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Credible brokers? 31 replies

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Attachments: James16 is not credible
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James16 is not credible

james16 is not a scam. Whether or not he's profitable is irrelevant. What he's offering is a service to learn to trade. You can sign up and opt out when you want; simple as that. Nobody is forcing you to sign up. Plus he has the thread wheere you can get most of the stuff for free.

I signed up for his service 2 years ago for one month. Decided that most of the stuff i already 'knew' so i cancelled after one month. So I'm out $129, no biggie. He didn't charge $1000 by secret using my credit card lol
Working towards CME membership
I just read a little bit about the "strategy" which this james16 developed.

For the sake of people who are at the begin in their trading career I have to say just two words: STAY AWAY!

Go to a Hedge Fund/CTA/CPO/trading division at a bank and ask them what they think about this pin bar strategy! hahaha, they will start to laugh for a few hours, I BET !!!!

Dear James, GET LOST !
This garbage CAN'T GIVE ANYONE a EDGE in the long term(in fact I'm very sure that not even in the short term) can't provide a edge!

James, I have nothing with you, but, how can you sleep at night knowing that you deceive people who probably ALREADY HAVE PROBLEMS WITH THEIR FAMILY BECAUSE TRADING TAKES A LOT OF TIME TO LEARN AND WHAT ARE YOU DOING IS JUST TO EXTEND THE LEARNING CURVE OF NEWBIE!

Think that you extend their PAIN ! Maybe some of them have kids and are already in financial problems and with this garbage which you are promote they just waste time and time means money AND HEALTH !

I was also deceived at the begin (almost 5 years ago) by people like you and it's not a great feeling to realise after a few years that what I learned so far it's pure garbage and in the same time I made A LOT OF SACRIFICE to learn that Bull Shit and my family suffered indirectly because of this!

I hope that the commercial section will be closed, only garbage there!

One more thing, if it's true that you are trader for about 30 years or so, then I'm feel sorry for you that you wasn't able to become successful (and you are not! I know this by just reading some of your posts! and yes, I'm successful so I know how to spot someone who is not.)
But because you weren't able to become successful this doesn't give you the right to deceive others people by feed them garbage! REMEMBER AGAIN what I said above, other peoples have a family and kids, like you have, and their family suffers!


James, read my signature !

And this post is also for others people who charge "a small fee" for their learning services!

(I know that I was rough on my post but I just remembered the time I wasted with BS like this!)
Can you share based on what you believe that pinbar strategy does not work?
Any strategy you think can work?

Quoting VonTrader
I just read a little bit about the "strategy" which this james16 developed.

For the sake of people who are at the begin in their trading career I have to say just two words: STAY AWAY!

Go to a Hedge Fund/CTA/CPO/trading division at a bank and ask them what they think about this pin bar strategy! hahaha, they will start to laugh for a few hours, I BET !!!!

Dear James, GET LOST !
This garbage CAN'T GIVE ANYONE a EDGE in the long term(in fact I'm very sure that not even in the short term) can't provide a edge!

James, I have nothing with you,...
Truth is so hard to nail down in the fx market. It must be the most scam-ridden environment bar none, but there is one truth which consistently holds water:

'Those who can trade, trade.
Those who can't, teach.'

However, it doesn't necessarily mean that those who teach are all scammers.
It just means that most of them are, and that the rest may have all of the technical skill-set, but lack the psychological capabilities and/or capitalisation.

I've taken a few bits of good info from James' thread, and also bits from Jacko, Seiden, BRV etc. You have to find your own way, your own 'style', your own method, and resist the easy lure of guru-following.

In fx, the long way round is the shortest.
Quoting kk007
Can you share based on what you believe that pinbar strategy does not work?
Sure, price is most of the time random. So the strategy is from the begining useless.
The price is AFFECTED by fundamentals and NOT by a silly pin bar pattern.

Plese read this and tell me which is correct:

1. market prices fluctuate because a silly pin bar pattern just appeared on the chart. haha

2. market prices fluctuate because they get signals from the economy that something is not working good anymore so the price from the market will adjust so this will resolve that problem in the economy!(this is why markets exists: to keep the balance right regarding the supply and demand in the economy!)

kk007, don't forget to respond to my question. I'm curious to know what do you think.

Real traders trade based on my 2'nd point, not the first. It is SO LOGICALLY! But some people are just to dumb to see it.

If you don't understand this simple logic, sorry, I can't help you more because it takes time, and I don't have enough time like James to teach other people because I'm a trader not a teacher.

Have a nice day.
The bottom line is jim doesn't teach anything different than whats out there from guys like alexander elder, pring, steve nison, raschke, or any of the other trading gurus who also market pins, buob, beob, fibs, confluence and such, the only difference is they market it as candles and jim uses OHLC bars.

At the end of the day, all of these guys are so called 'teachers', none provide any records of their own trading. Find me anyone in the trading education business who provides a record, I know of no one.

Many times if a guru does a live trading setup they lose, I've seen linda raschke do a live trade after it failed she kept chasing the market like a sucker trying to show her methods work.

Most importantly IT DOESN'T MATTER WHAT THEIR TRADING RECORD IS. If the method works you should be able to pick it up and make money but, most guys are still losers just like the other 90-98% of retail with high turnover.

Instead of showing trading records, show evidence that the tools have a statistical edge.

Go to any traders expo, and the stuff sold to retail is all the same, fibs, pa, candles, MA, oscillators, etc. Its just a different face selling it. If retail is using these methods, than how come so many lose? The reality is technical analysis and chart reading have little scientific/statistical evidence of working. Charts, bars, PA, fancy colors, new programs, technology, and gurus provide false hope to the 90% who have dreams of making money.


Caveat: I started to work on finding quantitative and statistical edges about 2 years ago, I analyzed trading pins the way the 'gurus' teach and counter trading pins, there is no statistical difference amongst them in currencies and a minor edge in equity index and commodity futures, essentially pinbars are a 50-50 non edge. I point this out because many 'gurus' sell the pinbar, hammer, reversal bar like its some sort of magic tool.
Thanks. Basically, technical methods do not make sense to you. Very few threads on FF you may find useful then.

Quoting VonTrader
Sure, price is most of the time random. So the strategy is from the begining useless.
The price is AFFECTED by fundamentals and NOT by a silly pin bar pattern.

Plese read this and tell me which is correct:

1. market prices fluctuate because a silly pin bar pattern just appeared on the chart. haha

2. market prices fluctuate because they get signals from the economy that something is not working good anymore so the price from the market will adjust so this will resolve that problem in the economy!(this is why markets exists: to keep the balance...
Quoting VonTrader
kk007, don't forget to respond to my question. I'm curious to know what do you think.
What is your question? Have I answered in the above?
Quoting VonTrader
Sure, price is most of the time random. So the strategy is from the begining useless.
The price is AFFECTED by fundamentals and NOT by a silly pin bar pattern.

Plese read this and tell me which is correct:

1. market prices fluctuate because a silly pin bar pattern just appeared on the chart. haha

2. market prices fluctuate because they get signals from the economy that something is not working good anymore so the price from the market will adjust so this will resolve that problem in the economy!(this is why markets exists: to keep the balance...
I see where you are coming from, but the truth is that there are reasons why the currency market moves other than just the macro economic.
Big companies and institutions have a requirement to go in and out of the marketplace too, and then you have plain old speculation which (shock, horror) the 'big boys' seem to quite enjoy.....
Quoting kk007
Can you share based on what you believe that pinbar strategy does not work?
Once again the wrong question is being asked, the real question should be: Is there a statistical edge from the pinbar?

Quote
Any strategy you think can work?

If someone is profitable trading do you think they will spill the beans here?
Quoting VonTrader
Sure, price is most of the time random. So the strategy is from the begining useless.
The price is AFFECTED by fundamentals and NOT by a silly pin bar pattern.

Plese read this and tell me which is correct:

1. market prices fluctuate because a silly pin bar pattern just appeared on the chart. haha

2. market prices fluctuate because they get signals from the economy that something is not working good anymore so the price from the market will adjust so this will resolve that problem in the economy!(this is why markets exists: to keep the balance...
Price is affected by crowd psychology my friend. And crowd uses the chart to trade. And since everywhere these bars are taught, the crowd psychology comes into play and these bars work out.

Do you think big financial institution would place order randomly. No, they use crowd psychology to their favor. And remember, fundamental can only give you direction, to trade with SL, TP, entry points, etc., you got to use the charts.

Whenever a pinbar comes, I think that the market will now reverse. And so do the 90% of traders in this forexfactory as well. Just imagine how many people will think this way. This is crowd psychology.

And finally being profitable is completely dependent on how strong one's money management is and how much the odds are in one's favor. But as far as I am concerned, chart study is giving more than 60% results in my favor.

In fact, everything works on the market. Not just bars. Indicators are equally well. But you should have strong rules and discipline. That's all.
Quoting thesnacker
there is no statistical difference amongst them in currencies and a minor edge in equity index and commodity futures, essentially pinbars are a 50-50 non edge. I point this out because many 'gurus' sell the pinbar, hammer, reversal bar like its some sort of magic tool.
YES, and actually to trade is not free (add the spread and commission) so this mean that the pinbars strategy have ratio worst than 50-50, it is enough to be 49(winning) to 51(losing) (to simplify, let's say the risk reward is set to 1:1), and in the long term it's bleeding money without doubt!
Quoting onlydragon
7 reason James is a SCAMMER


JAMES IS A LIAR : CONFIRMED

You are wrong, but...who cares. It doesn't matter;95% of people ..... are wrong, wrong, wrong...
.
Wrong response. I am not asking you.

Quoting thesnacker
Once again the wrong question is being asked, the real question should be: Is there a statistical edge from the pinbar?

If someone is profitable trading do you think they will spill the beans here?
thank you for the knowledge that i gained from you're teaching. i also want to thank vontrader and thesnacker because it's their trading systems who will make the markets predictable for me.
Quoting VonTrader
Sure, price is most of the time random. So the strategy is from the begining useless.
The price is AFFECTED by fundamentals and NOT by a silly pin bar pattern.

2. market prices fluctuate because they get signals from the economy that something is not working good anymore so the price from the market will adjust so this will resolve that problem in the economy!(this is why markets exists: to keep the...
Not true over the short-term, as a significant amount of the $1.5 trillion per day that is traded on the OTC spot market is made up of the algo-driven flows from hedge funds and the trading desks of the major banks.

These transactions are driven by quantitative models, the many objectives of which include; the seeking out, and exploiting of, arbitrage opportunities/price inefficiencies, the spotting of developing trends or trend reversal situations, short-term momentum opportunities etc..... The underlying day-to-day fundamentals have little bearing on the trading decisions made by these models.

I have no knowledge of the methods used by the J16 Group, but you should be aware that candlestick charts, and the basic patterns contained within, have been used on every trading floor that I have worked on, as traders keep track of the market and the prevailing, perpetually-evolving sentiment.
Quoting VonTrader

James, I have nothing with you, but, how can you sleep at night knowing that you deceive people who probably ALREADY HAVE PROBLEMS WITH THEIR FAMILY BECAUSE TRADING TAKES A LOT OF TIME TO LEARN AND WHAT ARE YOU DOING IS JUST TO EXTEND THE LEARNING CURVE OF NEWBIE!

Think that you extend their PAIN ! Maybe some of them have kids and are already in financial problems and with this garbage which you are promote they just waste time and time means money AND HEALTH !
I suppose you could apply the same moral argument to all of us who participate in the market. If your profitable, then your taking money from weaker, less educated, and less experienced players. Maybe its their life savings, or their kids college funds, or money they cant afford to lose. Personally I have no problem with that.

However, I have to agree, J16 modus operandi, really is the ultimate in hypocrisy. However its a tried and tested marketing method, they all follow exactly the same lame script, and the punters fall for it every time.

Its so predictable, you could probably write an artificial intelligence bot to do a pretty good impression.

The problem is there's a market for these kinds of services, just look at the desperation in some of these posts. If there's a market, someone will supply it.

Its nice to see some of the hypocrisy being exposed to the light.
Quoting kk007
What is your question? Have I answered in the above?
Yes, I suppose you chosed the 1st. Thank you.

Quoting Interceptor
...Big companies and institutions have a requirement to go in and out of the marketplace too, and then you have plain old speculation which (shock, horror) the 'big boys' seem to quite enjoy.....
That requirement is about hedging on the forward market for their contracts? If yes, then you are right.

On what type of "plain old speculation" are you referring ?


Quoting The Lord
Price is affected by crowd psychology my friend.

Whenever a pinbar comes, I think that the market will now reverse. And so do the 90% of traders in this forexfactory as well. Just imagine how many people will think this way. This is crowd psychology.
My friend, I'm not going to enter in to a debate with you.
I just want to tell you that more than 90% of traders in this forexfactory loose money. Draw yourself the conclusion.
And I don't think that you need to teach me about crowd psychology, my friend.

One question for you. Did you know that if you make a random generator number price on excel and then plot a chart based on that random number, you will have EVERY PATTERN that you also see on your Eur Usd chart ? And remember the number generator is RANDOM!

Can you explain this to me ?
Quoting raczekfx
You are wrong, but...who cares. It doesn't matter;95% of people ..... are wrong, wrong, wrong...
.
So If I join your web for annual subscription will I be right?
Quoting VonTrader
Yes, I suppose you chosed the 1st. Thank you.
No. Pinbar is not the only technical method. I don't rely on using them.
Quoting GubyIQ
you trade weekly charts and look at a ~50p profit on a pair like e/y ? http://www.youtube.com/watch?v=1VVqD9oZqWM

i think you`re just trying to divert attention from the real issues discussed here.
No, but risking 2% and making 4% that fast was quite nice, it was a 1hr entry with weekly to back it, i'm looking for a huge rally on this, hoping for 20% or so of this one trade. It doesnt' matter what this one trade does, it matters how much % I make in the long run.

Not trying to divert, just proving his material works. And it helps alot of new traders.
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