A while back there was a user here called MP6140, he was both funny but also quite a bit of a clown. Some traders got hurt financially when they started following his guruisms.
He had a habit of posting all over the place and after a while it became pretty tiresome. Tymen along with others made a stand against him when things went really overboard and in that mess JimmyMac unfortunately was drawn in and got himself banned.
I’m sure admins didn’t want to, but due to being just and treating everyone alike they had no choice.
I’m thinking that if I were to find myself without a job this Christmas, I would intensify my forex training, but I wouldn’t try to be a full-time trader supporting myself that way.
I’m doubtful I could handle the pressure that comes with that.
Hopefully it’s gonna be the right 50% chance that happens for you, but either way remember that J16 and price action etc is a path that can/will lead you to financial freedom, just not today or tomorrow.
When I think of the future, I’m looking ten years ahead. You should do the same, even if the present isn’t sunshine at the moment.
Yes, you’re absolutely right. Being able to trade for a full working day will no doubt offer quite an improvement. Being able to watch and catch 4H pin bars for instance, enter them at the best price, identifying intraday S/R levels etc.
Anyway, I’m hoping you won’t get any chance at eight hour trading days for quite some time yet.
I’ll try to post some stuff I’ve come to think about while reading the J16 thread during the weekend. It’s mostly spinning around in my head so far so don’t expect great deeds.
The good news is that I’m now at post 3681 in the thread - I’m moving towards the 10% mark at 4800, the bad news is that there will be a delay before I can post anything coherent.
Every page I read just makes my itch to join the private forum for a while worse.
As a teaser, here’s a clever little thing I’ve learned:
Fact is that even if it’s nice to have a big screen and a fast computer - it isn’t necessary! My biggest joy when I switched computer a year ago was that this one is much quieter, the other stuff doesn’t make all that much difference.
Sure it’s annoying with a 1-2sec delay when switching between charts, but it’s just that - an annoyance, nothing more.
I think it’s excellent that you have a clearly defined goal - trade your account to a new computer. Let it take the time that it takes. Guessing from your avatar (it’s you in it right?) you’re some years younger than me (I recently turned 30 in case I haven’t said it) so trust me when I say this - you have all the time in the world.
Don’t want to get all guru on you, but live and be pleased in the [I]now[/I]. Many people, I included, spend too much time dreaming of the future causing us to miss out on our life [I]now[/I].
(I’m realizing this is similar to what Yoda told Luke when they met on the swamp planet for the first time… Yoda is a wise person!)
Of course we all want to get out of the rat race, but we’ll only succeed if we let it take the time that it takes.
Focus on the trading, that’s the goal. The computer is just a means to reach that goal.
Side note: make sure to purge everything you don’t need if you think your computer is slow, sometimes it even pays to make a complete reinstall after saving the valuables (files, passwords etc) to another drive. Windows tends to get weighed down by all sorts of crap as time goes by. Google a bit for something like optimize windows or speed up windows or something like that. You can probably squeeze more out of your current computer.
In other news I’ve reached post 4000 tonight.
Also got an email from IBFX saying they will tighten their spreads. Nice, that’s one of the few things I haven’t been happy about with them. If they hold true to their email they’ll be very close to Oanda’s spreads.
Well, since I’m married I don’t have to worry about spending - She spends and I try to save… Sometimes I think all women are born with a black belt in shopping.
Yea, Vista has the effect of a sleeping pill OD on any computer. One or two people must have gotten fired in Redmond.
Why do you say surprisingly? I’m not surprised. Unlike most others here you’re not jumping all around the forum trying this and that. A simple thing like that you’ve not strayed away from J16 like the 95% would quickly do shows me something.
It would be interesting to have a post from you after your December day trading.
Anyway, on to the charts. Not for me tonight though, it’s bed time.
I’m still at the start in gaining knowledge about forex, although I’ve been keeping an eye on stocks & silver prices for a while and learning about TA and candlesticks. But with FOREX, I’ve decided to just go back to the start and make my way through babypips grade-school, which is great!
Also, I’m trying to work my way through this thread for nice little snippets of information. My main gain right now is to see how a trading plan and journal is formulated. Right now, I’m trying to familiarise myself with the trading system on thinkorswim while following GBP/USD and USD/JPY and setting up paper trades according to indicators, trendlines & S/R lines.
But I’ll be dipping in here to pick up more info and slowly work my way through the thread.
Thanks for setting the thread and for the additional commentary.
Happy trading!
I’m taking a break tonight from the J16 material. I came across something else that I’ve been having a look at.
When dissecting a bullish pin bar by switching to a lower time frame it obviously looks like a V formation, or turned upside down for a bearish one.
I started thinking about something I looked at long ago which was using compressed lower time frame charts instead of, say, 4H charts.
When doing that you clearly see that it’s possible to draw channels for the many small trends and either fade bounces or trade the breaks. For instance you could get in on the pin bar before it has even formed if you trade the break when the left part of the V is broken (the downtrend breaks).
It’s really just a variation of price action but it is something I’ll keep in mind and I’ll see if it can somehow be combined with J16 methods to further improve entries and exits.
I just passed post 5100, I’ve been a bit lazy, but now I’m back on track.
I’m finding it interesting to “dissect” the different setups by switching to a compressed 5 or 15min chart. It sort of shows the underlying anatomy of the pin bars, inside and outside bars, etc.
Another thing I’m going to look into is the rate of failure on well chosen pin bars, how many of the winners/losers that break and then retrace, and how far they retrace before lurching off in the right direction again.
I have some plans but it’s still very early. Suffice to say that the biggest obstacle is my full time job…
Just a quick post on something that I see people constantly misunderstanding.
Newbies seem to think that if they can make a ton of money playing with a demo, then they can do it for real also.
Nothing could be further from the truth.
A good analogy to help explain what the difference is:
John Doe, 22 years old, sitting in front of his PS3/XBOX360/PC playing a first person war game. Everything looks very real, graphics and sound make you think that you’re really in this war. Your fellow soldiers are getting killed and after fighting like mad you finally are shot dead as well.
John Doe, 22 years old, sitting in a Hummer in Afghanistan scouting deep inside Taliban controlled land. Boom, grenades start hitting the ground around the Hummer and pretty soon the vehicle itself is hit and has to stop. John and his comrades get out and try to spot the enemy but before they can see them two of John’s fellow soldiers are shot down and after a furious firefight John is now sitting crouched behind the Hummer reloading with his last ammo.
Number 1 is demo; game over - would you like to play again?
Number 2 is live trading: real life, real fear and real death (of your account)
This difference is something all new traders should understand before their demo-fed egos crush them.
I was no different when I started out, in what now seems like ages ago.
I know it’s not the month close yet, but have a look at NZDUSD and EURNZD monthly and contemplate what that might suggest should November close looking like it does now.
Enough to make you drool slightly huh?
It’s bedtime so I won’t be placing any trades tonight.
AUDCHF and EURAUD do look sort of interesting though.
