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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

  • #25,741
  • Apr 1, 2009 9:15pm Apr 1, 2009 9:15pm
Quoting bundyraider
Hi Tmac. I agree. You can.

Would you want someone to quit their job with just $50000 savings and throw that directly into a trading account to make a living off ? No you wouldn't.

You would have to have good experience, a proven record and ....let's face it... if there was another $50000 to $100000 sitting on the sidelines that you knew was there to cover family expenses etc you'd have much easier trading life where you could wait for good trades to come along.
Patience is indeed a beautiful thing in forex. That and eliminating STRESS and emotion from your trades makes trading easy and that can only come from the proper MM.

Once you master these simple but necessary facts of forex account size is not as much of an issue. This of course is taking for granted you have also mastered A system by the time all the other above mentioned aspects have fallen into place.

how much one needs to live on will vary from person to person. No you never trade what you cannot afford to lose but I know a person that trades a 20K account and he does well and one with 6 figures that doesnt do as well paying the bills.

of course the one with the 20K resides in here and the other trades a completely different system but profitable.
Don't chase the market, Let the market come to you
  • #25,742
  • Apr 1, 2009 9:16pm Apr 1, 2009 9:16pm
Quoting james16
always remember this and its in this thread somewhere.

i personally blew more accounts than i can remember over an 8 year period.

a 6 figure amount total.

things turned around for me when several things happened.

1. i quit trading and saved for over 2 years. i knew i couldnt be patient with small accounts. i had proven that over and over and over.

2. i took all my years of learning and spent those two years demoing and refining until i could go month after month after month making the demo account grow.

3. when the time...

Jim,
Thanks for the kind words about my plan of trading - demo, study, be picky. Treat it as a business.

If we keep getting such noteworthy posts like the one above from you, I'm going to have to make another summary of the thread...

Josh
  • #25,743
  • Apr 1, 2009 9:19pm Apr 1, 2009 9:19pm
Hey Mike,

Thanks for the warm welcome. I'll take a look

Quoting mbqb11
Hey Jim glad to see you jump in and post here welcome

I posted my thoughts on the usd/cad over here if you are interested

http://www.forexfactory.com/showthre...21#post2645321

Take care
Mike
"Luck favors the prepared mind"
  • #25,744
  • Apr 1, 2009 9:23pm Apr 1, 2009 9:23pm
Cad PB break. Like to see it break harder, time of day a concern. As long as it's steady and continuous. (Sorry I can't post my regular charts).
Indicators show the past. Price Action "Indicates" the future.
  • #25,745
  • Apr 1, 2009 9:34pm Apr 1, 2009 9:34pm
Quoting Tmac
Patience is indeed a beautiful thing in forex. That and eliminating STRESS and emotion from your trades makes trading easy and that can only come from the proper MM.

Once you master these simple but necessary facts of forex account size is not as much of an issue. This of course is taking for granted you have also mastered A system by the time all the other above mentioned aspects have fallen into place.

how much one needs to live on will vary from person to person. No you never trade what you cannot afford to lose but I know a person that trades...
For a long while I've targeted %2 per month. That's where I'm comfortable at. I beat that nearly every time, mostly by multiples, but it's become a good conservative target that I'm comfortable to base recommendations on here.

I'm arguing 'Likely', You're arguing 'Possible'. I agree with everything you say, but there are a lot of people coming in here that won't make the necessary returns consistently needed for that account size to be a living. Eventually, maybe, but starting out, not probable. You have to allow for the lowest denominator. We all have different comfort zones with regards to risk size.
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Bundy's status today: "Waiting..."
  • #25,746
  • Apr 1, 2009 9:36pm Apr 1, 2009 9:36pm
ohh. I missed that trade. I'm working right now.

Quoting jarroo
Cad PB break. Like to see it break harder, time of day a concern. As long as it's steady and continuous. (Sorry I can't post my regular charts).
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #25,747
  • Apr 1, 2009 9:40pm Apr 1, 2009 9:40pm
Quoting bundyraider
For a long while I've targeted %2 per month....
bundy just noticed the your signature quote at bottom . . . it's speaking to me . . . I agree
"Don't trade to trade . . . trade to win." - James16
  • #25,748
  • Apr 1, 2009 9:46pm Apr 1, 2009 9:46pm
Just one more thought on the account size to go live.

IF, this is a big IF, but IF you can make 30% a year return (I don't know if anyone here does this or not, if so, please say so, it would be inspirational) on a $200,000 account, that is $60,000 pretax.

That is a nice income, but far from great, where I live. Along much of the coasts of the USA, $60,000 pre tax a year is chicken feed. By the time you pay your bills, you would have little left over for savings and such.

It depends where you live, but if you do not have at least a few years experience and a $200,000 account, I don't see how it would be possible to go live.

I personally am thinking more around $500,000, minimum, before I go live, and even at that (20% X %500,000 = $100,000 a year), is still very middle income in most the USA.
  • #25,749
  • Apr 1, 2009 9:48pm Apr 1, 2009 9:48pm
Quoting Flem26
bundy just noticed the your signature quote at bottom . . . it's speaking to me . . . I agree
Glad you finally noticed bud.

I've been trying to get the message to you for weeks. lol
Bundy's status today: "Waiting..."
  • #25,750
  • Apr 1, 2009 9:58pm Apr 1, 2009 9:58pm
Quoting bundyraider
Glad you finally noticed bud.

I've been trying to get the message to you for weeks. lol
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"Don't trade to trade . . . trade to win." - James16
  • #25,751
  • Apr 1, 2009 9:58pm Apr 1, 2009 9:58pm
Quoting jarroo
Cad PB break. Like to see it break harder, time of day a concern. As long as it's steady and continuous. (Sorry I can't post my regular charts).
Not liking the break of the pin either. Stop to B/E... another 'free' trade. Gotta love that most "non A trade" setups still give us a chance to get to B/E... Not that we should be taking those inferior setups anyway...

I like that phrase that Jarroo brought up a few weeks back and has been repeated a bit lately: High Quality PA Setups will have good Momentum as well.

http://www.forexfactory.com/showpost...ostcount=24641

Live and hopefully, learn.

Josh
  • #25,752
  • Edited 10:09pm Apr 1, 2009 9:58pm | Edited 10:09pm
Quoting unlv_tj
Just one more thought on the account size to go live.

IF, this is a big IF, but IF you can make 30% a year return (I don't know if anyone here does this or not, if so, please say so, it would be inspirational) on a $200,000 account, that is $60,000 pretax.

That is a nice income, but far from great, where I live....
You can go 'Live' with less. And build your account.

But you can see when the sums are done, that $200000 is actually a starter amount, where you aren't buying Ferraris and cool fishing boats for the weekends or supporting a large family comfortably. It get's you an income that get's you by. Depending on mortage etc.

I like your $500,000 minimum, but you can trade as a side line to your normal job with $50000 comfortably.

Edit: Should point out too that if all your profits are going into expenses, than your account won't be growing either. Which is also the goal.
.
Bundy's status today: "Waiting..."
  • #25,753
  • Edited Apr 2, 2009 9:05am Apr 1, 2009 10:02pm | Edited Apr 2, 2009 9:05am
Been watching the CAD pairs this evening quite closely. Already entered on USDCAD @ 1.2562 with a TP @ 1.2455 just above the 50% Fib and the S/R Level. It was not an A+ trade. I will watch it closely.

EURCAD is showing a possibility and AUDCAD is nearing a heavy S/R level from September 22, 2008.
  • #25,754
  • Apr 1, 2009 10:09pm Apr 1, 2009 10:09pm
Quoting bundyraider
You can go 'Live' with less. And build your account.

But you can see when the sums are done, that $200000 is actually a starter amount, where you aren't buying Ferraris and cool fishing boats for the weekends or supporting a large family comfortably.

I like your $500,000 minimum, but you can trade as a side line to your normal job with $50000 comfortably.
bundy is giving the cold hard facts. Most just don't want to hear it because it shatters the fantasy that is "forex riches" from your 10k account(well this thread isn't to feed BS, it is to prevent that). Can you build that account in the meantime and add to it, so that when you can trade profitably you make some money along the way. Of course this is exactly what I am doing, consistent profits, confidence, and building. But those that live in the US (at least where I am from) and need to double their accounts every year just to keep their head above wonder, is crazy if you ask me. 50k for a single guy will barely keep your head above water, let alone those of you with families. So if you have a 50k account and need to double that just to live. Man is that pressure. when trading is about taking optimal setups that fit your criteria/plan, and letting the results play out. Be it 2% one month or 10% the next.


Get good at this, and the only thing stopping you is getting the account to the size you need. What's wrong with having your normal day job and then trading a medium size account to supplement that income, or just grow it on the side so that one day it will be big enough if you decide to trade full time.

This is why James said this is going to open a can of worms. I get emails every week about people asking me what are reasonable expectations PER MONTH. Nearly impossible questions to answer. I am up around 17% this year and I am very pleased with it. Some would be happy for that for the year on their super huge accounts. Others would be frustrated and taking enormous risks to make that 170%. How do I see it. As my account size grows, my risk per trade is going to decrease decreasing my max drawdowns as well as my overall ROI for the year. But a small % gain on a huge account is where it is AT! Less trades, more money. Beautiful thing that James talks about.

I just cringe when I hear people who are trying to reach weekly goals of 5%, 10%, 15%. Not b/c I don't remember having those same thoughts. But b/c if you don't leave that behind, you aren't going to be around long enough to reap the benefits of what trading can give you.

This is one of , if not the only threads on FF that I can still rant on and feel comfortable to do so

Mike
  • #25,755
  • Apr 1, 2009 10:25pm Apr 1, 2009 10:25pm
Quoting mbqb11
bundy is giving the cold hard facts....
Ahaaaa! I know your game now. ....You're collecting "Post 1" credits. j/k

Awesome post Mike. Very VERY well said.
Bundy's status today: "Waiting..."
  • #25,756
  • Apr 1, 2009 10:31pm Apr 1, 2009 10:31pm
for all you new people. me included.
  • #25,757
  • Edited Apr 2, 2009 2:19am Apr 1, 2009 11:22pm | Edited Apr 2, 2009 2:19am
Here's my thoughts on the Cad Daily PB.

Is it an A+ setup? No. Is it in the "A" category? I think so.

Would Mike take it? No way. Would Jim take it? Maybe, but probably not.

The barrier, I believe is the 1.2540ish Daily PPZ level noted by the green box. But I see that this barrier(1.2540ish) has lost its respect (noted by the plum boxes) where Price smashed through it several times.

A hard break of this level will confirm the setup for me. Let's see what happens. I'm in at 1.2564.

Are there better setups just around the corner? Absolutely. Is this a full position for me ? No.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #25,758
  • Edited 11:40pm Apr 1, 2009 11:26pm | Edited 11:40pm
very nice mike.

i try very hard to be general and not a hard ass about most things that get brought up in this thread.

im gonna be hard ass about this.

if you happen to read mikes post and your not buying it you should close up shop right now.

close your trading accounts and put your money in something like a good mutual fund or something similar. even a savings account would be fine.

at least you have a chance at keeping your principle.

jim

Quoting mbqb11
bundy is giving the cold hard facts. Most just don't want to hear it because it shatters the fantasy that is "forex riches" from your 10k account(well this thread isn't to feed BS, it is to prevent that). Can you build that account in the meantime and add to it, so that when you can trade profitably you make some money along the way. Of course this is exactly what I am doing, consistent profits, confidence, and building. But those that live in the US (at least where I am from) and need to double their accounts every year just to keep their head...
  • #25,759
  • Apr 1, 2009 11:30pm Apr 1, 2009 11:30pm
Quoting jarroo
...

The barrier, I believe is the 1.2540ish Daily PPZ level noted by the green box. But I see that this barrier(1.2540ish) has lossed its respect (note by the plum boxes) where Price smashed through it several times.

...
New info for me, I think I haven't read anything about this before.
  • #25,760
  • Apr 1, 2009 11:39pm Apr 1, 2009 11:39pm
Quoting arcus
New info for me, I think I haven't read anything about this before.
Its just an observation.

It may regain it's respect and bounce back up to 1.2700. I'm just looking for it to regain it as it breaks through and then act as Resistence.
Indicators show the past. Price Action "Indicates" the future.
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