james16 Chart Thread

great, ghous, now I understand better your points. sorry to bring you into this lengthy response.

My pleasure.

Just abt as simple as it can get.

Last chart for the year.

Have a great xmas and new year ppl.

ghous.

I got it all now.

I had this moment several times before,

1- I traded with Philip's 4H macd, Demoing for 2 months successfully and when i got hang of it i switched to J16 PA and tried to mix BOTH and failed.

2- I left all the indicators and started trading PA alone But after a short time I switched to Jankone M5 and this TF proved to be to stressful and i failed again.

3- I came back to Basic Large TF PA but again i switched over to Rac's style.

I hope it's was the last bump i had But every time i fail i come back to basics and start all over again you can call it determination if you are learning from your mistakes otherwise repeating the same thing over and over again is curse.

Now this time around i am really serious about it and i hope for the best cause this time i am doing it on DEMO for a long period with Daily/Weekly TF.

P.S i had a slight idea what happened to you cause i saw your questions in his quotes regarding his style when i was going through his posts.

Thanks for the replies.


I am interested in learning how to better trade the sideways market we so so much of.

I guess, that is the bread & butter of forex as the market ranges a great deal more than it trends.



Still waiting for a reply from J16.

I can't contain my will to learn............! loL

A good thing I suppose, I just get carried away with it.

Many thanks people.

Marry Christmas and Happy New Year to all

Nasir,
Relax buddy it's a long road and the market isn't going anywhere. I am in the same boat as you. I got no credit, no degree, no skills, this is my only real shot I have at a decent income. You will eventually piece together a trading style all your own that suits you. I just keep trying that's all I can do.

This is what I would love to see happen, but remember the market doesn't care what you would like to happen or what you want or need to happen.

If this plays out as shown I will short this with a vengeance at that level.

Get your pips everyone before Obama takes those too and tells us what color our bars in our charts have to be per standard government requirements.

Nathan

Ghous, you are preaching it loud and clear brother! That fragile moment after a little success. So true.

I had my ass handed to me in the last week and a half of trading. I had had my best two weeks ever, through discipline and patience. And then I got confident, cocky and sloppy. I followed tips, I broke my rules. And I pretty much gave everything back.

Ouch.

Ghous you outlined the process so clearly. We all focus on learning the material because that's where the energy goes when we come in. And then after a while we get good, and we start to post charts that have people clapping their hands etc. We advance to the next stage by learning.

And this is where I have experience of hitting problems, Ghous too by the sound of things. Rather than sitting back and saying "okay, now rinse and repeat" we start learning the next thing, because after all learning got us here in the first place didn't it. So we all jump down timeframes, we're all over Rac's amazing work, we touch trade. And then we of course blow ourselves out of the water. Or worse, we succeed. And then we're juggling all these plates and we're a blowup waiting to happen.

It's a gear change really. Which is that after learning learning learning, when we know something works we just need to sit there and let it work for a few months before learning anything new. But then the voice comes in "well seeing as I am just sitting here waiting for the setups to appear, I could take the time to read and learn more". I've learned the hard the way that this is a dangerous route to take because then suddenly before I know it the focus goes to some glitzy new method. And I am off balance. This is Jim's genius in asking us to start on the dailies and weeklies first. He wants us to learn how to wait. He wants us to learn how to do nothing.

The most dangerous feeling I have known in my trading is the feeling that if I just look hard enough there is money in the market every day. I'm not saying seniors can't do that. But that feeling for me at my stage of learning is lethal. Makes me force trades rather than wait for the market to come to me.

Mike once said "If there is one thing I want to teach you guys it is to let the market come to you rather than be out there looking for trades" When the markets are trending strongly this is so tempting. "Hey I'll sell the Euro, why not it's tanking". But it can be lethal. I know, believe me.

Rustyjeff is one of my heroes. Hands up who glazed over, even slightly, when he posted recently about sticking to the dailies? It just isn't as exciting as seeing one of Rac's genius charts is it? But believe me it's where the money is. If you don't believe me, just compare your last month's results to Jeff's with those two daily trades alone. (I calculate them to be 8-10R in total).

We just don't want to hear the message. And I'm not lecturing, I just speak as someone who falls into this trap more often than I'd like. The dailies aren't just a kindergarten for traders who wait 1 month for an A+++ trade. There are ways of trading those dailies that can yield huge results. In fact I think it's fair to say that a lot of Rac's trading is daily/weekly based. Then he drills down for a trigger.

I feel like I am not quite expressing myself as clearly as I'd like so go back and read what Ghous said.... It is amazing how the learning curve seems to have the same stages for all of us. And I'm at the same place as you Ghous. Keep it simple, pull back and just sit patiently and let it play out.

Hey brother,

Thanks for posting that. Good to be aware of other folk's point of view, which have been watching you since the very beginning.

I will take that to my attention

Ben

Your post brought back memories. I was a breakeven trader for my first 18 months or so. I would make some $$$ and then give it back. I finally turned the corner when I found what works best for me and stuck with it.

I rarely post here as I am a high-frequency trader using the Daily and weekly timeframes for the most part and do not want to throw the newer people off. I often take a 50 pip profit on a daily trade. I'd say I average 0.75 trades per day off of the daily.

My point is... find what works for you and stick with it.

Scott

uh oh... this past week was my best week of trading so far... time to give it all back starting tonight

On a lighter note, I have been running the forextester this weekend, and had an amazing time on the weekly charts. I can say with certainty that I would be a considerably profitable weekly trader. That brings me to the flaw with forextester's software...


Patience. Using that program, I could set an order, stick my 50 pip trailing stop on the trade, and fast forward time until it died, then look for a new entry, stick a 50 pip trailing stop on it, let run until it's death... repeat and repeat.

Then I noticed something, for every trade I made, (I was demoing USDJPY in this example of the trailing stop) I was on the sidelines more than 90% of the time, just waiting for the right moment to attack (in other words, fast forwarding until I saw an ideal spot on the weekly or daily charts to find an entrance.)

so this weekend, the biggest rule in j16 finally became absolutely clear. Less is more.

I instantly went back to my MT4 platform and switched the timeframes from 4hr on all my pairs, to weekly... hahaha. In doing this, I spotted an excellent missed opportunity on EURJPY from last week.... which I never even saw coming because the data I was monitoring was ZOOMED IN, way too far.

In my case, more is more but what works for person A may not work for person B. Perhaps my style works for me because I have little patience? LOL

Scott

I strongly believe it goes back to capital. If your account is very large, are you really going to be staring at hourly charts all day looking for set-ups when you KNOW one or two trades a month on the daily or weekly chart is all you need? Perhaps... but not me.

The reason I keep going back to H4 charts is the spread... with my account size, waiting for one or two trades a month/week is very little reward.

However... we do need to put all this in perspective! I say "we" but I really mean, ME. lol...

Patience IS the key... why do I take those "B" trades when I know an "A" trade is just around the corner? Because I have a small account and want it to grow!

"NOW! COME ON!... S%^&* I MISSED THAT... THAT WOULD HAVE BEEN $XXX.XX! *sigh* "

Then I get on this forum and see all these amazing trades! "F^&* I MISSED THAT TOO... Will I ever get this!?"

This is no different than so many other things we do... take working out. I come from a fitness background so I'm not talking out of my a$$. All the newbies go into the gym with their "Muscle and Fitness" magazine article "20 Inch Biceps in a Month!"... spend 2 hours doing 50 different exercises for biceps then return the next day and do it again. What happens to these folks in a month or two? Injured... or worse, they give up. Why? You don't need more than 20-30 minutes in the gym. You don't need to train a muscle more than once a week. PATIENCE... TAKE IT SLOW... and you will grow!

Unfortunately, you can't cheat in Forex like you can with the gym (i.e., steroids)... but isn't financial freedom worth it? I can do this... WE can do this.

Lol.... I never compared trading to working out in that way.... but you're right. get that 1x muscle/week routine going and you are doing exponentially better than the guy who trains the same muscle group 3-4x/week....

AUDCHF DAILY

My account is not that large yet (4 digits). All of my analysis is done on daily/weekly. Although, I did take one 15 min. trade this month but that was based on what I saw on the daily timeframe. I believe James refers to what I do as day trading the daily timeframe.

Scott

it will take a while... he's already taking well deserved Christmas break...away from the 'civilization' or I should say what's left of it...

Before anyone jumps with an answer, let me ask you, why would you want to trade market like this?
You will get killed 98% times and your account will go down in value with a lightning speed.

We've got dozens of good markets to trade and at any given time there are always few ,that trend nicely. It's the easiest money. I would spend my energy to capitalize on them first, if I was just starting out...

On the other side, those who master sideways market, ..will never look back...
.

Very true. I prefer sideways markets.

Apart from the fact that it's December and 4 days before Christmas, what do you reckon to NZD/CHF (daily)?

My inclination would be we're very likely to see this one fail without price re-testing the upper trendline. Why? We're clearly into a down-trend now and the NZD/USD monthly is very bearish so we're likely to see the Kiwi weaken. Not so sure where the Swissy is headed tho as it's currently weakening against the dollar also.