Steviet's Live Trades!

Well done!

Finding a way to live where there's room for both trading and the real life, that's what it's all about.

I hold a full time job as well and I've found that daily time frames is what suits my life.

Steve my man just saying hi

Officially about the only thread on this side I wander into

LOL Mike,

Good to see you over here & hope life is treating you well

I must admit I was over your side a little earlier & see you still don't appear to sleep much, if at all haha.

This daily trading, often with only one trade on all month is very very boring but also rewarding

Another OK month with a 5.15% profit banked

Let's see what April brings.........

Good stuff, thanks for the update. See you in four weeks

Thanks katee

March turned out OK

Yup, see you at the end of April Sam

Hi steviet,
I am very interested in your method.

results also seem to be very good and steady with little time to dedicate to usign daily charts.

Can you please point me at the post or set of posts with the summary of the rules, if there is any?

Thnaks a lot!

Luca

Hi Luca,

The daily method basically revolves around the 50sma. I use Alpari for charting as this does not include a Sunday bar which skews the ma's.

As you can see I've been short on EU since 7th December 2009 and will be until we get a daily close above the 50sma.

I will also add in positions on some moves as we test the 50sma to make the most of a big move.

Kind Regards
Steve

Thanks for getting back. Very much appreciated.
What about lot size, gearing and stop loss?
Do you use low gearing and large stops for the daily?

Luca

I'm pretty aggresive on this and it's not a method for the feint hearted....

On the main position there is no stop loss - the only time I would exit is a daily close above the 50sma & then I'd become a bull on EU until a new daily close below the 50sma again.

The add-ons are more conservative with a limit order set each day at 10 pips below the 50sma and stop loss of 50 pips. Each day the add-on position(s) stay(s) open the stop loss is moved along with the sma movement. As this is a method recently developed I didn't use add-ons on this move down.

I've been short since 1.4874 and banked profits & re-opened at the end of each month.

The gap up over the weekend gobbled up my limit order add-on & the one today also got stopped at 1.36233.

However, when we get a long move like last year from April to December there's the opportunity to have 5+ postions all on with the trend. It's the kind of method that suits me at the moment - basically I only have to look at daily close and let the market do what it does.

Position size would be up to the individual and their attitiude to risk.

If you look back over the years you'll see that most years there is at least one big move that can be taken advantage of as long as you have the nerve to ride out the ranges. Ranges in themselves aren't a problem, only when it straddles the 50sma for a protracted period.

It's looking like I'll be closing my current short from low 1.35's tonight and changing my bias to bull - the important thing is not to think too much despite what you may read or hear from the 'experts'.

What I would say is that you do your own research and if it looks like something that could be useful to you then demo it for a few months and then personalise it to make it your own.

Trade well
Steve

Thanks a lot.
Looks very simple and do not require much time. Meaning I coudl do keeping my daily job.
I was thiking to use something similar with very low gear (1:1), you way could really fit.
Are you trading only one pair?

Luca

No problem - yes I only trade this on EU as it seems to respect the daily sma better than any other.

I believe around 30-35% of all forex transactions are on EU which means it is less erratic and smoother daily moves than other pairs.

Thanks for your time and support.
Please keep on posting ideas and results. I will follow with interest.

Luca

HI steviet,
EU did not close above 50. Are you still short?

Luca

On my feed it closed at 1.3617 last night with daily 50sma at 1.3578 so I closed shorts and became a bull last night from 1.3617.

Also set an add-on limit order at 1.3588 - unfortunately only pulled back to 1.3594 today so just one position on at present.

My own feeling is we have to clear 1.3820 area to see a reversal but I go with the method and for now at least I'm long.

Every broker I see closed above the daily 50sma yesterday.

Kind Regards
Steve

[quote=steviet;3639268]On my feed it closed at 1.3617 last night with daily 50sma at 1.3578 so I closed shorts and became a bull last night from 1.3617.

Also set an add-on limit order at 1.3588 - unfortunately only pulled back to 1.3594 today so just one position on at present.


Sorry you are correct. I was looking at EMA50.
Thanks,
Luca

Hi Luca,

Yes I see we are yet to pierce the 50ema - no harm using that as your guide.

On this down move you could have added on around 1.4580 area using the ema.

I've backtested this for years and you could use either although overall I prefer the sma.

Kind Regards
Steve[quote=pulluca;3639381]

Pretty poor month to be honest with a 7.796% loss - first losing month on the daily in the last six months so it had to happen sometime I guess.

The big gap up mid month didn't help but no worries - the market is always full of surprises so here's looking forward to a better May.

Sorry to hear about the loss but you're certainly much calmer about it than I have ever known you. This journal really should be required reading for everyone on the mental qualities and tenacity required to succeed in this game. I've yet to see anyone create a shortcut to success and in my opinion, people new to forex would be much better off reading someone's honest account of the ups and downs than they would be looking for some magic system.

Looking forward to seeing you post a stellar May.