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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

  • #99,941
  • Aug 4, 2011 5:18pm Aug 4, 2011 5:18pm
Im not sure there is ever a reason to take a full bar loss.

If your trades are in the right places its impossible.
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  • #99,942
  • Aug 4, 2011 5:19pm Aug 4, 2011 5:19pm
Quoting james16
prob not gonna be here. i leave tomorrow around 3.

no worries guys.

jim
jim, i wish u a relaxin and sunny week !

... u deserved it

kindest regards and thanks for your inputs,

Jonas from Germany
Hero calls followed by margin calls...
  • #99,943
  • Aug 4, 2011 5:20pm Aug 4, 2011 5:20pm
Fantastic post.

jim

Quoting Mrgreener
I cannot believe the markets today, unbelievable. Thankfully I was on the right side of a trade and benefitted from the 'crash'. But Forex has a nasty sting in its tails. Plan your trade and trade your plan, know your trade and know your plan, manage your risk. Know what you are doing, if it goes wrong then hey. Monitor your trades, if your not performing then something is wrong! stop trading, re-evaluate. If you dont know why your not performing then you shouldnt be trading. It takes commitment and learning, also the desire to get positive results...
  • #99,944
  • Aug 4, 2011 5:47pm Aug 4, 2011 5:47pm
Jim, you are the most experianced trader here I think.
I have a question about compounding...
Lurking different sites you'll find different coumpounding spreadsheet that shows you can be became rich in 3/4 year at max . lol
At that pace, even only 10 traders in the world (that have some kind of ability and a great money management) could achieve a fortune...
Is this possible? I mean, is there any money cap you can made? Or is virtually unlimited the money you can made?

Ty and sorry for the dumb question
  • #99,945
  • Aug 4, 2011 5:55pm Aug 4, 2011 5:55pm
Quoting mbqb11
PLEASE PLEASE GUYS I NEVER POST IN ALL CAPS

I HEARD OF TWO BLOWN ACCOUNTS TODAY ON PEOPLE IGNORING THE JAMES16 REQUIRMENTS. IT HURTS ME BECAUSE I CARE TOO, WE ALL DO HERE OR WE WOULDN'T POUR LITERALLY THOUSANDS OF HOURS INTO THIS. These are very nice people and it has nothing to do with that. It has to do with treating this like a business. Some people have to learn that way and I get it, but you don't need to blow accounts. No one should be blowing accounts.
I never post in all caps, but PLEASE follow the outline in post one. PLEASE.

Thank...
Mike man....

I cannot imagine some of the horror stories that you have heard. I wish that there was something that could be said to help people save themselves from their own worst enemy- themselves.




To those who are starting I will just say that I have only been working at the J16 method for 3 years. Once you hit this point you realize just how little a length of time that really is. Hell, college is typically 4 years and anymore that only gets you a 50k a year job.

To those starting always ask yourself, "Am I putting the cart before the horse?". If there is any doubt in your mind that you are then the answer is simple. DON'T DO IT! I am still fresh enough to the game that I remember my thought process moving coming from other trading systems into the J16 method.

While I believed when I was starting that it was one of humility, looking in retrospect, it was much more one of arogance. I still bashfully remember thinking, "what the hell, I am one smart SOB. This is going to be a piece of cake. Just learn to recognize a few chart patterns and the hard part will be figuring out what to spend all of the money on." I am thankful everyday that attitude did not cost me more than it did. The best thing that I can think to say is that those who follow the rules and are truthful with themselves will learn to flouish. The byproduct of this will be a growth in account size and a growth of the respect for the BUSINESS of trading. Meanwhile those people on this thread who still believe they are better/smarter/above the rules will continue to blow up accounts and wonder what went wrong. The advice that is given FREELY (too freely, unfortunately, due to the flaws of our conciousness) is mainly to benefit the the NEW AND STRUGGLING PEOPLE. Life goes on for everyone no matter how you choose to use the information that is provided to you here.

Speaking of putting the cart before the horse. One of the main qualities for trading profitably is the exact opposite of what my mindset was when I began. To be successful at trading means learning not to trade. How can you begin to learn that if you believe that you are above the rules? Period. (HA HA or as joelcf prefers to say, "Maybe the solution is to not take shitty trades. If you know they suck and you take them anyways... ") How can you begin to incorporate this rule into your thinking if you believe that you are the exception to the rules? When you put the cart before the horse and dive into the 4hr, what is your reasoning for doing so? Are you looking for more trades? Likely, if you are being honest, the answer is yes. Patience is a virtue. No one is above the rules. While it takes longer for some to feel the effects of ignoring the rules, eventually it will catch us all. It is simply cause and effect. Everyone here on a very deep level only wishes success to everyone else, but while you can lead a horse to water you cannot make them drink. We can show you post one, but we cannot make you follow it...

Ryan
  • #99,946
  • Aug 4, 2011 5:57pm Aug 4, 2011 5:57pm
well i have over 10 seperate accounts. i could combine them into 1 and have a pretty decent 7 figure account. The problem is im scared. Ive been very poor on several occassions in my life and i dont trust my money in other peoples hands. same reason i dontr like to fly. its a control thing. my idea of compounding is spreading my money around.

Most of my trading profits go into real estate eventually.

If your compounding question has to do with adding to positions as it moves along its just not my thing.

Im more of a take my 30 grand, smile...and run...wait for the next sure thing....and do it again....find a great real estate deal....pay cash.....rent it out....do it again.

jim





Quoting AQs
Jim, you are the most experianced trader here I think.
I have a question about compounding...
Lurking different sites you'll find different coumpounding spreadsheet that shows you can be became rich in 3/4 year at max . lol
At that pace, even only 10 traders in the world (that have some kind of ability and a great money management) could achieve a fortune...
Is this possible? I mean, is there any money cap you can made? Or is virtually unlimited the money you can made?

Ty and sorry for the dumb question
  • #99,947
  • Aug 4, 2011 6:07pm Aug 4, 2011 6:07pm
Quoting AQs
Jim, you are the most experianced trader here I think.
I have a question about compounding...
Lurking different sites you'll find different coumpounding spreadsheet that shows you can be became rich in 3/4 year at max . lol
At that pace, even only 10 traders in the world (that have some kind of ability and a great money management) could achieve a fortune...
Is this possible? I mean, is there any money cap you can made? Or is virtually unlimited the money you can made?

Ty and sorry for the dumb question
I have an aquaintance from when I was back in Augusta who worked for a large mutual fund doing sales. He was working to start trading his own forex account. He had two people who were helping him along with trading. He said that they made 30mil and 15mil respectively in 2010. He was a brutally honest guy and I believe him. It is possible to make big money, but you have to learn to treat it as a business to break out of the small time ranks. This is in addition to learning to trade properly and master the demons that will pop up (overconfidence, overtrading, etc.). DO NOT start learning this business with dollar symbols in your eyes. In otherwords do not put the cart before the horse. If your sole motivation right now is money, just do yourself a favor- Quit while you are ahead. If, however, you are looking to learn the BUSINESS of trading then welcome. The road ahead will not be for the weak of resolution. If you are ready to put in the time and dedication then you are in the right place.

Ryan
  • #99,948
  • Aug 4, 2011 6:11pm Aug 4, 2011 6:11pm
Quoting james16
prob not gonna be here. i leave tomorrow around 3.

no worries guys.

jim

Enjoy Jim. Hopefully there will be some time for R&R to recover from surgery
  • #99,949
  • Aug 4, 2011 6:13pm Aug 4, 2011 6:13pm
Quoting james16
well i have over 10 seperate accounts. i could combine them into 1 and have a pretty decent 7 figure account. The problem is im scared. Ive been very poor on several occassions in my life and i dont trust my money in other peoples hands. same reason i dontr like to fly. its a control thing. my idea of compounding is spreading my money around.

Most of my trading profits go into real estate eventually.

If your compounding question has to do with adding to positions as it moves along its just not my thing.

Im more of a take my 30 grand,...
I am so happy right now, because my train of thoughts are exactly the same. I am not there as a trader yet, but I am on my way. There is just a great feeling when your hard work pays off and you get where you've dreamed to be.
  • #99,950
  • Aug 4, 2011 6:15pm Aug 4, 2011 6:15pm
very nice gun.

jim

Quoting gungriffin
Mike man....

I cannot imagine some of the horror stories that you have heard. I wish that there was something that could be said to help people save themselves from their own worst enemy- themselves.




To those who are starting I will just say that I have only been working at the J16 method for 3 years. Once you hit this point you realize just how little a length of time that really is. Hell, college is typically 4 years and anymore that only gets you a 50k a year job.

To those starting always ask yourself, "Am I putting the cart before...
  • #99,951
  • Aug 4, 2011 6:20pm Aug 4, 2011 6:20pm
Quoting jdl
5.25, From Zerohedge today: "The epic blow out accelerates with the widely followed (by the administration) DJIA dropping by over 400 points at last check. And as we warned earlier, the liquidation sell offs in PM, to no small part driven by rumors of yet another CME margin hike, are picking up pace, with silver tumbling from over $42 to just $38.50.
http://www.zerohedge.com/news/flash-...buy-orders-now


John
Thanks John, I'll read into this after my weekend escape on an island near Stockholm.

Tomek
  • #99,952
  • Aug 4, 2011 6:34pm Aug 4, 2011 6:34pm
Quoting bali2002
Can anybody recommend a platform for demo trading futures ?

Thanks
thinkorswim. i am demo trading daytrading futures using principles taught here and it's been working great! today i had one of my biggest winner

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #99,953
  • Aug 4, 2011 6:38pm Aug 4, 2011 6:38pm
great. when its mastered it works on just about anything with a chart.

jim

Quoting biDc
thinkorswim. i am demo trading daytrading futures using principles taught here and it's been working great! today i had one of my biggest winner

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #99,954
  • Aug 4, 2011 6:44pm Aug 4, 2011 6:44pm
Quoting james16
great. when its mastered it works on just about anything with a chart.

jim
all thanks to you i lost count of how many times I watched that mini-dow trading webinar from the PF!
  • #99,955
  • Aug 4, 2011 6:46pm Aug 4, 2011 6:46pm
is there any good decent broker which allows trading of FX and Futures, commodoties etc? im on alpari uk and restricted to fx only
  • #99,956
  • Aug 4, 2011 6:47pm Aug 4, 2011 6:47pm
Quoting deankenny21
is there any good decent broker which allows trading of FX and Futures, commodoties etc? im on alpari uk and restricted to fx only
thinkorswim. check it out!
  • #99,957
  • Aug 4, 2011 6:50pm Aug 4, 2011 6:50pm
Quoting biDc
thinkorswim. check it out!
i dont think they would allow me to open account with only $800
  • #99,958
  • Aug 4, 2011 6:53pm Aug 4, 2011 6:53pm
Quoting deankenny21
i dont think they would allow me to open account with only $800
whats the min?
  • #99,959
  • Aug 4, 2011 6:53pm Aug 4, 2011 6:53pm
Quoting deankenny21
i dont think they would allow me to open account with only $800
uhmm i'm not sure about now but i opened a free account with them many years back before putting any money in.
  • #99,960
  • Aug 4, 2011 6:54pm Aug 4, 2011 6:54pm
Quoting thermobee
whats the min?
i dont know, i saw figures like $25,000 and thought, hmmm not for me, i didnt see fx either on the list of tradeable items.
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