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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

  • #32,761
  • Jun 8, 2009 7:06pm Jun 8, 2009 7:06pm
Quoting 4fun
. I watched a old fellow trader lose 160k in one day and lose a 8 million $ account in 6 months playing options in 1999 - 2000
Hope he had enough left for a few cases of good scotch ouch!![/quote]


This dude went FULL tilt, bought his wife a fake diamond because he lost all his money, then he started taking money from his church and now his in club Fed due to forging stock certs. Nice guy just had no clue how to trade and hit a nice bull market.
Keep taking CT trades, I need more money
  • #32,762
  • Jun 8, 2009 7:06pm Jun 8, 2009 7:06pm
Quoting Ryanmcd
Ya look up Wade Cook, they traded together LOL His name was Derick Lenord, "The Lenord Company" in SC. He was on one of his video's when he made I think 220k in 1 day off dell options, the never showed his big losses though. He was my 1st mentor so I was off to a good start.
Wade Cook (Wall Street Money Machine)? THAT Wade Cook?

K.I.S.S.
  • #32,763
  • Jun 8, 2009 7:11pm Jun 8, 2009 7:11pm
Quoting KissFan
Wade Cook (Wall Street Money Machine)? THAT Wade Cook?

K.I.S.S.

Yep that was him...
Keep taking CT trades, I need more money
  • #32,764
  • Jun 8, 2009 7:16pm Jun 8, 2009 7:16pm
Quoting Ryanmcd
Yep that was him...
I guess I'm still very green. I can't make much heads or tails out of that book. Bought it at a garage sale 10 yrs ago or so and pulled it out a few weeks ago to read again. All it did was make me wonder if he was for real. Don't know the guy so I'm not making any judgements.

K.I.S.S.
  • #32,765
  • Jun 8, 2009 7:19pm Jun 8, 2009 7:19pm
geez theres a name from the past. cook was big into covered calls and credit spreads among others. easy money for a few years and then kaboom.

i have all of cooks material but then i have everyones material since about 1980. lol.

remember rolling stocks? i must admit i made a lot of money playing the rolling stock strategy.

all of those strategies can be profitable IF you enter at the right time.

If you dont then its similar to slamming on your breaks 50 feet from a cliff at 50 miles per hour

or put another way...

it feels like every orrafice on your body is sucking real real hard on a lemon.

wade cook. wow.











Quoting Ryanmcd
Ya look up Wade Cook, they traded together LOL His name was Derick Lenord, "The Lenord Company" in SC. He was on one of his video's when he made I think 220k in 1 day off dell options, the never showed his big losses though. He was my 1st mentor so I was off to a good start.
  • #32,766
  • Jun 8, 2009 7:24pm Jun 8, 2009 7:24pm
Quoting james16
geez theres a name from the past. cook was big into covered calls and credit spreads among others. easy money for a few years and then kaboom.

i have all of cooks material but then i have everyones material since about 1980. lol.

remember rolling stocks? i must admit i made a lot of money playing the rolling stock strategy.

all of those strategies can be profitable IF you enter at the right time.

If you dont then its similar to slamming on your breaks 50 feet from a cliff at 50 miles per hour

or put another way...

it feels like every...
He has some diet book out now. That's something that would really confuse me. BTW. That's an oreo that I'm eating in my avatar.

K.I.S.S.
  • #32,767
  • Jun 8, 2009 7:27pm Jun 8, 2009 7:27pm
Sounds like he has plenty of time to write books on all subjects now lol!
  • #32,768
  • Jun 8, 2009 7:38pm Jun 8, 2009 7:38pm
cook came along at just the right time.

he had some knowledge. he had a trading community just getting started in large numbers on the web. he was a great salesman.

he introduced a ton of people to the markets.

folks you literally could not lose money in the late mid 90's on stocks. especially tech stocks.

daffy duck could have been a teaching hero in those days.

the crash came in 99 and 2000. that was a great thing for those buying puts etc etc etc... hardly anyone did of course. who wanted to take that side after the tech boom seemed like it would never end? put leaps were the answer and a few saw that. i actually had a few thank you very much.

some of the biggest money ive ever made on single trades. i almost felt bad it was so much money.








Quoting KissFan
He has some diet book out now. That's something that would really confuse me. BTW. That's an oreo that I'm eating in my avatar.

K.I.S.S.
  • #32,769
  • Jun 8, 2009 7:41pm Jun 8, 2009 7:41pm
Quoting krue
very informative chart, josh, thanks.

so, if the win rate is 90%, the probability of 2 consecutive losses is less than 40%, and 5% around for 3 losses in a raw. theoratically, this proves the feasibility to take 10-15% risk factor, if it were me, I think worth the adventure. however, it really depands on one's risk aversion profile to determine the strategy.

if we take into consideration other factors, then, reduce a little bit the risk rate to compensate the gap. Marco was asking 5%, isn't he? my point is that he probably can go a little bit...

I believe that your calculations are a bit off on the consecutive losses.
Although i disagree with the strategy to take on more risk as your win/loss ratio improves i would just like to clarify that at a 90% win rate 10% loss rate, 2 consecutive losses would only happen 1% of the time according to the Theory of Runs.

40% loss rate, the odds of 3 consecutive losses would be 6.4% .40 X.40 X.40=.064 and so on for other loss ratios.


Craig,
  • #32,770
  • Jun 8, 2009 8:01pm Jun 8, 2009 8:01pm
Waiting for the break of IB for short here. I'll post my trade when this happens.

K.I.S.S.
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  • #32,771
  • Jun 8, 2009 8:07pm Jun 8, 2009 8:07pm
Quoting krue
very informative chart, josh, thanks.

so, if the win rate is 90%, the probability of 2 consecutive losses is less than 40%, and 5% around for 3 losses in a raw. theoratically, this proves the feasibility to take 10-15% risk factor, if it were me, I think worth the adventure. however, it really depands on one's risk aversion profile to determine the strategy.

if we take into consideration other factors, then, reduce a little bit the risk rate to compensate the gap. Marco was asking 5%, isn't he? my point is that he probably can go a little...
I would say this. There's no one I would trust to pick a winner more than James16. He has been doing this 26 years. And he hardly ever goes above 3% risk.

If the big boys of the thread scream at us when we suggest 10% risk there's a reason. I'm all for testing to find different methods and ways of doing it. But if someone with experience is telling me that risking 10% is not just aggressive it's suicidal.....then he has my attention.

Besides, all this doesn't factor in the psychology. 2 losers at 20% down. That can be brutal. And also, when you have a fat account see how you feel when your trade is in 50k drawdown on 10% risk.

I think risking high amounts plays with your psychology, it plays with your trigger pulling and it plays with your trade management. It's simply not worth it when compounding with 1% risk can take you to the moon quicker than you know.
  • #32,772
  • Jun 8, 2009 8:23pm Jun 8, 2009 8:23pm
U/J last couple flags ran south for some decent pips
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  • #32,773
  • Jun 8, 2009 8:30pm Jun 8, 2009 8:30pm
i will even add this to TF's post. remember my 30 pip loss post a couple of days ago? that 30 pips wasnt even close to 3 percent. my 3 percent was based on the whole bar, my loss was 30 pips. i never lose anywhere near 3 percent. it is very unusual for me to lose more than 1 percent based on a 3 percent initial risk. its like insurance to me.

i like how ryan puts it.

"i kill the damn thing if it goes against me".

i dont care if it ends up being a winner and i got out early with a small loss.

im about not losing large chunks of money.

im about taking very picky entries.

im about most of my trades being breakeven or winners.

im about having a 100 pip winner be enough money to want to wave it in front of many of my bosses faces from many many years ago that told me i woulds never amount to anything if i didnt learn to shut my mouth and listen to those in authority.

I KILL THE DAMN THING IF IT DOESNT ACT LIKE JAROO STATES SO WELL.

"A great set up is A HIGH MOMENTUM SET UP".

Thats one of the finest statements ever made in this thread bar none.

A BREAKEVEN TRADE IS A WINNER TO ME.

when i calculate some kind of win/loss ration breakevens and winners both go in the win column and losses in the other.

i really only care about one part of the loss column. were they small losses?

as long as i can say yes to that question i will never have to get a job as long as i live.

thats if i have markets to trade of course.






Quoting TiaForex
I would say this. There's no one I would trust to pick a winner more than James16. He has been doing this 26 years. And he hardly ever goes above 3% risk.

If the big boys of the thread scream at us when we suggest 10% risk there's a reason. I'm all for testing to find different methods and ways of doing it. But if someone with experience is telling me that risking 10% is not just aggressive it's suicidal.....then he has my attention.

Besides, all this doesn't factor in the psychology. 2 losers at 20% down. That can be brutal. And also, when...
  • #32,774
  • Jun 8, 2009 8:46pm Jun 8, 2009 8:46pm
Quoting james16
...thats if i have markets to trade of course.
Uh..oh!

K.I.S.S.
  • #32,775
  • Jun 8, 2009 9:14pm Jun 8, 2009 9:14pm
Quoting james16
i will even add this to TF's post. remember my 30 pip loss post a couple of days ago? that 30 pips wasnt even close to 3 percent. my 3 percent was based on the whole bar, my loss was 30 pips. i never lose anywhere near 3 percent. it is very unusual for me to lose more than 1 percent based on a 3 percent initial risk. its like insurance to me.

i like how ryan puts it.

"i kill the damn thing if it goes against me".

i dont care if it ends up being a winner and i got out early with a small loss.

im about not losing large...
Being picky has got to be more than the "most" part of trading successfully with these PA bars. Some learn that the hard way, some learn it the easy way...but it all comes down to one thing. "THEY HAVE TO LEARN TO BE PICKY".

the way you put your posts Jim, you must know you impress a huge number of ppl,

For me learning trading has been a small part of all that you've taught me. There's a lot more on these posts and I am not sure if it's deliberate or built in in your wise words.

Thanks for everything....sometimes I can't help wondering why you're doing all this. Today when a brother kills his brother on legacy, a son fails to take his old father by his hand whose legs are wobbly and weak, the same father who once taught his child to walk...in this same era we have somebody like you (and ofcaorse many more from this thread).

I wonder how this relationship can ever be described.

"Describe a life changing incident?"

"Well, it's got to be stumbling across the james16 chart thread. A person I've never seen, a person I've never talked to, A person whose thousands of miles away from me has changed the way I live."

Strange...
I believe . . .
  • #32,776
  • Edited 9:59pm Jun 8, 2009 9:48pm | Edited 9:59pm
strange yes but i wonder about a lot of things.

where i stand was an inland sea and seashore several hundred million years ago.

you can go anywhere around here and find seashells from then. the damn things have been laying there for hundreds of millions of years. it boggles my mind.

about an hour south of here you can stand in a creek and look at dinosour tracks laid down 60 million years ago. the damn thing ran over that same spot 60 million years ago and would have eaten me in one bite. that boggles my mind.

about that time europe and the US were attached.

our rocky mountains took 10's of million of years to rise but guess what? there was an ancestral rocky mountain range in the same place that rose and was literally weathered away to flat ground over many many millions of years before the current range rose.

people gripe about global warming when its a complete and total fact that for most of earths history there has been NO POLAR ICE and much much hotter than now. regardless ice sheets will push there way south again like they have over and over for millions of years.

people kill eachother because they say that there god tells them they should.

people gripe in my country because life aint fair and want a free ride off the backs of achievers when they already live in luxury compared to 95 percent of the world.

its not if but when the next asteriod takes most life out again on this planet.

its not if but when a supernovae occurs somewhere close to us in space and it will be lights out baby.

its a complete and total fact that there are more stars in the universe than grains of sand on all the beaches on this planet and we think we are alone.

a mere 500 years ago we thought the earth was flat and now we think we know everything.

i honestly think the most mature and smart individuals in this world say three words a lot.

i dont know.





Quoting ghous
Being picky has got to be more than the "most" part of trading successfully with these PA bars. Some learn that the hard way, some learn it the easy way...but it all comes down to one thing. "THEY HAVE TO LEARN TO BE PICKY".

the way you put your posts Jim, you must know you impress a huge number of ppl,

For me learning trading has been a small part of all that you've taught me. There's a lot more on these posts and I am not sure if it's deliberate or built in in your wise words.

Thanks for everything....sometimes I can't help wondering...
  • #32,777
  • Jun 8, 2009 9:52pm Jun 8, 2009 9:52pm
Quoting james16
strange yes but i wonder about a lot of things.

where i stand was an inland sea and seashore several hundred million years ago.

you can go anywhere around here and find seashells from then. the damn things have been laying there for hundreds of millions of years. it boggles my mind.

about an hour south of here you can stand in a creek and look at dinosour tracks laid down 60 million years ago. the damn thing ran over that same spot 60 million years ago and would have eaten me in one bite. that boggles my mind.

about that time europe and...
this stuff keeps me up way to much. Then you start thinking about Space. Man, it freaks me out in a weird way, way to much
  • #32,778
  • Jun 8, 2009 10:04pm Jun 8, 2009 10:04pm
Quoting james16
strange yes but i wonder about a lot of things.

where i stand was an inland sea and seashore several hundred million years ago.

you can go anywhere around here and find seashells from then. the damn things have been laying there for hundreds of millions of years. it boggles my mind.

about an hour south of here you can stand in a creek and look at dinosour tracks laid down 60 million years ago. the damn thing ran over that same spot 60 million years ago and would have eaten me in one bite. that boggles my mind.

about that time europe...
that's deep, but oh so true . . .
"Don't trade to trade . . . trade to win." - James16
  • #32,779
  • Jun 8, 2009 10:12pm Jun 8, 2009 10:12pm
Quoting james16
strange yes but i wonder about a lot of things.

where i stand was an inland sea and seashore several hundred million years ago.

you can go anywhere around here and find seashells from then. the damn things have been laying there for hundreds of millions of years. it boggles my mind.

about an hour south of here you can stand in a creek and look at dinosour tracks laid down 60 million years ago. the damn thing ran over that same spot 60 million years ago and would have eaten me in one bite. that boggles my mind.

about that time europe and...
true.
I believe . . .
  • #32,780
  • Jun 8, 2009 10:13pm Jun 8, 2009 10:13pm
Um . . . not sure how to begin this post, but I'll try somewhere.

I am a humble farmer who lives in Idaho half of the year and in Alberta the other half of the year. My wife and I have been very blessed and have been given many opportunities in this life of which we are very grateful.

I have had the privilege of being around many EXTREMELY successful people in my 31 years of mortal life. I have close relationships with billionaires, millionaires, thousandairs, dollaires and every other aire you can think of.

However, I have been associated with this thread for 8 days now, and what I can tell you is that Mr. James16 has impressed me more so than many of the people I have been able to rub shoulders with during my short time on this earth.

He is an incredibly giving man with an exceptionally giving heart. I hope all of you who have been here for months, if not years, recognize the blessings you have of being tutored by this individual.

The last 8 days, I have found myself occasionally being jealous of those who have been students of this thread and its author for months and years. I am not into techy things. I don't have a cell phone, I don't use Facebook, MySpace, Blogger.com, or anything else. But this thread has had a strange impact on me the past 8 days. There are so many good, honest people willing to help, willing to give, willing to share that my emotions are close to the surface.

My goodness . . . I'll stop there. Thank you!
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