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  • #101
  • Jul 16, 2010 7:10am Jul 16, 2010 7:10am
Hi again,

how many different currency pairs are you trading and which ones?

Thanks in advance

BR

PC
Less is more...
  • #102
  • Jul 16, 2010 7:12am Jul 16, 2010 7:12am
Quoting pipcruiser
Hi Graeme,

been reading this thread since start and must say this is one of the best threads here at FF.

Thanks for sharing all your knowledge with us here, it is priceless...

BR

PC
Good evening, pipcruiser

Thank you very much. It definitely makes my efforts worthwhile. Hope you find what you are looking for from me.

Sincerely,

Graeme
  • #103
  • Jul 16, 2010 7:25am Jul 16, 2010 7:25am
Quoting pipcruiser
Hi again,

how many different currency pairs are you trading and which ones?

Thanks in advance

BR

PC
Hello again, pipcruiser

Apologies for missing your first post hope you didnt get the wrong idea.

Great question.

I trade every pair possible except exotic and have no regards to spread from my brokers or the daily range. Obviously spread and daily range will be an important factor if you trade intraday or any shorter term with exit strategy already pre-defined.

I dont favour any particular pair but prefer pairs with huge monthly trends like usd/chf which started its main monthly downtrend since 2001.

I can say with all honesty, if I had started what I do since 2001, that single pair would have been millions. Hope everyone can finally see the power of growth from stacking positions on main trend and letting the trend do its work for you. Its just so much easier to have someone else do it for you.

At the moment, I have my finger in every pie and my journal shows more than 170+ positions across the board. Since everyone knows my lot size unfortunately you will be able to work out minimum amount I have in my capital pool. Its too close for my comfort to reveal anymore.

Sincerely,

Graeme
  • #104
  • Jul 16, 2010 7:29am Jul 16, 2010 7:29am
Hi Graeme,

thanks for quick and precise question (as usual)

This thread gets better and better...

Have a great day...

BR

PC

Quoting pipEASY
Hello again, pipcruiser

Apologies for missing your first post hope you didnt get the wrong idea.

Great question.

I trade every pair possible except exotic and have no regards to spread from my brokers or the daily range. Obviously spread and daily range will be an important factor if you trade intraday or any shorter term with exit strategy already pre-defined.

I dont favour any particular pair but prefer pairs with huge monthly trends like usd/chf which started its main monthly downtrend since 2001.

I can say with all honesty, if I had...
Less is more...
  • #105
  • Jul 16, 2010 8:14am Jul 16, 2010 8:14am
Hi Graeme,

With every post you make this entire concept of yours is becoming clearer and clearer. Thanks again for your effort to make such lengthy posts. Be assured, this is highly appreciated.

I will definitely start trading your approach in the near future with small money. My biggest problem will probably be that I might diversify too soon as for me - as well as for many others out there - it will repeatedly be a mental battle to have literally hundreds of pips of unrealized gain see (temporarily) slip away in the overall process. But with seeing the benefit from sticking to the plan in the long run, I'm sure I'll be able to overcome this current mindset of mine.

Sincerely,

sixx
  • #106
  • Jul 16, 2010 8:53am Jul 16, 2010 8:53am
Hi Pipeasy,

Been following your thread and I must say if we could all learn to trade like this it would be great.

There is something that you've said that just doesn't seem to make sense to me. You stated that you enter the market multiple times in any given move or leg. You also state that you rarely, if ever, have loses that total 300 pips.

So my question is, if you enter multiple position you either have to have a large stop loss or large draw downs for the majority of those positions to survive. If you use smaller stop loses say like 30, 40 or 50 pips most all of your positions would get stopped out and that would surely add up to 200, 300 or 400 pips in loses based on multiple positions. For example, GBPJPY typically has a daily range of 150-250 pips so the market could easily move that far against your entries. So you either have large draw downs or alot of small loses due to your small stop loss setting or you have some of the best entries into the market I've ever seen. I'm just not seeing how you can escape trading on longer time frame charts and not incur one or the other.
  • #107
  • Jul 16, 2010 9:19am Jul 16, 2010 9:19am
Quoting sixx58
Hi Graeme,

With every post you make this entire concept of yours is becoming clearer and clearer. Thanks again for your effort to make such lengthy posts. Be assured, this is highly appreciated.

I will definitely start trading your approach in the near future with small money. My biggest problem will probably be that I might diversify too soon as for me - as well as for many others out there - it will repeatedly be a mental battle to have literally hundreds of pips of unrealized gain see (temporarily) slip away in the overall process. But with...
Good evening, Sixx

Thank you for the kind remark.

Your plan sounds great and I hope you will keep to it.

When you first start, your anticipation 'will' overcome you and yes, most likely you will diversify too soon.

Rest assured, this happens to everyone and it is one of the first mental hurdles up ahead. As long as you kept loss at minimal while establishing your legs by low risk entries you know well of, you will find even with only a relatively small period of growth for your positions, your diversification will be a success and will replenish and add to your capital pool. Hopefully you can hold onto at least few of the bigger legs and promote them to higher group.

Dont stop with practicing entries everyday. Good clean low risk entries is your only job requirement. The rest market does for you.

You need to be a bigger person and hold onto the initial stage of settlement and growth. Hardest is the first 2 months. I can only imagine what it will be like and I already applaud you on your intentions.

I know you will keep your promise with me.

Sincerely,

Graeme
  • #108
  • Jul 16, 2010 9:37am Jul 16, 2010 9:37am
Believe that you have it, and you have it.

Love your signature almost as much as your thread. Thank you for all your hard work. I will be funding a new account outside the US next week and get started.
  • #109
  • Edited 9:50pm Jul 16, 2010 10:00am | Edited 9:50pm
Quoting ozziedave
Hi Pipeasy,

Been following your thread and I must say if we could all learn to trade like this it would be great.

There is something that you've said that just doesn't seem to make sense to me. You stated that you enter the market multiple times in any given move or leg. You also state that you rarely, if ever, have loses that total 300 pips.

So my question is, if you enter multiple position you either have to have a large stop loss or large draw downs for the majority of those positions to survive. If you use smaller stop loses say like...
Good evening, ozziedave

Thank you for your question. A very good one.

I request when you have the time to read all my posts from the start of the thread. If you have done so perhaps another read will give you a deeper meaning.

Please dont take this the wrong way as I have good intentions by saying the following. From what I read from your post, something is amiss and Im sure its just the way im reading it.

Quoting ozziedave
Hi Pipeasy,

You stated that you enter the market multiple times in any given move or leg.
I only enter what the market dictates and as per my entry methods and what I conceive to be a low risk entry either buy or sell. Unfortunately i do not understand the underlined. Yes, it is true I will enter as many times the market allows me

Quoting ozziedave
Hi Pipeasy,

if you enter multiple position you either have to have a large stop loss or large draw downs for the majority of those positions to survive
have to? I know what you are asking but I assure you nothing is have to. What would you say on some selected days I dont even have a stop loss? Not because I cant be bothered but after an extended period of screentime you just know what the market is telling you and confident in your interpretation. What would you say that Im confident to 'manually' enter 10 times and perhaps 1 or 2 would be -20 pips loss each? And this is on gbp/jpy. Some gbp/jpy 1hr candle wicks can be more than 20pips easily so I must have a larger stop loss? Price can move away from my entry by 200pips but I will never allow that much damage to be done on me. I know very soon after entry if something is wrong. If you are referring to one of my early posts at the start of the thread about using a hard stop loss at open of daily candle. This is true but there was so much more to it than just that and i was revealing just enough to lead the readers smoothly into the next topic of low risk entries.

Quoting ozziedave
Hi Pipeasy,

If you use smaller stop loses say like 30, 40 or 50 pips most all of your positions would get stopped out and that would surely add up to 200, 300 or 400 pips in loses based on multiple positions.
From the thousands of entries I have performed, out of 10 'manual' entries, I would lose 1 or 2 at -20pips or so. And this is on gbp/jpy or any other currency pair.

Perhaps you have missed some of the important posts that I spent so much time typing in the middle of the thread. I understand its a bore to read but entering from daily chart is not the only entries I do but also use 1hr, 4hr. Some days when I cant be around to enter manually I would open a position at open of daily candle and I would set a hard stop loss of 70 to 40. Often it gets hit but for me 70, 100 pip loss doesnt even worry me. It could be my perception or the fact that stacks of positions growing larger by the minute on every main trend of every curreny pair is simply too powerful to even be dent, let alone few sloppy entries. 70, 100 or even 200 pip loss becomes just irrelevant. Also any loss will be settled and accounted for in my diversification and the market will technically pay for any of my careless mistakes. As long as im increasing my equity curve at every diversification then my scoresheet becomes zero. This is important for everyone to understand.

If anybody is allowing price to hit a 100 pip stop loss from a manual entry then they have major issues with their entry methods.

Hope you appreciate the detailed effort I put into my reply and was no way an attack on your beliefs or ego.

Feel free to pm me again, thank you.

Sincerely,

Graeme
  • #110
  • Jul 16, 2010 10:02am Jul 16, 2010 10:02am
Quoting jcorp
Believe that you have it, and you have it.

Love your signature almost as much as your thread. Thank you for all your hard work. I will be funding a new account outside the US next week and get started.
Good evening, jcorp

Thank you for the kind remark. Yes its my life motto for a very long time.

I hope only the best with your results.

Sincerely,

Graeme
  • #111
  • Jul 16, 2010 10:10am Jul 16, 2010 10:10am
Quoting pipEASY
From the thousands of entries I have performed, out of 10 'manual' entries, I would lose 1 or 2 at -20pips or so. And this is on gbp/jpy or any other currency pair.
Fantastic thread and thanks again for your valuable insights.

Just to confirm on your response above and to clarify the accuracy needed for entries, do you mean that you're typically losing 1-2 trades for every 8-9 b/e legs you create?
  • #112
  • Edited 10:45am Jul 16, 2010 10:21am | Edited 10:45am
Quoting dexter_FX
Fantastic thread and thanks again for your valuable insights.

Just to confirm on your response above and to clarify the accuracy needed for entries, do you mean that you're typically losing 1-2 trades for every 8-9 b/e legs you create?

Good evening, dexter_FX

Apologies for the lack of clarity.

Hope I didnt sound like I was bragging in my reply to ozziedave and any of the other readers.

I have 4-5 entry methods that I constantly use all the time. I know them very well and I have practiced with them for a very long time.

If I were to enter 10 times into market, 1 or 2 will be closed out by -20 pips or so by myself cause it didnt work out and not doing what I expected. The remaining 8 successful entries will then have its sl moved to breakeven at my personal discretion.

You do not require the above accuracy but your own personal accuracy will improve with time and practice. If you have 100 pip stop losses then there is a big room for improvement. You should be able to know very soon after entry if something has gone wrong then you would close out with minimal or zero loss. One of the reasons why everyone needs to do their own homework on entry and know it very very well.

All you need is just 2 entry methods as there will be plenty of opportunties across all pairs of currency.

Sorry for the lack of clarity to ozziedave and to all readers.

Sincerely,

Graeme
  • #113
  • Jul 16, 2010 5:18pm Jul 16, 2010 5:18pm
Morning Graeme,
Its morning here in Sydney anyway. After 2 false starts on the Eur/Gbp and cable, I finally got a millipede away and running. I went short on the Yen last night just before it broke through major resistance. I was over 100 pips up before I went to bed and feeling rather pleased with myself wondering were this millipede would take me. To my horror I awoke this morning to find my platform had bought my position banking the profits and then sold it again! I have heard of rollover but never really taken much notice as I have always been predominately a day trader. Can someone please explain to me how to avoid this happening? I am trading on a reputable platform so I'm sure there is a way round this, otherwise I will have to re enter my position every day losing profits to margin in the process! Having said this I may need to change my platform anyway to follow this system correctly as it does not allow me to place opposing trades on the same currency, if i am short and go long it just cancels my initial trade? Thanks in advance for your advice guys.
Regards,
Ben
  • #114
  • Jul 16, 2010 6:09pm Jul 16, 2010 6:09pm
hi graeme

just wondering is there any days you wont trade due to low volatility big news or anything else? probably doesnt fit in with your thread but there must be better days to add to positions than others. i personally avoid fridays due to ppl closing positions for the week.

regards damien
i pull the trigger when others are fearful---me
  • #115
  • Edited 6:47pm Jul 16, 2010 6:33pm | Edited 6:47pm
Quoting pipEASY
Good evening, dexter_FX

Apologies for the lack of clarity.

Hope I didnt sound like I was bragging in my reply to ozziedave and any of the other readers.

I have 4-5 entry methods that I constantly use all the time. I know them very well and I have practiced with them for a very long time.

If I were to enter 10 times into market, 1 or 2 will be closed out by -20 pips or so by myself cause it didnt work out and not doing what I expected. The remaining 8 successful entries will then have its sl moved to breakeven at my personal discretion....
Hi Graeme,

Since we are on the topic of entries, do you only look at 1hr, 4hr, and daily charts for entries? Because you are position trading, are the lower time frames less relevant for entries. I'm guessing the lower the TF, the less survivable the legs become. Thanks.
  • #116
  • Edited Jul 17, 2010 10:00am Jul 16, 2010 7:39pm | Edited Jul 17, 2010 10:00am
Quoting damosdmf
hi graeme

just wondering is there any days you wont trade due to low volatility big news or anything else? probably doesnt fit in with your thread but there must be better days to add to positions than others. i personally avoid fridays due to ppl closing positions for the week.

regards damien
Good morning, Damien

Thank you for another excellent question.

I request everyone to please read my reply.

This is not your fault Damien, and Im glad it is brought out by you, but I would like to answer your question in the following way for the benefit of keeping the flow of thread as intended.

As any readers would have noticed, the last 2 pages has been circling around the topic on more or less, 'how/when to enter.'

Even though the questions are very well thought after, unfortunately readers will find that my answers will be very similar to each other and we will have no progress. Im aware this happens in most group discussions and it is a circle of question and answer that goes around and around and around. This is one of the reasons that I will be drawing conclusion this weekend as I have earnestly contributed with great detail already.

If any of your concerns/doubts/confusion/questions relate to how and when i may enter, it is more or less a question on entry.

Entry is everyone's personal discretion and it must be done by yourself for a period of no less than 6 months in my recommendation. Practicing everyday, every timeframe, every setup you perceive to be low risk. After such practice I assure everyone that they will find more than they anticipated.

It disheartens me to see every other thread on the 'system' section of this forum where the poster starts off his thread by, 'everyone, you enter right here when it says this. And you exit right there when it says that.'

How could the poster adjust the focal interpretation of every reader to his/her own level? This is also another reason why advice from strategy part of forum often fails.

Personally I like, daisies, I have garden full of them and I cherish them. Perhaps Bill next door hates them and only like roses. I know so much about daisies that I can talk everyday to great lengths about them but Bill wouldnt care to listen, because it is not in his interest nor any of his agenda.

There are many entry methods that will work sooner or later if you practice. But some readers are so focused on the profit profit profit and not concentrating what is on hand. Also ,one of the reason why intraday trading is popular amongst the new starters as it allows the opportunity for the trader to feel satisfied at the end of the day/week with a positive profit.

I assure everyone, most sensible sounding entry methods work as long as you practice practice practice sensibly and logically. Some entry methods on this forum is absolute bollocks from the start and just like I requested everyone in my long post 97, search far and wide for your answers.

Nobody can do entries for you. You only need 2 entries to be successful position/intraday/swing/scalper and be extremely profitable. However, you need to know the mechanism of your entry very very very well. To attain this depth of knowledge you need to practice practice practice.

Everyone knows they need to practice but they are too busy jumping from one thread to the next seaching for easier way. There is no easier way if you want to make it.

I apologize for the length of this post but it is far too important. It will help you on the journey of learning, not just with my method but any method.

This is not a personal attack on Damien so please allow me to thank him for the oppotunity to reply in this way.

In regards to Damien's questions,

1. low/high volatility - yes, if the market tells me to enter
2. better days to enter - yes, there are better days than others. And I will consider it as a better day when every retail trader, large hedge funds, financial institutions all agree with the same direction. You know these days when there are full long bodied candles straight across the timeframe and explosion of activity/movement as if it was waiting to happen. You can consider myself already in there (and this could be another way you could enter).
3. avoid fridays - yes if market tells me there are no low risk setups/opportunties. No, if there are low risk setups that are worth taking. I frequently trade friday but intraday, scalpers dont cause they need the participation of the larger mass of retail traders to pick pockets from.
4. many traders closing positions on fridays - forex is made up of retail traders (smallest percentage) and the rest of the world..

Please dont take it the wrong way Damien or any other readers for that matter, as I have genuine interest in all your trading progress.

Let us please stop with entry questions as I have answered all of them, so the answers are already scattered amongst the posts.

If you have an entry question please feel free to pm me and I will earnestly reply.

Sincerely,

Graeme
  • #117
  • Edited 10:19pm Jul 16, 2010 7:54pm | Edited 10:19pm
Quoting stimuls
Hi Graeme,

Since we are on the topic of entries, do you only look at 1hr, 4hr, and daily charts for entries? Because you are position trading, are the lower time frames less relevant for entries. I'm guessing the lower the TF, the less survivable the legs become. Thanks.
Good morning, stimulus

Good question.

Your entry method should work on all timeframe, any currency pair. Yes, lower timeframes does effect the survivability of new legs to some degree however it depends on your entry method and the skill of your focal interpretation.

You could also look for compelling momentum on 5min timeframe around s/r or .00 round numbers or even daily pivots and take note if the price stalls or breaks through with momentum. Soon you can build your edge around these areas but it will take practice to know what is when and where.

Sincerely,

Graeme
  • #118
  • Jul 16, 2010 8:16pm Jul 16, 2010 8:16pm
thanks for the reply i agree a thread should keep a flow or it will turn stagnant. and i dont see it as a personal attack at all.

your thread is full of great info that new and experienced traders can use.

i also agree that there are enough threads of the blind leading the blind around here.( yours is not one of them). theres only so many times something can be said before the o.p gets tired of it and doesnt come back (peter crowns comes to mined). anyway enough of my rambling. eagerly awaiting your next post

regards damien
i pull the trigger when others are fearful---me
  • #119
  • Jul 16, 2010 8:24pm Jul 16, 2010 8:24pm
Quoting damosdmf
thanks for the reply i agree a thread should keep a flow or it will turn stagnant. and i dont see it as a personal attack at all.

your thread is full of great info that new and experienced traders can use.

i also agree that there are enough threads of the blind leading the blind around here.( yours is not one of them). theres only so many times something can be said before the o.p gets tired of it and doesnt come back (peter crowns comes to mined). anyway enough of my rambling. eagerly awaiting your next post

regards damien
Good morning, Damien

Thank you for your correspondence.

I knew you would understand.

Please feel free to pm me and I will earnestly reply back.

Sincerely,

Graeme
  • #120
  • Jul 16, 2010 9:41pm Jul 16, 2010 9:41pm
Your a very peculiar individual, pipeasy.

By the way, nice thread.
Annoying Precision
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