thanks guys
yup that will be my discipline problem again. must stop looking at lower tf.
yup that will be my discipline problem again. must stop looking at lower tf.
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedthanks guys
yup that will be my discipline problem again. must stop looking at lower tf.Ignored
DislikedMost of us got suckered into this business with promises of unlimited wealth trading 5 & 15-min charts. It's a hard habit to break but once you can learn to wait for trades to come to you on a Daily chart you'll discover how less stressful trading is.
Please note - I didn't say easier, just less stressful. But I didn't understand the meaning of the word 'profit' until I made the move. I didn't stop me doing stupid things afterwards, but I couldn't blame the charts or Jim's teachings.
The other thing I had to learn was your other key word - 'discipline'.Ignored
DislikedI do better on the 5min vs the 4hr but I did trade several years off the 3min and my mentor of 20 years did the same. I think it depends on the person. I don't trade the 5min for a quick profit I trade it due to I handle is better mentally and emotionally.
In fact I signed up to J16 to try to learn how to trade the longer times so I don't have to watch it but it just did not work.Ignored
DislikedI do better on the 5min vs the 4hr but I did trade several years off the 3min and my mentor of 20 years did the same. I think it depends on the person. I don't trade the 5min for a quick profit I trade it due to I handle is better mentally and emotionally.
In fact I signed up to J16 to try to learn how to trade the longer times so I don't have to watch it but it just did not work.Ignored
Dislikedi think ryan would be the first to say he is not the norm. if not i will say it. lol.
the problem is of course that most new traders have two or three days of success on 5 minute demo, become convinced they have fouind a pot of gold, open an account with rent money and lose it all within a month.
that finger points at me also but it was a while back thankfully.
jimIgnored
DislikedI respect you Jim, but there is one thing - it's about personality, some people, like me, are very patient, I can wait hours,days and weeks for a good setup but im not patient for holding trades. I feel really bad if I have trade open on daily, everytime I worry about, every 10min and less i must see that trade, I'm nervous etc. Well , what happens? I can find beautiful d1 trade and then i run out quickly after some hours. When I'm trading m5-m15, I feel great, I have no problem with waiting " the one and only trade today" and it's ok when i hold this. and 2nd point is, 10 pips and 2% is the same as 600 pips and 2% (after few days)
Why should i tease myself with D trades?(again, it's just about...Ignored
Dislikedcombine a great method with a large account and combine a burning desire to succeed. ie(patience,practice,demo, treat it as a business kind of stuff)
and you got a shot. the small account kills people because its hard as hell to sit for hours for next to nothing. they always end up trading just to trade and thats what kills people experienced or not.
jimIgnored
DislikedI totally understand this and you make a great point. i am a lot like you to be honest. its really not one or the other, it can be both.
when daytrading its easy for me to watch 8 hours go by and do nothing knowing that when that one great entry comes im going to cash in on 5 or 10 grand in an hour or less. i just simply could not force myself to be patient when that reward only meant a hundred dollars.
thats why i say all the time you can take the same trader and give him a $500 dollar and a $100 thousanddollar account and turn him loose to trade intraday. he will blow that 500 dollar account sure as anything. he will on the other hand have a pretty decent chance with the large account.
why?...Ignored
Dislikedbtw i have an another example : Sometimes i miss really perfect ( I watch other chart or i'm doing other things) a+ setup m5/m15, what happened? I my mind, there is an evil who say " omg, no ! I have to take next time something like this, not a+, maybe b setup but i will trade ! yes ! |"
Sure, it's the biggest mistake in "mindset", What happened usually?
you miss A+ trade, then u take some b- stupid nosense trade "just for trade and good feeling", it's b-, they fail more than A+, then you see again a+.. (oh damn, is it really best one? =fear from last b- trade), again miss. again same "inner voice"
It happens to many traders over and over again imo.
Jim, i think i have small account,...Ignored
Dislikedyou should be commended. very few people can keep the correct mindset over the long haul when attempting to take a small account to a large one. i tried for almost a decade and never succeeded with this approach. as a result i have a deep respect for those of you that accomplish this.
jimIgnored
DislikedJim,im sry,word "commended" - i dont understand, even in dictionary it doesnt make sense.Ignored
Dislikedi admire you. very few people can keep the correct mindset over the long haul when attempting to take a small account to a large one. i tried for almost a decade and never succeeded with this approach. as a result i have a deep respect for those of you that accomplish this.
jimIgnored