Building an equity millipede

took another buddah on the stall back. risk of 6 pips. Half off at 10 pips and SL in place just above the ave position level

This aint a bad event before hitting the hay.

RT

Thankyou razor trader and ray

Dear Graeme,

I would like to thank you for all your time and effort! As many other traders I've been silently following your thread since the very beginning.

I've been trading now for more than 3 years but never really very successful. Always knew that i've got to trade with the trend, but never really knew how to effectively implement it.

Ive been building my millipede slowly but surely. this is my 3rd attempt now after my first millipede went from 2800+ unrealized to less than 500.

14 positions in total surviving(for now at least)
1 position @ 700+ pips
4 positions @ 400+ pips
5 position @ 150+ pips
4 positions @ less than 100 pips.

All positions at BE
Total of 3400+ unrealized pips.

Now i must admit that i did make some sloppy entries while establishing this legs, but at least i'm getting to 15pip SL for my recent entries.

It is quite spectacular to see that equity explode when there is a volatile breakout in multiple pairs.

Would also like to participate in the 'assignment'

Regards
Slazo

Hi Paul,
I am tempted to cash 1 of my legs in but I am waiting till I hits major resistance at 127.55 on GBP/JPY then I will decide. If you have 500 start up then you would have to consider diversifying early to get your balance up but I would only ever sell your shortest legs. I am no expert on this method but I think if you have anything less than 1000 you would be better with micro account that way you are not under constant pressure to sell your legs too early. I think the major advantage of stacking is it gives you the chance to diversify while still hanging on to majority. If I had stacked 6 positions instead of 3 then I would have already cashed 3 of them. Stacking is the key in my opinion.
Regards,
Ben

I too would like to be a participant in the assignment. I will have to learn how to post a chart with explanations on the trade. Thanks for all you do Graeme you have truly been inspirational and have provided an eye opening event in my life. Once again thanks.

AB

Hi Slazo,

May I ask you, what type of Graeme's entry you have been using ?

Thanks in advance,
Mel

Hi Mel,

Two of them were breakouts and the rest of them are the surviving 'flying budhas' (4hr chart)

Regards,
Slazo

Good morning, all

Thank you for the enthusiastic response to the assignment. I can assure all participants that you will reach new heights in your trading endeavour and I will push you into depths.

Its amazing to see the progression of questions at the moment. One month ago most of the questions were about entries and now most of the readers are experiencing their first emotional hurdle.

"Temptation to close early"

I have replied the below in a private message to a fellow trader but thought this information could benefit all.

By the way, I have read all the posts since yesterday and once again I thank you all and sincerely look forward to our collaboration.

For the traders who posted their current standing, they look impressive and I urge you on. Well done.

Good morning, (xxx)

Thank you for sharing with me your current experience.

I read your post twice and understand what you are asking.

Here are some straight answers that I hope will help you.

1. Are you surprised at the speed/strength of growing you equity from 5000 to 16000 in a relative short time? Im not as I know how hard and fast your equity grows once you have few positions gripped in the markets.

2. I know the emotional hurdle that is involved with the temptation to close out the larger legs. It was one of my emotional hurdles as well. I strongly recommend that you try and keep the largest legs. Perhaps for your peace of mind you could close just the 2nd largest for now? Sooner or later once you taste success on a live account I assure you that you will need no such assurance from myself and it is you who will be now tempted to hold onto more and more positions for a bigger reward. You will shift views very quickly.

3. Demo is great way to practice. However, I suggest that you move into a live account as soon as possible. The emotional hurdles involved will be a memorable struggle that you will always reflect back on in the years after. I still vividly remember back in the early phase that I spent 2 weeks debating furiously whether I should close 4 legs that grew for 2000+ pips for few months. The monthly candle closed above the previous downcandle signalling a reversal. Its hard to say no to 8000+ pips @ 2 standard lots. Can you handle this emotion?

I did close 3 of the positions and at first I was glad I did cause the price reversed strongly. The remaining leg started to dwindle down from 2000+ pips to almost 800 pips. I now had few legs on the reversal that were growing. I didnt care about the lonely leg that was dying. Infact I childishly pondered whether I should close that dying leg now for a little profit which is clearly against my trading principal.

8 months later, the reversal was just a deep retrace and that remaining one leg is still fighting for me and is currently worth 3000+ pips alone. I never hold any regret in trading but it is these pangs of regrets that sets me straight as a position trader. If all 4 positions were held that is potential 12000+ pips and still growing instead of realized 6000 pips. Yes, there are benefits to capture some realized profit but as long as your trade balance is holding its ground then you have no clear reason to close them early.

When I use to hold business meetings I always preferred a good steak and wine. Sometimes a meeting will take place at a japanese sushi restaurant. At first I held my ground and refused to order anything raw. Unfortunately at a japanese restaurant most dishes are raw and that leaves you with a mild tasting noodle soup or its variance. I couldnt understand why people payed alot more than a quality steak on something that was not cooked. This mini personal refusal lasted few years. Then one day my wife (who adores sushi) told me that I was choosing not to understand. Although she said it as a caring gesture, I quietly sat down and pondered. Only then did I admit that I never really tried to enjoy/understand this exquisite cuisine on offer. I was inside my little 'only steak please' box and refused to listen to anything else. Nowadays I enjoy japanese cuisine far more than my weetbix. Infact I frequently visit a nice sushi train bar to enjoy it all over it again. I now have wasabi/soy in normal daily dishes that wasabi clearly shouldnt be near.

And this happens in trading. Its amazing how quick a humans perception changes. Flick of the light switch.

At the moment all starting traders are worried and tempted to close their position right now to capture the profit.

After the first taste of live success it completely changes you.

Trust me when I say that you will be holding onto more and more positions without even the slightest notion of what you worried before. A complete reversal.

Fantastic results and I urge you on.

Onward and Upwards,

Graeme

Alright, thanks,
Mel

Outstanding Congrats! This is the finest group of traders I have ever been a part of. Graeme was Heaven Sent.

Hi Graeme,

Just wanted to add my "thank you" for all of the time and effort you've put into this thread. I also will be participating in the new assignment. Looking forward to your feedback.

Hi Graeme,

I also wanted to express my appreciation for your time and effort that you have been investing in this thread.

Thanks for explaining the "inception" concept of multiple timeframes. As someone that can't go farther down than the Daily due to my job, I guess I should base my whole millipede around the Monthly and then try to find relatively "tight" entries on the Weekly and the Daily.

Just sucks that my learning curve will be sooooo much slower... but hey, better late than never I guess. I hope I'll be able to somehow participate in the new assignment. This offer is very generous of you and I hope that sometime in the not so distant future after I mastered this trading style I'll be able to help someone out there with this knowledge as well...

Regards,
sixx

Hi Graeme,

Thank you so much for sharing yours holy grail, may God Bless you for your good heart. I will definitely joint the new assignment.

God Bless,

I, too, would like to thank you for your enthusiastic posts and thread. I've actually spent the past few days reading through all of the pages. And while I've traded for a few years, I always lurked around as a guest but I had to chime in for this thread. When I read your thread, and your explanation of the equity millipede, something stuck me in the forehead that kind of "revolutionized" the way I see things. I see things in a lot more broader of a sense, and greatly in part to you.

You know, every day you learn something new and this certainly has changed the way I see things. Not so much as an epiphany, but it's one of those things you get excited for and can't wait to see how it works out. I've tested it a few and it showed positive potential. So I was absolutely enthusiastic in the end.

But really, I just want to thank you for this thread (and everyone who has contributed their opinions into it) and I do hope you keep it up, as I'd be ever so grateful to continue to listen attentively.

All this legs are in the same pair ?
Thx!

No not in one currency pair. I look for good opportunities in 24 different pairs.

Currently 13 positions open in 9 pairs after one closed on BE while i was asleep. Will be looking to add some more today.

Happy trading to all!

Regards
Slazo

Just want to share my opinion with trading Graeme's method for new people.

I go to gym every saturday. It would be hard to take heavy weights at the start. But if you add to ligth weigth litle by litle after some months you will notice that your body wants more.

Principles are universal. If you don't want to expirience big drawdowns at start you can aply "gym's" approach.

I lost a lot yesterday stacking from 1.2710 eur/usd(on demo).stacking shorts.
I feel fantastic now as in a while I will go live after more practice.

The reason I feel good?

I finally after months feel I know understand the cost of rigidity.

I will move with the wind.
And ride price as it allows.
I suppose it had to happen to me before I understood.
thankyou graeme .

P.s. leggo, I wont go live till i find suitable micro broker.
Your advice makes perfect sense thankyou.

Hi guys,

I hope you're all fine.

Slazo, for how long you have been working on your millipede. I think you have been doing a great job here....

Thanks,
Mel

A tip I was told around the "oo" numbers. price tends to move 15 pips above and below for a while.
Apparantly lots of people placed orders at "00" level and place stops above and below.
So price tends to pick off all the stops then move on.