week 4 update...last one! — ok stevie, i cheated here and ignored one of your rules - namely the 1000 stop loss, just to see if the market would come back! of course if it didn't i'd be stuck but right now, with no other orders this week, ...

Steviet's Live Trades!

Man, that must of been tough to watch!!! I hope your investor took it all in his stride.LOL OK it looks likes I have to sit tight right now. Looking at your reply to alpiner, I probably made the mistake of taking 5 shorts at once as well. The MM ...

Steviet's Live Trades!

Expectancy revisited — I just looked at the numbers again, seems that I miscalculated your AW based on your own account. Since you manually close trades in profit at NY close, and some trades will also slip past take profits, then your average ...

Steviet's Live Trades!

3rd week update — Well, it's that time again!! Drum-roll pls.... This time I've dipped into negative equity, to the tune of $2000 I made one big mistake of having 5 longs near the top of the range (214) so I had to offset those ...

Steviet's Live Trades!

hi hilmy, i think the classic equation doesn't actually assume any costs, you have to allow for it either by adjusting for execution costs (ie the spread) and/or deducting commissions afterwards. for example, transaction costs is the 3rd variable ...

Steviet's Live Trades!

Calculating your expectancy — Thanks, as always, Steve for your considered replies. It looks like there are several more people on this forum with a similar approach, particularly fxtitan. Your published results are very interesting, you have ...

Steviet's Live Trades!

I also queried the 1000 stop loss which Steve arrived at. As you say it could be viewed as an arbitrary number that the market ignores but Stevie arrived at that number from his own back-testing and since he has much more experience and has been ...

Steviet's Live Trades!

I think I did see it originally but ended up making the same point later on! It's just a standard percent risk %R model, the simplest and best IMO.

Steviet's Live Trades!

I had a feeling I was doing it wrong because you don't know how long you'll have to wait for all positions to close, so current balance seemed to be the right choice, rather than playing safe with the starting balance. Thanks for clearing that up! I ...

Steviet's Live Trades!

2nd week update — Well, as promised, here is the next statement. Now the drawdowns are kicking in, the real test begins! As you can see, I've added 1K in closed trades since last week and am carrying unrealised losses of about $1200. Past ...

Steviet's Live Trades!

glad to see you here as well scott! it didn't occur to me to look at any of the majors apart from cable. i notice that the overnight charges on the gbp/jpy quickly mount up and can kill a potential profit. i hope that you keep us posted ...

Steviet's Live Trades!

this is it steve! you've bagged your first trading paycheck on the path to fame and fortune

Steviet's Live Trades!

At times, you could just flip a coin - head for long and tails for short - and let your MM rules do the rest. That's what I did for a couple of trades when I don't see a clear pattern. Of course if its trending then I'll load up on one direction but ...

Steviet's Live Trades!

Glad to hear your advice as always! I share the same opinions as well. This approach is all about managing drawdowns - something that 99% of all traders can't handle too much of - whilst collecting pips to hopefullly cover them and eventually ...

Steviet's Live Trades!

it's been a good week so far but i would just put that down to beginner's luck for now. it's always nice to start with a bang, but the real test awaits like you said. i'm actually quite comfortable carrying drawdowns as long as i've got the MM ...

Steviet's Live Trades!

for those wondering where the original thread went, i think it was "unstickied" and can be found here: url still its nice to start afresh tho!

Show your workstation II

congrats on your 100th trade stevie! for the next 3 months i'm sticking to the rules you laid out as per this thread, so the 1000 stop loss stays! it is really tempting to tweak a stop here and a take profit there but i want to see if i could ...

Steviet's Live Trades!

how do you work out the grid? — hey stevie! i've tried to work out the daily s & r levels using a weekly chart (see below). i'm getting grids of various sizes from 1000 to 2000. i just wanted to know if your daily grids are about 1000, the ...

Steviet's Live Trades!

thanks stevie once again for taking the time to reply to all my questions. i'm surprised given your success that more people haven't really asked in detail - maybe i missed it in this thread (pretty large these days). i will consider all that you ...

Steviet's Live Trades!

thanks again for all your responses...hope you picked a nice bottle of wine for your hosts! what you said clarifies my own thoughts. on my statement the buy stops follow my own system but the market orders were just on a whim really - i didn't think ...

Steviet's Live Trades!