Everyone wants to get rich - and of course get it accomplished in a few years. (I know for a fact, I'd like to!) Funny thing about that - it can take more that a few years just to put the right personal tools together to begin to accumulate assets in an account.

There is a magic pixie dust for us though. It is called "Hard Work and Discipline." Learn the craft, get *really good at it*, and you'll have a chance if you are really committed and create a real business. Stop fixating on percentages unless you talking MM.

I do not post here often, but for the lurkers and new ones - this is the right place to be. There are some great teachers here. Pay attention. Ask questions. Put into practice that what you learn over and over again. Then you'll have a real shot at getting what you want.

Want to read an instructive book? Check out Warren Buffets Biography. A few things stand out in my mind - he works like an absolute dog. When it comes to business he is as serious as a hear attack, and he is definitely NOT nice about it. And he is infinitely patient. Here is the Buffet jewel of all jewels: He noted that he often is brought deals. Some of them are difficult to do, and carry a lot of risk. His idea is to avoid them - why? Because there are plenty of 6 inch bars he can step over with ease, rather than trying to leap the 7 footers. The best do it this way.

Nice place you have here Jim. I really like the open floor plan, and the pool is the bomb! Anyone know where the Keg is?

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It is not what you know, it is how you think that makes all the difference

Frustrating is blowing multiple accounts and after 10 years of doing so, re-reading your post and saying: "If I only had proper a longer term view, I'd be home free right now"

I have some good friends who lament not having a college degree. I've known them for 25 years. And they could all be successful Doctors and Lawyers today if they had a proper view of time. Everyone wants everything now.

A sizable account is not the cause of success. It is the result of success, and you can start small - add to it monthly, look only for the best setups and you will grow into where you want to be. If you will over trade with a small account - trust me - you'll do it with a large one too.

Trading is not like watching the movie "Big".

Time is on your side - use it.

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It is not what you know, it is how you think that makes all the difference

That made my head hurt just thinking about the possibility of running down that road. Ugh.

Fortunately, we have the opportunity to *learn from others*, rather than having to learn every lesson on our own. If, of course, we are willing to do so and we have the personal humility to enable it. As I have heard over and over again in the videos and an this site, you do NOT have to lose in this game. You just do not have to lose. You might not be a winner, but you do not have to lose.

That's a fact.

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It is not what you know, it is how you think that makes all the difference

May I ask why not? A long time ago a man who turned out to be a good friend told me: "If you are going to have to work, you might as well make money". Not that riches are the end game, but hey - let's not kid around - Money is the singular reason that motivates people to risk trying this game. You may have a lot of fantasies running around your head, you know, the things you'd like to do and own, and if you are young, they are pretty limited (trust me on this, young people cannot imagine the possibilities) and all of these fanatasies require money to make them come to fruition.

Then you'd better set your sights high. Money is not the sole creator of security, not by a long shot. But I can tell you this with a great deal of authority: I've been poor and I've been rich. Rich is better.

I can also tell you this: You can live to work, but it is far better to work to live. (Right Ryan??)

With balance, time, and a little pressure, all things are possible. Having clarity on what we want, what we really want, gives us the gas in the engine to do what we must personally do to achieve beyond our limited thinking we have today.

There are no limits, unless we make them.

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It is not what you know, it is how you think that makes all the difference

Ryan - can that nutritionist make me stop eating Doritos?

I don't know if you really want to be strong like Jim. He ruins a lot of shirts. I do also, but from spilling grape jelly on them, and his shred from rippling muscles every time he moves.

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It is not what you know, it is how you think that makes all the difference

Ah well. I try. I meant no offense. Just prodding a little. I am far from an Ascetic nor do I contemplate my navel.

I am not trying to start a debate - honestly. But when I see someone says that the money is not why they are trying to do this - sometimes I call it. Just my opinion, but there are far easier ways to turn a nickel. So we are here for a reason, and it ain't for singing Kum Bah Ya together.

No - money is not the root of all happiness, nor is it the root of all evil. Money does not cause problems, but it can fix them, just as wisdom does not cause problems, but fixes and even helps you to avoid them.

I am not going to cure any of this world's ills. I'll leave that to Dr Phil. He makes a lot of money trying (Sorry - cannot resist) I can barely cure my own ills, and if I am a very lucky man, I'll be blessed to teach a few others to do the same. And helping people is free if you want it to be.

Which leads me to the EURGBP Daily PB from June 5 - Price has hit an interesting area where I'd expect some congestion. Price is at the 61.8 fib, at the 365, and where price consolidated back in November. Hhmmm. Is it time to get out of this trade and watch again?

Cheers Friend. I wish you the very best in life. Everyone deserves this. Almost no one gets it.

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It is not what you know, it is how you think that makes all the difference

It is great to see it that way - no? The war is won by fighting the winnable battles. If and when you add in the 4hr, your opportunities will grow, but the rules of engagement are exactly the same. Then the 8% will look more like 18%.

When I was a kid, the neighbor had Cherry trees in the yard. And we'd gorge ourselves on them in July when they would get ripe. You learned real fast that not every cherry was great to eat, but you split it open first and checked to see if a worm had started before you did. I only ate a few worms...

Setups are like that. Most of them have a worm in there. Picky is a very good thing.

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It is not what you know, it is how you think that makes all the difference

Jim for President!

I joined the Factory a year after this thread fired up. It seems longer than that to me.

When I first poked my head into this thread, I was fairly certain that I had run into a bunch of charlatans and pretenders. Yep. I mean, come on - where are the indicators shining brightly to illuminate the way?? Who were they to be so confident? Pass the snakeoil!!

Six months pass. I watch very carefully, measuring the people and the results because the Internet is a dangerous place... Joined the PF and never looked back.

I can trade, I can trade, thank God almighty, I can trade!

Big WOOT to all on the thread. The finest place on the Internet. As much as Jim has poured his heart and soul into this place, it is the community of like-minded individuals that has made it into the fine institution it has become. It is YOU, you reading screen right now that has turned this thread into the shining example it has become.

And I don't think Jim would mind me pointing that out.

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It is not what you know, it is how you think that makes all the difference

Hi Fun -

This one is not an A+ for me. Location seems good at first blush, It is at a 61.8% retrace (not shown on chart), it is at a minor PPZ and the bottom pokes thru a round number... The PB is well formed on my feed. Not so much on yours, I am afraid. EDIT - It is also a bit short too.

Look at the box on the attached chart - those bars poking into it and stopping are concerning to me. They come right up to a big round number.

Me - I am looking for PA to take me north. I'm with you on your analysis.

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It is not what you know, it is how you think that makes all the difference

It is a funny thing - we can hear all day long from those who have traveled the road, but geeze, how many actually *listen* - not many ever do. Those that eventually listen tend to need a good beating or two to get the ears turned on for real.

It makes me think that we never really 'grow up', that we remain in the teenage syndrome forever. You know how it goes, Mom and Dad suddenly become stupid control freaks and we know better for ourselves. Ultimately we get burned often enough, or badly enough to realize that they were not joking.

Fast forward to Jim etc going on and on about the simplicity of all of this when we simply focus on taking the best setups. But what do nearly all of us do? We know better for ourselves and it will be different for me... then we get burned over and over again, finally slinking home to really start tot listen - or we are out forever.

Which reminds me - Look, a Pin bar! Yeah, I see the resistance right in front of it, but this is a PB and it will be different for me... I just love PB's. > singe <

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It is not what you know, it is how you think that makes all the difference

Hey Boss - I've a question and observation. I do not do the blind entry - working on what works for me still.

For that particular trade I saw it too, but passed because the PPZ was not what I consider 'sharply defined' nor did I see a 'habit' of neatly bouncing off of it.

As far as PPZ characteristics go, and PA around them, do you look for certain things? Kind of like picking a wife - she gotta have a nice smile. She gotta have money. She gotta have a big car. She gotta have... ?

What she gotta have for you?

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It is not what you know, it is how you think that makes all the difference

Hello Run -

For those who can sit by and manage the trade, it was doable. I could not do that today, so I sits on the sidelines, and wait...

Tell you what, watching PB's like that one do precisely what I suspect they will do is oddly gratifying. Kind of like watching the Yankees lose is gratifying to a Red Sox fan...

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It is not what you know, it is how you think that makes all the difference

Hi Ikki -

I do not have that pair - but how does the daily look? Up, Down, sideways? Could you post up a chart? Love to see it.

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It is not what you know, it is how you think that makes all the difference

The day is not over, and the chart is pretty limited in scope, but it looks like Bullish PB forming to me on the daily and a resumption of an upswing. Looks like North to me.

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It is not what you know, it is how you think that makes all the difference

Sure there are. But I liked it myself on the 4hr. I marked a minor area of interest on the attached chart. It is 2PM NY time on a Friday, and things are winding down now. This was an easy winner. Look at how tight those EMA's bunched up. I love that. First time back to the 150 and 365, on a PPZ and retrace to the 50% from the last swing high to low. The only thing missing was that it was not at an extreme, but on the shorter time frames these can be nice with all the confluences.

Right now we are in a fairly broad range, (aka a 'sideways market') and I am looking forward to a nice longer term play on a breakout. I'd like to spot a nice entry on the hourly or 4hr.

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It is not what you know, it is how you think that makes all the difference

Based on the chart in front of me (Is it really copper?? Your chart has little resemblance to mine) I see little reason for any trade based on PA out side of a blind bounce off of the 50% retrace. You can do this, but the risk is much higher than taking a trade based on price action. Your friend is rolling the dice and the odds are in favor of the house - no?

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It is not what you know, it is how you think that makes all the difference

Jim shamed me into it.

I'm all jacked up for a good week - and FLOOM! My parents come to town on there way up North. The annual trek to visit other friends and family. Guess I won't be doing as much as I had hoped.

BTW - anyone around here using eSignal for a data feed for any third party charting? I'd like a word with you if you do. I have a couple of silly questions Send me a PM pls.

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It is not what you know, it is how you think that makes all the difference

If found "Reminiscences of a stock operator" to be a very sad tale. Yeah, he gets accolades for being a great trader, but as a businessman, he could run GM into the ground as good as anyone else. I like to look at that book as a excellent read into what not to do. That is just my personal take. The man had some severe personal Demons and an impossible problem with greed.

Tharp's and Douglas's Zone book are excellent. Did not read "The Disciplined Trader" or Booker's.

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It is not what you know, it is how you think that makes all the difference

Kindle will allow download of PDF and Text files as well. You email them to the device for 25 cents or you can load them from the computer via USB. Email is simpler.

I really like my Kindle. Nice form factor and easy to use. I get two papers a day on it (Which will more than pay for the device in a year), books, and send PDF's to it.

So if you see a classic on the Gutenberg project, save it off to your PC and email it to the Kindle. Good reading to you!

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It is not what you know, it is how you think that makes all the difference

BS and nonsense. Dude is WITCH!

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It is not what you know, it is how you think that makes all the difference

True - some good in there - but here is why I am really careful about whom I listen to or read about.

http://www.nytimes.com/2006/01/10/science/10mirr.html

We are/become who we associate with.

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It is not what you know, it is how you think that makes all the difference

Something different for you. One of the things that caught my attention was that you can take any system of methodology and make it stronger with PA. here is something new I am working on. ICCE from Bemac. It is not recommended by me, nor should anyone go running off and 'learn it'. But look at the attached.

We found a range back in May. Applied the ICCE to the range and waited.

6 trades on the 4hr in the past 30 days. The last one is still open. It may simply reverse in the box, or not. I am watching it closely, If I get a reversal bar, I'll jump in long. I'd really like to see it run down to 132 and the top of the original channel. There were many other bars to be played, but not in great positions or are mal-formed. Taking them would make me lose sleep, so why bother? To many easy ones.

The fib lines are pretty powerful - no? Where there is confluence on a retrace or perhaps a PPZ, the move can be powerful at times. There are 4 trades here with a return of at least 3R for the most conservative trader.

Anyhoo - like I said, just a tool where PA can be applied very successfully and make your trading much more confident. No need to though- PA is great all by itself.

For me - I am using this to power a swing trading methodology. I really like the longer term stuff, especially when I can find a shorter time frame entry with a small stop. All you need are a few of these a month, and you'll be phat!

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It is not what you know, it is how you think that makes all the difference

Got my wish! Price went to the top of the marked channel (Good Price!) and then presented two PB's before bed time last night. Right back in on the reverse and locked in profit.

Interestingly, and predictably, price is having some trouble at ~134 where a PPZ lives. With nice priofit locked in, I am waiting this one out. That was a nice powerful move overnight, I'd like to see if I can wrestle some more out of this one.

I'll check back in when this current bar closes, buti think I may have better intelligence handed to me at the end of the day as there is very strong potential for positive PA.

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It is not what you know, it is how you think that makes all the difference

It happens. A few months back we went almost a full month without a decent daily setup - and BAM - 4 or five in just a couple days at the end of the month. If you can hold on till they present themselves, you'll be making very good money as a result.

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It is not what you know, it is how you think that makes all the difference

I was noodling on a blind entry - but being a chicken-man, I did not.

Did anyone enter this blind? Just curious.

So far, nice trade off of the PB. Almost at 1R.

I like this four hour stuff. I can do it at work without missing doing my job... In fact, I made more watching those dumb little lines today than I will all week at the salt mine.

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It is not what you know, it is how you think that makes all the difference

Well - if we do get a PB, and you know where trouble will start, and you can manage the trade accordingly, you can take a B trade. For my dollar, I stick with the A+ trades.

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It is not what you know, it is how you think that makes all the difference

There is no pat answer for that. Sometimes just 2 or 3. I used to take on B+ PB's more often and just move in the stops fast and the TP's in tight. That seems to add stress to my life I do not need. If you want to do that, please demo it to ensure you *really* understand what to do.

I look at it this way - 3 trades at 3R each is 9%+ into the account. I'd rather step over small hurdles than try to leap the big ones.

Take last week's daily USDCAD PB. A bunch took it with full knowledge that it was a limited trade. I did not because I had limited time to manage it. It had no room to run and it was in my opinion unconvincing in size. Everything else was nice though.

What I can do with regularity is trade the four hr bars now - but I learned and got good on the daily TF's first. It took some time and experience. So because there are more bars on the 4hr, I get a lot more opportunities. But it also takes a lot more planning. I find that I am already in on a daily bar off of a 4hr setup. That is nice!

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It is not what you know, it is how you think that makes all the difference

I wanna have your baby...

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It is not what you know, it is how you think that makes all the difference

Smart. Proper sleep is a must for clear headed thinking and decision making. As fun as this all can be, missing proper sleep is a sure-fire path to burnout and burning accounts.

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It is not what you know, it is how you think that makes all the difference

Mike does not need anyone to tell him he is right - but check out this chart - 4hr GC. I marked a flip at 1.7470 with a bunch of clear touches and rejections. It is an area of interest going back to at least 1995 and strong interest since last November. (That took 30 seconds of analysis - whew, I'm sweatin')

Then yesterday came that beauty of a PB formed by two 4 hr bars. Right on the PPZ, right on the 150 (First time back too). I had no idea anything was going to happen, but the technicals are what they are.

There are people who will tell you you have to understand fundamentals and pay attention to the news. The institutions that drive this market have access to the same information that the US Fed or, in this case, the Swiss institutions have. The people that work there cross pollinate all the time and job back and forth.

The short of it is that the people 'in the know' were getting into position for a run. The charts do not lie.

The market knows. It shows its knickers to us all the time. We only have to look when the skirt comes up.

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It is not what you know, it is how you think that makes all the difference

Not that there is anything wrong with that....

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It is not what you know, it is how you think that makes all the difference

These pretzels are making me THIRSTY!!!! (Or is it the FMOC anticipation... nah - its the pretzels.)

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It is not what you know, it is how you think that makes all the difference

Damn ears. Ain't that the truth.

Jim - curious - have you considered that battle won for yourself? Some personal expression would be helpful to many of us.

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It is not what you know, it is how you think that makes all the difference

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It is not what you know, it is how you think that makes all the difference

All this talk - made me crazy.. I;m OUT

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It is not what you know, it is how you think that makes all the difference

For my friend. I've *read* that these work...

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It is not what you know, it is how you think that makes all the difference

eeek! Tia got into the blue pills!!!!

(gotta slow it down...)

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It is not what you know, it is how you think that makes all the difference

Know why you cannot take those with Iron Pills???

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It is not what you know, it is how you think that makes all the difference

LOL !!!!!

Yep! You'll point North!

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It is not what you know, it is how you think that makes all the difference

You sound like my brothers when we were growing up. My parents were visiting this week and told my son that they wish they could have skipped kids and gone straight to grandchildren.

I proceeded to burn the meat that night.

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It is not what you know, it is how you think that makes all the difference

HOLY THOUGHT STREAM INTERRUPT, BATMAN!!!!

I'd debate that. It is kind of simplistic. I won't articulate it well, but I think it is about cutting risk. Jarroo said it first - the great setups are the ones that go. I'd have to think through how to say it, but the pithy saying above is largely crap. IMHO. (No flames please, I need to explain myself later) But in short, cutting risk will do the above for you. It is a different way of looking at it. The above is a result. What is the process?


Yep. Hindsight is a great thing. Learning from it is greater still. Trust is earned. Earning takes time and experience. If we never move out of our ruts we never get a chance to learn new things. That is why the Demo is so darn powerful. Learn new things without the scarring.

Some trades virtually beg for breathing room. So I let them breath. Some do not (Like that USDCAD PB last week) You can have you cake and eat it too - but you need clear vision and a tolerance for it. Time.

Easy? Not yet. the battle is in the mind. I can see things on the chart well, the execution against vision is harder.

Yep. But then again, Clock lives in Ohio and everything there moves at the speed of Corn... So you and I can pick up some things from him and others.

What I find infinitely cool is that the Internet throws all of these people together and we don't have to look so hard and long for answers. the down side is that the Internet throws all of these people together and we have to sift through all the answers for what fits. So - there is not much of a trade-off. We either spend time working to figure it out, or we spend time sifting sands for the pearls.


Ditto! I am going to live in Spain. South of Barcelona on the Med Sea. Why? I like the weather and Spain in general. Europe is great. I want to spend at least a month in Kauai each year too. And a week in London periodically. Great Beer there, and contrary to popular opinion, great food too. Lake Como in Italy is a personal favorite place in the world I want to go back to frequently.

There are a myriad of ways to trade and be successful. I learn from everyone here. A little tidbit here and there. A new tool in the toolbox - or not. It either fits with my strategy or it does not.

It took me 2 years to get to the point where what anyone else does does not affect me. I pass on trades the slobbering masses jump all over - and I am never wrong. Oh, sometimes they run, but that does not make me wrong. I stuck with my strategy and vision. It is working. I had some terrific trades this week that no one has even mentioned seeing.

As always - you've spoken plainly and well. But I find that the online discussion is both the Blessing and Malediction. I can see your words, but I cannot 'listen'. Sigh.

- mike

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It is not what you know, it is how you think that makes all the difference

I am truly surprised you have kids.... Your wife must be a saint.

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It is not what you know, it is how you think that makes all the difference

OMG - someone please shoot me.

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It is not what you know, it is how you think that makes all the difference

Oh, the humanity...

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It is not what you know, it is how you think that makes all the difference

Yep - Nice catch. Saw it myself during the highly distracting forum escapades today.

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It is not what you know, it is how you think that makes all the difference

I gotta keep my eye on you. Could you toss up a chart on this one? I'd like to see what you see. Curious. My feed is not giving me much to get excited over.

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It is not what you know, it is how you think that makes all the difference

Not to my thinking - no. I am still working on explaining myself, but it is a look at it from a different angle, and for me, it is not mechanical.

"Managing Risk" is probably a better term. More later. Cutting losses and letting profits run are 'results'

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It is not what you know, it is how you think that makes all the difference

Tom -

If the setups are A+, I play them both. I know a lot of people may disagree, but in my experience an A+ setup is an A+ setup.

As usual, know where trouble will start and respond accordingly with managing your risk.

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It is not what you know, it is how you think that makes all the difference

Poor Ben. He is a smart dude, and then he has to come in and answer to a bunch of ignorant A-Holes who built the structures that put us where we are today. He ought to start naming names...

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It is not what you know, it is how you think that makes all the difference

Heh - It can be done. Lots of opportunity in a sideways market. It is not for everyone, but PA is PA - even when vertically challenged. In fact, if you can make money in a sideways market, you have arrived!

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It is not what you know, it is how you think that makes all the difference

heh heh...

It is going to be one hell of a breakout play though... Ralph Kramden said it first - "Bang Zoom !! To the Moon Alice!!"

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It is not what you know, it is how you think that makes all the difference

You are correct on all counts.

Sideways markets are very tradeable, but you've GOT to KNOW where to at least go to BE. If you do not, then you;ll get chopped to death. Since the R values are lower, a full loss is a painful thing, wiping out a number of winners. I'll take these trades, but I am *very* conservative on how I do it. It has to yield something worth it. That USDCAD PB last week was not worth it to me. So I skipped it. The GBPUSD PB you mention was a good example of a PB in traffic I was willing to take. It did what I expected. No surprises, except one - it closed before I got out of bed this morning.

But - learning first to identify A++ setups is the critical step number 1. Then, once you have provably mastered it - over a stretch of time - then you can add in some of the fancy footwork via the demo of course. A few of the guys (Rac, Ryan, etc) here do some pretty advanced stuff - things I have not even started to demo actively. Someday perhaps.

That PB is not a MBQB11 style bar at all (that I am aware of anyway). He certainly is capable, but it does not fit in his trading plan, so it is not something he looks for.

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It is not what you know, it is how you think that makes all the difference

Had not thought of that way - He has trades on that are older than his underwear!

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It is not what you know, it is how you think that makes all the difference

I am a 90 watt bulb in a 150 watt world... I cast a short shadow, but i like it that way

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It is not what you know, it is how you think that makes all the difference

Funny you should mention that. I still feel the pull of "Damn, I got it wrong, maybe I'll adjust something." I've learned to ignore it, but that took a lot of effort.

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It is not what you know, it is how you think that makes all the difference

I hate that pair. For some reason, I have a hard time with it - but the chart seems so orderly...

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It is not what you know, it is how you think that makes all the difference

Eventually you will see that setup and know how to handle it. Today, it is best to stick with setups at 'extremes' and on support and resistance (We call them PPZ's for price pivot zones).

Welcome to the forum and take your time learning. time is the one commodity that evens the game for everyone. And please - keep asking and posting charts. Lots of good people here who will help, and can help.

You did in fact spot a proper Pin Bar. Step one is accomplished!

One more thing - see the bar you started the fib retrace on? THAT was a nice tradeable PB. Kind of looks like a cherry on a stem hanging out there. (thanks mike)

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It is not what you know, it is how you think that makes all the difference

Hi Fun -

This one makes me sweat. At first blush I see a PB forming with space.

BUT-

1. It is small
2. It is just above a major PPZ
3. The Major PPZ is also a big, fat round number

I am Irish, but I don't pick crazy fights with 260 lb pro boxers. I am much more inclined to see it retrace to the 1.5000 and place a bet heading up, up and away.

But that is just how I'd play this one. It might just do your bidding.

Posting a chart with the PPZ and round number marked off.

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It is not what you know, it is how you think that makes all the difference

Better. But not an A+ if that is what you are seeking.

If you want to roll with it, how will you manage it? That is the key on this one.

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It is not what you know, it is how you think that makes all the difference

Just spotting the potentials is part of the game.

Top traders are like Diamond Miners. Miners have to sift patiently thru tons of dirt, muck and rock to pluck a few tiny stones of value out. But that kind of activity made De Beers huge, one tiny stone at a time.

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It is not what you know, it is how you think that makes all the difference

You got it! Fortunately, there are a lot more opportunities out there!

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It is not what you know, it is how you think that makes all the difference

LOL! Good stuff. I heard Sammy was working on some new stuff with some Rock Studs. It is 8:42AM and I want a Beer and a Bourbon chaser!

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It is not what you know, it is how you think that makes all the difference

Thanks for posting that article. It was interesting.

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It is not what you know, it is how you think that makes all the difference

Just asking - always curious about why traders do what they do. I might learn a new thing.

In a sideways market (daily) and in a current short term uptrend (hourly), why not simply bank full profit? That area you exited half is a fairly active area of price interest.

Just looking to hear some thing I might not have considered...

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It is not what you know, it is how you think that makes all the difference

Hey boys and girls. I've had some fun here the past week or so. You made me glad I came down from my mountain to hang with you all. (OK - Jim heckled me into it) LOL Not only that, but Jim has tidied up the place nice. New carpets, nice curtains, and the fridge is full of beer!

I just love that "New Thread Smell" - don't you?

Well, I'll be out of pocket till next week sometime. Getting on a aero-plane with my Dependants and flying to NYC to entertain them. We will be looking for freaks and weirdos, gawking at tall buildings and having a few in the Rainbow Room bar. (I love that place - the best view!)

We have a limo picking us up at LaGuardia. My son has never been in one (He is 12, how many 12 year olds have?) and the driver is picking us up with a sign with HIS name on it. (I've taught him to trade PB's and OB's, so maybe I'll give him the bill.)

Be good, and for God's sake, please pick up after yourselves, make your bed, brush your teeth and comb your hair. Company is coming!

TTFN!!

Sorry about the loud font - if anyone complains, I'll make it permanent...

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It is not what you know, it is how you think that makes all the difference

The Little Richard of Trading"??

I gota PM on this today. Took me right off my hedonistic vacation.

Clock - you need some deep therapy.

;-)

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It is not what you know, it is how you think that makes all the difference

Hey everybody! On the BlackBerry posting - sitting in the bar workin' the vodka and tonics (Long Story)

So - NYC is still a gritty ubrupt place.

Yesterdays storm screwed with the flights. Canceled.

So - we rebook via ATL and secretly hoped to get canceled there - love that city!

Here is a lesson for all. People generally are doing the best they can. They have stress and pain in their likes (if we only knew) and then they have to tell a plane load of people that their flight is canceled. Ugh. That hurts them bad.

I have habitually been sweeter than grandma's cherry pie when faced with cancelations. I understand that this makes me a breath of fresh air to those poor tortured souls working for the airlines. It also makes me feel good.

The rewards are beyond that though. Last night our ATL to LGA leg was First Class for all three of us. Treat people great and they return to you what you give them. This has ocurred many times for me.

Fast fwd - Limo driver had to wait. Airline lost my son's luggage. Oops. So he had to charge me wait time. No problem I said, and added another 100 bucks for his late hours. He has a son too and I felt bad keeping him out so late and he will be tired today - and his boy needs him.he pays for all this too.
Be nice. Love people. Understand that they share your pain. You get what you give.

So -

Today we hit the Top of the Rock. Everyone goes Empire State. Empire state does not have the veiws, and it is crowded in a big way. Not wait for the Rock. The Rock rocks.

Ate Pizza at Lombardi's. It is the first pizza place in north america. Very good.

I was looking at the landscape and saw Citigroups tower. A sick feeling came over me. Those people, and others like them make me ill. What they have done to the financial landscape is utterly criminal.
It was a low point.

Ah - tomorrow is another bright day. Let it shine people. Let it shine.

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It is not what you know, it is how you think that makes all the difference

Heh heh. Getting on a Manhattan boat tour. 3 hrs around the island. If you come here - this is great thing to do.

There is a place in Brooklyn that makes the same claim.

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It is not what you know, it is how you think that makes all the difference

Having some pre dinner cocktails in the bar.

The good times continue, and with luck, the GU will wait till thursday at the earliest for a move to start ... ;-)

Yesterday started off fun with coffee and an apple fritter the size of my fricken' head. Cool deli across the street - yum.

Then a short walk to the courthouse to heckle Bernie Madoff as he headed in for his just sentence. Man, those people outside were a lot more vindictive that what the news reports gave them credit for.

More coffee after that. I needed to top off the energy.

A walk to Wall street and the Fed and the NYSE. My twelve year old was not impressed till I reminded him that like Forex, stocks are a thing we put 100 dollars in and get out 110 dollars ... " Ooohhhhh.... That is good then."

Spent time at FAO Schwarz and bought him the "One Ring". Coolness and swank for the 7th grader comes easy.

The afternoon was interesting as we hiked around the wikd places of Central Park. Yes, there are some. It is amazing how you can forget you are in the city in that place.

Late Lunch at the Carnegie Deli (yeah, 'your place' is better).

So dinner tonight. What to do? I am down in the financial district - perhaps a big honkin steak and a debate on financial system reforms with the next table? Hhhmmm, sounds like fun. Some of those Goldman people aren't too smart and are fun to roil. A friend of mine likes to say; "Wealth is often wasted on the rich"

Sure hope the GU waits for me.

Be good. Back in the saddle for me thursday to see if the GU gives me the filthy luchre I need ...

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It is not what you know, it is how you think that makes all the difference

I wish biz travel was not so tiring. I'd do more of it. This planet is simply fascinating.

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It is not what you know, it is how you think that makes all the difference

With your eyes. Use the eyes in the front of your head. Trends move in macro and micro levels. Longterm weekly trends may be up, but on a four hour down.

Which part of the river do you want to swim in? The big long term flow, or the eddies and swirls? It is up to you to figure out what will work out for you. Swim where you do well.

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It is not what you know, it is how you think that makes all the difference

Teaching people to trade a daily or weekly time frame also allows for a person to learn. It gives them what they need - time and a safety net. It avoids the quick flame outs that happen on lower time frames.

Most people here simply do not have the time available to trade markets at lower time frames. They are busy making a living. The reality most face is that they cannot simply drop a job in favor of trading. So daily time frames and lots of pairs or multiple markets make it possible to slowly and effectively grow an account, and to learn in a safe manner
BTW - Jim does and has taught lower time frames.

Remember - you yourself came from a cottony safe place - a Fund. You got out on your own after you learned the ropes, hence the transition is far different for you than a new trader who just so happens to work a day job as a teacher, accountant or programmer.

I'll let Jim speak for himself, but this I do know - he knows what works for Jim.

I'd be interested in seeing what you do. There is always something new to learn. Mike suggested a new thread. I second that. It would be effective in teaching others how to successfully trade the market and would allow you to gauge interest.

I'd follow it.

Cheers!

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It is not what you know, it is how you think that makes all the difference

A large base helps too.

OH NO I DIDN'T!!!!

Size matters.

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It is not what you know, it is how you think that makes all the difference

2 to 3% on daily/weekly ain't bad at all. When consistency is achieved, and you are comfortable, then you can move down to the 4hr or 1hr and prosper. Watching the account inflate little by little - while you are learning - is killer goodness. Contrary to popular opinion, account blowouts do NOT have to happen. Blowouts happen more often than not, but we all know how it occurs, so we have a good shot at avoiding that pain. It has been done.

I like the line from the movie "Stand and Deliver". The Calculus teacher kept saying "Step by Step". Yep, that'll do it.

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It is not what you know, it is how you think that makes all the difference

Nice post as usual Tia. Nothing but the truth.

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It is not what you know, it is how you think that makes all the difference

Not me Doctor!!! I'm in it for the money. Period the end. I see no other reason to work at all - except for the cash.

500 bucks? That bought me dinner - One Night at a nice place in NYC this week, and it could have been more, but I throttled back on the wine ...

6K of monthly expenses is not unusual. Buy a nice home at half a mil (or more). Add in a couple of nice cars, lawn crew and one expensive wife (aren't they all??) and 6K actually looks cheap to me!

But I'm just sayin'....

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It is not what you know, it is how you think that makes all the difference

This place is different. We'd love to have you stick around and explain, without bashing anything else, what you do. There is plenty of room for divergent opinion, and ultimately, everyone is in charge of their own coin. The best anyone can do is simply share. No one objects to you showing off what you know. Everyone objects to pot-shots. Start over with us?

If you wish to share, then please share. We'd all enjoy hearing from you.

Being a real teacher on this forum is very hard. It is much harder than trading. In fact, most successful traders have no ability to impart what they know. Challenge yourself. Can you build this skill? It is not easy. And so far the 8-Ball says 'No'.

Remember - we are all like a man with his hand in a bucket of water. We can splash it around and make all kinds of noise. But when you pull it out, there is no hole left behind. It is as if you were never there.

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It is not what you know, it is how you think that makes all the difference

No chance. No one is going to earn a living on a tiny account. Think about this - what kind of trader possesses a small account? That is right, a new one. My personal account is much larger, but I still cannot rely on it. When it triples, I will not rely on it.

Here is the truth I've learned about money.

There was a time I thought "Gee, 50K a year. If I could get THAT, I'd be set." I got it fairly soon, and thought "Well, that allowed me to get a nicer car and few things. 100K - that is the real deal". Well, again, 100K came and went. Vacations got better. Better suits and furniture. More dinners out. 200K. Now that would be the bomb - right? Not so fast. Now you stay at the Ritz Carlton, The Four Seasons and the Amangani in Jackson Hole. Your suits are Hickey Freeman. You think in terms of "The Best". You discover a highly secluded spot on the Ocean in Kauai - and book it 10 days at a time. Then there is that expensive wife. She discovers "Chocolate Pearls" while on a South Pacific vacation. They are beautiful - and expensive. And of course your own toys ....

200K is not that much money. Neither is 500K. Or a million a year. Those numbers seem big, until you hit one of them.

The plain truth is this: you will live at the level your income allows. Period. (Are there any ascetics here?)

As for me - I am not going to take a pay cut to go full time into Forex. And I must grow my account as I go along. That expensive wife just developed a taste for Bergdorf Goodman...

But hey - that is the observation I have made in myself and everyone else I know. My advice - forget dreaming about income. Start over by obsessing 1000% on getting great at trading. The money will follow. It always does. It has worked for me to focus on being very good at what I do. The best, IMHO. Money came, and came fast.

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It is not what you know, it is how you think that makes all the difference

I'll try to help a little.

Focus on becoming a great trader. Learn those mechanics and the thinking. Leverage is a good thing. Money Management is paramount. Risk .5% to 1% on each trade to start with. Lower risk helps keep greed at bay - and fear. Get great at this in a safe manner.

S/R is exactly the same. As far as which TF for you - PLEASE read the first post on this thread. If you follow it, you will be successful.

ALWAYS with a Stop Loss. Always. IF you don't know where to put them, start again at the beginning of the thread...

Not sure what you are saying.

See the first post. See the first post. See the first post. And then read the next 50 pages.

No. 1% MAX. When you get good, then you can grow the risk.

Goodness. Please do not trade real money.

None of that is reasonable. Not one shred of it. You take what the market gives. Sometimes it is nothing. Sometimes it is more. Your focus is on the wrong place. Learn to trade very, very well. That is the line of thinking you need.

No problem. This thread and the people in it are here to help.

Start with first post, and then read and study the next 50 pages. Then come back, posting your charts with entry and exits. Then you will begin to learn a lot more.

Good Luck!

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It is not what you know, it is how you think that makes all the difference

True, true...

Have some fun with that notion. Build a spreadsheet and compound it over, say 60 periods. (Pick a number to compound - 10% is plenty) Start with 10,000. See the bottom line? Pretty nice. Sweet, in fact.

Now write that figure down and simulate a $500 dollar loss re-running the spreadsheet with a starting value of $9,500. A 500 dollar loss is not a 500 dollars anymore, is it?

Losses are to be avoided at all costs. Break Even is fine.

How do you make money then?

Pick the very best setups. They have confluence (fib, round number, divergence etc) and are at extremes or on a PPZ. You'll notice those trades have a strong tendency to move with some authority. How many 2 or 3 R trades a month do you need to:

1. Learn safely
2. While growing the account
3. to get ready to move to the 4hr
4. and have more opportunity to win?

Tell you what - give me ONE A++ setup a month on the dailies and I will grow my account, and someday, actually live very nicely on it.

Time is on my side. That simple fact works for me as an employee who never gets sick or takes a vacation.

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It is not what you know, it is how you think that makes all the difference

Ahhh...

Time to start the weekend again. Kid is at a friends house for the day and night. Me and the expensive wife (I think I'll tell her that today) are gonna pretend we are a couple of hedonistic DINKS again.

Life is good.

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It is not what you know, it is how you think that makes all the difference

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It is not what you know, it is how you think that makes all the difference

Very nice explanation bundy.

FIFO is all about transparency. It will enable better compliance monitoring capabilities.

100:1 - big whoop. Give me 10:1 and I won't change a thing - except position sizing.

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It is not what you know, it is how you think that makes all the difference

Yes, that is quite true.

Funny you bring that up. I no longer keep my entire nut in the accounts. A sizable portion sits elsewhere. I started this in reaction to the recent economic changes. (You never know what some broker is doing to themselves and hence, to you.) I take a percentage based on my *entire* trading stake - which includes the other safety accounts.

So - I'd strongly prefer to stay at 100:1, but I could live just fine on 10:1 if I had to....

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It is not what you know, it is how you think that makes all the difference

Yeah - I hear that. I remember paying $275 a month for a three room apartment. We did not have jack. Did not know jack. A pizza, an order of wings and a jug of Gallo wine was living large! Simpler times - and I miss >some< of that simplicity.

I think nearly everyone starts off dead broke and not even knowing it. Some stay that way for a long time - I did.

Cheers!

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It is not what you know, it is how you think that makes all the difference

Basber -

Thank you for sharing this. I have friends from Iran, they ache to go back, but realize that they cannot due to the conditions there. All of them have lost family to the current regime.

Americans celebrate their freedom today, but that has been an ongoing process for us when every so often the country goes through a painful period of change and adjustment. I believe we may be entering a period right now - the first since the turmoil of the 1960's. It is going to get a lot worse before it gets better.

When I read things like you have told us here, I get ill over the attention we give our comparatively small problems. No one here is in fear for their lives because of what they think or say. Anyone here can choose what they wish to be, and achieve it.

We speak freely, move about freely, choose our mates freely, freely decide how large or small our family will be, choose a religion as it suits us personally, and are free to choose to not worship. I can read what I wish. I can publish whatever I decide - and am encouraged to do so. I can tell the world that the President is no good. Or I can sing his praises. I can debate my government to it's face - in full public view. And if I make sense, our free press will press it forward for me, and we all win. If I do not like my lot in life, I can change it. If my wife dishonors me, I can divorce her, but her life, freedom and safety is guaranteed.

I can fulfill the dreams undreamt.

We have it very, very good. Basber - be well, be safe. It is the hope of every American that you can have the same freedoms someday. But not according to our thoughts, but in accord with the thoughts, hopes and dreams of all Persians. Tell your friends that all Americans wish them well this day.

Cheers!

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It is not what you know, it is how you think that makes all the difference

As usual, Tia gets another hit. You speak well.


I've said it before, TIME is on your side. Use it to the full. Consistency + Time = Long Term Success.



If you want some convincing about what Tia posted - particularly the piece on ADDING to your account monthly, do the math with, and without additional dollars going in. Say you don't have the money? Work a weekend day and get it. You won't die. And you'll have GREAT stories to tell your children and grandchildren. It is like magic.

TIME is on your side baby! If you are like me, and have an expensive wife who does not work outside the home, TIME is what you must put to work.

You can do this, or trust the company you work for to do you right when you finally retire. (GM anyone?)

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It is not what you know, it is how you think that makes all the difference

OMG... Now I gotta poke my eyes out.

(damn canucks)

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It is not what you know, it is how you think that makes all the difference

That might not be a bad play - time will tell. The PB was on the smallish side, and followed a BUOB breakout of the range. It is going to have to smash thru current levels with some conviction to make it. There is some divergence, so that is a plus.

If the PB was taller, and closed well inside the range, I'd have jumped on this.

Let's hope it works out!

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It is not what you know, it is how you think that makes all the difference

We are like dogs. Throw down a hunk of red meat, and we are all over it...

That is what makes this the hardest easy money you'll ever make!

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It is not what you know, it is how you think that makes all the difference

It was a small PB, but good location on a minor flip and on a round number. Tastes like chicken.

Moving the SL behind 1.6200 now....

I'd love it if today's bar closed with the close a bit higher than the open. Now THAT would be a tasty thing...

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It is not what you know, it is how you think that makes all the difference

Different feeds Rickey. 4 hr and above time frames will look different. 1 hr are below will all match up.

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It is not what you know, it is how you think that makes all the difference

That is kind of like asking Asking "I want a piece of pie, what its the best kind?"

Many folks simply stick with MT4. It is simple and works fine.

A personal Favorite of mine is NeoTicker.

I have worked with Tradestation - and you can simply pay a monthly fee for the charting - at least you used to be able to. It is very good.

Another one is offered by Open eCry and others called ProEdge. It has a lot of nice features, and is also quite buggy at the moment. I see a lot of potential with it in the future.

Lots of traders like Ninja trader - but I have not looked at it.

For now, I recommend you stick with MT4 until you are way up the curve.

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It is not what you know, it is how you think that makes all the difference

No science on it (Although it would not be hard...)

But it seems to me you get a better R:R on the 4hr. It is possible since I see and trade more of them on the 4hr, it is illusory, but that is what my sense is. Grabbed a PB today on the GU that is up 1:2.5. (With luck, it will reach 9R by Wed/Thu sometime...

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It is not what you know, it is how you think that makes all the difference

Well darn. Got out at 1R+. Price hit the brakes last night and reversed faster than a kid caught in a lie.

Next!

Oh - lots of continuation on the ranging markets. Plenty of well defined areas for PA for the conservatives.

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It is not what you know, it is how you think that makes all the difference

Step One: Get her an account of her own.

Step Two: Enjoy the silence from that point forward.

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It is not what you know, it is how you think that makes all the difference

Don't sweat it - look at it this way - she wants you to be successful as much as you want to be, but she has a difficult time expressing it well.

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It is not what you know, it is how you think that makes all the difference

Is this some kind of sick love-fest? Can we get on with it? Get a PF, will ya?

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It is not what you know, it is how you think that makes all the difference

Always better to stick with A+ setups... This was not one of those I am afraid. On my feeds I work with it was not a valid PB. (the eyes need to be inside the previous bar and they weren't) It was not in a nice location either - trading into a Round number and some old resistance in a newly established downtrend to boot. No divergence on either the MACD or RSI (pick you weapon)

Everything was working against this one. Everything.

The place to have gotten in was yesterdays 8HR PB. I liked that one, and am loving it today. (thanks for the coin!)

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It is not what you know, it is how you think that makes all the difference

That's good - save the Bourbon for yourself!

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It is not what you know, it is how you think that makes all the difference

Dude - that was post number 404 for you ... not that I'm into any kind of omens or anything, but a 404 is the "Not Found" html error message.

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It is not what you know, it is how you think that makes all the difference

Huh? Why not?? The dude is the warlock of the charts!

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It is not what you know, it is how you think that makes all the difference

Nice trade. You got your 100 in a matter of hours.

I like this trade for you for one reason - you traded what you saw and believed. And you won for it. BRAVO! This is a big lesson for all the new people - eventually you've got to on with your own thinking and understanding. Demo and demo and demo - it will come.

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It is not what you know, it is how you think that makes all the difference

To aid in paying for the website. He set it up as a place where people could go and not have to sift through the noise.

I am in 100% agreement with your skepticism. 110%. The Internet is FULL OF THEM. I saw that offer and sat back and watched for a year. Scam artists and goof balls would not last that long with out being exposed.

So I joined over two years ago - best money I ever spent. Ever. Now my membership is free, but I'd gladly pay again monthly if he asked me to. Those people are worth it to have them all together.

So - my suggestion - instead of coming in and taking a giant dump, sit back, watch, ask polite questions, learn and understand. People will respond to you, rather than react.

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It is not what you know, it is how you think that makes all the difference

Feel free to ask questions and post up charts too - and welcome to the thread! It is always smart as hell to have a jaundiced eye !

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It is not what you know, it is how you think that makes all the difference

I nominate a new price action formation: The Small Crap PB !!

AKA - SCPB

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It is not what you know, it is how you think that makes all the difference

The master is in the house!


Hi B. Everything is ICCEY lately.

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It is not what you know, it is how you think that makes all the difference

I'll share a little bit - I am in a boring as hell all day long meeting at my 'day job'. (Hey - I can afford the luxury of trading the 4hr bars around here...)

A long while ago I spotted FF, TSD, Elite Trader and a few other places. FF clearly was a better place. I trolled the different threads, focusing on the highly rated indicator systems (Indicators must work, after all, why else would they be there?) Demo'd, failed. Demo'd won a bit with one particular approach, but it was not to my liking at all.

Stumbled into this thread and was - put off - by the confidence shown by Jim and a few others. Who the hell is he?? Off to better climes and more failed approaches and learning one thing - trading successfully is way too hard and only a lucky few can do it.

Back to J16 thread, and I started to actually study it because I discovered that the foundations are taught here. Then the Private Forum opened. SCAM.. I just knew it. There is always a catch. I stood aside for one year watching, listening, examining. What I wanted most was a good place to learn. I learned much on the public forum, and after a year, I dipped my toe in on the private forum, and stayed. (Check out the public videos there - they are very good, but no where near the best)

Bemac spoke it very well. You'll never get it cleaner than right here.

I am an old hand on the internet. I used it in the earliest days. I was on USENET, BITNET, DARPA, ARPANET and a few others. (Did you know that at one time, DARPA's backup network was the Holiday Inn's network? Just one of those oddities)

I've been around, trust me on this - the Internet is the dirtiest, most dangerous place imaginable. It is filled with frauds and charlatans.

But we need to act like Diamond Miners. Diamond miners sift tons of dirt and muck looking for a few shining stones.

So sift away. It is the smart thing to do. Always.

Back to the charts - errrr... meeting.

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It is not what you know, it is how you think that makes all the difference

LOL

BTW - I see you are located in Mallorca - BEAUTIFUL place.

My family and I are wanting to live in Spain someday. Someplace on the coast in the Barcelona area. Spain is a wonderful place.

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It is not what you know, it is how you think that makes all the difference

Had not occurred to me - I speak a little Spanish now, Better move down the cost a bit... ;-)

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It is not what you know, it is how you think that makes all the difference

Sometimes I think Jim is OCD... but in a friendly, comfortable way...


JIM - DUDE - BEAT IT! HAVE A FEW IN MY NAME - WILL YA????

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It is not what you know, it is how you think that makes all the difference

Yeah - but you know that a little Leprechaun is lurking nearby seeing if you'll wait long enough and patiently enough to be ready to take his pot 'o gold....

(The little dude looks like Bemac)

Just saw Bemacs post - good idea

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It is not what you know, it is how you think that makes all the difference

Hey Mike

I had a thought - can you have Jim temporarily banned?? First, it would force him to chill out, second, his family would thanks us, and third, it shows we care...

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It is not what you know, it is how you think that makes all the difference

By hook or by crook.... <sometimes I just kill me...>


Hey - I'm just glad you talk to me!

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It is not what you know, it is how you think that makes all the difference