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Building an equity millipede

  • #4,461
  • May 17, 2011 10:35am May 17, 2011 10:35am
Quoting muntu ntu
I have often found that having not respected 1 or more of the 4 cardinal rules of trading brought me problems:

1-trade with the trend
2-cut losses short
3-let profits run
4-never average down.

I agree , they are easier stated than followed, but maybe you should check if you really sticked to all.

All the best

muntu
Would be glad if you would explain further #4 above.

Thanks and God Bless

Edd
_______
"And I saw a new Heaven and a new Earth, All things passed away, behold all things are new"
  • #4,462
  • May 17, 2011 11:53am May 17, 2011 11:53am
Hey guys. If anyone is interested in discussing Pipeasy's Building an Equity Millipede strategy, feel free to contact me on Skype. My username is scottymoll
It would be great to discuss this amazing strategy and share charts, price action interpretation, setups, etc. Maybe even the master himself will stop by one day....
  • #4,463
  • May 18, 2011 2:13am May 18, 2011 2:13am
Averaging down means adding to a losing position, a position that has not yet gone the intended direction but instead has started going opposite, and you add to it instead of taking your loss and move away.

Best
Muntu

Quoting Edd Ganuelas
Would be glad if you would explain further #4 above.

Thanks and God Bless

Edd
_______
"And I saw a new Heaven and a new Earth, All things passed away, behold all things are new"
Patience is magic
  • #4,464
  • May 20, 2011 3:49am May 20, 2011 3:49am
Hi Scotty, I support your proposition, only I would prefer we start off via e-mail correspondence, as I still have some problems with English by phone
BTW, if you are residing in Europe and ready to share a trading session per Graeme's teachings, we can arrange it. Feel free to PM

Best,
Muntu



Quoting scottymoll
Hey guys. If anyone is interested in discussing Pipeasy's Building an Equity Millipede strategy, feel free to contact me on Skype. My username is scottymoll
It would be great to discuss this amazing strategy and share charts, price action interpretation, setups, etc. Maybe even the master himself will stop by one day....
Patience is magic
  • #4,465
  • May 20, 2011 1:40pm May 20, 2011 1:40pm
Quoting muntu ntu
Hi Scotty, I support your proposition, only I would prefer we start off via e-mail correspondence, as I still have some problems with English by phone
BTW, if you are residing in Europe and ready to share a trading session per Graeme's teachings, we can arrange it. Feel free to PM

Best,
Muntu
I understand Skype is usually used for voice conversations, but my idea was to set up a live room where a couple of us could hang out and discuss stuff. It would be a type-only room, not voice. No pressure to be in the room all day, jut stop by whenever you please. If you're interested, Skype me. Not trying to take anything away from this thread. Just experiment with ways we can all connect and further discuss this gem by PipEasy.
  • #4,466
  • May 20, 2011 3:13pm May 20, 2011 3:13pm
Quoting muntu ntu
Averaging down means adding to a losing position, a position that has not yet gone the intended direction but instead has started going opposite, and you add to it instead of taking your loss and move away.

Best
Muntu
Thanks Munto. Is this the same with hedging? I used to do hedging and always burried in the hole as a result.

Kind regards,

Edd
  • #4,467
  • Edited 9:37am May 21, 2011 8:14am | Edited 9:37am
Hi Edd,
I am yet to understand much about hedging myself, but I believe it is going long and short one instrument at the same time. Here we are talking about adding to a position in the same (wrong) direction.

Best

Muntu

Quoting Edd Ganuelas
Thanks Munto. Is this the same with hedging? I used to do hedging and always burried in the hole as a result.

Kind regards,

Edd
Patience is magic
  • #4,468
  • May 21, 2011 11:18am May 21, 2011 11:18am
Good and bad news so far in that trade.
The good ones: I am still in it, albeit with the bare minimum, and the trend seems to be resuming.
Bad news is I stacked very heavily at some point, then the (bad) news of the australian labor market came out and triggered a violent reaction and stopped me out at BE. Then I tried to re enter and failed.
The almost 500 pips since I entered the trade might suggest a nice pip profit, but the actual profit is much less than that, due to poor trade management.

Among other things I learned in the process is how difficult it is to have a whole night's sleep without waking up to check if you are still in the trade, when you stack too heavily. Hope I retain the lesson.

Best,

Muntu
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_AUD (DFB).png Size: 13 KB
Patience is magic
  • #4,469
  • May 21, 2011 12:38pm May 21, 2011 12:38pm
Quoting muntu ntu
Good and bad news so far in that trade.
The good ones: I am still in it, albeit with the bare minimum, and the trend seems to be resuming.
Bad news is I stacked very heavily at some point, then the (bad) news of the australian labor market came out and triggered a violent reaction and stopped me out at BE. Then I tried to re enter and failed.
The almost 500 pips since I entered the trade might suggest a nice pip profit, but the actual profit is much less than that, due to poor trade management.

Among other things I learned in the process is...
This was the first week of building my Equity Millipede. I went into the week with a hindsight of down for the EURUSD. Although the hindsight is very important, I think I focused so much on looking for shorts that I missed all the opportunities to probe with a long while it was going up the first 4 days. I overtraded and only ended up with 1 short from the end of Friday. Lesson learned and I can't wait to improve my entries next week.
  • #4,470
  • Edited 5:07am May 23, 2011 4:15am | Edited 5:07am
Hi Scotty,

If you are trading millipede style then nothing was lost by not going long last week. Any longs established would have been taken out on the recent fast decline. Your bias prevailed and you should take some comfort in that.

With kind regards,
MK
  • #4,471
  • May 23, 2011 3:22pm May 23, 2011 3:22pm
Good morning, all

Apologies for my sudden absence.

The cold weather has taken its toll on me and I spend much of the time resting for now. However, my thoughts are with everyone.

Before my leave, there were few traders messaging me with their progress and questions. Apologies but it will take awhile for me to answer them at my current situation.

My showing/teaching is more or less complete in this thread and the book is still on schedule.

I plan to invest my efforts in completing the book before anything else for this year hence I may not participate in any forum activity for awhile. However, I have confidence in you that at the end of the day the final key you discover is not a system or a method but common logical reasoning that you use everyday in life.

Take advantage of the long term movements. It is the safest way.

Eurusd dropped hard. It has moved 700 pips down. Very clear signs on daily and weekly. Signs that we have talked many times before.

You are on track if you have at least 2 legs on the new down movement. I say at least 2, 3 legs considering it has already moved 700+ pips.

What about the dying long positions?

There is nothing we can do but to allow it play out.

Should I close them out now? I advise not to. And not to start locking in shallow profits. I advise to always leave them at breakeven. I have tried many variations before and my suggestion is based from my experience.

However, if you have new sell positions in place there is no reason to panic and close out the dying long positions. It is counteracted by the new sell positions. That is a very important statement so please re read it.

What can happen from now is this..

1. The new down move continues on for the next few weeks, months for many thousand pip movement. However, you have this covered if you participate on both directions and have already started deploying sell positions as per clear distinctive signs on daily, weekly chart. Eurusd monthly might even close as bearish engulf this month. Why not get in there early.

2. The new down movement stalls and the up movement resumes in which you will have new opportunities to add new long positions as it bounces back. Of course then you will watch the recent sell positions starting to die off.

How simple is the above? I'm basically going up or down as the price does. And at the end of the day that is all I have been doing for the last few years.

Yes, you will lose little during the period when the price needs to turn corners and change directions but the ensuing main movement of the year will always always always be more profitable when you are dedicated in your endeavor.

Keep it simple and just follow... There were successful traders before computers...

Hopefully I can meet our readers personally and shake their hands.

Till then my thoughts and wishes are with everyone.

Sincerely,

Graeme Samuel
  • #4,472
  • May 23, 2011 3:42pm May 23, 2011 3:42pm
Quoting pipEASY
Good morning, all

Apologies for my sudden absence.

The cold weather has taken its toll on me and I spend much of the time resting for now. However, my thoughts are with everyone.

Before my leave, there were few traders messaging me with their progress and questions. Apologies but it will take awhile for me to answer them at my current situation.

My showing/teaching is more or less complete in this thread and the book is still on schedule.

I plan to invest my efforts in completing the book before anything else for this year hence I may...
Lol interesting coincidence

http://en.wikipedia.org/wiki/Graeme_Samuel

http://www.theaustralian.com.au/busi...-1225906099903
  • #4,473
  • May 23, 2011 4:05pm May 23, 2011 4:05pm
Hi Graeme,
thanks so much for your words of wisdom yet again,
it is always refreshing to read anything new you have taken the time to write for us.
i am sorry to hear the cold weather is unkind to you, i sometimes prefer it to the hot weather as i find it a little easier to warm up than to cool down.
what i have learned from your teaching's graeme i will take with me for good, i have a whole new outlook on my trading thanks to you, and i hope that will continue.
i look forward to reading your book when it is done graeme, not because i hope to find anything new in it, but with anything you write i find myself thinking how generous of a person you are, and it aspire's me to be more like that as well.
all to often in this business of trading it is easy to get caught up in your own thing and forget about a lot of other important stuff going on in your life, these days i have become much more relaxed, and far less stressed about my trading.

I hope one day to be able to meet with you also, and thankyou very much for being the sort of person who wanted to help others.

thanks so much for all your help

regards
Geoff
  • #4,474
  • May 23, 2011 4:22pm May 23, 2011 4:22pm
Quoting pipEASY

Take advantage of the long term movements. It is the safest way.

Graeme Samuel
Here, here Mr Graeme and to that I add:

Jesse Livemore: It was never my THINKING that made the BIG money but my SITTING.

Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #4,475
  • May 23, 2011 5:59pm May 23, 2011 5:59pm
Quoting MidKnight
Hi Scotty,

If you are trading millipede style then nothing was lost by not going long last week. Any longs established would have been taken out on the recent fast decline. Your bias prevailed and you should take some comfort in that.

With kind regards,
MK
Great point! I noticed that today and it really reminded me how important it is to have a hindsight to focus on throughout the week. Fortunately, mine was correct, even though it didn't play out until the last day. My hindsight remains short for this week and I will look for prime opportunities to establish some more legs of my millipede. Thanks for your encouraging post.
  • #4,476
  • May 23, 2011 6:04pm May 23, 2011 6:04pm
Graeme,
Thanks for another quality post to reinforce what you've been teaching us all along. I too, have an entire new outlook on the market thanks to you. Consistent, successful trading finally feels within grasp. I can't wait to read the book and look forward to shaking your hand one day.
  • #4,477
  • May 23, 2011 8:32pm May 23, 2011 8:32pm
Looking forward to the book Graeme.

You will be able to present your teachings in the order and manner that you desire rather than forum style and we will be able to get the much needed learning repetition by re reading the book, instead of you having to repeat your self here.

Take care.
Good Trading
  • #4,478
  • Edited 5:05am May 24, 2011 2:42am | Edited 5:05am
As a little "give back" to this thread, and for those that may be interested here is a simple indicator I coded to help me see the big picture and where my live / closed positions are.

It is a good tool to use when considering your consolidation options.

Best run on a clean template as shown below, to give an uncluttered view of your positions.

Just select what positions you wish to display in the indicator properties window.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 31 KB
Attached File(s)
File Type: mq4 pipEASY.mq4   4 KB | 890 downloads
  • #4,479
  • May 24, 2011 6:47am May 24, 2011 6:47am
Graeme,

Thank you so much. You have truly enlightened me. I wish you the very best of health now and in the future.
Very best regards,

Ben
  • #4,480
  • May 24, 2011 7:16am May 24, 2011 7:16am
Thanks you for this thread
Wish you good health.
May you millipedes have loads of legs
If you think you can or cannot do it you are correct
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