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Steviet's Live Trades!

  • #3,601
  • Jan 30, 2009 12:22pm Jan 30, 2009 12:22pm
Quoting stewrigh
Know how you feel Steve I also had a lousy week.

Went short GBPCHF and it never stopped going up - got burnt a bit there - made a loss this week.

Still Mondays another week lol.
Yup, if you were short the £ then you were toast this week lol.

I should have just turned off my pc on Wednesday evening and had a couple of days off - easy in hindsight isn't it LOL

Good to hear from you Stew & yes, next week is just around the corner and time to relax and reflect over the weekend

Kind Regards
Steve
  • #3,602
  • Jan 30, 2009 12:49pm Jan 30, 2009 12:49pm
I still can't believe anyone wants to buy the pound.

The country's stuffed and the pounds going up?

Unbelievable!!!
  • #3,603
  • Jan 31, 2009 8:18am Jan 31, 2009 8:18am
Quoting steviet
Well I suppose I should be happy as I turned in a 2.5% profit in January.

However, just a few days ago was in double figures for the month but had a stinking week on GBPJPY this week and I'm just about to chuck my laptop in the nearest lake after writing this LOL.

I'm trading mainly GJ these days and taking the occasional daily pin bar trades on other pairs.

On GJ I trade mainly on the hour, 4 hour or daily charts using simple trendline breaks, breaks of support/resistance etc. I also take the odd trade off the 5 min charts too. It's a new...
Could you please throw in some of your so called stupid mistakes and statistical performance graph? thanks.
Trading is the game of fear and greed.
  • #3,604
  • Jan 31, 2009 11:02am Jan 31, 2009 11:02am
Quoting Fx chartist
Could you please throw in some of your so called stupid mistakes and statistical performance graph? thanks.
Hi & welcome to my journal

OK, I don't post very often here any more - the intention when I started trading live was to list every trade made for a year, which I did.

2009 I'll be simply posting monthly results from now on.

Currently I'm trading two accounts, one for an investment bank and the other which I trade jointly with another FF member. For those reasons I cannot post statements etc on a public forum, however they are live accounts well into 6 figures in total.

In my post I alluded to making a few silly errors especially the latter part of the month. They were what I would call real noob errors and I really should know better after trading live for as long as I have.

I have a set of rules that I stick to rigidly, however I'm constantly reviewing how I could have improved. Yes we all have losses - it's part and parcel of the business and I still HATE losing LOL.

February I will be looking to really take advantage when I am on the right side of the market and being quicker to cut when I'm not. I'll also be just risking 1% per trade, which is generally what I do anyway although I was risking 2% or 3% on some set ups which I felt were better.

This was the main thing I was talking about - yes, you guessed it, these were the very trades that made a dent in January's profits.

I'm not overly concerned as I know that most months I'll turn in a profit but I think it's important to always admit to yourself where you could have done better.

Still learning and trying to stay humble - the minute you get over confident and you think you know all the answers the market will turn around and kick you in the backside haha.

Kind Regards
Steve
  • #3,605
  • Jan 31, 2009 12:23pm Jan 31, 2009 12:23pm
Hi Steve,

I've been ploughing through this journal for the last few days, all 3500+ posts, and I have to say it's inspired me to continue with FX as you’ve proved it can be done.

I've been messing around spreadbetting on FX, on and off for a couple of years but like a lot of others been looking for that perfect system that doesn't exist. I'm based in the UK and so because of work commitments I can't really trade the market full time so concentrating on the longer time frames. This week’s been a bit of a nightmare.

Mind if I ask about what trading style you’re using now as you seem to have run the gamut of techniques, from the long term trending system to the GBPJPY ranging system and a period of scalping between the two. Are you still concentrating on the GJ and combining long term trends and the ranging system? I know you seem to use a lot of PA and discretion in your trades which can only be learnt through experience, so I’m just wondering if you can point someone whose making far too many mistakes in the right direction.

Cheers,
Chris
  • #3,606
  • Jan 31, 2009 2:26pm Jan 31, 2009 2:26pm
Quoting steviet
February I will be looking to really take advantage when I am on the right side of the market and being quicker to cut when I'm not. Kind Regards
Steve
Does this mean you stopped the 1000 pip stop you were doing?
  • #3,607
  • Jan 31, 2009 2:51pm Jan 31, 2009 2:51pm
Quoting llambert3
Does this mean you stopped the 1000 pip stop you were doing?
Since the latter part of 2008, yes. However that's not to say that when the market dictates I won't look at it again.There have been periods since when it would have been viable but the volatility is too great right now.

Markets change and we have to adapt or die, metaphorically speaking.
  • #3,608
  • Jan 31, 2009 3:19pm Jan 31, 2009 3:19pm
Quoting CC Trading
Hi Steve,

I've been ploughing through this journal for the last few days, all 3500+ posts, and I have to say it's inspired me to continue with FX as you’ve proved it can be done.

I've been messing around spreadbetting on FX, on and off for a couple of years but like a lot of others been looking for that perfect system that doesn't exist. I'm based in the UK and so because of work commitments I can't really trade the market full time so concentrating on the longer time frames. This week’s been a bit of a nightmare.

Mind if I ask about what...
Hi Chris,

Wow! A member since 2006 and your first post! It as an honour

Yes, it's more about the trader than the system. I've been on a real journey since I started and the most challenging thing I've ever done by far. Would I have started if I knew the challenges ahead? I really don't know if I would lol.

However, once I start something I won't let go and even though I've been trading a while know I'm learning all the time and trying to apply them to what I do.

You're right this last week was not the easiest to trade especially if you were trading the £. Most of my trades are on GBPJPY although I will take daily set ups on other pairs. For example early last week I took daily trades on GJ long from 124.12, GU from 1.3931 & GCHF from 1.6074. I closed them manually on Tuesday at 126.71, 1.4114 & 1.6057. Great you may think a nice 450 pips or so but I should have been more patient as by Friday close they were up close to 2000 pips!

I'll take a trade off any chart from 5 min upwards if I see a potential set up during the London & New York sessions but am pretty selective over what I do take. Certain parameters need to be met before I take a position.

Taking longer term set ups is certainly the way to go when you start and I would recommend you take some time and read the James16 thread.

I wish you success Chris - it's a never ending learning experience but one that can be extremely rewarding if you just stick at it.

Kind Regards
Steve
  • #3,609
  • Feb 1, 2009 2:53am Feb 1, 2009 2:53am
Hi Steve,

You looked in on my thread the other day (from£20k to £250k this year) and left some kind words of encouragement, this prompted me (being the nosey sort I am) to look at your profile, I went on to read a couple of posts in your thread, or so I thought, I think now that I've read almost every post, I found it so compelling. It's clear that you have inspired many people and gained many friends through your journal, and deservedly so. What I like most is your 'never give up' attitude, you sound a lot like me. You believe strongly enough in yourself and what you are doing that success will surely be yours. I will be following your progress over the months, and I am sure that with your determination by this time next year you will be well on your way to achieving your goals. I wish you all the very best my friend.

Kind regards

Neil
If it is to be - it's up to me
  • #3,610
  • Feb 1, 2009 5:16am Feb 1, 2009 5:16am
Quoting steviet
Hi & welcome to my journal

OK, I don't post very often here any more - the intention when I started trading live was to list every trade made for a year, which I did.

2009 I'll be simply posting monthly results from now on.

Currently I'm trading two accounts, one for an investment bank and the other which I trade jointly with another FF member. For those reasons I cannot post statements etc on a public forum, however they are live accounts well into 6 figures in total.

In my post I alluded to making a few silly errors especially the latter...
thanks for taking time to respond my question.You're probably only a few of trader in this trading community that I certainly respect through the honesty representing by your post. May all the best for your trading.
Trading is the game of fear and greed.
  • #3,611
  • Feb 1, 2009 12:04pm Feb 1, 2009 12:04pm
Hi

I've taken the time to read most of this great journal. Thanks Steve for sharing your journey with us here. Your story has been inspiring. It truly documents the trials and tribulations to be expected when pursuing a career in FX trading. I have booked marked your journal and look forward to the continuation of your remarkable story.

Dan
  • #3,612
  • Feb 13, 2009 7:55am Feb 13, 2009 7:55am
Quoting andante9
Hi

I've taken the time to read most of this great journal. Thanks Steve for sharing your journey with us here. Your story has been inspiring. It truly documents the trials and tribulations to be expected when pursuing a career in FX trading. I have booked marked your journal and look forward to the continuation of your remarkable story.

Dan

I'm with Andante9

Keep it up, Steve.
We're cheering your success almost as much as are you.
Thanks for sharing.
I've so enjoyed this thread. A pleasure to read.
Looking forward to new episodes.

Peter O
  • #3,613
  • Feb 23, 2009 7:28am Feb 23, 2009 7:28am
Good Morning peeps!

As some of you have indicated you like reading my drivel, I'll let you know how I've got on this morning together with a little background on how I trade. Now, before we start you will need to get comfy so I recommend you go make yourself a cup of tea/coffee & then pull up a 5 min GJ chart lol.

OK, so I'll just give you an idea of how I'm trading... Firstly all trades carry a risk of 1% of equity, whether the stop loss is 50,60,100 pips the lot size is adjusted accordingly.

Up until recently I have just been placing stop loss at 1% risk and target at 1%, so in effect 50 pip stop loss would mean 50 pip target. If I'm taking a long trade, the stop loss will be placed 10 pips below the last pulback and is tightened at each pullback until in profit or target hit. However, the last few weeks I've been having good success in not having a target as such but just to keep moving stop loss up until either the move ends or I feel it's a good place to take profit.

Now, over the weekend I thought OK, how can we improve on things to really take advantage of the big moves GJ offers, whilst still only ever risking the initial 1%. These moves may only happen a few times a month but when they do there is an opportunity to really make a killing and stack positions as we go.

Now, before I start describing the trades, I've banked around 1.4% today. Great you may think & yes, always happy to see the green pips come my way but lets see what could've happened if I executed the plan a little better and was a little more fortunate....

So onto Frankfurt open and Steve sees that if we breakout there could be a great opportunity to go long.

Trade 1. This was a buy stop order at 135.50, just above the high of the day thus far with initial stop loss of 134.60.

Trade 2. This was again a buy stop order at 135.85, 20 pips above the previous high, stop loss at 135.35.

Once the 2nd trade was activated, stop loss on trade 1 moved to +1. Now unfortunately GJ retraced to 135.46 & stopped trade 1 out for 1 pip.

Trade 2 got to around 20 pips in profit and was hovering so placed stop loss at +1 and yes you guessed it we retraced to just below 135.80 and I recieved another pip for my hard work LOL.

Trade 3. Again a buy stop at 136.26, stop loss at 135.76 (order at 20 pips above previous high)

Yes you guessed it, retraced from 136.50 area to stop me out for a pip again before shooting up.

Trade 4. Buy stop at 136.90, stop loss 136.40.

This was one I just trailed up manually and was stopped out at 137.15 for 25 pips or 0.5%.

Trade 5. (Not taken) This was a buy stop at 137.50, stop loss 137.00 that I cancelled as I thought we were due a retrace!

Of course this was the one that flew straight to 139 without looking back - typical eh?!

Well I did later manage to grab nearly 1% on a long 138.36 closed at 138.97 after the first bigger pullback but lets just see where we would be if I'd managed to hold onto all trades until 139......

Trade 1. 350 pips (90 pip intial stop) = 3.89%
Trade 2. 315 pips (50 pip initial stop) = 6.3%
Trade 3. 274 pips (50 pip initial stop) = 5.48%
Trade 4. 210 pips (50 pip initial stop) = 4.2%
Trade 5. 150 pips (50 pip intial stop) = 3.5%

So excluding the later trade I took and profited from at 138.26, a grand total of 1299 pips could have been achieved (actual 28 pips lol) and an equity increase of 23.37% (actual around 0.51%).

Yes, I'm frustrated that I didnt take advantage of the moves this morning but it shows what can be achieved with a plan in place and a little fortune on the way.

Catch you soon

Steve
  • #3,614
  • Feb 23, 2009 10:39pm Feb 23, 2009 10:39pm
Quoting steviet
Good Morning peeps!

As some of you have indicated you like reading my drivel, I'll let you know how I've got on this morning together with a little background on how I trade. Now, before we start you will need to get comfy so I recommend you go make yourself a cup of tea/coffee & then pull up a 5 min GJ chart lol.

OK, so I'll just give you an idea of how I'm trading... Firstly all trades carry a risk of 1% of equity, whether the stop loss is 50,60,100 pips the lot size is adjusted accordingly.

Up until recently I have just been placing stop...
Thanks for this insight Steve.

I like your sense of humor and I feel your pain.
  • #3,615
  • Feb 23, 2009 10:42pm Feb 23, 2009 10:42pm
Don't think too much about it Steve, forget it and move on
Trade what you see, not what you think.
  • #3,616
  • Feb 24, 2009 11:32am Feb 24, 2009 11:32am
Hi Steve, I understand what you mean! but why not looking at it in a different point of view? you didn't loose money! you earned some!! yes, little money, but still earned, if you could go to BE for 10 trades then earn for another 10 trade 200 pips while your average loss is 10 pips would'nt be great?!
patience and patience again time for the money will come, while waiting for it... try to don't lose what you already earned!
  • #3,617
  • Feb 24, 2009 1:04pm Feb 24, 2009 1:04pm
Quoting andante9
Thanks for this insight Steve.

I like your sense of humor and I feel your pain.
LOL no pain really, just frustration especially after today...
  • #3,618
  • Feb 24, 2009 1:05pm Feb 24, 2009 1:05pm
Quoting karmostaji
Don't think too much about it Steve, forget it and move on
OK master
  • #3,619
  • Feb 24, 2009 1:08pm Feb 24, 2009 1:08pm
Quoting Beman
Hi Steve, I understand what you mean! but why not looking at it in a different point of view? you didn't loose money! you earned some!! yes, little money, but still earned, if you could go to BE for 10 trades then earn for another 10 trade 200 pips while your average loss is 10 pips would'nt be great?!
patience and patience again time for the money will come, while waiting for it... try to don't lose what you already earned!
Yup, always great to grab the pips however, days like yesterday should be made the most of to cover days like today when Steve manages to lose 2% going LONG on GJ whilst it rises 400 pips.

How do I do it??? LOL
  • #3,620
  • Feb 24, 2009 1:13pm Feb 24, 2009 1:13pm
Am I correct to assume you have been managing money for others for some time now Steve? Any tips or advise on how you got to that point?
Living the adventure in my head.
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