Steve, was your USDCHF position closed as well? If so, where do you see it heading? It looks like it might head down again...
Thanks Steve, as always your input is much appreciated.
Thanks for the update Steve. Based on some other methods I use, I actually received a short signal on USDCHF this morning and took it just after my previous posts. Went short at 1.2265, but due to how things are looking, I'll probably exit if the pair hits around 1.2240 again, just to be on the safe side and not get too greedy... 20 pips is better than no pips!
Steviet I have started reading your thread just because how dedicated you are to posting everyday. lol How is your yearly total now, after that horrible slump? Do your totals include commissions?
Cumulative since start currently stands at +1726 pips
Cumulative since start currently stands at +1726 pips
Steve,
I have been following your method but found the following regarding pips & money.
I limit my exposure to 3% per trade (I know you limit it to 2%). That means that the bigger the s/l the smaller the lot size I will trade. Well, last week I had some trades that resulted in a positive # of pips (more pips won than lost) but I was down in my money. Why? well, my losses were on those pairs that had a tighter s/l and therefore my 3% represented a bigger lot size and when I hit my stop my losses were based on the big lots. MY profitable trades were those that had big s/l (and smaller lot sizes). So even though they moved in my way, they didn't move as much as needed to compensate the negative result that the negative big lots had created.
So...positive on pips, negative on $$$$. If I could only pay my rent with pips!!!!
Has this happened to you?
You really didn't have too, but thanks for slowing down a bit and letting me catch up.
On the real mate your doing a great job and I think you have inspired many traders to stick w/ their system threw the good and bad to see if they really have anything and that the only way your going to make a living trading.
you have my vote for FF MVP 06/07
Your system has proven positive results and that's all that really matters at the end of the day. Yeah,
Trouble is with my system it does leave many pips on the table but the way I have to trade that's just how it is. The USDCHF trade was up as much as 170 pips but I have to look at it as 70 pips gained rather than 100 lost.
As long as the method gives me a good profit over the year then I won't be greedy. I'm looking to improve especially in ranging markets and sometimes just limiting the loss is a positive trade in my book. So far we are up 667 pips (9.87% on account balance) for March so I must be doing something right.
Well done in picking up some pips here!
Kind Regards
Steve
Hi,
I see what you're doing - hasn't happened to me but I calculate my % risk differently.
When I say 2%, I use 2% of my account balance for my pip size. This means that if my initial stop loss is under 100 pips, then so is my initial risk.
See post #85 on page 6 which gives greater detail.
Kind Regards
Steve
: ). Does that means that you trade a fixed number of lots (equivalent to 2% of your equity per pair) regardless of your s/l size?
