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Where can I learn more about Price Action like those in James16 charts? 9 replies

Some help with James16 thread

  • #41
  • May 19, 2010 3:17pm May 19, 2010 3:17pm
I've tried to make sense of the whole J16 thing, but whichever way you approach it, it's like trying to read a 30000 page book by picking pages at random and thinking you'll ever get to grips with it. Most of it is waffle, trying to locate the useful stuff is like trying to find a grain of gold on a beach, at night, by candlelight.
  • #42
  • May 19, 2010 4:35pm May 19, 2010 4:35pm
Quoting Parselmouth
I've tried to make sense of the whole J16 thing, but whichever way you approach it, it's like trying to read a 30000 page book by picking pages at random and thinking you'll ever get to grips with it. Most of it is waffle, trying to locate the useful stuff is like trying to find a grain of gold on a beach, at night, by candlelight.
Everything you need to know is in the first few hundred pages. After that just ask your questions. It's also more like finding gold nuggets and for the few that make it, the mother load.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #43
  • Sep 15, 2010 4:08am Sep 15, 2010 4:08am
I'm a bright green newbie, but I've already signed, sealed and locked away in my trading plan this simple concept:

  1. based on your entry price, you determine a stop that will give your position room to breathe, THEN
  2. based on the stop, you determine your position size using simple money/risk management rule (e.g. no more than 2% of your account).

In that order.

No point setting tight stops for the sake of it if they are going to be taken out all the time.

Whether demoing or using real coin, that should be the first thing any newbie learns and practices in this game.

Your systems/plans/methods may come and go and evolve, but your risk/money management should be locked in from the outset.

As I said, I'm a green newbie so PLEASE correct me if I'm wrong

Cheers,

D

Quoting Alfie
Thanks Bundy for your advice. Most traders go through that .... that I can well believe!
Those tight stops.. I've been giving it some thought. Some of the long-term recommendations come with a 100-pt stop, and quite often they work! So far, what I try to do is pick something that's got the momentum going & jump aboard before it really takes off. Then raise my stop to where I can't lose money any more if they want to knock me off my perch. Haven't had much opportunity to use Trailing-stops, because like I said, I usually get taken out of the action...
  • #44
  • Sep 11, 2012 9:10am Sep 11, 2012 9:10am
Quoting smikester
Treefingers and Domino are right. Work hard. Don't give up. If you're not making money after 3 years then consider something else. Also - are you aware of how much capital needed to make a living in Forex? It's a lot. The "sticky" threads at the top of the rookie section are well worth reading. PeterFM's thread likewise is a very good read. Good luck. Work hard.
Are you being serious ?? I've been at this almost 3 years and havnt made money .. should I give up ... Doubt it. But whats your reason for saying this ?
  • #45
  • Sep 11, 2012 9:11am Sep 11, 2012 9:11am
Just realised how old this thread is .. sorry
  • #46
  • Last Post: Oct 1, 2012 9:39am Oct 1, 2012 9:39am
Quoting dan89
Just realised how old this thread is .. sorry
good look around and see who is still around trading 2 years later could be good information to see who the market was more generous to after all this time
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