james16 Chart Thread

U are right, sometimes I do that.
So how many % of the account do you recommend to lose before stop trading? Anyway H1 has one big advantage over daily or weekly, you will find out much faster if something works or it does not.

Hey Alter

Yes you certainly will find out if something works out faster in terms of a trade, but trading on the daily and hourly are two very different beasts. This is why James says work your way down, it isn't to prevent you all from getting there, it is to get you all there the right way.

Well firstly I hope you are on demo. But as per James:

 

1. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.

Obviously if you are in the demo phase, then you need to review and figure out what is going wrong.

Don't feel sad or shy about asking these questions. Let me say that you would not believe how many are reading this right now shaking their head saying that is me. And then they are getting the same realizations b/c YOU are willing to ask the questions. Believe me if you saw my inbox you would know you are NOT alone

Mike

Happy Birthday!
NL

Wrong cake Mike.................

HAHAH THE GODFATHER! You got me for NOW!




Good too see you man

Hi gus,
Happy 4y birthady.

I don't post here much as I'm more over the PF but you can see me reading all the post every day. This baby is growing fast.

I came across this great thread 6 months ago. that single moment changed my trading and my life.
All the people here are GREAT. No other word. Just so generous and kind = GREAT.
It should be a model of how people should act as human beings all the time without difference. GREAT.

As for Jim, well...
You are a blessed angel (with muscles ). Your spirit is here at all times. this is my biggest lesson.

Thanks,
Ady27

Happy birthday to James, Mike and everyone else here on this great thread

Happy birthday to James16 and crew


sohail

Strange: it's James16 thread's birthday, but we (those who are learning) are given the gifts every time we read the posts that experienced members use to write. The world upside down.
Must say again thank you very much and happy birthday!

hi all,
i'd also like to wish happy birthday to this thread and of course to all the great people here : James, Mike, Seeking, Jaroo, Raczek, Ghous and everyone else too. I don't post a lot here, but i do read all of your posts and they're just great, thank you for that.
Even if you're a member on the PF, there's no reason to neglect this thread, it's just as valuable as the PF and it has changed everything for me, just like it did for many others of you.

Happy Birthday and thousands of thanks

nonick/Alex

Another happy birthday message!

only been around for a few weeks but to echo what many have said - thank you all for your help! esp J16 himself for creating the beast!

Forums as friendly and informative as this one are hard to find on any subject matter!

thanks all again and happy birthday

thanku for teaching me how to trade. thanku for teaching me patience and for "waiting for the market to come to me" & "waiting in the bushes w/ my rifle in hand." more importantly, thanku for creating this global community where we all come together to exchange ideas and help each other achieve our financial dreams.
so any thoughts now to starting the "james16 hedge fund"? based out of ft. worth, tx w/ offices in london & sydney. you know we would out-perform all others. you could round up all the sr.'s here & together they would change the financial world as we know it.

The maximum allowable account loss will depend how comfortable you are. For me, if my account loses 8% of the initial value, I will stop trading and go through several steps I've already put in writing. I do this for a few reasons... First, it will prevent me from going tilt (trading to get it all back)... Second, it will let me take a breather and figure out what I'm doing wrong. Finally, it will allow me to feel good about myself because I will be following my rules. Sometimes our account loses value simply because probabilities state that we could have good setups fail... maybe several consecutive trades. But other times, our account loses value because of poor habits we form: start taking poor setups, change our exit strategy without first testing, increase risk %/trade, etc. Taking a step back will allow us to figure out the source of the losses...

Stick with it Alter. Keep asking questions. Mike is right. I have gone through what you are going through now. I hope I'm done with that phase, but it is something we must always be aware of. We all gain value when senior members, aka, Mike, answer these hard-to-ask questions.

Thanks,

Josh

Happy birthday J16 thread. Jim and company, keep up the good work!

I don't post much, but I am lurking here all the time, making sure to reach each new post.

I have been doing some back testing, and noticed on the EURUSD, the most likely 4H P/A set-ups occur on the bars that close at 6AM and 10AM New York Time. P/A does occur on other 4H bars, but they do not seem to be nearly as reliable.

I want to keep track on this across the different pairs. It makes sense, a bulk of the EURUSD traders will be trading during these two times. Where as the Japanese market times probably give favorable trades to the JPY pairs, where not so much with the EURUSD. I will find out for sure as I back test.

Also, something else I noticed a few weeks ago and did not want to clog the thread with. Before big news times, we have seen Daily set-ups occur a day or two before the big news. Then the following day or even two days before the news is released, the P/A is either not triggered (high/low is not broken), or they are triggered and then retrace looking like a bad trade.

It appears this is just the big money positioning their bets as they believe how the news will effect the markets. Because as the news comes out a few days later, the P/A will work, big time.

This occured at the last big news, and I cannot remember all the pairs it occured on. I put an order on one pair (cannot remember) and it just was not triggered the following day (which was a Thursday). Then Friday was the big news day and the P/A played out VERY strongly.

I do remember that one pair that did this was the USDCAD. James16 took this trade and cut it short taking a small loss. It showed a Pin Bar on Wednesday. Thursday it barely broke and then went almost to the very end of the pin bar. Then on Friday it took off as we would expect.

I believe it was the big money placing their bets (which on a chart shows as a Pin or a Outside bar), and then waiting a few days for it to pay off.

Just wanted to share!

Thank you!

T.J.

Here's my sell limit....
not sure if we get that high.., but it would be very nice...
Aiming @ 3460 for now and beyond (July-August)
.

Congrats on 4 years. Four more years! Four more years!

Happy birthday James . . . this truly is a phenomenal place. I wouldn't be where I am without the knowledge you have shared. And I know I still have a long way to go . . .

Could this be classified as a Rac Attack special?

Jim for President!

I joined the Factory a year after this thread fired up. It seems longer than that to me.

When I first poked my head into this thread, I was fairly certain that I had run into a bunch of charlatans and pretenders. Yep. I mean, come on - where are the indicators shining brightly to illuminate the way?? Who were they to be so confident? Pass the snakeoil!!

Six months pass. I watch very carefully, measuring the people and the results because the Internet is a dangerous place... Joined the PF and never looked back.

I can trade, I can trade, thank God almighty, I can trade!

Big WOOT to all on the thread. The finest place on the Internet. As much as Jim has poured his heart and soul into this place, it is the community of like-minded individuals that has made it into the fine institution it has become. It is YOU, you reading screen right now that has turned this thread into the shining example it has become.

And I don't think Jim would mind me pointing that out.

how the heck did you do that?

i almost fell out of my chair. lol.

thanks rac.

jim