No, you actually have to bind off the loops of five stitches. Slip the first stitch, knit (or purl) the next, pass the slip stitch over and off the right hand needle--that's one bound off. Knit the next st, pass the stitch on the right over and off--two stitches bound off. Knit the next st, pass the right st over and off--three stitches bound off. Repeat. Repeat.