well ben i dont have any idea about jims account size except that it is huge. he can live off of 1 or 2 trades a month true
but
his pickyness can still make alot of trades because he looks at every instrument possible. he trades stocks, dow mini dow mini russel you name it. to him a chart is a chart is a chart.
to make 6k a month hmmmmm
if you could sustain a 10% a month return which btw is excellent than you would need 60k to earn 6k a month but like i posted in the other thread at newb island if you trade for a livng and you are undercapitalised then you will overtrade due to pressures.
i think for now don’t get to hung up on account size. if you have the capability to save, then save a little as often as possible for trading and get good on demo trading.
if you follow what we are teaching here you will have the abiltiy to read a chart like a book and once that happens the sky is the limit.
btw jim might have started that thread but there are many different syles prevelant there and alot of people are making good money so it goes back to what i said earlier. take from everyone and make your owen methods. jim recommends trading weekly. if i only traded weekly i would grow old and die before i grow my account and i feel your pain about wanting to be a full time trader. eventually you may say forget 4h i want to trade 5m and that is fine as long as you have proven yourself then why not. there is plenty of methods out there. just focus on price and how it makes sense to you.
realize there is a constant battle going on between the bulls and the bears. if you follow price you will be able to see who has the power.when the bulls push and the bears squash them it wil be evident on your chart and when this happens at key levels you will know what to do.
dont be discouraged you can do it just don’t trade like a madman to try and grow your account overnight coz that will eventually margin call your account then you will be back at the begining starting over.
I wouldn’t say that Nick and I have [I]many [/I]trades per month. Compared to most people my 3 or 4 trades per week isn’t very many trades at all.
I’d say 90% of trader’s on this forum take more trades than I do. The Cowabunga system, for example, takes 1-3 trades per day on most days, and there are successful scalpers around that take more trades per hour than I do per week!
@John - 60K is something that I can reach if I save. That will be more than enough for me. It is good to know it is possible to achieve 10% per month in average.
I will give myself another week to read as much as I can on the j16 and then consider purchasing a membership in the private forum. I really want to learn from the experienced folks. If he passed trough 23 years of hell, I can learn one or two things from him lol.
This forum here is one of the bests and of course I am staying here and I very like Phil and nick methods…and also you guys :o
My target now needs to be practicing the demo until I really master it for a few good months in a row, and in the meantime save money in order to prevent a situation of over trading under pressure cause my account isn’t big enough to achieve my monthly target.
@Phil - I guess the amount of trades a trader will have depends on the time frame he is trading. If someone trades the weekly chart, he must wait a week until there is a possibility for a good setup of bar. You have more trades cause your chart changes every 4H, and the Cowabunga traders have more cause they trade the 15min chart.
I read that the most reliable pin bars will be on the higher time frames.
Personally, I think that the 4H is also good, and I will keep practicing your method on it. I am not planning to trade any lower time frame than the 4H. I will listen to the advice of the experienced traders (you as well stated in your book that you do not go lower tan 4H if I remember right).
Trading in very low time frames is like zooming into a chart so much that you cannot get the overall picture…for ex. a sideways market can look like a trending market, or you can see a bearish pin bar on the daily TF, but a bullish pin bar on the weekly…in that case, I may loose my hard earned money if I enter the trade based on the bearish daily bar.
Yes ppl, james16 is a good trader and John has outlined the basic materials he impart in the Forex factory forum. BUT I want to highlight another IMPORTANT THING james16 always told us. TRADE ON A DEMO ACCOUNT FOR SIX MONTHS ON DAILY AND WEEKLY CHARTS, IF YOU CAN"T MAKE IT PROFITABLE TRADING WEEKLY OR DAILY CHART, FORGET ABOUT TRADING MICRO TIMEFRAMES. After that start a micro account and learn correct position sizing and trade a micro account for six months again (and make the account profitable) before commiting more money. Money management and psychology(in fact this is the first thing James16 want new traders to master) are what james16 want new traders to learn to besides learning and identifying good trades.
I apologise to phil838 for posting something irrelevant in his thread. I will delete my post if requested by phil838.
Ray, I am playing the demo right now and I will do what’s required with no shortcuts. I want to treat is as a business. I know that even if it is hard, there is no other place that is better. Trust me, I have tried so many things in the past. I know that only hard work will bring real results.
You said that john posted the basics. Where is more? Are you a paid member of the group? Where can I find the tools and method itself. Maybe I am a broken record but I can’t understand anything from 2.5K pages…only a paid member can get the material organized?
I think spreading your entries might be a really good idea!! Spreading exits is common but to be honest the though had never occurred to me to spread entries before!
I can’t say for sure if it will help raise profits, but it seem to me that it might. I’m going to try this out next week and see what happens. I think 25 pips might be a bit much. I think I’ll start with 10 pips and see what happens.
For your question #2 I would normally go with the reversal candle nearest the S+R/trendline.
I am willing to pay for any good resources if the cost is the main concern.
I believe the rest will do the same. And, if you can allow those who miss the chat room to download the recorded session, that will be great too.
I agree with Mumpips. I can even share some cost, if required. I am not sure how many live sessions I can attend since I work 9 - 5 PST. So if we have recorded sessions that will be useful for those (like me) who miss the live sessions…
Attached is the chart identifying the this week Scalp lines. Also shown S+R lines…
Phil, Does it match to your analysis… I am not sure I can’t identify more than 2 scalp lines.
Your thoughts, please ?
PS: When I attach a chart, it appears as a thumbnail and poster has to open the file… why it’s not appearing directly on the post ? any setting changes ?
I think there are only two scalp lines right now on 157.60 for long, and 153.30 for short. The 156.4 isn’t a scalp line anymore cause it was broken and scalp lines are good only for one time. Right, Phil?
PS - you can post your pics on the body of the post by using the “insert image” button (Next to the qoute button).
Phil, I Have some questions on Scalp lines. Can you please clarify them ?
I agree with 156.40. Should be taken off since broken last week.
152.30 - This is also broken on 07/14/2009. Shouldn’t this also be taken off. Also for me this seems to be more on S+R zone… rather than scalp line or could be both.
Don’t you consider 152.15 (07/23/2009) is a scalp line since there is a reversal of the trend followed by preceeding more than 4 candles ?
on 157.59 (07/02/2009), I don’t see a reversal trend… Yes. There was LWC ,Tried to go up ,but couldn’t and the downtrend continued… How can this be a scalp line ?
on 160.36, are you referring the price reveral happened on 06/30/2009 ?
Am I missing anything here ?
My determination of scalp line is on the following qualities (NickB Manual)
Any scalp line is supported by precceding trend (by 3 or 4 candles. )
There should be a Bounce candle
There should be a reversal from the scalp line (I don’t see this for 157.59 & 160.36).
Need not to have history for those scalp lines.
Should not be broken before (I missed this in my analysis)
Thank you Phil for all your help… I want to make sure I have the ability to identify scalp lines…
hey phil your baby the gj looks good on the daily for a short
it is an inside bar bouncing the upper trendline
its aprox 61% retrace of the previous swing high
zoom out and its between the 38%-50% fib retracement from the massive selloff that began last aug.
the low of the ib is the 155.40 area if it breaks away it will become resistance again so it has excellent r:r or at least 1:1 if you eye the 154.50 area but i think it has better potential maybe down to 152ish
Jhonny, I think… I agree with you… On my dailyfx chart, I don’t see IB but I do see IB in IBFX chart. But 155.41 seems to be S+R line… on break of this line short can be applied. Also Currently it is also breaking 4H upward trend line… means both 4H and daily chart will be in sync fron the prospective of down trend…
And, if you can allow those who miss the chat room to download the recorded session, that will be great too. 
looks good on the daily for a short
