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sounds great!
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedPeople talk of 50% per year with J16... you can kill that number with stocks just following the general market bias!!Ignored
DislikedI think it's important to remember that trading traditional daily J16 grows ALREADY-LARGE accounts - most people come on here with their $250 mini FX account and want to be rich. Unless you are rich enough to have $1000's to trade with and you are young enough to have at least 10 good trading years in you then this PA trading probably aint for you.Ignored
DislikedUsing daily PA is a very painful way to trade. If you see a half decent pin which has at least the same distance to go until its FTA as it has to the stoploss (in other words 1:1 risk reward) then that's probably all you will get from this method. Take it, hope and move to BE asap. Everyone around here seems to hate the idea of risk reward but the maths cannot be denied: you make $1 x 3 good Pins then lose $3 on one bad one.... well, do the math.Ignored
DislikedI know Jim, Mike and all mean well and there is obviously some good in this PA daily chart trading for them, but a warning to newbies and anyone else you will not get an easy ride with PA trading and your account will grow painfully.Ignored
DislikedIf you risk 3% on a low frame, you could make 20% per month most months using J16 PPZs and decent pins with a GOOD RISK REWARD RATIO. But it is a gamble, be quick on those fingersIgnored
DislikedThe only way you are even possibly getting an ROI in that range is by using a ridiculous amount of leverage and dicey position sizing that veers right into the heart of RoR territory. In which case, ROI is meaningless - it is ROE which actually tracks the returns from your strategy, and they are going to be alot less impressive.
In fact, I would be suprised if you could name a single person who does that consistently with any kind of real account (ie, not I risked my $100 account on a penny stock and doubled it this one time).
To be completely...Ignored
DislikedEasy and quick money is the biggest illusion in this world in any industry.Ignored
DislikedSo much for tightening stops too early ... out at BE and then thisIgnored
DislikedI hear ya pmr. I know the feeling all to well. lol
I want to show a couple examples of how the free trade approach, when applied to the J16 PA, can alleviate some of those anxiety looking smiley faces.
Now I understand it cuts down the profit by half and all of that. But I will tell you, it cuts the stress level by 100%, especailly in the beginning of learning the J16 way. Over time, this approach can be dropped as you gain confidence on your selections of A+ trades. Or not drop it, like I do.
The free trade, at its basic level, is...Ignored
DislikedI noticed that some of you guys seem to only try to catch 1 bar whenever going into a trade, or was I wrong? So nobody really rides the profit or there's just too little to risk to reap the rewards (chicken out)?Ignored
DislikedI'm looking for a possible retracement towards 1.3500 as both previous divergences hit more than 300 pips. Price is now at the bottom of a channel resting on some supports with brn, fib and monthly pivot.
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However, a closer look down to the H4 shows us a weak I4B/PB prior to the next I4B. Price has broke the long term bearish TL on Apr 12 but it fell immediately after.
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If today's bar doesn't break yesterday's high and doesn't make a new low, IB will be formed, showing some stacked possibilities...Ignored
DislikedYou are right Jaroo - management of these things is paramount to success, and this is something i am still fine-tuning - thx for the refresherIgnored
DislikedThe only way you are even possibly getting an ROI in that range is by using a ridiculous amount of leverage and dicey position sizing that veers right into the heart of RoR territory. In which case, ROI is meaningless - it is ROE which actually tracks the returns from your strategy, and they are going to be alot less impressive.
In fact, I would be suprised if you could name a single person who does that consistently with any kind of real account (ie, not 'I risked my $100 account on a penny stock and doubled it this one time').
To be completely...Ignored
Dislikedcould I be your friend? I would love to have that kind of success. Been demoing this method for 2 months now and at just below break even.Ignored
DislikedNot really.
Everyone uses a different approach, but it generally falls under either
a) take profit at first trouble area. Low return, high probability, low variance.
b) move stop to b/e at first trouble area. Lower probability of a non-zero return, but higher potential rewards and higher variance
... or a combination thereof. Stuff like partial TP, dual stop trails, net zero risk positioning, etc.
The reason you see these approaches dominate something like 'take setup, leave stop where it is until we get exit signal or stopped out' is...Ignored
DislikedGood timing with my free trade posts because this post fits it perfectly.Ignored
Dislikedlol, if I ever do write a book, I'm gonna owe you royalties on the section entitled 'Why the free trade (and Jaroo) is smarter than you'.
*edit* 500 posts!Ignored