I don’t think anyone is advocating “chasing a loser”. The statement I made was referring to proper trade management. For example this morning I took a short dollar yen trade, I got in late and although the pair spiked down it did not hit my target. It then came back up over the next 5 minutes, not close enough to trigger my stop loss, but within a few pips. So at that point I was out about 12 pips. I could have bailed right then, and that is what I had done in the past. But, being patient, and, in this case prudent, allowed me to exit a few minutes later with only a 4 pip loss instead of a 15 pip loss.
Its hard to know when you are being prudent versus chasing a loser, and a lot has to do with the time frame and how familiar one is with the pairs price behavior, and price action in general.
I agree, there is no value in chasing a loser, but, I do think there is value in managing a trade to minimize losses.
I do see what you are saying to a certain extent. Hence, the stop loss. I am not sure if you have followed this thread all the way, but Dye, is his own “stop loss” So therefore he could manage a trade let alone an account completely into the ground. There is a point where you cut your losses no matter what.
He did say he was going to start using OMG stop losses. Which was a step in the right direction. I liked that. It only took 15 posts or so to get that through to him. 
j/k Dye.
alright realizing a little that I need to work on my entry points and exits. I revised my entire system and am now trying to get used to trading with it. It is very good at determining trends and where they are going. If you all want to know what indicators I’m using just let me know and I’ll post em up.
Let me know what you all think
I don’t use any indicators myself Dyekid…so I can’t offer you any help there. I do have a suggestion though and that is that you incorporate the average daily range of whatever currency pair you are trading. It’s a very handy tool and can keep you from either taking bad trades or trades that are less likely to continue in your favor far enough to be worth the risk. It can also be used to help you in setting possible targets for your trades.
do you mean the average directional index?? I looked it up and it seems like a very reliable indicator. This will help tremendously in determing trends. I shall see how it performs this week
Nope, not talking about the ADX. What I’m talking about is the average number of pips a currency pair will move within a day from the high of the day to the low of the day. Here is an example: Let’s say you are trading the eur/usd and you know that the average daily range of eur/usd is 150 pips for a day (4 week average). Well, lets say you start trading and euro/usd has already moved 140 pips for the day and is sitting on the edge of that range…it may not be in your best interest to take a trade in the direction that would push this range out further because on average the pair doesn’t extend much farther in a day. The average isn’t a definite of course but it is a handy tool that can be useful for other purposes as well if you think about it
ohh I see what you’re talking about. Thanks for the tip I’ll be sure to check it out
Hey guys just checking in to see how you all are doing…
You probly wouldn’t guess this but shortly after I left this thread I started trading live with my friend… and guess what. TANKED!
I realized that this market is alot tougher than I had first anticipated… Of course I went through the period of overflooding my charts with lagging indicators and all of the mentioned things you said I would go through. I’ve gone back to demo until I can consistently turn profits and will step back into a live account once I feel that I’m ready
I know many people that take a couple months before passing those stages yet I flew by them.
I am now studying price action and I have joined James16’s private forum from Forex Factory. THERE IS NOTHING BAD THAT I CAN SAY ABOUT IT AND [U][B]HIGHLY[/B][/U] recommend it to anyone that wants to learn a great deal about simplicity and price pivot trading.
It is amazing how easy it is and there is a great deal of content on their site.
Although it is 129 dollars a month I feel that it’s underpriced by a huge margin. After 1 year you will be a lifetime member and I can already say that it’s worth the price.
I thank all of you for sharing your experience with me and I can really gauge myself in this market now and where I want to be in the future.
Thanks again I hope to speak to you all soon
You don’t say.
Props for coming back and honestly sharing your experience. Lesson learned, time to move on - Good for you. You can’t beat price action for simplicity and being the closest thing to a market tell. Good luck, let us know how it goes.
I will surely do so. If you guys are interested in any of the content that is posted on the j16 private forum just give me a holler and I’ll try and give you an idea but it seems as it’s the #1 place to learn online about price action. The guys over there are really great and its not hard to follow their videos they are really down to earth
Don’t worry even the biggest speculators lost money in the beginnig. Starting to trade with real money is a good experience tough almost surely you wil lose at first. The important thing is to invest a small amount of your capital so the loss won’t hurt you too much. Just keep practicing.
Just curious what made you choose James16’s site? I have read only some of the over 90,000 posts on his public forum and fell like it could take me years to just get through that. I have also looked at some of his “guest” material, again, I could spend a long time just looking at the free content.
It does seem like ‘Price Action’ is all the rage right now (not to even mention the popularity of “pin bars”). I have looked at other sites like Niall Fuller’s, Phil Newtons and Al Brooks. I am sure there are quite a few more. I think it is a reasonable basis for trading, just wonder why you made the choice you did.
Hey fellas, I read this entire thread. Dye, good to see your fired up, keep that excitement.
If your demo trading, you must trade 50:1
Start small, like $250
You must also have a definite number goal DAILY, if you want 50 pips, hit the 50 and stop. If your going to make this a full time job, that is a must. Maybe somedays, you will get out early. It must be just like a job. Take a breaks, have lunch, Never leave a trade unattended. No surfing the internets, none of that crap. This is a big biz, treat it like that. If you were represented with a postion in a company to make $100 an hour, your going to be fixed on that screen, no bullcrappin around, and its the same at home.
I have been studyin this Forex since Sept 2010. I have learned a tremendous amount of information.
But the one must important key, is the Mental side. Has nothing to even do with the Forex, or the numbers, or the amount of the account. Its all in your mind.
Each and EVERY TRADE, must be treated alike. Each and EVERY TRADE, is a new seed. And that seed needs to be nurtured exactly the same, each and every time. The same steps, the same confidence in the weather FORECAST, and the same risk. IF you plant that seed, is there a storm in the very near future that will pound the ground, and dig up your seed you just planted? You need to know that. If its going to rain hard, why even plant the seed. Your confidence level MUST be strong in planting the seed, that the seed will grow, without ANY fear of a storm. The planting of the seed, is by far the second most important part of the trade.
Everyone is right here. The Forex is sooooooooooo unpredictable. NOTHING is fortelling, or everyone would be rich. You know how many times, the trend would be full boat, and BANG, what the heck just happened, like a door dropped open, and everything turned upside down in a quarter second. Imagine if your lots where 32.0
If found its most important to know when the storm is coming. And jump on the Storms wave.
In my trades, Im confident, im going to get my pips. There cant be any negative impact, and you need to be sure of that…
I have a checkdown policy I made for my trades, and when everything points 100% in unisine, then I make the trade.
YOU HAVE TO HAVE A PLAN, and it must be writen down, and seen by the eye at all times.
If your here to make money, and Im talking, like a job, day in and day out, the little $1.50 a week isnt going to cut it. Thats called a hobby. IF you cant make 400 [B]PIPS [/B]a week, then its still, just something to do. Your looking for income supplimentation… 100 [B]PIPS[/B] a day, or its not really worth the time, but thats just me…
Notice is said PIPS, and not $$$ amount. Because thats what its all about. When you start thinking dollar signs, then the RISK starts getting involved, MENTALLY…
Its all about PIPS. If you can make 100 pips a day, its game time…
You think your game is on? Lets do a Demo challange for one full month, and see what you got… ANYONE for that fact… Heck, even a 10 day challange, it dont matter…
Its not about a week, a month, a 1/4 year, its about the moment. If every single trade is treated the same exact way, time is endless.
If your on your PC DAILY like you said, then a challange should be a great thing for you.
This will be my 4th time running my plan, and I going for 4 for 4 in meeting my goals.
And this isnt a taunt, by no means. Im learning also, but I TOO think I have the plan, so this is just prep for me too…
I sincerly hope you take part in this, for your benifit:41:
Hi all, the reason I chose the j16 forum was because it was the one site that I found that has a substantial amount of public feedback. Almost all of the feedback I found was extremely positive and if you look at his own testimonials it would take an hour just to go through it all. It’s an amazing place to learn and their senior members are always a help when it comes to questioning. Not to mention so much information it would take months to go through it all
Moneynvrsleeps- I enjoyed your post and this is what I have been practicing for about a week now. I know it’s not long but these are the same ideas that j16 and his private forum teach. To be extremely picky with your trades to minimize risk. When in doubt stay out. Some of you may be aware of the knife system which is based off of the Vegas 4hr tunnel. It’s great because it allows you to pick your trades based on the moving Fibonacci lines. The key is finding a pair that Is at extremes and wait for price action signals to enter a trade.
So i’ve been learning the knife system from the James16 private forums. Some of you may know this as the vegas 4hr tunnel method using a fozzy rsi. Still in learning stages but man is it powerful. Check out some trades just from yesterday/today. This is going to be my first full week using the knife and I think I’m going to stick to it.
heres a 120 pip move on the gbpchf
a 204 pip move on the gbpusd (too bad it was on a .13 lot but atleast it’s realistic when I do get to start trading live)
and currently a 36 pip move on audcad
4hr
daily
awsome!!
bagged 324+ pips yesterday/today… and only lost around 30… still need to close out 1 more position
Dyekid. thats awesome im gonna look into that method.
well, it doesn’t look like you are going to quit. On my live account, im down 1.5%, but I expect a nice turn around tomorrow if my price action on the eurusd is rightious.
good luck!
fi
Are you banking on a retracement at 1.4227?
Fihunt- quit is not part of my vocabulary!! =)
I’m starting to learn patience and I believe patience and trading psychology is all you need once you get the basics down.
Btw they only teach the knife on the j16 private forum but it’s a derivative from the “Vegas 4Hr method” which you can find at the forexfactory. Combine that with the “daily fozzy method” and you’re close enough to the knife system.
All it requires is some discretion and a top-down analysis starting from weekly or daily. Down to the 4hr chart for entry. Always try to find confluence with either trendlines fibs and price action and you have almost a surefire trade.
Cheers,
Kyle