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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

  • #59,281
  • Mar 26, 2010 11:56am Mar 26, 2010 11:56am
Quoting james16
if you accomplish the following you would be the first i would personally know of in 28 years in this business.
hard to argue with that resume....

You can't ignore what someone with this much experience is telling you.
Many choose unhappiness over uncertainty.
  • #59,282
  • Mar 26, 2010 11:59am Mar 26, 2010 11:59am
Quoting james16
well you have my best wishes and i appreciate your time in the thread.

if you accomplish the following you would be the first i would personally know of in 28 years in this business.

1. start out with a small account.

2. start out on intraday and not blow your account.

3. or still be trading the SAME non blown account 10 years later.

wont happen.
I think if you go in guns blazing intraday, then you will inevitabley blow out, but taking A setups, small risk, then I don't see the danger, still treat like a business.




News was mentined , but all you do is stayout when news is due.
  • #59,283
  • Mar 26, 2010 11:59am Mar 26, 2010 11:59am
Quoting 4X=0
You can trade 10,000 units with a 250 deposit with OANDA. Max leverage is 50:1. This is $1 per pip to practice with. Put in $500 from your tax return and learn your lessons. Get a job. Keep practicing.

what the hell is a tax return?
  • #59,284
  • Mar 26, 2010 12:01pm Mar 26, 2010 12:01pm
Quoting chatzi
I think if you go in guns blazing intraday, then you will inevitabley blow out, but taking A setups, small risk, then I don't see the danger, still treat like a business.




News was mentined , but all you do is stayout when news is due.

like ive said before.

the only thing i know for sure is i dont know anything for sure.
  • #59,285
  • Mar 26, 2010 12:06pm Mar 26, 2010 12:06pm
Quoting Dan Gilbert
hard to argue with that resume....

You can't ignore what someone with this much experience is telling you.
Jim is taking about his experience, I value that all he has given us. Everyone is different though, another trader with 30 years experience might have a different experience, are you telling me that no trader has ever been profitable starting on less than daily timeframe?

If you stick to the rules treat it as a business and keep risk under control then I think its a path that is ok for someone who has understood the material.

The advice though on the first page is still the best for anyone new. I just think there might be room for someone who has understood the material and want to practice with more setups risking <1% to start.

No hard feelings.
  • #59,286
  • Mar 26, 2010 12:06pm Mar 26, 2010 12:06pm
Quoting jarroo
Very nice indeed Rac-man.
your voice doesn't count...
you know too much..

  • #59,287
  • Mar 26, 2010 12:10pm Mar 26, 2010 12:10pm
Quoting chatzi
are you telling me that no trader has ever been profitable starting on less than daily timeframe?
This is where that 95% failure rate everyone talks about comes into play... you're not wrong (you're 5% correct), but if you follow Jims rule, you won't be in the 95% column.

EDIT: I cannot speak for Jim, but I honestly think that keeping his flock out of the 95% failure zone has become his absolute #1 goal...
Many choose unhappiness over uncertainty.
  • #59,288
  • Mar 26, 2010 12:16pm Mar 26, 2010 12:16pm
Quoting Dan Gilbert
This is where that 95% failure rate everyone talks about comes into play... you're not wrong (you're 5% correct), but if you follow Jims rule, you won't be in the 95% column.
I suppose I saw someone like Trader_Dante, who looks as if he started on daily/hourly and was making good returns. Think he was called the wizard on here if I am correct.

I would love to just trade daily it looks very stress free, but how can you build an account in less than 10 years.
  • #59,289
  • Mar 26, 2010 12:19pm Mar 26, 2010 12:19pm
Quoting chatzi
but how can you build an account in less than 10 years.
a job, or other entrepreneurial ventures...

Many big time independent traders are entrepreneurs in other sectors than trading.
Many choose unhappiness over uncertainty.
  • #59,290
  • Mar 26, 2010 12:20pm Mar 26, 2010 12:20pm
Quoting chatzi
I suppose I saw someone like Trader_Dante, who looks as if he started on daily/hourly and was making good returns. Think he was called the wizard on here if I am correct.

I would love to just trade daily it looks very stress free, but how can you build an account in less than 10 years.
trade 60 markets at once. when one comes by takes its money and wait for the next one
  • #59,291
  • Mar 26, 2010 12:21pm Mar 26, 2010 12:21pm
Quoting james16
i see some new folks around and a big welcome to you. i also see some people wanting to start out on small time frames.

these are for you.

http://www.forexfactory.com/showpost...ostcount=41772

http://www.forexfactory.com/showpost...ostcount=25737

http://www.forexfactory.com/showpost...ostcount=25169

http://www.forexfactory.com/showpost...ostcount=25755

http://www.forexfactory.com/showpost...ostcount=26452...
Mr James,

I am newbie and started with following your MIN REQ advices from pag1
I liked the way you put that, simple, direct, no short cuts, hard study, many years and many efforts to dedicate to the challenge before understandings if this "business" as you called it works.

When I started trying to understand if trading was soustainable and possible for "non expert people" like me (I am an air traffic controller) anytime I looked at some online courses promising immediate results with no efforts I knew it was the confirmation for me that those stuff was not "serious" but just for taking my money...

On this thread I've just found different words and unique approach to the trading world from you guys, so I started reading this thread to give it a try and I am still here

Must say thanks to many of the people in here who simply helps and reply to questions and doubt just like that...

Must say thanks to a friend of mine (benem) wich I'll never stop say thanks to for giving me this link.

Of course dont know where this "endeavour" will bring me but I am giving myself a try...

This post from me to say thanks for the experience you are sharing and thanks for the "welcome"

Andrea
  • #59,292
  • Mar 26, 2010 12:25pm Mar 26, 2010 12:25pm
Quoting 4X=0
trade 60 markets at once. when one comes by takes its money and wait for the next one
60 Markets!!! I can only think of a handful.

Or you mean instruments, but which broker allows you to trade from so many?
  • #59,293
  • Mar 26, 2010 12:30pm Mar 26, 2010 12:30pm
Quoting james16
i see some new folks around and a big welcome to you. i also see some people wanting to start out on small time frames.

these are for you.

http://www.forexfactory.com/showpost...ostcount=41772

http://www.forexfactory.com/showpost...ostcount=25737

http://www.forexfactory.com/showpost...ostcount=25169

http://www.forexfactory.com/showpost...ostcount=25755

http://www.forexfactory.com/showpost...ostcount=26452
sigh..why i didnt get you when i heard forex bussiness..i'm to hurry to trading with real money and small TF..yep i losing almost all of my money in the past.. no idea shall i should continue to learning and start out with small account

ps: i often fancy someday i can join your PF.

thanks always.
  • #59,294
  • Mar 26, 2010 12:35pm Mar 26, 2010 12:35pm
Quoting chatzi
60 Markets!!! I can only think of a handful.

Or you mean instruments, but which broker allows you to trade from so many?
Mbqb11???
  • #59,295
  • Mar 26, 2010 12:36pm Mar 26, 2010 12:36pm
Quoting chatzi
Jim is taking about his experience, I value that all he has given us. Everyone is different though, another trader with 30 years experience might have a different experience, are you telling me that no trader has ever been profitable starting on less than daily timeframe?

If you stick to the rules treat it as a business and keep risk under control then I think its a path that is ok for someone who has understood the material.

The advice though on the first page is still the best for anyone new. I just think there might be room for someone who...
none taken but...

"dyin aint much of a living boy"

josey wales

  • #59,296
  • Mar 26, 2010 12:38pm Mar 26, 2010 12:38pm
Quoting james16
well....
if you accomplish the following you would be the first i would personally know of in 28 years in this business.
1. start out with a small account.
2. start out on intraday and not blow your account.
3. or still be trading the SAME non blown account 10 years later.
....
it's great that u made a 3rd qualification.
that third one is the most difficult.
the first two are possible for a select few.
  • #59,297
  • Mar 26, 2010 12:40pm Mar 26, 2010 12:40pm
Quoting printer69
Mr James,

I am newbie and started with following your MIN REQ advices from pag1
I liked the way you put that, simple, direct, no short cuts, hard study, many years and many efforts to dedicate to the challenge before understandings if this "business" as you called it works.

When I started trying to understand if trading was soustainable and possible for "non expert people" like me (I am an air traffic controller) anytime I looked at some online courses promising immediate results with no efforts I knew it was the confirmation for me that...
thank you very much.

anyone that does your job certainly knows how to focus on the job at hand.

jim
  • #59,298
  • Mar 26, 2010 12:41pm Mar 26, 2010 12:41pm
Quoting triggerju
Mike

Thanks for a great reply. When you say you have tested risk reward ratios and realise they are only good "in retrospect" so to speak, and that making money is making money, are you saying that in fact a scenario like a pinbar at a great PPZ with a 100 pip stoploss and a potential 30 pip until the first take profit zone IS in fact a good trade we should be taking, and just ignore the RR ratio? Should we just look for these great high prob setups and let them get to the area we know they should get to, then manage trade from there? (eg: go...
Hey Trigger

This is in a sense what I am saying. But the overall story is more important. What I mean is I never have any idea for the most part going into a trade what my R:R is. I simply take GREAT trades(note the great part) that fit my method and then manage the trade. I come out with 2R sometimes, and I also come out with .2R sometimes. Once you are comfortable with the way you trade the profits do indeed take care of themselves. So sometimes I set a target and it might be .5R, or sometimes I trail out and it might give me 1R etc. There is no set thing. Most people get so hung up on that and forget to ignore when something good is happening. What type of trader you become is entirely up to you. You can win 90% of the time and be a losing trader, and you can win 20% of the time and be a winner trader. The reverse is also true. It is the WHOLE of your trading vs that specific individual trader which doesn't tell you anything more then that trade alone. So if you took 15 trades a month, and win all of them but one. Your loss = 100pips (figure that equals 1% of your account), and your 14 wins equal 30 pips or .3% of your account. Is that a winning trader? I hope you are seeing my point that you don't have to put yourself into this mathematical box. If the market offers a good opportunity that fits your method you are going to want to capitalize on it. This WILL mean different things for different traders. So you don't need to define yourself that every trade I take I must make 2R and every trade I lose 1R. THat trader that does that can still be a losing trader, just as they can be a winning trader. It comes down to trading well according to your method and the profits will come as a result.

Hope this helps
Mike
  • #59,299
  • Mar 26, 2010 12:42pm Mar 26, 2010 12:42pm
Quoting james16
thank you very much.

anyone that does your job certainly knows how to focus on the job at hand.

jim
Yeah, don't be looking at charts while your at work!!
  • #59,300
  • Mar 26, 2010 12:42pm Mar 26, 2010 12:42pm
Quoting chatzi
60 Markets!!! I can only think of a handful.
Or you mean instruments, but which broker allows you to trade from so many?
100-200+ instruments (depending on the broker)
it's almost 4am, so i cant think of any.
FXpro is one, i think. there are other MT4 brokers..
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