Trade what you see, not what you think.
- #4,121
- May 3, 2010 2:09am May 3, 2010 2:09am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts | Online Now
- #4,122
- May 4, 2010 12:07pm May 4, 2010 12:07pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hey Aaron 
Good to see you pop in & check in on the old git (thats me that is haha).
May has started OK with short taken from 1.3327 - long way to go of course but would love to see 1.3000 taken out this month.
As you know I'll stay with the trend until it ends - been a fine old ride from the 1.48's - gosh that seems an age ago but only December lol.
Hope things are well with you
Kind Regards
Steve
Good to see you pop in & check in on the old git (thats me that is haha).
May has started OK with short taken from 1.3327 - long way to go of course but would love to see 1.3000 taken out this month.
As you know I'll stay with the trend until it ends - been a fine old ride from the 1.48's - gosh that seems an age ago but only December lol.
Hope things are well with you
Kind Regards
Steve
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.
- #4,123
- May 4, 2010 12:11pm May 4, 2010 12:11pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hey there Karmo
It certainly has been a while since we spoke last!
Things are well with me & the folks are all fine thanks
Been very stressful at work - hair getting whiter by the day but trading has been surprsingly stress free. Just started to play cricket again & both sons are now playing in th same side as me which is cool
How are you? Hows Mrs Karmo? & I hope little Karmo is well too.
Let's see if we can arrange to hook up soon for a catch up.
Kind Regards
Steve
It certainly has been a while since we spoke last!
Things are well with me & the folks are all fine thanks
Been very stressful at work - hair getting whiter by the day but trading has been surprsingly stress free. Just started to play cricket again & both sons are now playing in th same side as me which is cool
How are you? Hows Mrs Karmo? & I hope little Karmo is well too.
Let's see if we can arrange to hook up soon for a catch up.
Kind Regards
Steve
Hey Steve,
It's been a long ass time since I last spoke to you, how are you doing buddy? How's family? I hope all is well with you bro.
- #4,124
- May 13, 2010 2:03pm May 13, 2010 2:03pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Steve my man,
Hope you are doing well sir, rebounding this month?
Mike
Hope you are doing well sir, rebounding this month?
Mike
- #4,125
- May 13, 2010 2:35pm May 13, 2010 2:35pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hey Mikey
Not too bad so far - short from 1.3327 twice & holding on until I either bank at the end of the month or I feel reversal has set in.
Currently up 31% (unrealised) this month so yes, holding on tight (despite the wife screaming to bank since I was 5% up) haha
Hope you are well my friend
Kind Regards
Steve
Not too bad so far - short from 1.3327 twice & holding on until I either bank at the end of the month or I feel reversal has set in.
Currently up 31% (unrealised) this month so yes, holding on tight (despite the wife screaming to bank since I was 5% up) haha
Hope you are well my friend
Kind Regards
Steve
Steve my man,
Hope you are doing well sir, rebounding this month?
Mike
- #4,126
- May 13, 2010 5:17pm May 13, 2010 5:17pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey Mikey
Not too bad so far - short from 1.3327 twice & holding on until I either bank at the end of the month or I feel reversal has set in.
Currently up 31% (unrealised) this month so yes, holding on tight (despite the wife screaming to bank since I was 5% up) haha
Hope you are well my friend
Kind Regards
Steve
Stay well my friend
Mike
- #4,127
- May 31, 2010 5:14pm May 31, 2010 5:14pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, so the 2 positions opened on 2nd May at 1.33273 & 1.33279 were closed a few minutes ago at 1.23097 for a nice profit of 40.716% for May
Let's see what June brings......
Kind Regards
Steve
Let's see what June brings......
Kind Regards
Steve
- #4,128
- May 31, 2010 5:18pm May 31, 2010 5:18pm
- Joined Jul 2006 | Status: Trader | 4,090 Posts
OK, so the 2 positions opened on 2nd May at 1.33273 & 1.33279 were closed a few minutes ago at 1.23097 for a nice profit of 40.716% for May
Let's see what June brings......
Kind Regards
Steve
I dream, therefore I become.
- #4,129
- May 31, 2010 5:20pm May 31, 2010 5:20pm
- | Commercial User | Joined Dec 2006 | 1,085 Posts
OK, so the 2 positions opened on 2nd May at 1.33273 & 1.33279 were closed a few minutes ago at 1.23097 for a nice profit of 40.716% for May
Let's see what June brings......
Kind Regards
Steve
- #4,130
- May 31, 2010 5:44pm May 31, 2010 5:44pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Cheers Mike
As you've probably seen, I've been short since the high 1.48's from early December and, apart from a sticky April where I thought we'd reversed a few days at the 1.36 area, it's been a nice ride down.
Hope you're keeping well & trading is good.
Kind Regards
Steve
As you've probably seen, I've been short since the high 1.48's from early December and, apart from a sticky April where I thought we'd reversed a few days at the 1.36 area, it's been a nice ride down.
Hope you're keeping well & trading is good.
Kind Regards
Steve
!!! Damn Steve! Milkin it for all it's worth!
- #4,131
- May 31, 2010 5:46pm May 31, 2010 5:46pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Thanks!
It's not often you get to ride a 1000+ pip move in a month on EURUSD so I had to make the most of it!
Kind Regards
Steve
It's not often you get to ride a 1000+ pip move in a month on EURUSD so I had to make the most of it!
Kind Regards
Steve
Well done there Steve
- #4,133
- Jun 3, 2010 3:24am Jun 3, 2010 3:24am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
.....(despite the wife screaming to bank since I was 5% up) haha....
oh, i see...she stopped screaming.... she noticed 5% turned into 40%
i bet she's all over u now...
Amazing, Sir
- #4,135
- Jun 3, 2010 3:24pm Jun 3, 2010 3:24pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Thanks for the kind words.
You should start up a journal & keep it up - you'll learn a great deal about yourself over the years.
I started my journal when I was very new to trading (I think it shows with the amusing reponses gave to some posts lol) so there's no reason why you shouldn't start one either
You should start up a journal & keep it up - you'll learn a great deal about yourself over the years.
I started my journal when I was very new to trading (I think it shows with the amusing reponses gave to some posts lol) so there's no reason why you shouldn't start one either
excellent man! I must say I've been a fan for quite a while. You are a real fighter. I am fairly new to the game and hope to learn from you. I think a trader's attitude regarding picking himself back up after taking a beating is far more important than the trading method he follows.And that steviet has mastered. I wanted to start a journal of mine but realized I'm a junior member. hehe. My method is simple candlestick based trading on intraday swings. I hope when i am able to start a journal you guys could perhaps take a peek and offer input to...
- #4,136
- Jun 3, 2010 3:27pm Jun 3, 2010 3:27pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
LOL SC!
Mrs T is certainly a little happier now hehe (although she still can't see why I didn't close at +46% a few days earlier!)
She's difficult to please thats for sure!
Anyway, it was a good feeling to take home my normal monthly wage in May and thn triple it with the trading income
Mrs T is certainly a little happier now hehe (although she still can't see why I didn't close at +46% a few days earlier!)
She's difficult to please thats for sure!
Anyway, it was a good feeling to take home my normal monthly wage in May and thn triple it with the trading income
wait.... what? what? i cant hear your wife scream...
oh, i see...she stopped screaming.... she noticed 5% turned into 40%
i bet she's all over u now...
Amazing, Sir
- #4,137
- Jun 3, 2010 4:04pm Jun 3, 2010 4:04pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Pirabuji,
Let's go through your questions and see if we can clarify a few things....
Before I do I need to give credit to a guy called luca (see a few pages back), who inadvertantly got me thinking on how to refine the method - I'll come onto that later.
OK, your questions....
1) If you were to start the method then yes, it's maybe a better idea that you wait for either the 50sma or ema to be tested before starting as there would be less risk. I've benefitted from the massive drop since December, so a reversal when it happens wouldn't damage me too much.
Luca metioned the 50ema & I thought OK, how about plotting sma & ema as some moves respect one and not the other. For example, the move up in 2009 bounced off the sma more than the ema - the move down hasn't offered a good opportunity using the sma but the ema has been respected at both the 1.45 area & 1.36 area to allow for adding of positions.
2) Yes and no. There are two methods within the method.
a) The main method is very simple. With the above thoughts in mind I now open two positions on this method each month (effectively half positions). One I would open on the first trading day of each month (short if below 50sma, long if above) and one (short if below 50ema, long if above). As long as we don't get a daily close above sma/ema then they stay on until month end, where profit is banked or loss is taken.
If we do get a daily close above one of the ma's then the position is closed & reversed. No stop loss is placed although they must be manually closed when the above scenario occurs.
b) The supplementary method employs limit orders, again split into two half orders, one 10 pips below sma & one 10 pips below ema, each with a stop loss of 50 pips. These are not closed unless stop loss is hit and multiple positions can be added in a long move.
If I'd got this supplementary method sorted at the start of this move we'd be well into the hundreds of % with positions still on from 1.48xx, 1.45xx & 1.36xx. No worries, these moves happen often enough so I'll be patient.
3) Yes, you are correct in that assumption - orders are currently at 1.28475 (ema) & 1.2901 (sma) and are adjusted at the end of each day. I use Alpari UK for this as they do not incorporate Sunday bars.
4) Although the London open method does appear profitable overall, I think I would continue with the daily on it's own.
Please let me know if there is anything that you're not sure about (I'm not the best at explaining) but hope that helps
Kind Regards
Steve
Let's go through your questions and see if we can clarify a few things....
Before I do I need to give credit to a guy called luca (see a few pages back), who inadvertantly got me thinking on how to refine the method - I'll come onto that later.
OK, your questions....
1) If you were to start the method then yes, it's maybe a better idea that you wait for either the 50sma or ema to be tested before starting as there would be less risk. I've benefitted from the massive drop since December, so a reversal when it happens wouldn't damage me too much.
Luca metioned the 50ema & I thought OK, how about plotting sma & ema as some moves respect one and not the other. For example, the move up in 2009 bounced off the sma more than the ema - the move down hasn't offered a good opportunity using the sma but the ema has been respected at both the 1.45 area & 1.36 area to allow for adding of positions.
2) Yes and no. There are two methods within the method.
a) The main method is very simple. With the above thoughts in mind I now open two positions on this method each month (effectively half positions). One I would open on the first trading day of each month (short if below 50sma, long if above) and one (short if below 50ema, long if above). As long as we don't get a daily close above sma/ema then they stay on until month end, where profit is banked or loss is taken.
If we do get a daily close above one of the ma's then the position is closed & reversed. No stop loss is placed although they must be manually closed when the above scenario occurs.
b) The supplementary method employs limit orders, again split into two half orders, one 10 pips below sma & one 10 pips below ema, each with a stop loss of 50 pips. These are not closed unless stop loss is hit and multiple positions can be added in a long move.
If I'd got this supplementary method sorted at the start of this move we'd be well into the hundreds of % with positions still on from 1.48xx, 1.45xx & 1.36xx. No worries, these moves happen often enough so I'll be patient.
3) Yes, you are correct in that assumption - orders are currently at 1.28475 (ema) & 1.2901 (sma) and are adjusted at the end of each day. I use Alpari UK for this as they do not incorporate Sunday bars.
4) Although the London open method does appear profitable overall, I think I would continue with the daily on it's own.
Please let me know if there is anything that you're not sure about (I'm not the best at explaining) but hope that helps
Kind Regards
Steve
Hi Steve,
Stumbled onto your thread last week reading through Mike's post and what an interesting read it's been.
A few question if I may…..
- #4,140
- Edited 1:54am Jun 5, 2010 1:26am | Edited 1:54am
OK, so the 2 positions opened on 2nd May at 1.33273 & 1.33279 were closed a few minutes ago at 1.23097 for a nice profit of 40.716% for May
Let's see what June brings......
Kind Regards
Steve
What a great trade!
Did you get back in yesterday before/during the next collapse?
Edit: sorry, just read a bit more and see that you're already in.
Nice to hear of successes.
Cheers
Minesweeper target: 284