Building an equity millipede

Well....got to say that I have NEVER traded a 5 min chart before.
I guess I am not a scalper or what I thought was a scalping time frame - the 5 min chart.
BUT, trading like this with a different mindset....trying to get into a trend and pushing the stop loss to break even with the big picture set on a longer term plan was a whole new ball game.
Thanks for the lessons Graeme!
I can see a learning curve ahead that I think I am going to enjoy.

Agree the 5 min takes some getting used to.

Graeme,
You are right, this method is fun. I've stacked 18 positions today ... 16 with SL at BE ... it is addictive.

I can imagine myself doing this for a long time.

GBP/USD made a nice move downwards at 1.5550. First time I've managed to stack another 2 positions as the trend develops from 1.5600.

I wish it wasn't 2 a.m in Toronto otherwise I'd stay up tracking the markets.

I really think this plays a major role in the development of an aspiring trader. Luckily I ain't working for a few weeks.

Graeme I feel like this is exactly what I was missing. The only success I've ever had in forex was trading off daily, weekly and monthly opens. When price was above all 3 of these opens I bet 3 lots. When price was only above 3 of them I bet 2 lots and so forth.... Even then my equity curve was still hideous

All this bullshit with setting reward at 2X risk or 3X risk screwed me because I never took advantage of the real movement. Your position developing technique is the factor that I just couldn't figure myself and I KNOW scaling in is the right way to invest. This is proper money management and no one else on this forum has provided anything even close to as valuable as this, at least for me.

I have no doubt that following your concepts is going to work. I'm just going to break the market down into 4hr, daily, weekly and monthly opens and just play their wicks by drilling down to 5min charts to catch the corresponding volatility breakout (tiny losses for DELIGHTFUL gains)

That's my thing and I believe its as clear as day for me.

You are the mutherf***** MAN!! and don't see The Expendables, worst movie ever

thanks Michael, saw that spike down but it really didnt register to me. Next time maybe.

Now sitting with 2 sells at almost BE. My sell at 1.28501 has sl set a little higher, else it feels too vulnerable to another retest spike up.
Will be watching for any swings at the Frankfurt & London opens. Could do with a 3rd sell stacked in nearby.

Hey Pip Daddy,
I normally watch 1H & M15, so maybe M5 for entries isnt that much of a stretch once I have a direction in mind from higher tf's.

cheers scalpz

Good afternoon all

I just came back to office for a few hours and decided to log in and see where the other traders are.

Thank you for your live participation and I hope it is contributing positively.

What I say next is with great importance.

It is exciting to see many traders successfully taking advantage of a given opportunity to maximum.

1. Good opportunities are rare and need to be taken advantage of completely. Not just 1 positions with 1:4 take profit and then bask in the glory but stacks of positions scaling in at the best times and then scaling out and locking in profits when the opportunity is diminishing.
2. To keep 1 or 2 of the larger legs.
3. Please dont overexpose yourself and get carried away with stacking. Each entry needs a valid reason. It is easy to lose control.

Now I need to unfortunately kick the sand castle.

1. How will you feel when the price now fluctuates and comes back closing most of your positions at breakeven?

A. Hopefully you look at this is as glass half full and reassure yourself that you were shooting for the stars (maximum profits) but ended up with minimal or zero losses from the random fluctuations which we have no control over.

2. What will you do if you have 15+ positions?

A. This is just one opportunity and good opportunities do not happen everyday. However when it does happen I hope you have the risk tolerance required to take its advantage and stretch out the profits to the extreme.

Today, was a very classic flying buddha and it happens randomly at any session. However please do not forget that opportunities like this can end in 10 minutes, 2 hours or 2 days or 2 weeks.

Can you handle it emotionally if it only lasts few hours?

Personally for me breakevens and small losses are not even noticed as I know sooner or later when a single golden opportunity comes along I will win back everything by many folds.

Just for your info I just spoke with Joe and have advised what is happening on the forum. He too is happy to hear that many others can start to see the potential of his flying buddhas.

He had few close calls but still managed to stack 10 positions on eur/usd with all legs at breakeven so he knows even if this opportunity suddenly ends he will at least make something from it. However if the price continues more than 200 pips from now, I have seen the potential amount of money he creates from it. Enough to cover the next 100-200 unlucky buddhas. Imagine how many more golden buddhas will appear in that gap of now to next 200 buddhas? That is his mentality. In his words, Joe believes he has saved enough ammo for the next 3000 unlucky buddhas just in his current trade balance.

Please do not bring short term success to your head but please keep trying. Im curious to see traders comments when a failed buddha comes along. Undoubtedly some will continue to search for other systems because few rows of unsuccessful flying buddhas. Will you?

Unfortunately with that mentality nothing will work.

In the markets, we only have slim chance at certain times to create profit. We must learn to overcome the losses and persist to look at maximizing profits when the opportunity does finally arrive.

Sincerely,

Graeme

P.S Just stepping out again.

Thank you for that post Graeme. You write clearly and reiterate well what you have previously mentioned. It helps get the message across.

I personally feel that being at BE in trades and even having 'left money on the table' is far better than surviving trades with a large stop loss. I am of the school where I was giving my trade room to move - hence if it went against me then I sustained a nice loss.(trading longer time frame charts)

So for me trading with much smaller stops is going to be a challenge but I feel it will be so much better for me psychologically.

I experienced this last night going long EJ and stacking a few positions...only to have them out at BE. I actually felt ok about it!

So, I know I will have to think harder when perhaps this happens day after day and 40 in a row but there is the logic then that the market is not going anywhere. At least I am trying it with so little risk involved.

Thank you.

Hi Everyone,
I only got 2 positions on Eur/Usd one still surviving and 3 on Aud/Usd all still going. Joe must be a legend to get 10 stacked its great inspiration to keep practising. How did everyone else go??
Regards,
Ben

Hi Ben,

I have still alive 6 positions (from FB).

2 eurusd (1 at BE)
2 nzdusd (1 at BE)
1 audusd at BE
1 eurjpy at BE.

Lets see what happened.

Thank You Graeme for your participation in our lives as we learn to become successful traders.

And pls thank Joe from every one here for his “Flying Buddha”. It helps a lot!!!

Hi Ben,

Only 1 position on AU & 1 on EU still going and the EU doesn't look good!!!

Michael

Thank you all for the compliments.

Apologies if I dont respond to them or the private messages as Im travelling abroad. I will get around to them.

My phone just buzzed. Eur/usd opportunity is unfortunately over.

May I ask all participants how they honestly feel? Honest answers please as there are no right or wrong.

Sincerely,

Graeme

A number of positions had died at BE ... I guess the breakout failed again.

I feel like I had left too much on the table and now they have vanished.
But nvm that, I will just look for new opportunity .... the market will always be here.

Hi Graeme,
I honestly feel disappointed that I didnt get more positions stacked it doesnt bother me about the breakeven's I must admit watching 5 min chart all day is hard work!! Just when you think you have it worked out it goes crazy on you!
Joe must be really aggressive with his stacking, considering he is on a higher time frame he stacked 5 x more positions than me. Its all good practice though.
regards,
Ben

Hi Michael,
I just have one remaining on AU and by the sound on my computer thats just gone too!!!
Never mind its good practice for the golden ones.
Ben

Hi Graeme,

I must say that overall I had a disappointing day as I made some bad entries when either trying to "stack them on" or pick a reversal.

However hopefully this is all part of the learning curve.

One thing I did notice today was the amount of times that price respected/stalled at the floor trader pivot R's, S's and midpoints.

Regards,

Michael

Thank you all for the honest replies.

Yes, disappointment. Good.

Do you think you can handle consecutive days of more breakevens?

Not many can.

However sooner or later the golden opportunity, or the golden position that will survive for the next year does happen. Not because you were lucky but it is inevitable.

Inevitable.

Inevitable.

The immense emotional pleasure from such findings are pure ecstasy to the first time experiencers. It is a very addictive feeling and once tasted with live account there is no going back.

Poke, poke, poke, poke, poke, tap! ??? WOAH!!

Not many traders get to woah phase emotionally.

I sincerely hope all traders get over this emotional hurdle.

I assume most traders are demo at the moment. Nothing wrong with that but the emotional hurdle will feel much bigger on live account.

18 out of 20 (just my personal estimate) traders will fail at this first stage as they cannot sustain the emotional rollercoaster. They will continue on looking for the next method and the next method after not realizing that the secret is just around the corner they were standing at.

I hate to use names to support my statement but just like TheRealThing and Peter Crowns said, "so after 20 or more consecutive losses, tell me, are you going to quit? Hmm I like to know"

What do you think they are talking about?

Remember TheRealThing mention about one of his inside bar position he entered with 11 pip hard stop loss that grew for $250000.00 over few years. Trust me, it took more than few hundred entries. Can you do that? What if I told you there is no other way... will you believe me or look for something easier?

Sincerely,

Graeme

P.S Just rang Joe to inform him of the outcome. He lost 1 position with -17pips. He just paid 17 pips for the potential to win thousands. Its a risk:reward that me and Joe will pay everyday, everytime.

Everyone's first emotional hurdle is here

E/U Three shorts
1.2881 out 1.2828
1.2846 out 1.2831
1.2843 out 1.2859 oops

Your thread is outstanding. I would be interested in your line charts.

Many Thanks

Much on hindsight here may be, but on the dailies, there is some thing like a strong confluence of 38.2 fib and support around 128.0 that should have allowed only a very short ...short on E/U, IMO. I believe I still have to go thru the hole method. Any summary some where ?

Hello Graeme,

This is my first post on the forum, but just wanted to say Thank you for the enlightening posts. Am very new to Forex as well, so might start off with a price action method that gives quicker results (by just setting SL and TP), but your teachings are something for me to build to in time.

Please keep posting about "your way" in the forum, will be watching with much interest.