james16 Chart Thread

Incognito, I recommend to delete all indicators on charts. They confuse us , traders.....only pure chart may show us what price wants .

EURUSD - H4
Open: H1 BUOB + H4 IB + BRN (1.1000)

**Rolls eyes**

**Activates Mike-mode**

Really? Oh okay, thank you for the recommendation.

Regards,
Courtney

EURJPY - Daily
OPEN: Daily IB + min. backtest + the trendline of rebound + BRN (134.000)

EURNZD - DAILY
OPEN: Nice short PIN + previous high (around 1.6570)

AUDCAD - DAILY
OPEN: Pins + IB
I hope the short daily bias will change shortly...

GBPCHF - H1 - Closed trade (yesterday)
OPEN: H1 PIN + level
CLOSE: almost reached TP, I moved the stoploss down. R/R = 1,7 finally.

Is it a good PB at USDJPY and worth playing?

Mike, a few questions about the "live trade calls" you will be making on the new website please.

1. How many per day/week will there likely be?
2. What time of the day/night are you most likely to post these trades? You are NY and I am Sunshine Coast, Australia so vastly different timezones. I am guessing you do sleep at some point and without knowing enough about your trading style yet, will I miss most of the trade moves you post?
3. And last but not least (this question may help appease some doubters), what will your strike ratio likely be with these live trades? IE: 8 winners, 2 losers per 10 trades or?....
Every serious trader should be aware of their strike ratio. For instance, with my share trading, I average: 5 wins of 0 to 10% profit, 3 losses of 0 to 10% and 2 big wins of 50 to 300% profit. I am just searching for those 2 in 10 trades for my money. However, currency trading is different, hence my question!

I say "likely" a lot in these questions because I realize that "past performance is no indication of future performance" etc.

Well that's disappointing to say the least! If someone as good a trader as you seem to be, can't make a living from a leveraged market, then what hope do we have of "living the dream".... the dream being quitting our jobs or selling our businesses to be full time traders and enjoying the time freedom that brings. Can I not make $2000+ AUD average per week, week in week out?? (this amount would make my currency trading business a worthwhile business to own and invest in).
Was I naïve to assume this could be achieved with a modest account??

Bill

I believe it is, yes. The PB itself isn’t great but the location, for me, is quite alright.

Hey Bill

Let me try to hit on everything and non of it is to "disappoint" maybe a reality check as i see after 13 years.

In terms of what can you make a week. Can you make this? Sure you can. Will you? I have no idea for a lot of reasons. Firstly what is your account size, what are your drawdown tolerances, what has YOUR method proven.

One thing that I do not know any profitable trader(again of course from the ones I know ) do is think about what they can make a week. At minimum traders like myself and the ones I know look at monthly and even more so quarterly. So you might know where I am headed now but it's onto the equity curve itself. It's never straight up. These means losing days, weeks, months etc. So as a trader you have to account for this both in understanding your method and then ESPECIALLY if you are looking to live off said profits.

The next factor you should consider is what you want from the market. Do you want to live off your profits. Go for it. I've tried it, but what happens is depending on your account size you are now no longer growing your wealth or cutting largely into that wealth growth. Simple math makes it easier

Say you have an account of 250k. Not small, not large. Now say you need 150k a year to live comfortably(again for some that might seem high but for others very low too). Well simple math would say I need to make 60% a year on my 250k to reach that 150k. Well of course not so fast. Does that 150k include that money being taxed. Let's just go with 35% and even round up saying it now leaves you with 100k(but oh crap we wanted to make 150 to live comfortably). Now what about health insurance? For someone in the states like myself your looking at another 6-7k. Now were at 94k. What about rent. Well i live in Manhattan and my rent is quite high. I won't say the exact figure but let's say the avg NYC rent and go with 2500 a month. We're now down to lets say 60k. Food , living, bills, vacations, and I'm just talking for a single male. Now this is all pending you make that 60% a year which is INSANELY good. What happens if you make 30% the next year?? Which is still INSANELY good.

What are the factors that will determine if and how you should use trading to your benefit (pending you can trade profitably). Their are a lot of them. Now let's not forget if we do all that our account is BACK to 250k. We have not grown our wealth at all.

Most traders I know trade as PART of their income. Meaning they have many flows of income. It's not only easier mentally but why would we stop ourselves on one flow only. James likes to roll his profits into real estate and turn those into passive income streams. The list is endless.

So the only thing I like to do to wide eyed people is a dose of reality. That doesn't mean you can't or wont trade for a living. Or what you need to live, the life you want doesn't fit perfectly in line. Heck in some parts of the world 1k is a lot of money. It certainly isn't by me. The only thing i'd like people to do is not get fooled into the pipe dream and also to really question their motives and goals. Let's not forget we all come from different situations. I get emails monthly of people that are able to start with multi million dollar accounts and can't trade for the life of them. As well as I know small time traders with only a few thousand that are quite good traders. It's the way things go.

Just like some people would rather take 50k account and shoot for the moon and blow it up hoping to hit that insane 1 in a million shot. We all get what we want out of trading. A simple cliche that when examined is true. I look at my streams of income as a whole and with my long term goals.

So just make sure you are careful and smart. I always tell people I think it makes more sense to learn to trade first then it does to play with all the funny numbers we can on a spreadsheet. But of course that's just ME

As for my trading and trade calls. We had to find a happy medium. Some trade calls would be impossible to get out, but i'm hoping most of my longer term 4hr and higher will not be a problem. We are looking at trade calls as another form of reaching our members and teaching our members. What they choose to do with them is at their own risk. I tend to avg around 65% winrate and around a 1.5-2 profit factor. Like you said what the future brings is anyone's guess. I focus heavily on reducing my drawdowns and i give up profit in order to do that, but when it's real money and it gets bigger i've found that to be very crucial to my mental sanity. Also some months I might take 3 trades and others 30 trades. I trade what is a strong setup. I don't care if it's 1 or 100 for the month.

Again these are completely my opinions, and i'm sure i'll hurt some feelings with what ive said, maybe open a few eyes and save some people some money with it too. That would be very cool for me. I think unrealistic expectations are the number one killer of all aspiring traders.


Remember just my view
Mike

My weekly bump as we are just 18 days out and very excited

THE DREAM IS OFFICIALLY BEING ANNOUNCED AND CLOSE TO MIKES BIRTHDAY. LOL.
OUR NEW SITE WHICH INCLUDES FOREX, STOCKS, OPTIONS, REAL ESTATE, MEMBER FOUNDATION FOR FINANCIAL TROUBLE DUE TO UNFORSEEN CIRCUMSTANCES, WORLWIDE CHARITY AND EVERY DREAM WE HAVE HAD FOR TEN YEARS WILL BECOME LIVE ON 1-3-16. YOU CAN NOW SEE OUR FIRST PREVIEW AND WATCH TWO VIDEOS THAT I THINK WILL BRING MANY SMILES TO MANY FACES. STAY TUNED BECAUSE ANOTHER PRE LAUNCH VIDEO WILL HAPPEN AROUND 12-25-15 AND WILL INCLUDE A FULL MEMBER AREA WALKTHRU.

TO ALL MY DEAR FRIENDS FROM AROUND THE WORLD MEMBER AND NON MEMBERS THANK YOU FOR MAKING ME A BETTER PERSON IN MY HEART. THE SEARCH FOR EVEN BETTER PLACES INSIDE MY HEART WILL CONTINUE WITH YOUR COMPANIONSHIP. THE NEW SITE WILL CONTINUE ON WITH THE HONOUR AND INTEGRITY SHOWN TO0 ALL FOR NOW OVER TEN YEARS. THE VIDEO WILL BETTER EXPLAIN BUT ALLOW ME TO MAKE A COUPLE OF MAIN POINTS. TRADE CALLS WILL BE DONE BY DONATION ONLY. IN FACT A LARGE PORTION OF THE SITE WILL BE MEMBER DONATIONS RATHER THAN FEES FOR SERVICES. IF WE EARN IT THEN YOU CAN DONATE. IF WHAT WE HAVE TAUGHT YOU IS RESULTING IN YOU MAKING MONEY THEN DONATE IF YOU WISH.

5 TO 10 PERCENT OF ALL PROCEEDS WILL GO TO THE FAMILY FOUNDATION AND CHARITY WORK AND A FULL ACCONTING WILL BE READILY AVAILABLE. IN FACT MEMBERS WILL BE SUBMITTING MOST CHARITY SELECTIONS. THIS WAS ONE OF THE EARLY DREAMS OF THE GROUP TO BE ABLE TO HAVE THE TECHNOLOGY WITH OUR SITE AT A LEVEL THAT COULD ALLOW THESE IDEAS TO HAPPEN AND IN A WAY THAT WAS TRANSPARENT. A LOT OF THOUGHT WAS GIVEN TO THE YEARS OF TURNING DOWN AFFILIATES ETC. WE DO PLAN ON DOING A FEW THINGS TO ACTUALLY MAKE A LITTLE MONEY BUT NOT WITHOUT YOUR PERMISSION.



THATS RIGHT. EVERY IDEA OR PLAN THAT HAS THE ABILITY TO MAKE THE SITE MONWY WILL BE APPROVED BY LIFETIME MEMBERS BEFORE ANYTHING BEING IMPLEMENTED. THIS IS HOW WE KNOW WE CAN KEEP THE SHINE ON OUR STAR THAT HAS BEEN SO BRIGHT FOR OVER A DECADE SHINING BRIGHT.

FOLKS WE SPENT YEARS PUTTING THIS TOGETHER AT A FAIRLY HEFTY COST. THE SITE AND ITS "TOYS" ARE GOING TO IMPRESS YOU BUT REMEMBER SOMETHING. YOU WONT FULLY BE ABLE TO APPRECIATE THE GREATNESS WE HAVE PRODUCED WITH THIS SITE UNTIL YOU ACTUALLY USE IT FOR A PERIOD OF TIME. THE REGULAR RATE OF 129 PER MONTH AND FREE AFTER ONE YEAR WILL STILL BE AVAILABLE FOR ABOUT A MONTH. ALL YOU NEED TO DO IS USE THE EMAIL LINK ON THE PAGE. IT DOES NOT MEAN YOU ARE SIGNING UP IT SIMPLY LETS US KNOW WHO HAS THOSE INTENTIONS WHEN ITS AVAILABLE. IF WE HAVE ANY BUGS WHICH IS NOT UNCOMMON WITH A NEW SITE WE WILL HAVE YOUR INTENT IN OUR DATABASE.

ALL CURRENT AND PAST MEMBERS ARE PERFECTLY SAFE AND YOU WILL NEVER BE CHARGED A NEW FEE OTHER THAN THE OPPURTUNITY TO DONATE SHOULD YOU WISH. THANKS TO ALL OF YOU AROUND THE WORLD. MERLIN WHEREVER YOU ARE I WOULD LOVE TO SAY THANK YOU PERSONALLY. IF THAT NEVER GETS TO HAPPEN OK BUT THE TWO OF US KNOW WHY FF IS WHAT IT IS TODAY. AT LEAST IN OUR HEARTS WE KNOW. THE LINK IS AT BOTTOM OF THE PAGE TO OUR PRE LAUNCH VIDEOS. READ ALL OF THIS FIRST YOU WANT SOMETHING TO THINK ABOUT TONIGHT AND/OR THE REST OF YOUR LIFE.

I have something to leave with you. If it means nothing to you that's perfectly fine
not a thing wrong with that. I'm giving this in the event just one of you
might be blessed by it.


"When a man begins to search out his true nature and to find the truth of
his real being he begins the quest. Between the ordinary man who takes
himself as he is and the philosopher who does exactly the same there stands
the searcher.
In the first case the outlook is narrow, being limited by attending to the
inescapable necessities and demands of day-to-day living. in the other case
peace of mind may have been established, a thirst for knowledge perhaps
fulfilled and the discipline of self perhaps realized.
In between these two stands the searcher. He is not satisfied with himself
and has a strong wish to become a better and more enlightened man. He
spends his life striving for the answers to the seemingly unanswerable
questions of his existence.
What should be of comfort to those brave enough to travel this lonely road
is simply to know that just the search itself is complete victory over
life."


-Paul Brunton.
Edited slightly with the utmost respect and admiration by James16

Part of the new site will be about these "things". Its not about
religion with me folks. I have one but that's not what "The Search" area of
the site will be about. Just so you know.

YOUR LINK BELOW

www.james16group.us

JIM JAMES16

Ok thanks Mike.

yep trading is trading in my eyes, i trade equities futures too and I treat them exactly the same as FX(few differences of course because of the markets)

If you have more questions let me know
Mike

Yeah I am still trying to get my head around this info from you and others that fx trading is the same as simple plain old share trading.
At the moment I see them as polar opposites however I trust with more time and experience I will see the similarities.

Cheers,
Bill

maybe an example will help

This is a PA trade on an equity trade I took. For me the way I like to watch equities is weekly /monthly though. it smooths out the price action personally

Again same concepts here as FX , the difference really IMO are on execution depending on the stock

And therein lies a big difference between fx and shares. Everything with fx seems to happen a lot faster, much more volatile (and that can be quite exciting I realize). I would guess that 95% of the charts posted on this thread and others like it are trades lasting hours, days, rarely more than a week or two. There are always exceptions to this of course but i'm talking the majority. Basically it's day trading! Due to fx's volatility, that's basically what it is. Some peeps even trade the 5 minute charts! Scary stuff.

With my shares it's an average 4 month turnaround, good profits, check in once every day or two to see if the S/L needs trailing up (never down). So, although I have already started to implement bits of my share trading methodology into my fx trading with some immediate success, your words "trading is trading in my eyes" have inspired me to trial my methodology in a 100% capacity. Money markets are run by human emotions, always have been and always will be. As you say, trading is trading.
I fear the sheer volatility of fx and that my system relies on increasing volume to alert me to PA movements (increasing/decreasing volume doesn't seem to be of any importance within fx) will scupper my plans, time will tell. Anyhow, i'll shutup now and just get on with it.

Thanks Mike.

well that's great Bill, don't fix what isn't broken though. I am well aware how we trade isn't the only way but most people struggle to find any way to make it work for them. It's always a combo of personality , discipline, method etc. So the fact you've made something work is fantastic. It would be interesting to hear how you can translate that to FX with the differences you describe

I always wanted a method I could spread across markets/timeframes. That was a criteria i needed to fulfill to understand if my edge was valid long term. Early on the ideas of the markets changing, conditions changing etc always bothered me. So I gravitated towards PA for that reason. Be it a one hour chart where a trade lasts a couple hours or a weekly chart where a trade lasts months/year I could approach them the same

Thanks for the dialogue i've enjoyed it keep me posted
Mike

PA is certainly at the heart of my share trading. If you're a technical trader (I know that's you) it's at the heart of all your trades. It's where the fundamentals we don't bother with are all wrapped up in and more.

So yes I am really hoping it translates to fx. I will keep you posted.

Bill

I do agree with that, expectations must be in sync with trading additude.

For me anything above 15k/year could be considerate as live from trading lol so ya it can be done.

Thought i would never JUST trade. If you trade lets say daily only thats what? 1hour screen time per day?

Gotta put another 23hours on some use right. Mabey get a ''easy''day job, mini business on a side itc...

Was never my dream spending 8+ hours/day at screens watching charts, that would be boring as hell lol.