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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #16,461
  • Dec 8, 2008 5:04pm Dec 8, 2008 5:04pm
YES and i will add to it by saying that i have known two people over the years that committed suicide as a result of trading failure.

both had kids and both lost family fortunes daytrading during the tech bust.

jim

Quoting Mr Trend
That's actually quite normal for successful traders. I've heard of stories of guys living in their cars... just to be successful at trading.

Jim isn't BS'ing you when he says that... I know I've spent a lot of money in education as well... I almost loss my marriage over it.

You either get it or you don't. Sooner or later you go through so much pain that you either ruin your life, or you become successful.
  • #16,462
  • Dec 8, 2008 5:08pm Dec 8, 2008 5:08pm
Quoting james16
YES and i will add to it by saying that i have known two people over the years that committed suicide as a result of trading failure.

both had kids and both lost family fortunes daytrading during the tech bust.

jim
Yikes......thats bloody heavy Jim
  • #16,463
  • Dec 8, 2008 5:12pm Dec 8, 2008 5:12pm
Quoting james16
i just always want people to know that i realise its hard. i lost almost 300 thousand dollars (somewhere in that range) in 8 years from around 1984 to 1993. .....Jim
I bet the in-laws were keeping your ears burning during those years.
  • #16,464
  • Dec 8, 2008 5:17pm Dec 8, 2008 5:17pm
Quoting willf
That's one hell of an expensive learning curve !
That's without the modern day computers and internet, the way it is now. Drawing OHLC on graph paper. Talk about perseverance.
Indicators show the past. Price Action "Indicates" the future.
  • #16,465
  • Dec 8, 2008 5:31pm Dec 8, 2008 5:31pm
actually they were in a trading room in dallas in the late 90's and they did have internet trading although not like it is today. i told this story years ago. its here somewhere.

Quoting jarroo
That's without the modern day computers and internet, the way it is now. Drawing OHLC on graph paper. Talk about perseverance.
  • #16,466
  • Dec 8, 2008 5:35pm Dec 8, 2008 5:35pm
Possible PB failure on EUR/JPY H4??
(Yellow Rectangle)

Sonic
Attached Image (click to enlarge)
Click to Enlarge Name: shi.gif Size: 25 KB
  • #16,467
  • Dec 8, 2008 5:40pm Dec 8, 2008 5:40pm
Quoting sonicdeejay
Possible PB failure on EUR/JPY H4??
(Yellow Rectangle)

Sonic
Doesn't look like a pin to me.
  • #16,468
  • Dec 8, 2008 5:43pm Dec 8, 2008 5:43pm
Quoting james16
actually they were in a trading room in dallas in the late 90's and they did have internet trading although not like it is today. i told this story years ago. its here somewhere.
Yeah the Late 90's. lol

The time between 1984-1993 compared to today must seem like stone age.
Indicators show the past. Price Action "Indicates" the future.
  • #16,469
  • Dec 8, 2008 5:49pm Dec 8, 2008 5:49pm
Quoting james16
YES and i will add to it by saying that i have known two people over the years that committed suicide as a result of trading failure.

both had kids and both lost family fortunes daytrading during the tech bust.

jim
NOTE TOO SELF..............Listen.......He might make sense.
  • #16,470
  • Edited 6:56pm Dec 8, 2008 6:32pm | Edited 6:56pm
Quoting james16
YES and i will add to it by saying that i have known two people over the years that committed suicide as a result of trading failure.

both had kids and both lost family fortunes daytrading during the tech bust.

jim
Thanks a million Jim and Mr T, this is just golden knowledge you share....its truly priceless to hear about your experiences. Its terribly sad too hear how trading can ruin people's lives but I think the reality of what can happen needs to be discussed and reinforced often.

This brings me to the thought that perhaps when newbies (and I consider myself one still even though I'm trading a live account) are demo'ing they should have 2 accounts. Perhaps a 100k account and another with 1k and then can learn themselves using proper mm and only taking a few daily or weekly A+ trades a month (identical mm on each account) how having a bigger investment affects each account...it appears very clear to me now that those with a big account are the successful ones purely because they only take the A+ trades, thus taking fewer trades, fewer riskier trades and not overtrading. Those with small accounts will be tempted to overtrade and take more risks....perhaps human nature !!!

Just great stuff, can't thank you more !!

Joe

ps. I've probably repeated what Jim has stated...but still felt the need to post !!!
  • #16,471
  • Dec 8, 2008 6:45pm Dec 8, 2008 6:45pm
Quoting james16
YES and i will add to it by saying that i have known two people over the years that committed suicide as a result of trading failure.

both had kids and both lost family fortunes daytrading during the tech bust.

jim

During 97 Asian Crisis..score of ppl in SG n HK commit sucide,,, I was still studente then... It was sound so scary...

Sonic
  • #16,472
  • Dec 8, 2008 7:02pm Dec 8, 2008 7:02pm
nice. i have suggested just this on several occassions.

jim

Quoting GetSmart
Thanks a million Jim and Mr T, this is just golden knowledge you share....its truly priceless to hear about your experiences. Its terribly sad too hear how trading can ruin people's lives but I think the reality of what can happen needs to be discussed and reinforced often.

This brings me to the thought that perhaps when newbies (and I consider myself one still even though I'm trading a live account) are demo'ing they should have 2 accounts. Perhaps a 100k account and another with 1k and then can learn themselves using proper mm and only taking...
  • #16,473
  • Dec 8, 2008 7:12pm Dec 8, 2008 7:12pm
yep its happened many times in many different places.

in those days people could and did make millions in one day trading tech stocks. it was actually very easy. tech stocks went up in those days. not sideways or down but up. up, up and up.

when it ended people could not believe it. when you have everything riding on a trade ( your money, your wifes parents money, your grandparents money) and it goes south what do you do? in those days you just kept trading because it always went up in short order.

when it burst it took a lot of people down and in one of those cases im talking about it was a loss of over 5 million dollars in less than two days if memory serves me correctly. those stocks were a license to print money for a long time but if you were loaded up at the end it was dooms day.

jim



Quoting sonicdeejay
During 97 Asian Crisis..score of ppl in SG n HK commit sucide,,, I was still studente then... It was sound so scary...

Sonic
  • #16,474
  • Dec 8, 2008 7:14pm Dec 8, 2008 7:14pm
Quoting james16
yep its happened many times in many different places.

in those days people could and did make millions in one day trading tech stocks. it was actually very easy. tech stocks went up in those days. not sideways or down but up. up, up and up.

when it ended people could not believe it. when you have everything riding on a trade ( your money, your wifes parents money, your grandparents money) and it goes south what do you do? in those days you just kept trading because it always went up in short order.

when it burst it took a lot of people down...
Heh yep. You could literally throw a dart at a dartboard and hit a bullish stock. That's how easy it was to make money... those days will be back though -- in about 30 years. That's about how long people's memories are and there will be a fresh new batch of idiots who will throw us into another bubble...
Mr. Trend
  • #16,475
  • Dec 8, 2008 7:21pm Dec 8, 2008 7:21pm
Jarroo...

I can't load IB pin indicator in my chart....??

Anything u can help?

thx

Sonic
Attached File(s)
File Type: mq4 I4B and Pin.mq4   9 KB | 849 downloads
  • #16,476
  • Dec 8, 2008 7:22pm Dec 8, 2008 7:22pm
Quoting james16
in those days people could and did make millions in one day trading tech stocks. it was actually very easy. tech stocks went up in those days. not sideways or down but up. up, up and up.


jim
Jim,

I notice a lot of ppl...don't know much abt Money Managment...
I was one of them too...

Sonic
  • #16,477
  • Edited 7:24pm Dec 8, 2008 7:24pm | Edited 7:24pm
Not the best pin however i like the resistance the nose ran into. Any takers?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 01 aud_nzd daily pin.gif Size: 10 KB
Click to Enlarge Name: 02 aud_nzd daily pin.gif Size: 11 KB
  • #16,478
  • Dec 8, 2008 7:26pm Dec 8, 2008 7:26pm
C'mon Rac,
Wheres' ya majic 8 ball...
Attached Image (click to enlarge)
Click to Enlarge Name: djf1.gif Size: 14 KB
  • #16,479
  • Dec 8, 2008 7:32pm Dec 8, 2008 7:32pm
Quoting sonicdeejay
Jarroo...

I can't load IB pin indicator in my chart....??

Anything u can help?

thx

Sonic
I'm not at home right now. So I don't have access to my info files.

Have you added files to the indicator folder before?
Indicators show the past. Price Action "Indicates" the future.
  • #16,480
  • Dec 8, 2008 7:45pm Dec 8, 2008 7:45pm
Quoting jarroo
I'm not at home right now. So I don't have access to my info files.

Have you added files to the indicator folder before?
yes..I do...experts/indicators
in indicator list...i tried changing t color as welll...

Thx
Sonic
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