the hardest part of this is between your ears and losing at your stage is not a bad thing.
i will tell you why.
the only people that ever make it in this business are almost always those that had the following happen to them.
1. they find a solid method. you have. be very very thankful for that. most search years and never do.
2. they lose early on which causes them to refine, simplify and focus on the best possible set ups they can find. most give up because they lose faith in the method. you have 5 years of proof that the last thing you should do is lose faith in the method your learning.
3. they finally figure out at 2 or 3 great trades a month can easily produce 10 percent or better. the vast majority never get to this point.
4. they dedicate themselves to practice practice and more practice.
it all comes together when there account size is large enough that number 3 is ok with them.
its what happened to me many years ago and its what ive taught and watched happen to countless others.
ive also watched countless others fail.
it took me 8 years before i had a positive year but i had virtually nothing to help me.
i made my own charts in the early 1980's with a newspaper, graph paper,a pencil and a ruler.
seriously.
Quote:
Originally Posted by geomink
Yes I am, Jim
After three months profitable in a row, in september and october I'm dropping just in confusion
So much information to learn, in addition; so I'm feeling just in confusion
Loosing "k.i.s.s." and "Less is more"........
Many thanks for all
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
I had been reading the thread for a long while and still bilding up on the knowledge base. if some one could display the daily Emini and elobrate on the PA between 25 august and 31 august , 3 bars low day apart were the same low , will be appreciated thanks.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
new folks/struggling folks read the quote and then come back and read this post. one hour after i made the post below i recieved this with permission to post it.
Quote:
Originally Posted by james16
ok good.
the hardest part of this is between your ears and losing at your stage is not a bad thing.
i will tell you why.
the only people that ever make it in this business are almost always those that had the following happen to them.
1. they find a solid method. you have. be very very thankful for that. most search years and never do.
2. they lose early on which causes them to refine, simplify and focus on the best possible set ups they can find. most give up because they lose faith in the method. you have 5 years of proof that the......
"Hi James,
I want to thank you for the charts and videos you've been posting lately. It's fun to see some of the trades that you actually enter and how you manage them. I'm not at the level where I can confidently play bounces without PA confirmation, but I definitely see the potential.
Also, I know you're interested in how your members are doing, so I thought I'd let you know that I think (and hope) I'm rounding the corner into consistent profitability. I did great on demo for 9 months, and promptly stunk it up my first 2 months of live trading - totally different ballgame. But, I made myself be much more selective in my trades, and have only been averaging 1-3 trades per month and have been profitable or breakeven for the last 7 months in a row."
NOTICE THE LONG DEMO PERIOD. NOTICE THE INTIAL LOSING PERIOD.
NOTICE WHAT IT FORCED HIM TO DO. HE BECAME MORE SELECTIVE AND FOCUSED.
[b]NOTICE THE POSTIVE RESULTS THAT THIS PROCESS EVENTUALLY PRODUCED.
PRINT IT AND PUT IT ON YOUR WAll.
YOU CAN DO THIS.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Here are results for my first three months of demo trading J16 price action, results that are pleasantly different than my "one step forward, two steps back" trading history.
July +4%
Aug +7%
Sept +3%
Every trade was off of daily charts. I traded pin bars, outside bars, one inside bar, and some breakouts from BRNs. I did not trade any IPBs or DBLHC/DBHLC bars....
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
if it reverses you will almost certainly get an initial bearish bar or a secondary one.
that being said these are the times when a very very small risk trade (.5 to 1 percent) can often be a decent risk. futures traders are notorious for taking these set ups.
i could be totally and completely wrong.
not a trade rec.
jim
Quote:
Originally Posted by ertorque
auus is approaching it's all time high achieved in July 2008.
What sort of reaction will we get?
anyone confident enough for a short touch trade at the peak?
Or would it be better to wait for PA?
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Great job. I started live in July also. The main difference is I'm only up 2%. I trade only daily and weekly, using 1% to work on money management. I study charts every night and visit this tread for answers to questions. I have only taken 7 trades so far 5wins, 1 loss, 1 be. My average profit percentage is .8%.
I'm trying to figure out if I'm missing trades (watch 24 pairs), if I'm to picky or if I'm taking profit too early.
Don't get me wrong I'm still glad to be ahead of the game this time. Just need to fine tune it.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
i know but those were some great great times to be a kid.
Quote:
Originally Posted by jarroo
I know the feeling . . . I look back at those concert going days and wished I didn't get so blasted . . because it would be the next day and I would have forgotten most of the night and concert. . lol
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
I think there is a very good chance that friday is going to be a very "bad" day.
Yes Jim , I think you are right. I think sady American Public is not out of the woods yet by anymeans. And I think the FED system and the crowd behind them are to be held accountable for decades of producing everlasting credit expansion cycle and make people believe that they can save the world.
Unfortunately it is social mood which is responsible for expansion and contraction not wall street casino and from what you are saying the mood is not that flash over...
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
I did one month at J16, and it change my demo trading skills. I develop and new level of confidence and reading charts, using FIBS and PA, S/R. all the tools you need to trade. You will loose some but the reward is greater.
I have blown several demo account, but my last one after J16 doubled in less that 1 month( I started with $10000). I do it aggressively just to prove the Strategies. My wife dont get it yet, she thinks is play.
like someone said. The more you prove you are winning the more you believe in yourself and the better you...
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
i went and looked and i should have known you were an aussie.
Quote:
Originally Posted by menomoo
I give you one if you like wait for the hour close in about 10 min .And place a sell order on eu/usd. And put your stop loss just above todays high ... And see how you go )))
Risk reward ratio is pretty good fo alittle loss... No I dont answer in behalf of James 16 .. And no I dont think you even spent 5 percent of the time i spent to understan what the Bar patterns and PPZ is about .. If I am right please get back to me and prove me I am wrong ...
Nice day , happy trading ))
Regards V
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Jim , I am serious now. Actually I was quite serious for this guy too , I just wanted him to see bit of a day light if you know what I mean .
My friend this is gonna be abit long so I wouldnt like to take people's time but I honestly want to write an email to your pvt email about your thread and teachings for the ones who really wanna know . And you can publish whatever you like afterwards.
You and your work gave me basically a new lease of life and I mean that literally and I will be ever thankfull for ressurrecting me
Thank you and...
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Without the knowledge I gained from this thread I would have no clue what so ever how to setup and to manage a trade like this succesfully, 100 times thank you !!!
May the force be with you.
even after 5 years i never get tired of seeing this happen.
jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
ive been trading that/those markets for many many years. im much more experienced and comfortable with them.
are they easier? ive come to the conclusion that for new traders they are harder.
if new traders simply must daytrade as long as they stay in the london or the london/new york overlap they will probably find it easier.
its taken me a while to come to that conclusion.
im slowly moving more and more of my trading to the forex side of things.
i generally trade the ym or es on either 2000 tic or 4000 tic charts.
floor trader pivots are very reliable for a price action/s/r trader in those markets. they really do help when added to a confluence arsenal.
jim
Quote:
Originally Posted by Mr Smith
Question for james or albatross,I know you both trade mini dow on around 5 min or so tf, do you find the dow alot easier to day trade then say EJ? or euro, just wondering why you chose dow rather then forex pairs.
thanks
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
i will share something with all of you that mike does not even know. there are 4 or 5 "onlydragons" here that are under different usernames that are now everyday contributors that at one time came after me in some form like dragon.
if one of them wants to step up and admit that i would be tickled pink but they dont have to.
there are two guys that post here everyday that your jaw would drop if they told you who they "used" to be.
you would have to be an old timer though.
bottom line is this.
i care about dragon. he pisses me off for sure but he gives me a chance to grow from a spiritual standpoint.
there is an old story of the buddha that goes like this.
the buddha was travelling with two men. one a devoted follower and another that threw insults at him constantly for 3 days.
the good follower asked him why he did not get mad and seemed to enjoy the insult throwers company more than his?
the buddha replied simply.
why would i get mad at or get rid of such a blessing?
i aint the buddha thats for sure but i "get" the story and its true.
your life is always a million times better when you respond to life rather than reacting. responding takes practice and hard work. reacting is easy and you might as well be asleep dreaming. its the same thing.
Quote:
Originally Posted by ghous
Maybe it's just me but I adore the thought of only dragon struggling for attention if we could just leave him saying what he wants with no response (until he swings the axe on his own toes and get's kicked out of FF for good)
poking us might probably be the only thing this 12 year old's looking for...
g.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
8 years of losing fixed me but this is something i posted many years ago.
i still get positive emails about this.
100 Pips Per Month
Here is an example of why trading smart can be a door to success. At the start of the month you decide on one or a set of pairs you want to trade. Your goal is 100 pips for each pair for the month. The first and all trades you take whether it happens on the first of the month or the twentieth will be the best set up your system can give within reason. No fudging, no borderline trades for that pair until you reach one hundred pips. now this is going to help you in several ways. If your system is not viable you are going to know it very quickly. If it is, you are going to build confidence and train yourself not to shotgun trades. If your system is any good at all you will have at least 4 or 5 winners from the first set of trades. You trade like this until you have the 100 pips per pair. For 20 trading days a month, not counting sundays, thats 5 pips a day. This is not hard if you take only your very best set ups regardless of how rare during the month they may be. Once over 100 you cannot drop below that 100 you have banked. Lets look at the numbers. With a 10,000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.Trading 6 pairs at 100 pips each for the month will grow your account to 16,000. Now why not try 50 pips or even 25. 25 equates into a 1500 profit. The main point is this. You can grow an account quickly and at the same time trade in a conservative manner. The best of both worlds.
Quote:
Originally Posted by spookie94
I was wondering if you or any other seniors had a similar rule to prevent overtrading?
Per month: 1-2 weekly, 3-5 daily, 5-8 4hr, 8-12 1hr? Just curious.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
I can't say for anyone else but I have been mocking at James when I first came here too (literally mocking)...never in a post though (probably I had a gut feeling I was more responsible for the lack of success than anyone else). It happened when I entered into a loosing streak after some "beginner's luck" and I threw everything out at a piece of paper that I still have.
Point is you could always criticize constructively. I don't know what it would take to control myself if someone threw comments at me like only dragon did (If I were Jim) only...
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
mike sent him a jeter joursey straight from yankee stadium and it aint seeing the light of day until the season is over.
he has been warned.
hes so worried about it he has hidden it somewhere.
if its yanks and rangers and i get to drinking a bit im liable to burn it and he knows it.
lololol
Quote:
Originally Posted by mbqb11
def not me LOL although that would be extra kicker. I have no idea either. I still believe Jim is an ex yankees fan at heart and will come clean to me about that one day
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Hello everyone. been in Texas Ranger ownership meetings for the last week discussing how to topple the evil empire. Its going fairly well with the stake planted firmly and it gets driven home tonight. They allowed me a quick break so i thought i would post some charts.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
You should look at my post/chart with one thought in mind and it should not be confusion.
you should look at it as follows.
even weak set ups have a great chance at reaching a first target.
read that 50 times because it should make you jump up and yell in excitement.
when you get good at this its like shooting fish in a barrel and thats not hype. its the truth.
That chart i posted never even crossed my mind as being "weak" because i know what its likely to do.
you will also with enough practice.
seniors here try to keep new people from driving off of a cliff for a couple of months until they "see the light"
im eternally greatful for them.
Quote:
Originally Posted by Adilius07
Hello James, thanks for the chart. I am a little surprised to see you posting it. Because usually seniors would say this setup is week. It is
1) Against strong main trend
2) It is in traffic
3) It is not off any strong PPZ
4) So it is just a reaction maybe, not true sell off
I am confused. In many of your previous charts I see you point out almost any BUOB/BEOB (remember the one your son made trades on) but today it is really tough for me sometimes... I try to choose an A trade, but end up choosing the worng ones, lol...
A lot to learn I guess......
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
1972 conroe texas. 11 years old - league all star game.
im batting against a kid that made it to AAA ball in the mid 80's.
i hit a grand slam over the center field fence.
to this day i lay in bed ever once in a while at night and replay the whole thing. i remember it leaving his hand, leaving the bat, rounding first base with it still in the air and a mob waiting for me at home which included my dad.
thanks for giving me a chance to share that bud.
jim
Quote:
Originally Posted by 4X=0
that is pretty cool.
i have a friend who plays MLB. we went to elementary/middle and high school togther, and he was recruited right out of senior year to MLB. i actually hit a homerun against his team in 6th grade, still got the ball.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
just make your learning process a non real money process.
please.
Quote:
Originally Posted by Adilius07
Thank you very much James. I was thinking a lot before that maybe I just need to take every setup that I see..... but you right I will keep in mind that even weak once have a great chance of reaching FTA. So all I have to do is find strong ones and I'm all set Thanks.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
damn!! Well, let me start off with my dad's baseball story. Personally i hated baseball, and don't watch it today at all. I played basketball, but as i get older, sports are less and less important, i would rather have enough money to have a family someday. I guess if i could go on 4 or 5 hours of sleep like you guys, i would have more time for it.
My dad played juco baseball in iowa back in the early 1970's. Back in those days, juco was the stud level, and d1 was the guys the majors were not interested in. Juco is where the majors sent their...
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner