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Building an equity millipede

  • #4,681
  • Jul 20, 2011 7:04am Jul 20, 2011 7:04am
Quoting VEEFX
It's no longer important for me too. I had 'fun' with it last year when I was focussed on M5 timeframe for entries. Since then, I have moved to H4 time and no longer find a need to wait for volatile breakouts. If your hindsight is correct, price will go up and down creating the wicks during the building of H4 candle. Where the candle closes should give a strong indication whether your probe/stack is a hit or miss ignoring the wicks on entry candle. This style is much easier on my mindset. Entries are no longer important for me. Managing Trade/position/lotsize-exposure/location-placement...
Hi Vee.

I like your stress-free approach. May I ask if your entries are entered manually at the close of H4 candles and without going to any lower TF? Do you ever use pending orders ? Thanks and congratulations!
  • #4,682
  • Jul 20, 2011 7:51am Jul 20, 2011 7:51am
Hi Guys,
I am still practicing my 5 min entries. I am improving all the time. Once I have a years worth of data on my trades I will implement a strategy to suit. At present my T.P. is 100 pips which is enough to keep me in the game.
I keep checking in here and its great to hear of the success stories. All the best to everyone.
Regards,
Ben
  • #4,683
  • Jul 20, 2011 11:34am Jul 20, 2011 11:34am
Quoting tradista
Hi Vee.

I like your stress-free approach. May I ask if your entries are entered manually at the close of H4 candles and without going to any lower TF? Do you ever use pending orders ? Thanks and congratulations!
All my orders are manual 'in and around' close of H4 candle. Just recently, I have stopped peeking into lower timeframes so it is still a work in progress to see if I succeed in my 'mechanical i.e. human robotic approach to gain consistency. I rarely use pending orders as I get it out of my mind when I am not watching charts as it could affect my net exposure during volatile times.

This is still a long journey for me :-

PS: The only H4 candle I break this rule is the candle before London open @ 1am Pacific. Volatility is awesome from 10pm-midnight PST as market makers are hunting stops to clean up their books and prepare for Open. hint: if trend is down, there will be a upward spike most of the time to take advantage of. Wait for the spike to close on H1 and then enter short at a bargain price.
Staying in my lane...
  • #4,684
  • Jul 20, 2011 11:37am Jul 20, 2011 11:37am
Quoting leggo
Hi Guys,
I am still practicing my 5 min entries. I am improving all the time. Once I have a years worth of data on my trades I will implement a strategy to suit. At present my T.P. is 100 pips which is enough to keep me in the game.
I keep checking in here and its great to hear of the success stories. All the best to everyone.
Regards,
Ben
I admire your commitment and discipline Ben.
Staying in my lane...
  • #4,685
  • Jul 20, 2011 12:45pm Jul 20, 2011 12:45pm
from Graeme,

I never pre-define my entires/interpretation to anything or anywhere particular. This will confuse some, but you will find same success by just focusing on what is happening on the screen at that moment. You could be looking at higher timeframe or lower timeframe. Or you could be looking at trendline break on 5min chart. There is no such thing as one thing is better than other. ITS ALL RELATIVE. You can do either one of them and come out through a different door but as you travel on and go through more doors, as long as you stay within course (trend) everyone still arrives at the final door of profits as long as they let the positions grow.

Professional traders do not have inside bars, trendlines, s/r breaks, bollinger expansion, pivot breakouts and the rest to determine their future/present actions. They see something move, they enter, if it does work, they try add more but when the magic disappears they shrug and move on.

They just dooooo things in a sensible and realistic approach.

I could do breakouts, range, inside bar, trendline break, s/r, double top, bottom top as long as i do not try too many times on one single day on one single pair of currency.

I just keep going through doors not knowing where the market will take me but I know some doors are special doors and I would only know by keep going through doors. Special doors cannot be found with your indicator, it just happens. You look back 2 months ago and notice that door was a special door and you didnt even know then. Can everyone please read this twice for me?

Keep your drawdowns down, perfect your entries, and hold onto your hard earned postiions.

Sincerely, Graeme[/quote]
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Hi Graeme. This is an old post, but I found it very enlightening.

I recently found your wonderful thread and I have been absolutely cannot get enough of it. I have been looking for a way to move to long term trading for a while and your method is perfect for me.

There is so much great information here, I truly wish I would have found this earlier, so I could have avoided so much of the other crud out there and learned the correct way from the beginning.

Now I must continually "Re-Learn" everything in order to force the old habits out of my brain and make the new learnings into a habit.

Thank you so much for all your efforts - you have truly changed my life!

The post above really hit home with me. It reminded me how important a positive attitude is while trading. I believe your method will give me the "edge" that is necessary to tilt the odds in my favor. Now my job is to approach the market with a positive attitude, one with no fear or anticipated outcomes, and just follow the method while using good money management and it will work out.

I love your analogy about the doors. Just keep going though them and you will eventually find the "special ones".

It reminds me of a picture my Mom had on the wall when I was a kid.
It said, "...whenever a door closes, God opens a window...".

Thanks again,
Michael
  • #4,686
  • Jul 22, 2011 8:42am Jul 22, 2011 8:42am
I thought I would post my endeavor this week to stack on the NZDUSD. All positions at BE. All trades taken on 4 Hr and Daily. Zero losses for the week. This is what a trending week can do.

As this is my first millipede, I will close out majority of positions once they grow to 2000 pips. Hopefully, we won't get a stall or reversal on the weekly for the next few weeks.
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  • #4,687
  • Jul 22, 2011 8:51am Jul 22, 2011 8:51am
Quoting Eklavya
I thought I would post my endeavor this week to stack on the NZDUSD. All positions at BE. All trades taken on 4 Hr and Daily. Zero losses for the week. This is what a trending week can do.

As this is my first millipede, I will close out majority of positions once they grow to 2000 pips. Hopefully, we won't get a stall or reversal on the weekly for the next few weeks.
Now that's how its done! Great example. We are learning...

Olu
If you think you can or cannot do it you are correct
  • #4,688
  • Jul 22, 2011 4:12pm Jul 22, 2011 4:12pm
Hi every body.How una dey.Long time no see.

Sincerely
ADESHINA
  • #4,689
  • Jul 22, 2011 4:35pm Jul 22, 2011 4:35pm
Hello Netant andMuntu ntu.
I agreeded with you.This our beloveth thread is a year and it worth celebrating.Long live Graeme,long life the thread.

Sincerely,
ADESHINA
  • #4,690
  • Jul 22, 2011 4:49pm Jul 22, 2011 4:49pm
Hello all,
It is no doubt that Graeme in a way or two,has a greater and positive impact on our trading style/method.For me,is the stacking among others.Graeme,thank you so.May you live longer in sound health.
Sincerely,

ADESHINA.
  • #4,691
  • Jul 22, 2011 4:58pm Jul 22, 2011 4:58pm
To every one on board,pls join me in giving Graeme and this beloveth thread,12 hearty cheers!

Sincerely,

ADESHINA.
  • #4,692
  • Jul 22, 2011 5:06pm Jul 22, 2011 5:06pm
Vee and other posters,thank you all for keeping this "millipede"growing.

Sincerly,

ADESHINA
  • #4,693
  • Jul 22, 2011 5:12pm Jul 22, 2011 5:12pm
What will you remember master graeme for and why?let share!

Sincerly,

adeshina.
  • #4,694
  • Jul 22, 2011 5:20pm Jul 22, 2011 5:20pm
It is very late here in lagos.see you all moro.sweetest dreams to every one.a ji layo!

Sincerely,

adeshina.
  • #4,695
  • Edited 9:38pm Jul 22, 2011 9:23pm | Edited 9:38pm
Quoting traderray
Thanks for the compliments - the main thing I consider as a strategy in itself is money management and the driving principles and objectives for trading; once these were in place the actual trading strategy seemed less important - I would add that whilst I was a scalper I currently have 32 positions over 12 pairs and some that are in their 4th month, but I still like to take a quick trade if I see the opportunity - which may be only about once or twice a month, and is much improved since my screen time is less frequent/intense, and previous obsessions...
Traderray,

I hope you can enlightened us some more how you were able to blend your scalping strategy to build a several positions you mentioned above. Sorry, but I am really confused, unless you enlightened us about your approach.

Vee,

In your earlier post you mentioned about basket of pairs - do you mean T101 basket trading system?

Kind regards,

Edd
  • #4,696
  • Edited Jul 23, 2011 2:02am Jul 22, 2011 10:06pm | Edited Jul 23, 2011 2:02am
Sorry Edd. I am not familiar with who or what T101 is. I don't follow any other strategy on this site. As a general rule, any thread where the owner revises the strategy/method after a few pages of posts is most probably a waste of time and money imho

By basket, I meant just trading multiple pairs in line with Graeme's approach of spreading the entries/risk/exposure across pairs instead of concentrating only on one pair.

Hope this helps.

EDIT: I just glanced T101's thread. Looks good so no offense to him or his followers.

Quoting Edd Ganuelas
Vee,

In your earlier post you mentioned about basket of pairs - do you mean T101 basket trading system?

Kind regards,

Edd
Staying in my lane...
  • #4,697
  • Jul 23, 2011 2:18pm Jul 23, 2011 2:18pm
Quoting Ifebaba94
Hello all,
It is no doubt that Graeme in a way or two,has a greater and positive impact on our trading style/method.For me,is the stacking among others.Graeme,thank you so.May you live longer in sound health.
Sincerely,

ADESHINA.
Same for me. I have been busy reading every sentence of this thread, currently on page 50 after about 2 weeks of reading. I am trying to really absorb every morsel of wisdom Graeme (and other participants) have to offer.

Over the past two weeks I have also started trading this method live on a small account (demo account trading does nothing for me since there is no risk) and it has really changed the way I approach trading .

I was previously scalping for 15-20 pips at at time. This demanded constant attention and was very stressful, and the only time you make money is when you are sitting at the PC.

This long term method is much more relaxed style of trading which I really like. It allows me to be a position manager versus constantly staring at the screen.

Good results so far as I am learning as I go.
Thanks everyone!
  • #4,698
  • Jul 23, 2011 2:21pm Jul 23, 2011 2:21pm
definately an interesting thread. but i think a bit complicated. i would simplify the entry. but nonetheless interesting concepts here. thanks for sharing.
  • #4,699
  • Jul 24, 2011 6:14am Jul 24, 2011 6:14am
Quoting Edd Ganuelas
Traderray,

I hope you can enlightened us some more how you were able to blend your scalping strategy to build a several positions you mentioned above. Sorry, but I am really confused, unless you enlightened us about your approach.

Edd
Sorry Edd,
Don't believe I said that - what I meant - if it is not clear - is that I was always scalping. After reading this thread and a long think I now trade off the daily - not every day, but occasionally I will take a scalping trade - (I have had about 5 in the past two months) - and all were prompted by a news reaction, if I happen to be at the computer.
  • #4,700
  • Jul 24, 2011 7:02am Jul 24, 2011 7:02am
Just some of my thoughts after a few months!
I have been trading for 3 years this Christmas and the last 6 months+ I have been trading Graemes approach with very varying results but still the best times since astarted trading.
I think all that follows his mentality (as i wouldn't call it a system more of a mindset) will consciously or subconsciously interpret his information a little bit differently. All people have their set of glasses to look at information with.

I have during the 6 months had some good heavy hitters or homeruns. And i have also experienced way to volatile account. This have thought me much and I have given myself some limitations for opening trades and how many i can have open.

As I see it I use the stacking as a way of using the accelerator on your car. When things are going well i accelerate. When things start to look shaky i decelerate by taking some positions of always leaving the 1 or 2 longest.
I also try to think about it as linear risk and “synthetic exponential” gains

I have a problem with taking profits I am thinking about setting a new rule something in the lines of when account is up 100% of equity take at least 50% profits. I have in the last 6 months with very low risk seen my floating pips take me well over 150% of equity in matter of a week or 2 and i have on all occasions failed to take profit. I have then seen all my positions go against me almost back to zero. It really feels like a kick in the balls.

Regardless of the above I have at least taken profits enough to gain 15% profits last month. that is an awesome return but it seems bleak to the 150% floating I had. And I can't help but feeling cheated on some of it.

On another note I still don't take positions both directions enough and its something I work hard on.
I am now happy with my entries as my entries over the last 6 months is 8.9pips average. I think it will get better in time

I hope you all well in your trading and you are on an awesome path. When you see your floating equity race away higher than you thought possible in that amount of time it's swindeling and better rush than parachute jumping
The universe seems neither benign nor hostile, merely indifferent.
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TheGreatMilenko