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Where can I learn more about Price Action like those in James16 charts? 9 replies
QuoteDislikedif you don't listen to people like James16 and others on this forum, then you are done.
Quoting Akuma99DislikedWhile I agree Jim's work is definitely some fine work and worth having a look at, to say if you don't listen to his or people like his work, "then you are done", I think is downplaying the importance of self discovery. You know you are well on the way to trading success when you obtain ownership of your decisions. This means not blaming the broker, the market or other traders recommendations or technique when you suffer a string of losses (as we all do at times), but realising you are responsible for the decisions made, and when it comes down to it, the buck stops with you.
From experience I am willing to argue two things, one, is that there is nothing wrong with starting out day-trading, although I will agree trading shorter than perhaps 30M charts could be a little to chaotic for the first timer. The second is the reliance on a demo account to prove you are ready to open a decent live account. Demo account definitely have their place right at the beginning, but in the age of micro lots and brokers like Oanda and Marketiva, you really should build from a demo account, to a small live account, to little larger live account, to a full account. As you move up in account size, you will encounter a whole bunch of emotions that will challenge the trust you have in your abilities.
The main thing I will agree on is your biggest asset will be patience. Good luck!Ignored
Quoting khoong25Dislikedwhat about daytrading off the daily/weekly charts?
ive been using jim's stuff ONLY.. not in the PF anymore but am progressing in my account. no indicators ..
what does it take? hardwork .. patience .. discipline ..
not doing anything and resisting the urge to put a trade is equally as important as entering a trade ..
love your stuff jim .. will be back in the pf one day.
kenIgnored
Quoting james16Dislikedif your not willing to give this at least two years of study and practice then your just playing around. doctors and lawyers etc spend 6 to 10+ years mastering something that can make them rich. why would anyone think that this business which can make you much wealthier than most any other profession is any different.Ignored
Quoting Mike JolleyDislikedWhat do you say about the "Trading as a Business" guy, who says that you have to always be in the market or you'll miss "the big move". He's basically saying that the big long-term market moves fund all the little drawdowns you sustain while sitting in all the various markets.
I'm starting to see how the james16 "rifle shot" philosophy is not so different from this guy. I've been getting a little frustrated by not putting on enough trades to use even a small amount of leverage. These guys agree on playing multiple strategies in multiple markets.
I wonder if this was a response to the kind of thing I'm experiencing right now. I want to use my leverage, but I don't want to dilute my profits by putting on average trades, so maybe Forex just isn't enough. Yet some people seem to be making lots of money just with Forex. Where's the balance?Ignored
Quoting LapisAnguliDislikedHello,
I'd like to say thank you to James for this wonderfull thread!
A part of me feels like kicking myself in the head, because (no offence intended) the elements of the puzzle aren't new to me. Even more so, the signs are clear and readable by all!
I have read about hammer or hanging man candles (pin bars), about bullish and bearish engulfing. I've tried heaps and heaps of indicators/candlestick patterns/MA's/SAR/MACD/etc.. And imho there lies the danger.
I simply couldn't "see the forest behind the trees" anymore. And at those moments one's brain starts to go in overdrive, trying this and that, one day having luck and other days bad luck. Judging one technique a winner after a few good trades, or discarding another after a failed move. And then -without realising- you start to loose faith in sense, and emotions start to whisper into your ear.. This *could* be a breakout wainting to happen. Just look at that and that indicator. Ignore the other ones. This is the moment where you can regain your losses! Should I or shouldn't I? Don't wait to long or you'll miss it! Banzai! Jumped in, and then there is little left but the sound of shattering dreams as the breakout didn't occur and the "OMG, why am I so unlucky?" feeling. (Does this make your stumach turn just by reliving old memories? )
(BTW, just pointing out that I am talking about the really dark moments. This happens occasionally. Sadly, those days/moments costs so much that most of the time you are trying to make up for past mistakes. If this is all the time, you're gone in a week imho)
Anyway, back on topic: As I was saying.. The wide range of indicators and techniques caused my brain to sometimes judge them all equally at the heat of the moment, worse, "gutfeeling", "hope", "luck" sneaked into the ranks of the indicators. Sure, when not trading, or when doing a demo, it isn't so hard to make a virtual profit. It's like everybody can shoot a rifle relatively well in a shooting gallery, but there is a reason why the army trains their soldiers so hard, over and over again: So that at the moment of stress you can fall back to routines and drilled-in thinking.
The only way to do that is by learning, reading and studying over and over again until the subconscience thinks in the same way as the conscience, so that the next time emotions whisper in your ear, your brain will yell back "Judge the signals! Don't trust one or 2 elements of your charts if others point differently! Look at the different timeframes, look at the candles. And stop whispering in my ear damn'it!" :
Anyway, just wanted to get this of my chest. I think a lot of people remember those dark moments or are having them as we speak. Me, I have read this thread, and everything I saw has improved me a bit. I know fully that it will take a hell of a lot more to finally start producing relatively constant trades, and honestly.. Trial and error will cost me a lot more than joining the PF. Sure, joinging that group won't negate the trial&error part or the learning curve, and I know I will loose more before I find the correct mindset/way/etc. But I know now that without rerouting my brain, drilling it with info, I won't get there.
Sorry for the long post.. Don't even know why I posted all this. I think I just wanted to thank you James16 for this thread, by giving you a peak into my darkest moments and the way I thought. What's so good about that? That this prooves most of the points you make, and it prooves that this thread succeeded in the way you probably hoped for. (Showing it CAN be done but also showing it takes an astronomical ammount of time, effort and at moments grief to get there. You pointed that out by a lot of references to your own experience. Well, I'm thanking you by posting mine to show your message got through and was understood ).
L.A.Ignored