james16 Chart Thread

Hi Y'all,

Hope the trading is going well. I have just completed, after months of intensive study, the whole thread again! Will be leaving my lair soon to find out what year it is! How are things in the outside world?

As usual thanks go to Jim, MIke, Jarroo, Ghous etc, who are all generous people with their help and time. However I must admit that I have taken a lot of inspiration from following the progress of Josh, who is approaching this business in the right manner as prescribed by J16. Following a structured plan and building confidence by back-testing PA strategies is the way to go for all of us newbies. Josh, take a bow!

I am now at the stage of realising that the time for kidding myself is over if I want to make real progress, so I hope to follow in Josh's footsteps. To begin with that means trading the dailies/weeklies for the next 3 months only taking A+ setups, AND, backtesting my methods to build confidence in myself.

Look forward to becoming active on this thread again and will start posting charts from next week. Good trading to you all,

berti

way to go bertie I can assure you that if you completed the thread yet again you are taking this very serious. Josh is setting a great example and I am enjoying watching his progress as well

Best
Mike

[quote=bertie123;2673709]Hi Y'all,

Hope the trading is going well. I have just completed, after months of intensive study, the whole thread again!


STOP you're making my eyes hurt at the thought!
well done

Always lookin for a good freetrade setup the 4hr pin on chf/jpy fit. The daily trend is up and behaving with ascending tl very well. I am lookin for a position i can hold for awhile in a trend.I went in this trade 3% I know here comes a scolding @86.19 sl @85.43 76 pips to cover took 2% off at 40 pips so i now have a free 1% trade with 0 stress. Felt very confident this trade would go positive quickly I have a sl thats well protected. Most always I will close a trade completely but this had freetrade criteria all over it only time will tell run baby run!!!

Guys...

I commend you on rereading the thread Berti. There is just so much information in the thread, and my summary doesn't do it justice.

As I've mentioned before, and as you seem to be implying, is that I had gotten fed up with failing. In my case, I was trading stocks on their earnings day on a much smaller timeframe (1, 5min) during the first hour of the market. Now that is a recipe for disaster. I consider it a miracle that I didn't blow myself up.

Anyway, I forced myself to take a step back (easier said than done), stop trading, and look at the big picture. I was getting stressed out every day, trying to make a few $/trade and it was not getting my anywhere. So... I decided to focus on learning as much as I could. Read and studied Steve Nison's candlestick book. Then found this forum and was watching some of the currency pair threads, paper trading 15 min and 1hour. THEN I found this thread. The rest is history. I've now got a formal, written plan (I like to have formal rules, some might not). I figure that the people on this thread (James16, Mike, Bundy, Habeeb, Seeking, Jarroo, Rusty, Rac, Ghous is getting there, others sorry for missing you) all have been in my shoes. IT WOULD BE STUPID FOR ME TO IGNORE THEIR ADVICE.

Keep it up Berti, you are an inspiration to me too!

It's often said that we have to hit a bottom before we realize how to get out and to be successful. I see the goal of this thread as a method for new traders to catch themselves before hitting the bottom.

Thanks to you all.

Josh

I know its only April but to me its simple and obvious JDUESTER your the man. Your discipline,patients,attention to detail are really an inspirition to me I am placing a 5% long order on you with no sl cause we will never see you at this price again.From my point of view your ROOKIE OF THE YEAR.......

I'll put 10% on that trade myself. lol

If there is a detailed script to follow when starting to learn and understand this amazing thread, Josh is the MAN.

Wow strong Josh related love vibe going on in the thread at the moment . . .

Jigsaw reporting in for the Love ! , Good job Josh

http://4.bp.blogspot.com/_f98opUNuVX...00/happles.jpg

lots of love in this house today ....

Let´s see how this closes...
Spread is a drama on this pair, and it will eat up half of the room it has to go on its initial move...

RM

You guys are the best! Thanks for all the praise and encouragement! I love this thread. Everyone is so helpful. We all look out for each other and put in time to help each other progress. That just doesn't happen on many threads.

On a side note, I've been thinking a lot lately about how many trades/month seems realistic. I've been taking about 15/month so far, with 2% risk/trade, only daily/weekly. I know some of you take less than 10/month, while others take many more than 15, but look to exit/lock in B/E earlier. Plus most of you take 4 hour trades.

I'm starting to think that my number might still be a bit high (meaning I'm still not quite picky enough ). Consider this: If I make 10 trades/month and 7 are winners, then I can still make around 8% in the month. (assumes no compounding AND straight close of position at 1:1). My exit plan allows me to take reduce risk much earlier, so to minimize full 2% losses...It makes say 5% sound quite reasonable. I will NOT be setting monthly goals for trades or return, but it will be something I track, in order to watch to see if I start overtrading.

I guess it all comes down to trade management. A trader must take less trades (only the very best) if he/she is going to shoot for a longer term trade (Mike), while he/she can take more trades if the plan is to move to B/E after 30 pips (Jarroo). Both methods work and work well. But a trader must know what they are comfortable with and must trade accordingly. (This echoes a post that TiaForex posted not too long ago).

Josh

interesting read. tx F007
time to move to ducascopy..

Hey Nav !

Spend more time in thisthread, not that stinky Cable thread ! (Yuck!)

Please ?

Hey Doc,

Yeah it looks good alright, I don't trade this pair very often.

Hopefully it closes nice , I don't like that 1.25 though

Guess I missed all the good feelings going on here due to being buried DEEP in this thread from YOUR summary Josh. So add in my cigars and brandy and I'll take a 10% long on you as well...

I know you're modest about your summary Josh and that's commendable as well but I want to extend my sincerest thanks because having all those links in one place has seriously helped shorten my learning curve!!

While the "entire" thread is extremely important (into my second run through), Your effort has greatly helped this old builder to quickly set up a firm footing on which I'll now build a solid foundation. Your summary post is at the top of my browser's favorites folder...

This is funny. I was reading this paragraph and getting ready to post "I couldn't agree more, you're a wise man" and then I got to those brackets at the end....

It takes a while to uncover the kind of trader you are. I am still learning. But what James teaches here allows you to stay in the game while you find out. He teaches the most conservative, basic approach to build an account and build confidence. And then you can add your flourishes. Believe me, if you do it like James says and you have a long run of winners it just does the most amazing things for your confidence. It's been doing it for mine.

As I've always said, Mike takes a lot of his trades intraday and then waits for the juiciest 2 or 3 daily setups a month. Jim Jarroo prefers to day trade off a daily chart and so takes more trades, gets his stops to break even or takes partial profit quick and then hopes for a runner.

The key thing is, there is no right way.

Look at raczekfx. He trades incredibly aggressively but he's profitable. And I believe it's because he is trading a style that suits his personality. rustyjeff is incredibly comfortable with super short time frames and has been trying to train himself on the dailies recently (I think I read that jeff, apologies if I've misremembered). ryanmcd came in and shook things up with his style which involved the 5m chart. I am beginning to discover that I like day trading off the daily chart. Small moves, quick break evens, and hopefully I will start to widen what I trade to futures, metals, and equities; picking the best setups and taking small RRs on each one.

I found forex just under a year ago. I thought that with the "when you see the green button buy and when you see the red button sell" that I would make a fortune. I demoed and started to learn that that wasn't working. I've spent over a year studying and demoing, whilst doing my other line of work, and the time invested is really beginning to pay off. It takes a while to begin to see things simply. That's the benefit of time spent studying. it simplifies, simplifies, simplifies. mbqb11 has a set of rules that give him comfort. If his rules are broken, no trade. And he doesn't care if it goes to the moon. There will be other opportunities. He's happy, in his comfort zone, and profitable. What I most want to emulate is just how routine and easy trading is for him. No drama.

I've made so many mistakes along the way. I thought it would be a great idea to give some money to others to trade for me while I was learning this method. And I thought I picked people well. Guess how much I lost to the first guy? £23,000. That's right. I feel sick just thinking about it. And the total losses to date have been bigger.

But as someone said before, sometimes we have to fall hard to learn the lesson. Paying "trader tuition" in this way is avoidable if we follow James' directions, but it seems that so many of us didn't do it this way. Whilst it hurts, I am also encouraged by the fact that there are so many in this thread who have some horror stories of losses in trading. Then they found this place and now they do very very well. I am slowly on that path myself.

If anyone is new to this thread, there really is no way to convince you that this is more than just another "this really works" system on FF. But believe me, if you're reading this thread and taking it seriously you don't know how lucky you are. You are ahead of the pack. This is a market proof method, indicator free, simple and profitable. There are hedge funds that would kill for this information. I know. A friend of mine runs one of the biggest ones in London. But the best place to hide this "secret" is in plain sight, accessible to everyone, on a forum called forexfactory....

Sorry for being verbose fellas, and thanks for reading. But my heart really does overflow with gratitude when I think of what I learn here and how many people are willing to help. James16 and mbqb11 could confidently trade as well as if not better than anyone in the financial world. And here they are, helping us for free. That is special. And then the people they teach, end up helping those that come after. That is such a beautiful example of man helping his fellow man. And when I read the stories of those of you in different corners of the world coming here to look for better lives for your families, then my heart wells up. If you follow this earnestly, you know that this is no get rich quick, that you need to be well capitalised to make an income. But you're willing to sit here and learn the skills, and then share them with others.

It is truly a special place. And I am very grateful for it.

And if anyone is new.... read Jduester's post history and do exactly what he did....

Nice post Tia.
It really gets the message across.

Tom

Just food for thought...

I have completed 8 years of backtesting dailies on two pairs so far using all the J16 setups and even the odd IB. Not being too picky but sensibly conservative (whatever that means)
One pair produced 75 trades the other 61.

I'll let you do the math - scary isn't.


ps I won't even begin to tell you how many trades i have been taking a month though

well I guess if your watching 20 pluss pairs it should be alright

[quote=TiaForex;2674058]This is funny. I was reading this paragraph and getting ready to post "I couldn't agree more, you're a wise man" and then I got to those brackets at the end....


By the way very nice post Tia, very encouraging. I am only here for my 2nd week on this forum and after 2 years of trying every inducator and half the systems out there with out a doubt I believe this is the key to trading. Thank you all for sharing it and may the pips be with you.
Peter

Thanks Tia..you are inspirational