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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

  • #44,161
  • Sep 18, 2009 3:47pm Sep 18, 2009 3:47pm
Quoting benji533
My trading style is the simplest it can get. All the recent posts about why and why are in purpose to prevent using things which I can already get from simple charts with only price bars on them.

What makes real money so different from demo I may ask? The only thing is psychology AKA emotions. Right?

Can you please explain it a bit further? how do you see the difference, and how do you deal with it?

Thanks,

Ben
In my limited experience, I'd say that there's no way to describe the difference between demo and live. It has to be experienced.

If I was to try to explain the difference, I guess you could say that demo is a video game where it doesn't hurt one bit if you die a horrible death. If that video game was in real life we'd run for shelter with pounding hearts.

For me going live was a slap in the face and it took a while to adapt.

I had no idea my discipline lacked so much until I went live. In demo I was God, like so many others. Then reality set in. Now I've learned and now I understand why experienced traders will say that it's all about psychology (your own and that of the market).

I have no doubt you'll adapt and do just fine, well, probably better than fine.
  • #44,162
  • Sep 18, 2009 3:54pm Sep 18, 2009 3:54pm
Quoting Jlr
It amazes me people just blow up their accounts. If your trading poorly, step aside and practice jeesh. I know months back I was struggling, and I was down maybe 7 percent or so on my account after a longish period of trading. Realized I was trading really dumb and I withdrew my cash to prevent myself from making the problem even worse and began to actually practice, best decision I ever made.
Spot on....I spend far more time back-testing than I do in placing actual trades.

There was a newsletter than came out last year from a trader said trading was like being a musician....or words to that effect....99% of the time you should be practising your craft to attain perfection...1% of the time performing.

Discipline and patience....
  • #44,163
  • Sep 18, 2009 3:54pm Sep 18, 2009 3:54pm
It's all about how you will deal with it. Nobody else matters.

Everybody has different circumstances/financial pressures and emotions. It's an interesting journey you have in front of you :-)


Quoting benji533

Can you please explain it a bit further? how do you see the difference, and how do you deal with it?

Thanks,

Ben
  • #44,164
  • Sep 18, 2009 3:59pm Sep 18, 2009 3:59pm
Quoting benji533
Playing something just because in the past it worked more than failed, is gambling. You may make money from gambling, but it is still gambling. I hate gambling. I don't want my living depend on gambling.
Although people don't like to equate trading to gambling they are similar in the sense that you are playing a game of probabilities. Most Gamblers are just entertaining themselves and hoping to get lucky. For professional gamblers it is a business. Take for example the blackjack player with a proven system and good money money management. This person is playing the probabilities and controlling their risk and that is what traders do. You wait for the setups that put the odds in your favor, place your trade, and control your risk.

Personally, I don't see a whole lot of difference between the professional gambler vs. the professional trader. Once you've put the odds in your favor the house will lose. The really good traders can actually become the casino, now there is something to strive for.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,165
  • Sep 18, 2009 4:00pm Sep 18, 2009 4:00pm
Quoting o990l6mh
In my limited experience, I'd say that there's no way to describe the difference between demo and live. It has to be experienced.

If I was to try to explain the difference, I guess you could say that demo is a video game where it doesn't hurt one bit if you die a horrible death. If that video game was in real life we'd run for shelter with pounding hearts.

For me going live was a slap in the face and it took a while to adapt.

I had no idea my discipline lacked so much until I went live. In demo I was God, like so many others. Then reality set...
Hey buddy,

It starts to make me curios again. I think I will open a micro account of 1K like I planned to do one month ago.


Then it will still be a kind of a video game....get into the cold water slowly...


Ben
  • #44,166
  • Sep 18, 2009 4:06pm Sep 18, 2009 4:06pm
Quoting benji533

PS - I know demo is different. But only psychologically. I'll pass it as well when time comes
I hope so!! That way I can say: "I remember Benji when..." when I am out on the porch talking about the 'old days....

BTW -

Quote
But only psychologically.

That is the whole enchilada. The foundation you are laying is solid, and required, but remember, when the structure gets built on top of it, the stuff below is hidden away.

tell you what - find a way to get live now with a small account. The experience will pay you richly in the future - if you survive the mandatory military stint in front of you.
I'm pretty much done with all this ...
  • #44,167
  • Sep 18, 2009 4:08pm Sep 18, 2009 4:08pm
Quoting mbqb11
Hey Turnip

We use a buy stop or sell stop above the high/low of the bar. So If you are going long you can place a buy stop above the high(or some form of that if you want to put a limit on it to prevent slipping or bounds etc).

Is that what you were asking?

Let me know
Mike
Excellent...just what I wanted to know. Many thanks.
every Saint has a past. Every Sinner has a Future
  • #44,168
  • Sep 18, 2009 4:09pm Sep 18, 2009 4:09pm
Quoting Ryanmcd
Yep and that is why I like it to be less then 10 bars on the 5min because the longer it gets the less it works or at least what I have seen, Hell if you go back far enough you can get a 95% loss rate off of divergences.
Sounds like the fixin's for a trading plan to me....
I'm pretty much done with all this ...
  • #44,169
  • Sep 18, 2009 4:10pm Sep 18, 2009 4:10pm
Quoting benji533
Hey buddy,

It starts to make me curios again. I think I will open a micro account of 1K like I planned to do one month ago.


Then it will still be a kind of a video game....get into the cold water slowly...


Ben


Getting into the water slowly is a way of torturing yourself! Especially when you get to where your trunks are getting wet. Brrr. It's better to run and get it over with!

But in trading it might be a wise choice
  • #44,170
  • Sep 18, 2009 4:11pm Sep 18, 2009 4:11pm
Quoting Ryanmcd

P.S. The 1st 4 people I showed the market too turned 100k into over a million, after they went live they all quit and blew up in 3 months, accounts range from 5k - 45k with me showing them the exact same trades I was in and when I got out, they though they could do better so did not listen to me. They still enjoy their day jobs.
Goodness no... jeeze, that hurts to the bone.
I'm pretty much done with all this ...
  • #44,171
  • Sep 18, 2009 4:24pm Sep 18, 2009 4:24pm
Target 1.0300
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  • #44,172
  • Sep 18, 2009 4:33pm Sep 18, 2009 4:33pm
just woke up in Australia. So just read the posts, Cool post josh, its not a complete disaster at least you moved your stop to b/e so you might b a little hard on yourself, I know its still frustrating but its all a learning curve

update of my monthly gdpchf IB break in the falling downtrend.
first target hit at 1.67
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  • #44,173
  • Sep 18, 2009 4:34pm Sep 18, 2009 4:34pm
Quoting StoragePro
I hope so!! That way I can say: "I remember Benji when..." when I am out on the porch talking about the 'old days....
I'll do my best

Quote
BTW -



That is the whole enchilada. The foundation you are laying is solid, and required, but remember, when the structure gets built on top of it, the stuff below is hidden away.

tell you what - find a way to get live now with a small account. The experience will pay you richly in the future - if you survive the mandatory military stint in front of you.

Yep...need to catch my dad and make him open an account on his name for me first...can be a bit annoying

Quoting o990l6mh


Getting into the water slowly is a way of torturing yourself! Especially when you get to where your trunks are getting wet. Brrr. It's better to run and get it over with!

But in trading it might be a wise choice
LOL
  • #44,174
  • Sep 18, 2009 5:02pm Sep 18, 2009 5:02pm
Quoting StoragePro
Sounds like the fixin's for a trading plan to me....

hey hey hey... Ryan dont make too easy..

next thing Rac will be listing rules or something.....
  • #44,175
  • Sep 18, 2009 5:10pm Sep 18, 2009 5:10pm
6.10am.....

Quoting fxprocessor
It's all about how you will deal with it. Nobody else matters.
Everybody has different circumstances/financial pressures and emotions. It's an interesting journey you have in front of you :-)
Pressures.... hahaha
that's me right now. i hate AND love pressures --- Challenges

Quoting benji533
Hey buddy,
It starts to make me curios again. I think I will open a micro account of 1K like I planned to do one month ago.
Then it will still be a kind of a video game....get into the cold water slowly...
Quoting StoragePro
I hope so!!...
tell you what - find a way to get live now with a small account. The experience will pay you richly in the future - if you survive the mandatory military stint in front of you.
yes try, even a very small one. $1 - 50.
it'll be awesome if u can immediately replicate your current performance.

Quoting StoragePro
Goodness no... jeeze, that hurts to the bone.
LOL. i initially thought it was a great story with a good ending.... NOT!
Very inspiring story nonetheless.
  • #44,176
  • Sep 18, 2009 5:15pm Sep 18, 2009 5:15pm
is forex factory screwed up right now or is it just me.

everything is solid white.
  • #44,177
  • Sep 18, 2009 5:15pm Sep 18, 2009 5:15pm
Quoting benji533
I'll do my best



Yep...need to catch my dad and make him open an account on his name for me first...can be a bit annoying



LOL

Just do it.. Ben..
If you do nothing but repeat what you have been posting you will be well ahead.. thats how I started.. actually my first acct was $500..it went up, then down to almost zero then slowly & steadily up over a couple of years till there was 5k...

then after proving to myself I could be responsible with real money I funded a larger acct. I now have 2 family members who I trade for along side of my acct. as well.


I still have that first acct & it still is up & down... Its where I test ideas or refinements on my current strategies. But I always trade the same way, the same rules on my real acct/family..

to make money thats all you have to do.. find something you trust & repeat it.. ask Mike, James, Ryan, Bemac. anyone who has traded well (not just traded) for more than 10 years.. I bet thats what they do...
  • #44,178
  • Sep 18, 2009 5:19pm Sep 18, 2009 5:19pm
Quoting james16
is forex factory screwed up right now or is it just me.

everything is solid white.
I think your computer needs a reboot
  • #44,179
  • Sep 18, 2009 5:19pm Sep 18, 2009 5:19pm
Quoting rustyjeff
to make money thats all you have to do.. find something you trust & repeat it.. ask Mike, James, Ryan, Bemac. anyone who has traded well (not just traded) for more than 10 years.. I bet thats what they do...
Yep.
  • #44,180
  • Sep 18, 2009 5:33pm Sep 18, 2009 5:33pm
Quoting StoragePro
Goodness no... jeeze, that hurts to the bone.
lol you know it too well.
Keep taking CT trades, I need more money
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