might provide you with a dignified cover story.....
  • #1,147
  • Mar 7, 2007 1:53am Mar 7, 2007 1:53am
doh, could have got away with that one lol.

No, actually I'm really angry at myself because I want to do this right & I'm a perfectionist. Well, let's see what today brings and get back on track


Looks like my UCAD trade may bomb straight away lol but there we go.

So far on closed trades this month we are up 505 pips (increase of 7.1% of account balance) so a pretty good start.

Kind Regards
Steve

Quoting Xerof
Lol...I was going to make some speculative and accusatory remarks about your non-appearance at 10pm, but decided that perhaps blaming it on the PC might provide you with a dignified cover story.....
  • #1,148
  • Mar 7, 2007 2:17am Mar 7, 2007 2:17am
I might just try your wine drinking technique .... I got stopped out on EUR , to the pip of course, and the GBP and JPY after the close, so sitting on my hands until later for those, whilst you guys who go and have a good time get to stay in the trades, and/or enter immediately on a new one....:

and btw, we have a divergence on CAD position...lol

regards

Xerof
  • #1,149
  • Mar 7, 2007 3:32am Mar 7, 2007 3:32am
Steve,

take it easy. I missed you also yesterday, but nobody is perfect. Actually my country (Slovakia) is 1 ahead, so I need to wait until 23.00.

Anyway great posts, I am trying to follow your threat since mid January, and your posts I use just for confirmation.

My system is combination of SIDUS, RSI and Ichimoku, but sometimes I dont understand your entry. I will suggest to update entry rules, at least for us beginners.

Again thank you very much, and sorry for my poor english.

Anton
  • #1,150
  • Mar 7, 2007 6:23am Mar 7, 2007 6:23am
hehe,

Yup, strictly speaking I may have gone either way on CAD but wasn't quite with it this morning lol.

I've just checked & my UJ was stopped out after 10pm so shouldn't have re-entered that one until tonight either! Mind you, would have picked up another few pips I think on UJ if I had moved the s/l at 10pm like I should have.

What a prat I am haha

Kind Regards
Steve

Quoting Xerof
I might just try your wine drinking technique .... I got stopped out on EUR , to the pip of course, and the GBP and JPY after the close, so sitting on my hands until later for those, whilst you guys who go and have a good time get to stay in the trades, and/or enter immediately on a new one....:

and btw, we have a divergence on CAD position...lol

regards

Xerof
  • #1,151
  • Mar 7, 2007 6:26am Mar 7, 2007 6:26am
Hi Anton,

It looks like everyone was here apart from me at 10pm last night

As far as entry rules are concerned, there is a bit of discretion from time to time, especially where there has been little movement the day before or if we have a large retrace later in the day.

Xerof is using a system similar to mine and on occasion we will interpret the market differently. Listen to him, he's normally right more often than me

Kind Regards
Steve

PS Your English is far better than mine and far far better than my Slovakian lol

Quoting tonko
Steve,

take it easy. I missed you also yesterday, but nobody is perfect. Actually my country (Slovakia) is 1 ahead, so I need to wait until 23.00.

Anyway great posts, I am trying to follow your threat since mid January, and your posts I use just for confirmation.

My system is combination of SIDUS, RSI and Ichimoku, but sometimes I dont understand your entry. I will suggest to update entry rules, at least for us beginners.

Again thank you very much, and sorry for my poor english.

Anton
  • #1,152
  • Mar 7, 2007 9:03am Mar 7, 2007 9:03am
Quoting kharvell
I
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

I think the system illustrated on this threat by Steve is designed to capture as much of the trend as possible or as you put it let "profits run"..... His trade plan as it stands I think doesn't include setting limits....

Ofcourse it doesn't mean that setting limits are wrong there may be certain strategies that involve taking profits and closing the trade after a certain level.....point I m trying to make...its very important to have a plan and stick to it...and while making a plan alone will not make u money it does put the probability of making money in your favor......I think what is wrong is one suddenly seeing a huge profit and just randomly closing the trade in order to realise the profit while the original plan doesn;t say coz in the long term that kinda action will harm your trading..(I know coz I ve done it myself!!)

Thanks for sharing the info on the book.....just a question while I m here is the book on e-book form or bookstore only? its interesting how much you can learn just by reading interviews or just talking to successful traders (success to me is those who consistently make a profit....doesn't matter how much they make....just as long as they make consistent profits day in day out..)...education never stops in this field coz there are people out there who have forgotten more things about trading than I have ever known....

Cheers
  • #1,153
  • Mar 7, 2007 9:16am Mar 7, 2007 9:16am
Quoting Bad.hair.spray
I think the system illustrated on this threat by Steve is designed to capture as much of the trend as possible or as you put it let "profits run"..... His trade plan as it stands I think doesn't include setting limits....

Ofcourse it doesn't mean that setting limits are wrong there may be certain strategies that involve taking profits and closing the trade after a certain level.....point I m trying to make...its very important to have a plan and stick to it...and while making a plan alone will not make u money it does put the probability of making money in your favor......I think what is wrong is one suddenly seeing a huge profit and just randomly closing the trade in order to realise the profit while the original plan doesn;t say coz in the long term that kinda action will harm your trading..(I know coz I ve done it myself!!)

Thanks for sharing the info on the book.....just a question while I m here is the book on e-book form or bookstore only? its interesting how much you can learn just by reading interviews or just talking to successful traders (success to me is those who consistently make a profit....doesn't matter how much they make....just as long as they make consistent profits day in day out..)...education never stops in this field coz there are people out there who have forgotten more things about trading than I have ever known....

Cheers
Completely agree with you about sticking to your system. The book is only found in bookstore as far as I'm aware. There are a few of them in the series. The first one is a bit out dated, but still very relevant somehow The messages are strong in all of them, and I'd highly recommend them for a trader who needs some inspiration

Good luck,

Kevin
  • #1,154
  • Mar 7, 2007 9:24am Mar 7, 2007 9:24am
Quoting steviet
Wow,

I see everyone else has been busy whilst I was asleep lol. Thanks for all your comments & I guess to sum up, yes I know we leave pips on the table but you have to if you want to catch the really big trends. It's just my way of doing things and if I can get it right and be a full time trader in the next few years, guess what? I'll still only have to enter my trades at 10pm and effectively walk away until the next day!

What I don't want is another JOB, which effectively would be what I have if I have to sit in front of this thing all day sweating on trades.

Just my thoughts....

Kind Regards
Steve
Steviet,

I am right inline with your thoughts about the trading job. It is not about replacing one 9-5 job with another one. It is about replacing a job with and steady income that will allow you to have more free time to do the stuff that you really love!!!!

Keep on with your syatem. I am really making a lot of force here to see it work!!!
  • #1,155
  • Mar 7, 2007 11:28am Mar 7, 2007 11:28am
I'm keeping on keeping on, don't worry about that

Kind Regards
Steve

Quoting alcastro
Steviet,

I am right inline with your thoughts about the trading job. It is not about replacing one 9-5 job with another one. It is about replacing a job with and steady income that will allow you to have more free time to do the stuff that you really love!!!!

Keep on with your syatem. I am really making a lot of force here to see it work!!!
  • #1,156
  • Mar 7, 2007 11:34am Mar 7, 2007 11:34am
OK,

Earlier today EURUSD was stopped out for minus 51 pips.

Currently open trades are....

USDJPY short from 116.41 - plus 10 pips
USDCAD long from 1.1770 - plus 16 pips
USDCHF long from 1.2246 - minus 39 pips
GBPUSD short from 1.9619 - plus 312 pips

Been a bit of a nothing day on the markets generally so not sure yet which way to go on my new EU trade. It's pushing higher but really struggling so let's see what it closes at later....

Kind Regards
Steve
  • #1,157
  • Mar 7, 2007 11:59am Mar 7, 2007 11:59am
Hey steviet, i see your GU is short and u have a good amount of pips, do u think its going to continue to fall or will it rise?
  • #1,158
  • Mar 7, 2007 2:09pm Mar 7, 2007 2:09pm
Hmmm,

Just been stopped out of GU short for plus 287 pips & UCHF long for minus 63 pips.

This means I'll need to re-enter in a couple of hours together with a new EU position. With interest rate decisions due it's not ideal but I must remember that on backtesting, news was not taken into consideration so I must just take positions from the charts.

Pips so far in March: +678
Cumulative since Nov 06: 1737
A/C Bal Increase: Nov06 +7.08%, Dec06 +12%, Jan07 +10.54%, Feb07 -14.54%, Mar07 +10.12%

Kind Regards
Steve
  • #1,159
  • Mar 7, 2007 2:12pm Mar 7, 2007 2:12pm
Goodness knows what I've done with the font on my previous post lol. Better get out your microscopes hahaha

Steve
  • #1,160
  • Mar 7, 2007 2:13pm Mar 7, 2007 2:13pm
Hey Steve,

Just wanted to say thanks for the sharing of your method of trading, it is really a motivation for people to see you stick with a method, I hope that after a year we can all see that this method is successful and we can all be profitable.

Dave
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