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Steviet's Live Trades!

  • #3,561
  • Oct 20, 2008 10:22am Oct 20, 2008 10:22am
Ended up being a losing trade with stop loss hit for a 320 pip loss.

Price did get to above 179 and then reversed sharply. I'm sure people will be saying I should've locked in some pips but its a daily trade and I wouldn't change stop loss until the end of the daily bar.

However, took a 4 hour short from 175.00 & took profit at 174.15 for 85 pip gain.

The original method has worked very well today so far with 6 longs hitting target at 50 pips each and a short hit for 50 pips.

Now the daily range has exceeded 500 pips, targets have been increased to 100 pips per position.

Quoting steviet
OK, so this morning my buy order was filled at 176.85, being a breakout of Friday's daily bar.

Initial stop loss is at 173.65 & target 184.43. This is the 6th trade taken so far on the 'trending' method.

Last week proved very profitable by combining the two methods and so far I'm encouraged by the results.

Let's see how this one pans out....

Kind Regards
Steve
  • #3,562
  • Oct 20, 2008 10:28am Oct 20, 2008 10:28am
Quoting steviet

The original method has worked very well today so far with 6 longs hitting target at 50 pips each and a short hit for 50 pips.
As Del would say...luuvly jubbly...keep going son.
  • #3,563
  • Oct 20, 2008 10:44am Oct 20, 2008 10:44am
Will do dad
Quoting Jami
As Del would say...luuvly jubbly...keep going son.
  • #3,564
  • Oct 20, 2008 11:18am Oct 20, 2008 11:18am
Hi Dave,

There are so many ways you can do this and I think you have to go what's comfortable for you.

I use the daily or 4 hour trades more frequently to help my ranging method when there is high volatility such as now.

Some people like to move stop loss to break even once a trade is so much in profit. Others may follow with a trailing stop and some will do as you do by taking some off the table and let the rest run.

I set a stop loss at 30 pips below or above the previous daily/4hourly bar and move tighter at the close of each bar. The target is generally where I see the next major support or resistance on that particular timeframe.

It's not easy - today's long trade was up over 200 pips before taking a 320 pip loss at today's low (doesn't that always seem to be the way lol). Yes, I could have moved the stop to break even. However, I gained over 1000 pips last week on these type of trades. Had I moved to break even too early, all but one would have been stopped out there.

As I say, everyone is different and I guess it's what you become comfortable doing over time.

Kind Regards
Steve
Quoting rumbey
Hi Steve,

I have been trading 7 years and tend to observe the FF mainly these days. I've made alot and lost similar amounts so I'm still learning. Its an incredibly difficult thing to master compared to running several businesses over the last 15 years. By far the hardest to make money, however the potential rewards are what keep me going.

Mindset is the one area I am focusing on as this has been my Number 1 downfall in the past. Biggest one being greed and over leveraging.

Anyway I've traded daily, hourly and 4 hourly breaks like you and it definitely works with regards to probability of success over a period of time.

One area I still haven't mastered is when to take profit. The best method I've come across is to take half your position off after 40 pips and bring stop to B/E and let the remaining position run, however I see you use a TP.

My question is how do you calculate this TP and is it the best way to close a trade in your opinion. I presume you have reviewed its success rate?

Dave
  • #3,565
  • Oct 20, 2008 11:40am Oct 20, 2008 11:40am
Steve,

Don't you think you TP was a bit too optimistic given the two daily spikes at around 182
  • #3,566
  • Oct 20, 2008 12:02pm Oct 20, 2008 12:02pm
Possibly, it has tested 181.70 area twice so that would have also been a realistic target.

One thing I've learned about GBPJPY - no target is over optomistic . A thousand pip moves over a day or two are becoming the norm these days.

Quoting rumbey
Steve,

Don't you think you TP was a bit too optimistic given the two daily spikes at around 182
  • #3,567
  • Oct 20, 2008 12:06pm Oct 20, 2008 12:06pm
Quoting steviet
Possibly, it has tested 181.70 area twice so that would have also been a realistic target.

One thing I've learned about GBPJPY - no target is over optomistic . A thousand pip moves over a day or two are becoming the norm these days.
Hi Steve!

absolutely right! My first day of trading in the new surrounding gave 300 pips before I even got up I love it when GJ does what I want during the night.... and then I cannot interfer and feel OK with just 100 pips!

I will get to you via PM during the week. I am trying to get into contact with a few guys, but there seems to be the autumn holiday season!!

Ciao!
Matt
  • #3,568
  • Oct 20, 2008 12:14pm Oct 20, 2008 12:14pm
Cool Matt

LOL, I know what you mean!

Look forward to chatting via PM

Take care my friend

Steve
Quoting Gnat
Hi Steve!

absolutely right! My first day of trading in the new surrounding gave 300 pips before I even got up I love it when GJ does what I want during the night.... and then I cannot interfer and feel OK with just 100 pips!

I will get to you via PM during the week. I am trying to get into contact with a few guys, but there seems to be the autumn holiday season!!

Ciao!
Matt
  • #3,569
  • Oct 21, 2008 3:59am Oct 21, 2008 3:59am
OK, bit of a drop this morning.

Existing 'range' positions bagged 200 pips so far. Next existing short from 172.74 targeting 171.74.

A further short taken off the 4 hour charts from 173.33, initial sl 175.53, now 175.02 & target 170.61.
  • #3,570
  • Oct 21, 2008 8:03am Oct 21, 2008 8:03am
Moved stop loss to 172.00 then 171.50 and was stopped out for a 183 pip gain on that trade.

Another 100 banked on short from 172.74.
Quoting steviet
OK, bit of a drop this morning.

Existing 'range' positions bagged 200 pips so far. Next existing short from 172.74 targeting 171.74.

A further short taken off the 4 hour charts from 173.33, initial sl 175.53, now 175.02 & target 170.61.
  • #3,571
  • Nov 22, 2008 12:04pm Nov 22, 2008 12:04pm
Hey steve, it has been a month since we last heard from you. I hope all is going well and everything turned out ok with your account.
  • #3,572
  • Nov 22, 2008 12:11pm Nov 22, 2008 12:11pm
Thanks for your post & wow, I knew I hadn't been here for a while but didn't realise it was that long lol.

I'll post an update of what's happening in Steve's world either later this evening or tomorrow

Kind Regards
Steve
  • #3,573
  • Nov 23, 2008 6:52am Nov 23, 2008 6:52am
OK so its a wet morning here in England after snow overnight & a good opportunity for an update.

As those of you who read the journal know, I've been seeking investment and over the past few weeks things have been slowly coming together.

A well repected FF member and very good friend of mine agreed that I could trade one of his accounts and to split the profits 50/50. So far, so good with a 5% return in two weeks

Alongside this I've also been demoing for an investment bank and they have been happy with my results. Tomorrow I start trading a live account for them

I'm also in negotiation with another individual and it looks like we may be able to work together in January.

So, as you see, plenty going on and I'm much more upbeat about the future! My old employers at the building society (read bank for non UK readers), have asked me to return and I've agreed to help out a couple of days in December as the manager is taking a break. However, all I want to do is trade long term.

Well there we go - here's to another profitable week Good trading all.

Kind Regards
Steve
  • #3,574
  • Nov 23, 2008 6:55am Nov 23, 2008 6:55am
Well done Steve. Glad things are working out for you.

Quoting steviet
OK so its a wet morning here in England after snow overnight & a good opportunity for an update.

As those of you who read the journal know, I've been seeking investment and over the past few weeks things have been slowly coming together.

A well repected FF member and very good friend of mine agreed that I could trade one of his accounts and to split the profits 50/50. So far, so good with a 5% return in two weeks

Alongside this I've also been demoing for an investment bank and they have been happy with my results. Tomorrow I start trading...
  • #3,575
  • Nov 23, 2008 10:21am Nov 23, 2008 10:21am
Hallo Steve!

I know I owe you a PM and apart from my private side going down the drain even further (therefor the delay), I might have something for you.

I will contact you after the 30ths latest about this.

Ciao!
Matt
  • #3,576
  • Nov 24, 2008 4:11am Nov 24, 2008 4:11am
Very happy to hear this Steve. Congratulations.

I've learned so much for your journey that if you ever fancy a beer it's on me. I don't think we're too far away from each other either.
  • #3,577
  • Nov 24, 2008 8:04am Nov 24, 2008 8:04am
Quoting willf
Well done Steve. Glad things are working out for you.
Thanks Will

Well, today has been a good one and I'm out for the day. 1% on the managed account & 1% on the one I'm trading for my friend.

That will do for the day

Kind Regards
Steve
  • #3,578
  • Nov 24, 2008 8:07am Nov 24, 2008 8:07am
Quoting Gnat
Hallo Steve!

I know I owe you a PM and apart from my private side going down the drain even further (therefor the delay), I might have something for you.

I will contact you after the 30ths latest about this.

Ciao!
Matt
Hey Matt

Been thinking about you lately - I really hope things start to calm down on the home front.

Looking forward to our chat in PM but no hurry - getting yourself sorted is priority for now

Kind Regards
Steve
  • #3,579
  • Nov 24, 2008 8:18am Nov 24, 2008 8:18am
Quoting TiaForex
Very happy to hear this Steve. Congratulations.

I've learned so much for your journey that if you ever fancy a beer it's on me. I don't think we're too far away from each other either.
Hey Tia

Yes i think you said you were pretty close when you posted here before.

Thanks for your kind words & offer of a beer BTW, I think we have a mutual friend

Kind Regards
Steve
  • #3,580
  • Nov 24, 2008 8:20am Nov 24, 2008 8:20am
Way to go Steve

Knew nothing could keep a great guy like you down for long


Best as always bud

Mike
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