james16 Chart Thread | Page 1807 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #36,121
  • Jul 3, 2009 3:57pm Jul 3, 2009 3:57pm
Quoting bobability
It's all about the percentage 'y'all..
can't FF handle Bob's matter like this example?


500 blond girls at a contest:

Quiz master to blondie:

this question is for 100.000 dollar.

How much is 3 + 4?

Blondy thinks for a while and the answer comes: EIGHT

Wrong, the Q master says, sorry you lost.

500 blond voices shout:
give her an other chance , give her an other chance , give her an other chance

Ok Ok the Q-master:

Question : How much is 2 + 5?

Blondie thinking and after a while she answers : SIX

Wrong, sorry you lost:

But the Blondie crowd shouting again:
give her an other chance , give her an other chance , give her an other chance

Q-Master: Ok but this is for the last time:

Question: How much is 6 + 1?

SEVEN...... Blondie says!

the 500 blondie crowd:
give her an other chance , give her an other chance , give her an other chance

have a nice weekend
just give bob an other chance.....

mea
  • #36,122
  • Jul 3, 2009 3:58pm Jul 3, 2009 3:58pm
Quoting ikki
I second that...

Remember guys this a method, not a System. Develop your own system depending of your style and personality. That's why this thread it's fantastic.
I sure has jim's blessings on me, his teachings about price formation is simple and straight. His teachings on this thread is worth.....PRICELESS because he told the REAL truth about how Mr. Forex should be traded. I will say it again..... JIM has revealed how Mr. Forex should be traded....... Hoping to join the real party in the PF
Respect a man, and he will do all the more.
  • #36,123
  • Jul 3, 2009 4:11pm Jul 3, 2009 4:11pm
First holiday beer down. Many to go. Positivity breeds positivity. Have a happy 4th yall!
  • #36,124
  • Jul 3, 2009 4:42pm Jul 3, 2009 4:42pm
Quoting mbqb11
First holiday beer down. Many to go. Positivity breeds positivity. Have a happy 4th yall!

Are you even old enough to drink?

  • #36,125
  • Jul 3, 2009 4:49pm Jul 3, 2009 4:49pm
Quoting mea
Tia

With all due respect, but I just can't agree with you.

The $ 60 loss can be the 1 or 2% MM risk the trader put in his trade.

the $ 30.000 loss can be the 1 or 2% S/L risk the big account put in his trade!

Is it, you like us to believe that MM is only for small account traders, but not apply for big account trader this does not make sense.

Can you explain this,
also i ask James to explain his take on this,
I always was wondering about his point of James
explanation big account small account, there should not be no difference at all...
1% is 1%....doesn't matter the size of your account. I know a lot of the members have been remarking about this one, and it seems to be gaining traction. Once you think in percentage terms, it changes everything.

I went from a small account to about a year's worth of salary, and use the same fixed percentage - you have to....otherwise your selling yourself short.

CW
  • #36,126
  • Jul 3, 2009 5:15pm Jul 3, 2009 5:15pm
Quoting mbqb11
First holiday beer down. Many to go. Positivity breeds positivity. Have a happy 4th yall!
We don't celebrate 4th here in Glasgow but I will use any excuse to drink beer, happy Independence day! Good trading to all.
Economists have forecast 9 out of the last 5 recessions
  • #36,127
  • Edited 5:41pm Jul 3, 2009 5:19pm | Edited 5:41pm
Quoting mea
Tia

With all due respect, but I just can't agree with you.

The $ 60 loss can be the 1 or 2% MM risk the trader put in his trade.

the $ 30.000 loss can be the 1 or 2% S/L risk the big account put in his trade!

Is it, you like us to believe that MM is only for small account traders, but not apply for big account trader this does not make sense.

Can you explain this,
also i ask James to explain his take on this,
I always was wondering about his point of James
explanation big account small account, there should not be no difference...
I'm probably not being clear about this. Let's get one thing straight.

No one is saying the MM should be any different with a big account. 1% is 1%. So when you have a million dollar account you are risking $10,000 per trade (if you risk 1%).

You can of course choose to risk less if you want to but neither James nor I are saying that you should risk less with a big account. As Clockwork said 1% is 1%.

This is about emotional tolerance for drawdown.

If you have a $3000 account and your trade goes 85% of the way to its stop loss, you are going to feel different than if you have a million dollar account and the same thing happens. I know it shouldn't make a difference to the psych. It just does. And I think (this may be controversial) that anyone who hasn't traded a large account just cannot appreciate this.

Those who trade larger pip values (I'm one of them) will tell you that there is an added psych component to trading a large account. That's why James hates his losers and gets to BE quick. It's just a lot of money.

I'm not advocating that anything should be different at that level in terms of MM. I am just saying that there is an added psych hurdle. James would say that a large account makes you treat your losses with respect. He personally wasn't able to do that with a smaller account. Which is why he kept blowing those smaller accounts.

So in answer to your question, the MM stays the same no matter where you are. But the psychological challenges are different when it's a lot more money. That's why seeing it as numbers and probabilities rather than actual money made and lost can really free up people.

Losing 30 bucks on a trade and losing 30 grand on a trade just feels different. Even if they are both 1%. There is a psychological adjustment to increased pip values. Be aware of it and it won't take you by surprise.
  • #36,128
  • Jul 3, 2009 5:31pm Jul 3, 2009 5:31pm
I think one of the first things you learn in life is mutual respect in words and actions,nobody argues with result,if you are challenging a way of trading show us years of consistent result and people will blive you, delivery of thots matters alot in challenging a thinking pattern.

If this thread was bull sh....t,then while do people keep coming,when you challenge issues wth the wrong motive then you dont have results.




Quoting Adam James
Well that reply pretty much proves my point. Yes I'm annoyed, frustrated that you treat new people in this manner, and yes, I will get over it and move on, unlike this totally juvenille drivel on this thread.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #36,129
  • Jul 3, 2009 5:37pm Jul 3, 2009 5:37pm
I see some people complaining that a member was banned. It's even been said that all those who disagree are turfed out etc.

I just wanted to mention a couple of facts on this issue.

Mike, Jim, Clockwork71, Jarroo, Raczekfx ... all trade in completely different ways. Based on PA and SR sure. But if you go into their styles, they really have created such different methods from the basics here. They never get into fights about who's right.

I would also suggest you check out the post history of Ryanmcd.

Ryan came into this thread talking about trading the 5 Minute chart. He was pretty no-nonsense and almost abrasive in his post style. He ruffled a few feathers. There was even a fight or two. No one kicked him out. James leapt to his defence (which really does make a mockery of this idea that James is the higher timeframe guy who bans anyone who doesn't agree with him).

A history of this thread shows a huge amount of different styles, some controversy, disagreements, challenges.... the whole shebang. But abuse is not welcome. Thank God. There's a reason this thread is different from a lot of the others on FF. And a reason that a lot of the people who have had their lives changed by it still show up to post and help others.

James put it better than me "Be a prick and I'll kick your ass".

Nothing stops anyone from starting their own thread on this site. They can even link to it from here.

I consider courtesy and respect to be the foundation of this thread and am glad that there is someone at the gate ensuring that it is maintained.

Back to trading!
  • #36,130
  • Jul 3, 2009 5:43pm Jul 3, 2009 5:43pm
Quoting TiaForex
I see some people complaining that a member was banned. It's even been said that all those who disagree are turfed out etc.

I just wanted to mention a couple of facts on this issue.

Mike, Jim, Clockwork71, Jarroo, Raczekfx ... all trade in completely different ways. Based on PA and SR sure. But if you go into their styles, they really have created such different methods from the basics here. They never get into fights about who's right.

I would also suggest you check out the post history of Ryanmcd.

Ryan came into this thread talking...
Jims thread, Jims rules. The rules are very fair and unless you are a real a-hole, your posts will be tolerated.
Economists have forecast 9 out of the last 5 recessions
  • #36,131
  • Jul 3, 2009 6:21pm Jul 3, 2009 6:21pm
have a good time, my friend

Quoting mbqb11
First holiday beer down. Many to go. Positivity breeds positivity. Have a happy 4th yall!
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #36,132
  • Jul 3, 2009 6:33pm Jul 3, 2009 6:33pm
in 5 years -

i have banned one person personally and have never asked for anyone to be banned.

i go out of my way to be low key about the group.

I have no idea who runs this place or even the company behind it and i have been here since virtually day one.

I AM NO DIFFERENT THAN ANY OF YOU.

The only priveleges i am given here is my title as preferred partner (WHICH I NEVER ASKED FOR) and due to that title im given a little leeway in some areas.

I could scream everyday about the group and i would probably not be called on it but guess what?

I dont and i never will.

why? BECAUSE I FREAKIN RESPECT THIS PLACE AND ALL THE HARD WORK THAT HAS GONE IN OVER THE YEARS TO KEEP ASSHOLES AND IDIOTS OUT.

i always try to give people a chance to show there true colors because we all make mistakes.

Forex Factory MUST keep out assholes.

Assholes will turn the place into a hell hole and then new traders will no longer feel safe to come here and learn.

Anyone familiar with the hell hole called moneytec? you cant say anything there without being insulted, cursed at ot accosted.

Is that what some of you really want?

FOREX FACTORY IS GREAT BECAUSE OF ITS DEFENSE MECHANISMS.

Without them i would be gone tomorrow along with most others here that have helped this place become a great place to learn.

It has nothing to do with free speech.

question or challenge me on anything but do it like a man and not a punk kid.

Jim
  • #36,133
  • Jul 3, 2009 6:35pm Jul 3, 2009 6:35pm
yes bob is not just bob.

i wont go any further than that.

jim

Quoting SomTam
I have feeling that 2 bob**** are one and same peopple in forum.

Picture he did post look so familiar with the style of it

http://www.forexfactory.com/showthread.php?t=176451
  • #36,134
  • Jul 3, 2009 6:43pm Jul 3, 2009 6:43pm
Quoting clockwork71
1% is 1%....doesn't matter the size of your account. I know a lot of the members have been remarking about this one, and it seems to be gaining traction. Once you think in percentage terms, it changes everything.

I went from a small account to about a year's worth of salary, and use the same fixed percentage - you have to....otherwise your selling yourself short.

CW
Ty, conf. my point! this is what I did not understand when James mentioned in his webies to say he might take profit more earlier than somebody with a small account, but does a big account not have to have the R:R in place.
Maybe I do not get the point right what James try to say?

best
mea
  • #36,135
  • Jul 3, 2009 6:46pm Jul 3, 2009 6:46pm
James sinse you are online would you be willing to answer the RR question?
  • #36,136
  • Jul 3, 2009 7:06pm Jul 3, 2009 7:06pm
Quoting James
in 5 years -

i have banned one person personally and have never asked for anyone to be banned.

i go out of my way to be low key about the group.

I have no idea who runs this place or even the company behind it and i have been here since virtually day one.

I AM NO DIFFERENT THAN ANY OF YOU.

The only priveleges i am given here is my title as preferred partner (WHICH I NEVER ASKED FOR) and due to that title im given a little leeway in some areas.

I could scream everyday about the group and i would probably not be called on it...
Point is this thread is free and its worth its weight in gold. Anyone can read it and learn, whether they goto the private forum is up to them, I have never ever felt pressured to join the pf.

I joined because I knew I didn't have time for a mentor 1 to 1 and the private forum is the next best thing.

Ive said this many times but the videos alone are something I will regard as precious knowledge.
Economists have forecast 9 out of the last 5 recessions
  • #36,137
  • Jul 3, 2009 7:12pm Jul 3, 2009 7:12pm
Quoting mea
Ty, conf. my point! this is what I did not understand when James mentioned in his webies to say he might take profit more earlier than somebody with a small account, but does a big account not have to have the R:R in place.
Maybe I do not get the point right what James try to say?

best
mea
Because someone with a small amount might not be as satisfied with a small gain, when say for instance, it is only 20 bucks or so. Someone with a smaller account may not be satisfied with the 20 bucks, so they will look to hang on and hope to gain more out of the trade, going against their trading plan. I
  • #36,138
  • Jul 3, 2009 7:53pm Jul 3, 2009 7:53pm
Hey Mea,

The amount risked and the profit target do not tell the whole story.

The extra figure that helps add everything together is the win rate.

When win rate and RR are combined you get a true picture of your trading. If James16's win rate is around 95% (and it is) he doesn't have to worry about RR.

Now if your win rate is 50% then your RR has to be 1:1 to break even.

It comes back to comfort zone. And this is where the large account makes a difference. Let me try and explain with a couple of scenarios:

Let's say I have two ways of managing my trades:

In the first style, my winners could average 0.3 times my risk (0.3R) and I could win 95% of the time. That means that over a hundred trades, risking say 1% a trade, I would make 23.5%.

I the second style, I could average a 1:1 risk to reward ratio (making 1R on average per trade) and my win rate could be 61.75%. Which means, over a hundred trades, averaging 1% a trade, I would make.... you guessed it 23.5%.

I made up this example to illustrate a point. RR is taken in consideration with win rate. Two drastically different RR approaches, with different win rates, can result in exactly the same profit. This is where Van Tharp comes up with his expectancy formula.

So you get to choose, from the many different approaches, one which fits your comfort zone. You can see how two different styles can produce the same profitability. So then it comes down to asking yourself whether you are more comfortable with a high win rate or whether you prefer a lower winrate but to make more on each trade?

That's where the large account comes in. It's just going to affect this choice. Your comfort zone will be different. James doesn't like to lose. And he doesn't like to see his trade go twenty or thirty grand against him. So he has found a style that suits his comfort zone. And crucially, it makes him just as profitable as someone who has a lower win rate, higher RR strategy.

So it's all about comfort zone. And in answer to your earlier questions, both styles involve the same 1% risk.

The final thing to factor in is frequency of opportunity. No point building a great system if a trade only appears twice a year.

As you see, all these things balance each other out. There are so many ways to skin a cat in trading, and many many ways to be profitable. If you put the various styles of trader on this thread under the microscope you will see great variety in win rate and risk to reward, but all the seniors will be profitable. They have found a way of taking this material and making it work for them so that it fits their comfort zone. I would even go so far as to say that if you pick a style that you're uncomfortable with, just because it's more profitable, then you're going to end up screwing it up. Finding what fits your personality is an ongoing part of the learning process. And another great reason for reading this thread all the way through. You see the evolution of many different traders.

The point James is making is that account size is going to affect what is comfortable for you in terms of trading. That's all.

I hope I explained that okay.
  • #36,139
  • Jul 3, 2009 8:01pm Jul 3, 2009 8:01pm
Quoting raczekfx
Adam James? ...
Looks like Rac's crystal ball extends to more than just the markets....
  • #36,140
  • Jul 3, 2009 8:13pm Jul 3, 2009 8:13pm
Quoting TiaForex

I hope I explained that okay.
Damn Aaron, i wish i could express my self in words like you do.. Those last few post are fantastic. Thanks man.

Jim, i agree, two things make great the FF:

1- The people like you, Mike and all the seniors that really want to help because u care about the new traders.
2- The moderation that provides a nice and clean enviroment for the people in point 1 to help and share.

Have a nice weekend all and a happy 4 of july to the people on the US.

Cheers

Mat
32 traders viewing now