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  #59330  
Old Mar 26, 2010 10:05pm
Grateful to Merlin, Jim and Fudd :)
 
Member Since Jun 2008
More than 10 Vouchers  688 Posts
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I personally think this debate over higher v lower timeframes is a little pointless.

This is James' thread. Based on his experience he offers suggestions. They are, in his opinion, the best way to achieve success in the market.

But this is one corner of the forex education world. If you disagree with James and feel that you want to start on intraday then go for it. No one here is holding a gun to your head. But James' opinion will not change. He has formed it over years of experience and pain. You don't have to agree with him and there are many other forex educators out there, some good, some bad. You will just have to do your due diligence as to whether you think they are worthy of your time or not. Just like you will have to make a decision about whether James and his ideas are worthy of your time. Those of us who have benefitted from his approach hope you stay and follow the suggestions. If you don't we wish you good luck. There are many many ways to skin a cat in this market.

I think the essence of what James is teaching is that you need to give yourself an opportunity to stay in the game long enough to learn the skills required. It always takes longer than you think and many people try to run before they can walk and blow up. Taking things slow gives you some time to find your way. This is the thinking behind his advice to start on higher timeframes. (That, and understanding that in forex, the big picture always dictates the little one. So It's good to cut your teeth on the big picture and work your way down)

But if you believe that the 1H is the way for you to learn then just open a demo account and go for it. Set yourself a period of 3-6 months to prove to yourself you can do it and start. Look for 3-6 consecutive profitable months, use good money management, and off you go. No one is stopping you from doing that. In fact James himself posted that there is nothing wrong with demoing lower timeframe stuff right now if that's what you want to do. Starting by demoing the 1H is not what we suggest here, but it's only a suggestion.

Just make sure that you don't risk real money on anything until you have really proved to yourself that you can do it. That's plain common sense.

But don't sit here and argue about the merits of the 1H vs the Daily. Just go and do it. James' opinion is based on 28 years of experience. You're most likely not going to see him change that overnight because of a forum discussion. But it is just one man's opinion and you must decide yourself whether you want to take his advice.

I have to add to this that although I know that this time it is chatzi who is asking these questions, my reply is not directed at you in particular chatzi. It's just that this issue comes up every few weeks from different people and so I wanted to put my thoughts down. What I would say to anyone who is aching to trade intraday is to open a demo account on the 1H and start seeing if your feelings are correct. You'll learn much more from that, than from debating it in the forums.

There are so many forex educators out there. Each one offers his or her own approach. Many of them are good (many of them are terrible too). If you don't agree with one of them or feel that they are not a 'fit' for you, then find someone who is.
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"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope." James16
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  #59347  
Old Mar 27, 2010 5:54am
Grateful to Merlin, Jim and Fudd :)
 
Member Since Jun 2008
More than 10 Vouchers  688 Posts
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Quote:
Originally Posted by james16 View Post
i keep monthly and weekly pivots on paper. you bet they are great confluence ingredients.

jim
I know they are great for the futures markets but do you find them great for forex too Jim? Just curious as the jury's been out for me on that one.
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"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope." James16

Last edited by TiaForex, Mar 27, 2010 2:15pm
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  #59348  
Old Mar 27, 2010 6:06am
Grateful to Merlin, Jim and Fudd :)
 
Member Since Jun 2008
More than 10 Vouchers  688 Posts
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Quote:
Originally Posted by chatzi View Post
Ok I said my bit and still believe that demo is a waste of time, lower time frames will speed up your learning 1000x and using risk management, it would require 70 losses in a row which means you haven't understood the material.

If you still think demoing is the way to go see this post by THE master himself

http://www.forexfactory.com/showpost...39&postcount=1

I think that says it all really.

No hard feelings, Im out here too much koolaid.
Hey Chatzi,

Firstly, I completely agree with you on the demo/live thing. Playing for pennies live and playing for demo can often be the same. Each one has its own defenders. Personally I found that when I was playing for pennies live I found it too easy to increase my lot size after a winning run. I just broke my rules and got over happy with it. But I have no strong opinion for others and when I say demo I consider that to include risking pennies live (I should have been clearer about that). I am sure you'll agree that marching in on day one with 2% of your full account is madness. I know you'd never do it, but believe me many people do. That's common sense and not koolaid. So I may not have been clear about this in my post. No disagreement there.

My point to you was subtler than that and I am not sure if you've picked up on it. My point to you, was why are you debating it? Why not just open the demo account, do it, and start posting one hour setups. Instead you've started a debate, got into an argument and now said that you're leaving because of the koolaid. We had a similar thing a few months ago and then as I recall we swapped emails and things become okay.

If a man likes chocolate ice cream and you like vanilla, then just sit in front of him and enjoy your vanilla ice cream. Don't get involved in a debate on the merits of flavour and don't complain that he's making you "drink the choocolate ice cream koolaid". There are plenty of people here who have ignored the suggestions to start higher, they post charts, and Mike and the others comment on them. We occasionally throw in a reminder that our suggestion is to start higher, but no one says "we will not comment on your charts unless you can prove you did your time on dailies"

Look I am as guilty in this as you. Here I sit, engaging you in debating, joining in the tussle, when I could sit quietly and leave you to your opinion. But I really wanted to make clear that this isn't a debate about dailies vs 1Hour. It's a debate about why you are having this debate in the first place. I'd be very happy to talk to you via email, I have done before, and I am not going to try and persuade you to start higher or whatever.

Anyway I think from your message that you're leaving and I genuinely wish you well on your way. There are a thousand ways to learn forex out this is not the only way. I wish you the absolute best with your search.
__________________
"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope." James16

Last edited by TiaForex, Mar 27, 2010 6:24am
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  #59401  
Old Mar 28, 2010 8:45am
Grateful to Merlin, Jim and Fudd :)
 
Member Since Jun 2008
More than 10 Vouchers  688 Posts
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Quote:
Originally Posted by jarroo View Post
I'm sure you meant to say . . . "I know they are great for the Mini Dow but do you find them great for forex too Jim? "

Jim may have mis-spoke. I don't think Jim uses floor pivots on the Euro.
Oops. Corrected. Thanks Jim.

And thanks bundy for the very useful answer. Can you point me to the indicator that leaves yesterday's pivots on the chart? Mine repaints every day (unlike yours) and so is no good for historical chart viewing.
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"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope." James16
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