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james16 Chart Thread
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Oct 1, 2009 8:01pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by joelcf
Just keep in mind that by the time you read about it, it is too late to do anything with the information. Even worse, you will end up putting an order in at the end of the move and being liquidity for the guys closing their positions.
They dont exactly send out a press release saying 'hay guyz, we r gonna sell off SFr, get ur limit orders in!'
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Yep. They've been leaving mammoth footprints on the EURCHF chart for a while but always at 1.5 I would imagine the world and his dog would enter a buy limit around that area now hoping for a ride on the intervention, so they've come in a little bit earlier this time. To me that chart looks way too choppy to play right now between 1.5 and 1.54. I don't have much experience behind me yet so I stay away. Rac played it like the pro he is.
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Oct 1, 2009 9:32pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by raczekfx
p.s. nonf tomorrow.
I can see at least dozen crosses that will depreciate by at least 50-80ps in the next 12hrs.. 
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I'm going to ask the question....
How on earth did you know this was going to happen? I can see individual pairs moving for chart reasons, but this en masse move....that was an amazing call 
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Oct 1, 2009 8:01pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by joelcf
Just keep in mind that by the time you read about it, it is too late to do anything with the information. Even worse, you will end up putting an order in at the end of the move and being liquidity for the guys closing their positions.
They dont exactly send out a press release saying 'hay guyz, we r gonna sell off SFr, get ur limit orders in!'
|
Yep. They've been leaving mammoth footprints on the EURCHF chart for a while but always at 1.5 I would imagine the world and his dog would enter a buy limit around that area now hoping for a ride on the intervention, so they've come in a little bit earlier this time. To me that chart looks way too choppy to play right now between 1.5 and 1.54. I don't have much experience behind me yet so I stay away. Rac played it like the pro he is.
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Oct 1, 2009 9:32pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by raczekfx
p.s. nonf tomorrow.
I can see at least dozen crosses that will depreciate by at least 50-80ps in the next 12hrs.. 
|
I'm going to ask the question....
How on earth did you know this was going to happen? I can see individual pairs moving for chart reasons, but this en masse move....that was an amazing call 
|

Oct 1, 2009 8:01pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by joelcf
Just keep in mind that by the time you read about it, it is too late to do anything with the information. Even worse, you will end up putting an order in at the end of the move and being liquidity for the guys closing their positions.
They dont exactly send out a press release saying 'hay guyz, we r gonna sell off SFr, get ur limit orders in!'
|
Yep. They've been leaving mammoth footprints on the EURCHF chart for a while but always at 1.5 I would imagine the world and his dog would enter a buy limit around that area now hoping for a ride on the intervention, so they've come in a little bit earlier this time. To me that chart looks way too choppy to play right now between 1.5 and 1.54. I don't have much experience behind me yet so I stay away. Rac played it like the pro he is.
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Oct 1, 2009 9:32pm
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Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by raczekfx
p.s. nonf tomorrow.
I can see at least dozen crosses that will depreciate by at least 50-80ps in the next 12hrs.. 
|
I'm going to ask the question....
How on earth did you know this was going to happen? I can see individual pairs moving for chart reasons, but this en masse move....that was an amazing call 
|

Oct 1, 2009 8:01pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
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Quote:
Originally Posted by joelcf
Just keep in mind that by the time you read about it, it is too late to do anything with the information. Even worse, you will end up putting an order in at the end of the move and being liquidity for the guys closing their positions.
They dont exactly send out a press release saying 'hay guyz, we r gonna sell off SFr, get ur limit orders in!'
|
Yep. They've been leaving mammoth footprints on the EURCHF chart for a while but always at 1.5 I would imagine the world and his dog would enter a buy limit around that area now hoping for a ride on the intervention, so they've come in a little bit earlier this time. To me that chart looks way too choppy to play right now between 1.5 and 1.54. I don't have much experience behind me yet so I stay away. Rac played it like the pro he is.
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Oct 1, 2009 9:32pm
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Grateful to Merlin, Jim and Fudd :)
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|
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Quote:
Originally Posted by raczekfx
p.s. nonf tomorrow.
I can see at least dozen crosses that will depreciate by at least 50-80ps in the next 12hrs.. 
|
I'm going to ask the question....
How on earth did you know this was going to happen? I can see individual pairs moving for chart reasons, but this en masse move....that was an amazing call 
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Oct 1, 2009 10:28pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by raczekfx
No, no. no bows please. It's really simple Aaron. Tons of hints in the pf as well. I also mentioned it on FF twice before, prior to previous NF events..
We can discuss it sometimes via skype, over a beer in TO or elsewhere, but I'm not going to talk about it on the public forum. You never know who's reading this.. 
This info is worth more than all the trading books, ebooks or trading systems you ever care to purchase.. . You know people come here, rephrase/rename few things and claim it as their own, repackage and sell it on the net. No thanks,...
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Good point Mark. And you know how much it sticks in my craw when we get thieves on here. And that's the word for them, plain and simple. Thieves. I've seen enough J16 ripoff websites on the net.
I'm due to give your stuff a thorough going over when I've settled in the basics of PA trading that I am focussing on now. After I've read through all your stuff, I'll take you up on that kind offer. I've got family in Toronto so you never know...
Have a safe NFP and a good weekend.
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Oct 1, 2009 10:28pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by raczekfx
No, no. no bows please. It's really simple Aaron. Tons of hints in the pf as well. I also mentioned it on FF twice before, prior to previous NF events..
We can discuss it sometimes via skype, over a beer in TO or elsewhere, but I'm not going to talk about it on the public forum. You never know who's reading this.. 
This info is worth more than all the trading books, ebooks or trading systems you ever care to purchase.. . You know people come here, rephrase/rename few things and claim it as their own, repackage and sell it on the net. No thanks,...
|
Good point Mark. And you know how much it sticks in my craw when we get thieves on here. And that's the word for them, plain and simple. Thieves. I've seen enough J16 ripoff websites on the net.
I'm due to give your stuff a thorough going over when I've settled in the basics of PA trading that I am focussing on now. After I've read through all your stuff, I'll take you up on that kind offer. I've got family in Toronto so you never know...
Have a safe NFP and a good weekend.
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Oct 1, 2009 10:28pm
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Grateful to Merlin, Jim and Fudd :)
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|
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Quote:
Originally Posted by raczekfx
No, no. no bows please. It's really simple Aaron. Tons of hints in the pf as well. I also mentioned it on FF twice before, prior to previous NF events..
We can discuss it sometimes via skype, over a beer in TO or elsewhere, but I'm not going to talk about it on the public forum. You never know who's reading this.. 
This info is worth more than all the trading books, ebooks or trading systems you ever care to purchase.. . You know people come here, rephrase/rename few things and claim it as their own, repackage and sell it on the net. No thanks,...
|
Good point Mark. And you know how much it sticks in my craw when we get thieves on here. And that's the word for them, plain and simple. Thieves. I've seen enough J16 ripoff websites on the net.
I'm due to give your stuff a thorough going over when I've settled in the basics of PA trading that I am focussing on now. After I've read through all your stuff, I'll take you up on that kind offer. I've got family in Toronto so you never know...
Have a safe NFP and a good weekend.
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Oct 1, 2009 10:28pm
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Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by raczekfx
No, no. no bows please. It's really simple Aaron. Tons of hints in the pf as well. I also mentioned it on FF twice before, prior to previous NF events..
We can discuss it sometimes via skype, over a beer in TO or elsewhere, but I'm not going to talk about it on the public forum. You never know who's reading this.. 
This info is worth more than all the trading books, ebooks or trading systems you ever care to purchase.. . You know people come here, rephrase/rename few things and claim it as their own, repackage and sell it on the net. No thanks,...
|
Good point Mark. And you know how much it sticks in my craw when we get thieves on here. And that's the word for them, plain and simple. Thieves. I've seen enough J16 ripoff websites on the net.
I'm due to give your stuff a thorough going over when I've settled in the basics of PA trading that I am focussing on now. After I've read through all your stuff, I'll take you up on that kind offer. I've got family in Toronto so you never know...
Have a safe NFP and a good weekend.
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Oct 2, 2009 7:39am
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by arctos
Ah thanks a bunch jarroo.
It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
Okay, maybe that was a dumb question. Or perhaps I shall find...
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I would read the first thousand or so pages, and then the guest section of the private forum, and then follow along daily here. You'll soon learn who's post history you want to read, then click on their profile and read through it. That's a good way. The second and third thousand pages can wait until you've done all that. I think by then you'll be able to whip through the post looking for the important nuggets of information.
The important thing I believe is to not dutifully trawl through the thread hoping that it will just enter by osmosis. Better to read less and make sure you understand every bit of it, ask questions etc. Most of the information you need is in those first thousand pages.
I think looking in daily is also a great way to see discussions of current market setups and post your charts for comment.
This thread exists to help new people, especially those new people who are willing to put in the effort. It was started for that purpose and those who have benefitted from it, continue to help on here. It really is a beautiful thing.
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Oct 2, 2009 7:39am
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by arctos
Ah thanks a bunch jarroo.
It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
Okay, maybe that was a dumb question. Or perhaps I shall find...
|
I would read the first thousand or so pages, and then the guest section of the private forum, and then follow along daily here. You'll soon learn who's post history you want to read, then click on their profile and read through it. That's a good way. The second and third thousand pages can wait until you've done all that. I think by then you'll be able to whip through the post looking for the important nuggets of information.
The important thing I believe is to not dutifully trawl through the thread hoping that it will just enter by osmosis. Better to read less and make sure you understand every bit of it, ask questions etc. Most of the information you need is in those first thousand pages.
I think looking in daily is also a great way to see discussions of current market setups and post your charts for comment.
This thread exists to help new people, especially those new people who are willing to put in the effort. It was started for that purpose and those who have benefitted from it, continue to help on here. It really is a beautiful thing.
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Oct 2, 2009 7:39am
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Grateful to Merlin, Jim and Fudd :)
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|
|
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Quote:
Originally Posted by arctos
Ah thanks a bunch jarroo.
It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
Okay, maybe that was a dumb question. Or perhaps I shall find...
|
I would read the first thousand or so pages, and then the guest section of the private forum, and then follow along daily here. You'll soon learn who's post history you want to read, then click on their profile and read through it. That's a good way. The second and third thousand pages can wait until you've done all that. I think by then you'll be able to whip through the post looking for the important nuggets of information.
The important thing I believe is to not dutifully trawl through the thread hoping that it will just enter by osmosis. Better to read less and make sure you understand every bit of it, ask questions etc. Most of the information you need is in those first thousand pages.
I think looking in daily is also a great way to see discussions of current market setups and post your charts for comment.
This thread exists to help new people, especially those new people who are willing to put in the effort. It was started for that purpose and those who have benefitted from it, continue to help on here. It really is a beautiful thing.
|

Oct 2, 2009 7:39am
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Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by arctos
Ah thanks a bunch jarroo.
It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
Okay, maybe that was a dumb question. Or perhaps I shall find...
|
I would read the first thousand or so pages, and then the guest section of the private forum, and then follow along daily here. You'll soon learn who's post history you want to read, then click on their profile and read through it. That's a good way. The second and third thousand pages can wait until you've done all that. I think by then you'll be able to whip through the post looking for the important nuggets of information.
The important thing I believe is to not dutifully trawl through the thread hoping that it will just enter by osmosis. Better to read less and make sure you understand every bit of it, ask questions etc. Most of the information you need is in those first thousand pages.
I think looking in daily is also a great way to see discussions of current market setups and post your charts for comment.
This thread exists to help new people, especially those new people who are willing to put in the effort. It was started for that purpose and those who have benefitted from it, continue to help on here. It really is a beautiful thing.
|

Oct 6, 2009 3:51pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
Wow, that far away? Ok thanks. Usually catches me out. 
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Me too bundy. There's usually a couple of weeks where the UK and the US get out of sync by an hour and it catches me by surprise. I like to know when my NY close is.
Slow in general on this thread. I've written to Twee. I think this thread needs to be pulled out of the commercial forum and back to the main FF section where it belongs.
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Oct 6, 2009 3:51pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
Wow, that far away? Ok thanks. Usually catches me out. 
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Me too bundy. There's usually a couple of weeks where the UK and the US get out of sync by an hour and it catches me by surprise. I like to know when my NY close is.
Slow in general on this thread. I've written to Twee. I think this thread needs to be pulled out of the commercial forum and back to the main FF section where it belongs.
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Oct 6, 2009 3:51pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
Wow, that far away? Ok thanks. Usually catches me out. 
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Me too bundy. There's usually a couple of weeks where the UK and the US get out of sync by an hour and it catches me by surprise. I like to know when my NY close is.
Slow in general on this thread. I've written to Twee. I think this thread needs to be pulled out of the commercial forum and back to the main FF section where it belongs.
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Oct 6, 2009 3:51pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
Wow, that far away? Ok thanks. Usually catches me out. 
|
Me too bundy. There's usually a couple of weeks where the UK and the US get out of sync by an hour and it catches me by surprise. I like to know when my NY close is.
Slow in general on this thread. I've written to Twee. I think this thread needs to be pulled out of the commercial forum and back to the main FF section where it belongs.
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Oct 6, 2009 9:23pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
 For sure.
And I suppose I should ask when UK DST ends too. Just assumed they'd be close. lol
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I have no idea...
How about this, I'll let you know when it happens.
We are usually out of sync with NY by about one or two weeks and then we line up again. And it's not made easier by the fact that I think London traders adjust their start times in a weird way around the change too.
I'll keep you posted. It always throws me for a loop. I end up using the FF session start indicator on the front page a lot.
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Oct 6, 2009 9:23pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
 For sure.
And I suppose I should ask when UK DST ends too. Just assumed they'd be close. lol
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I have no idea...
How about this, I'll let you know when it happens.
We are usually out of sync with NY by about one or two weeks and then we line up again. And it's not made easier by the fact that I think London traders adjust their start times in a weird way around the change too.
I'll keep you posted. It always throws me for a loop. I end up using the FF session start indicator on the front page a lot.
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Oct 6, 2009 9:23pm
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by bundyraider
 For sure.
And I suppose I should ask when UK DST ends too. Just assumed they'd be close. lol
|
I have no idea...
How about this, I'll let you know when it happens.
We are usually out of sync with NY by about one or two weeks and then we line up again. And it's not made easier by the fact that I think London traders adjust their start times in a weird way around the change too.
I'll keep you posted. It always throws me for a loop. I end up using the FF session start indicator on the front page a lot.
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Oct 6, 2009 9:23pm
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Grateful to Merlin, Jim and Fudd :)
|
|
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Quote:
Originally Posted by bundyraider
 For sure.
And I suppose I should ask when UK DST ends too. Just assumed they'd be close. lol
|
I have no idea...
How about this, I'll let you know when it happens.
We are usually out of sync with NY by about one or two weeks and then we line up again. And it's not made easier by the fact that I think London traders adjust their start times in a weird way around the change too.
I'll keep you posted. It always throws me for a loop. I end up using the FF session start indicator on the front page a lot.
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Oct 9, 2009 4:51am
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Grateful to Merlin, Jim and Fudd :)
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Everyone morning I wake up and read the thread.
This was the maddest morning ever.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently learning. Lifetime membership and a minimum number of posts/an active journal. That'd be a good filter.
And another thing that occurred to me from my own experience.
This thread is like a candy store. We see Jim's teachings, Rac's styles which he hints at, Ryan's laid down an amazing 5M method, and there's breakout plays recently, touch trading. There's so much. I can only tell you what I thought when I came in: Wow if I learn all this stuff there will be a hundred opportunities to trade and I'll be able to make a ton of money. I need to learn how all these guys do it. Let me start it all at once. If I see any kind of entry relating to any of these methods I'll take it.
That can cause a lot of trouble. It set back my learning curve a while, even doing it on demo.
I believe the way to learn this is to pick one method (usually daily/weekly price action) and start trading it knowing you're only going to get 3-5 opportunities a month. Watch everyone trade and yell yee ha at the profits they are making on this thread. Watch Rac post his charts and shake our head in bewilderment and awe. Just watch it all go by.
And know in your head that what you are doing is going to get you there faster than the guy who is trying to learn everything at once.
There are a few things you learn doing it the classic way that you will not learn if you try and do everything at once. The key one is patience. You learn not to be like a dog chasing a car. You have your methods, they are tested, you know they work, and you will trade them to consistent profitability.
The second is psych. People (like me) are guilty of not being profitable on one method/style and assuming that adding a new style to the arsenal will get them over the hump to profitability. There's a world of difference between knowing the basics of PA inside out and trading profitably. Allowing yourself the patience and time to get truly profitable will allow you to focus on the psych issues that are messing up your trade selection and management. I make a ton of mistakes every month on the daily and 4H based on emotions and they impact my profitability. Until they are ironed out, I have decided not to even look at another style. You may be reading this and thinking "I don't make those mistakes". Well I will say that the capacity for a trader to delude him or her self is huge. Make sure there is an arena where every trade is written down and logged (I have a spreadsheet and a journal of every single trade on pf. In my opinion a journal has the most worth when every single trade is logged, not just the ones you are happy to show in public). It'll cast light on your issues and so resolve them quickly. Maybe you take trades too often chasing C setups in hope that they'll work? Maybe you close too early out of fear? Maybe you take too many full bar losses? It is in my opinion impossible to see this if your energies are also focussed on learning Rac, Ryan, and touch trading at the same time.
And the part that a lot of new people don't get (and I count myself in this number when I started a year and a bit ago), is that this is not the slow way to success. It's the quick way. Usually the person following the minimum requirements and focussing on one method at a time will get to consistent profitability with all methods quicker than the person who tries to lear everything at once.
Because learning gets easier. I now look at some of Rac's stuff (some of it is still beyond me), Ryan's stuff, touch plays, breakouts.... and I can understand the basic principles much much quicker. And what i do is write those principles down and put them on a small index card and into my desk drawer. I have a process that any new method will go through involving visual backtesting, forex tester, then forward testing on demo. And the process takes a lot of time, so I know that when I am ready I get to choose one of those cards and blitz it. But only when I have the time and when everything I do already has had a lot of the kinks ironed out. At the moment I am reaching a calm place with what I already now and am thinking which one of the many index cards I am going to choose next. I need to pick wisely, because it'll likely be three months before I can pick up something else from that drawer.
The answer to problems is almost never a new system. New systems are for when we are trading successfully and are bored, not for when we're losing money and looking for ways to get it back.
Trust me, focussing on the basics, building a base of profitability month after month will give you confidence. And that is worth a thousand systems. Then the rest of this more advanced stuff will just seem easier.
Patience brings profitability in trading. Impatience blows accounts.
All this is of course only my opinion and should be taken as such. There are no absolute truths in trading and I hope to avoid sounding like I have any answers. Just a small amount of experience to share.
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Oct 9, 2009 4:51am
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Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Everyone morning I wake up and read the thread.
This was the maddest morning ever.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently learning. Lifetime membership and a minimum number of posts/an active journal. That'd be a good filter.
And another thing that occurred to me from my own experience.
This thread is like a candy store. We see Jim's teachings, Rac's styles which he hints at, Ryan's laid down an amazing 5M method, and there's breakout plays recently, touch trading. There's so much. I can only tell you what I thought when I came in: Wow if I learn all this stuff there will be a hundred opportunities to trade and I'll be able to make a ton of money. I need to learn how all these guys do it. Let me start it all at once. If I see any kind of entry relating to any of these methods I'll take it.
That can cause a lot of trouble. It set back my learning curve a while, even doing it on demo.
I believe the way to learn this is to pick one method (usually daily/weekly price action) and start trading it knowing you're only going to get 3-5 opportunities a month. Watch everyone trade and yell yee ha at the profits they are making on this thread. Watch Rac post his charts and shake our head in bewilderment and awe. Just watch it all go by.
And know in your head that what you are doing is going to get you there faster than the guy who is trying to learn everything at once.
There are a few things you learn doing it the classic way that you will not learn if you try and do everything at once. The key one is patience. You learn not to be like a dog chasing a car. You have your methods, they are tested, you know they work, and you will trade them to consistent profitability.
The second is psych. People (like me) are guilty of not being profitable on one method/style and assuming that adding a new style to the arsenal will get them over the hump to profitability. There's a world of difference between knowing the basics of PA inside out and trading profitably. Allowing yourself the patience and time to get truly profitable will allow you to focus on the psych issues that are messing up your trade selection and management. I make a ton of mistakes every month on the daily and 4H based on emotions and they impact my profitability. Until they are ironed out, I have decided not to even look at another style. You may be reading this and thinking "I don't make those mistakes". Well I will say that the capacity for a trader to delude him or her self is huge. Make sure there is an arena where every trade is written down and logged (I have a spreadsheet and a journal of every single trade on pf. In my opinion a journal has the most worth when every single trade is logged, not just the ones you are happy to show in public). It'll cast light on your issues and so resolve them quickly. Maybe you take trades too often chasing C setups in hope that they'll work? Maybe you close too early out of fear? Maybe you take too many full bar losses? It is in my opinion impossible to see this if your energies are also focussed on learning Rac, Ryan, and touch trading at the same time.
And the part that a lot of new people don't get (and I count myself in this number when I started a year and a bit ago), is that this is not the slow way to success. It's the quick way. Usually the person following the minimum requirements and focussing on one method at a time will get to consistent profitability with all methods quicker than the person who tries to lear everything at once.
Because learning gets easier. I now look at some of Rac's stuff (some of it is still beyond me), Ryan's stuff, touch plays, breakouts.... and I can understand the basic principles much much quicker. And what i do is write those principles down and put them on a small index card and into my desk drawer. I have a process that any new method will go through involving visual backtesting, forex tester, then forward testing on demo. And the process takes a lot of time, so I know that when I am ready I get to choose one of those cards and blitz it. But only when I have the time and when everything I do already has had a lot of the kinks ironed out. At the moment I am reaching a calm place with what I already now and am thinking which one of the many index cards I am going to choose next. I need to pick wisely, because it'll likely be three months before I can pick up something else from that drawer.
The answer to problems is almost never a new system. New systems are for when we are trading successfully and are bored, not for when we're losing money and looking for ways to get it back.
Trust me, focussing on the basics, building a base of profitability month after month will give you confidence. And that is worth a thousand systems. Then the rest of this more advanced stuff will just seem easier.
Patience brings profitability in trading. Impatience blows accounts.
All this is of course only my opinion and should be taken as such. There are no absolute truths in trading and I hope to avoid sounding like I have any answers. Just a small amount of experience to share.
|

Oct 9, 2009 4:51am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Everyone morning I wake up and read the thread.
This was the maddest morning ever.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently learning. Lifetime membership and a minimum number of posts/an active journal. That'd be a good filter.
And another thing that occurred to me from my own experience.
This thread is like a candy store. We see Jim's teachings, Rac's styles which he hints at, Ryan's laid down an amazing 5M method, and there's breakout plays recently, touch trading. There's so much. I can only tell you what I thought when I came in: Wow if I learn all this stuff there will be a hundred opportunities to trade and I'll be able to make a ton of money. I need to learn how all these guys do it. Let me start it all at once. If I see any kind of entry relating to any of these methods I'll take it.
That can cause a lot of trouble. It set back my learning curve a while, even doing it on demo.
I believe the way to learn this is to pick one method (usually daily/weekly price action) and start trading it knowing you're only going to get 3-5 opportunities a month. Watch everyone trade and yell yee ha at the profits they are making on this thread. Watch Rac post his charts and shake our head in bewilderment and awe. Just watch it all go by.
And know in your head that what you are doing is going to get you there faster than the guy who is trying to learn everything at once.
There are a few things you learn doing it the classic way that you will not learn if you try and do everything at once. The key one is patience. You learn not to be like a dog chasing a car. You have your methods, they are tested, you know they work, and you will trade them to consistent profitability.
The second is psych. People (like me) are guilty of not being profitable on one method/style and assuming that adding a new style to the arsenal will get them over the hump to profitability. There's a world of difference between knowing the basics of PA inside out and trading profitably. Allowing yourself the patience and time to get truly profitable will allow you to focus on the psych issues that are messing up your trade selection and management. I make a ton of mistakes every month on the daily and 4H based on emotions and they impact my profitability. Until they are ironed out, I have decided not to even look at another style. You may be reading this and thinking "I don't make those mistakes". Well I will say that the capacity for a trader to delude him or her self is huge. Make sure there is an arena where every trade is written down and logged (I have a spreadsheet and a journal of every single trade on pf. In my opinion a journal has the most worth when every single trade is logged, not just the ones you are happy to show in public). It'll cast light on your issues and so resolve them quickly. Maybe you take trades too often chasing C setups in hope that they'll work? Maybe you close too early out of fear? Maybe you take too many full bar losses? It is in my opinion impossible to see this if your energies are also focussed on learning Rac, Ryan, and touch trading at the same time.
And the part that a lot of new people don't get (and I count myself in this number when I started a year and a bit ago), is that this is not the slow way to success. It's the quick way. Usually the person following the minimum requirements and focussing on one method at a time will get to consistent profitability with all methods quicker than the person who tries to lear everything at once.
Because learning gets easier. I now look at some of Rac's stuff (some of it is still beyond me), Ryan's stuff, touch plays, breakouts.... and I can understand the basic principles much much quicker. And what i do is write those principles down and put them on a small index card and into my desk drawer. I have a process that any new method will go through involving visual backtesting, forex tester, then forward testing on demo. And the process takes a lot of time, so I know that when I am ready I get to choose one of those cards and blitz it. But only when I have the time and when everything I do already has had a lot of the kinks ironed out. At the moment I am reaching a calm place with what I already now and am thinking which one of the many index cards I am going to choose next. I need to pick wisely, because it'll likely be three months before I can pick up something else from that drawer.
The answer to problems is almost never a new system. New systems are for when we are trading successfully and are bored, not for when we're losing money and looking for ways to get it back.
Trust me, focussing on the basics, building a base of profitability month after month will give you confidence. And that is worth a thousand systems. Then the rest of this more advanced stuff will just seem easier.
Patience brings profitability in trading. Impatience blows accounts.
All this is of course only my opinion and should be taken as such. There are no absolute truths in trading and I hope to avoid sounding like I have any answers. Just a small amount of experience to share.
|

Oct 10, 2009 1:53pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by mbqb11
Steve my friend! Someone I have known from day 1, what a guy he is
Be good steve and hope your son is still doing well
Mike
|
I'll echo that. Stevie T is great guy who embodies the spirit of humility and kindness that I aspire to as a trader and a human being.
Mike's not too bad either... 
|

Oct 10, 2009 1:56pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
I'll also say that wherever Jim goes, I'll go with him. Whatever he taught me for free, I will try my best to pass onto others, for free.
What Jim teaches is so much more than how to trade. And he deserves a home that supports and recognises that.
Last edited by TiaForex, Oct 10, 2009 7:22pm
|

Oct 10, 2009 1:53pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by mbqb11
Steve my friend! Someone I have known from day 1, what a guy he is
Be good steve and hope your son is still doing well
Mike
|
I'll echo that. Stevie T is great guy who embodies the spirit of humility and kindness that I aspire to as a trader and a human being.
Mike's not too bad either... 
|

Oct 10, 2009 1:56pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
I'll also say that wherever Jim goes, I'll go with him. Whatever he taught me for free, I will try my best to pass onto others, for free.
What Jim teaches is so much more than how to trade. And he deserves a home that supports and recognises that.
Last edited by TiaForex, Oct 10, 2009 7:22pm
|

Oct 11, 2009 11:23pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
i always like it when i see you down there.
|
That made me smile.
4:21 am Jim and I'm reading the thread with a smile on my face. I love these new charts.
I read the thread and PF between takes on set the other day. Will probably do the same tomorrow.
When the DVD is published I'll send you a copy. I know you'll get a kick out of the fact that during most of the scenes my blackberry in my pocket had the chart thread up on it.
|

Oct 11, 2009 11:33pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
well filming with bags under your eyes cant be good.
slow down buddy.
i would love to see the dvd.
|
Lol. Actually, this job requires me to play someone pushing 50. I'm 36. So the night before filming I have to stay up late to get the bags (tricks of the trade). Add to that the fact that I've always been a night owl and here I am.
|

Oct 11, 2009 11:38pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by jarroo
ouch . . . lol . . . Jim's almost 50. lolol
|
Lol. You're getting me into trouble. I'm not saying everyone of 50 has bags under their eyes, just that they help a 36 year old to look 14 years older. I wouldn't risk the wrath of Jarroo. May end up slapped with one his patented hard breaks... 
|

Oct 11, 2009 11:40pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
yes they do and that aint all thats sagging.
jim
|

|

Oct 12, 2009 8:49am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by bundyraider
Yes.
I hope anyone intending to trade this way for the first time is DEMOing for a while in real time.
You need to know your Support/Resistance VERY WELL and, in my opinion, know the instrument you are trading very well too.
Most importantly... DO NOT LET YOUR WINNERS BECOME LOSERS.
.
|
It helps, even in the demo, to be super super picky. Only taking touches at round number levels, with PPZs that even my grandma could see, or at clear double top/bottoms with divergence round number and PPZ confluence (those are sweet)
The main problem with touch trading too early in the learning curve is that you are doing it for all the wrong reasons. The one thing that will kill you in touch or low time timeframe trading IMO is doing it because you want more opportunities to trade.
Newer traders see more opportunities to trade as more opportunities to make money. When you've been down this road a little while you see more opportunities to trade as more opportunities to lose money.
On lower timeframes, and with touch trading you need to be super super picky. I only trade 4H live and I often watch a week go by without taking a trade. I'm fiddling with other approaches on demo but I am in no hurry. If you're eager to get to the high frequency of opportunity strategies then you are in a hurry. And it will kill you. Because being in a hurry will make you more tempted to take borderline trades. And there are plenty of borderline touch or 1H trades. And then you'll be a few percent down, and of course because you're in a hurry, you'll be eager to make it back. So you'll overtrade, and suddenly you'll be far down. And looking at an account balance that says "if I'd taken the month off and gone to the beach I'd be better off financially than I am now". I say this from recent experience.
I've said it recently and it's worth repeating I think. If you see everyone trading up a storm using all these different methods, including people like benji who have taken to it like a duck to water, please try not to let it affect your learning curve. Your learning curve runs at your own pace. You will find methods that suit you. But not if you rush into trying to learn everything at once. Focus on a few things that work and then work them to iron out your psych issues. Then when you come back to learn that new strategy you'll do it much quicker.
Jim has put a lot of thought into teaching a method that allows you to still be in the game a year after you start. Staying above water in the early days is the key IMO. Because then everything settles in naturally. But if you're overleveraging and rushing, the tragedy is that you may not be around to see that stage of the learning curve.
Don't worry about small returns. Compounding and adding in is a small miracle.
The rewards of this business are huge. Huge. Be kind to yourself and give yourself the chance to achieve them.
|

Oct 10, 2009 1:53pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by mbqb11
Steve my friend! Someone I have known from day 1, what a guy he is
Be good steve and hope your son is still doing well
Mike
|
I'll echo that. Stevie T is great guy who embodies the spirit of humility and kindness that I aspire to as a trader and a human being.
Mike's not too bad either... 
|

Oct 10, 2009 1:56pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
I'll also say that wherever Jim goes, I'll go with him. Whatever he taught me for free, I will try my best to pass onto others, for free.
What Jim teaches is so much more than how to trade. And he deserves a home that supports and recognises that.
Last edited by TiaForex, Oct 10, 2009 7:22pm
|

Oct 12, 2009 2:30pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by rustyjeff
 yep. spot on Aaron...
now your getting it.. you sound more relaxed lately too. 
|
Thanks to a timely intervention from some friends...
Thanks Jeff. It's certainly paying off to take things easy.
Aaron
|

Oct 12, 2009 3:20pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by jarroo
Its getting bigger very year.
Very year I have more and more face to wash. lol
|
Dude, I went bald at 23. Shaved my head ever since. recently had to grow it out for work for a while and that was a shock. Thankfully the job is now over and so it gets shaved again tonight. Then I can go back to pretending that it's a choice and that I could grow it all back if I needed too. 
|

Oct 12, 2009 9:17pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by Lou
How come someone who is pushing 50 is somehow identified by having bags under the eyes?
|
I knew I'd get in trouble with this one....lol
All that I meant was that as someone who looks and is 36 I needed help to look the age I was supposed to be playing. So, seeing as I couldn't age my face 14 years, I need a little help from a few late nights, some make up, and a few white flecks added to a beard I'd grown.
No offence intended to the 50 year olds on here, hope none was taken.
|

Oct 12, 2009 9:55pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by Lou
Only a before and after shot will get you out of this, you know.
|
Lol. I draw the line there.
|

Oct 13, 2009 5:56am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by joelcf
People need to read this post again.
Aaron is like an eloquent, condensed version of everything you need to get from this thread, and most of the pf too.
In person form.
Presumably.
|
I'm real. Mike is the machine.
Thanks Joel and Cyrus.
|

Oct 11, 2009 11:23pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
i always like it when i see you down there.
|
That made me smile.
4:21 am Jim and I'm reading the thread with a smile on my face. I love these new charts.
I read the thread and PF between takes on set the other day. Will probably do the same tomorrow.
When the DVD is published I'll send you a copy. I know you'll get a kick out of the fact that during most of the scenes my blackberry in my pocket had the chart thread up on it.
|

Oct 11, 2009 11:33pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
well filming with bags under your eyes cant be good.
slow down buddy.
i would love to see the dvd.
|
Lol. Actually, this job requires me to play someone pushing 50. I'm 36. So the night before filming I have to stay up late to get the bags (tricks of the trade). Add to that the fact that I've always been a night owl and here I am.
|

Oct 11, 2009 11:38pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by jarroo
ouch . . . lol . . . Jim's almost 50. lolol
|
Lol. You're getting me into trouble. I'm not saying everyone of 50 has bags under their eyes, just that they help a 36 year old to look 14 years older. I wouldn't risk the wrath of Jarroo. May end up slapped with one his patented hard breaks... 
|

Oct 11, 2009 11:40pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by james16
yes they do and that aint all thats sagging.
jim
|

|

Oct 12, 2009 8:49am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by bundyraider
Yes.
I hope anyone intending to trade this way for the first time is DEMOing for a while in real time.
You need to know your Support/Resistance VERY WELL and, in my opinion, know the instrument you are trading very well too.
Most importantly... DO NOT LET YOUR WINNERS BECOME LOSERS.
.
|
It helps, even in the demo, to be super super picky. Only taking touches at round number levels, with PPZs that even my grandma could see, or at clear double top/bottoms with divergence round number and PPZ confluence (those are sweet)
The main problem with touch trading too early in the learning curve is that you are doing it for all the wrong reasons. The one thing that will kill you in touch or low time timeframe trading IMO is doing it because you want more opportunities to trade.
Newer traders see more opportunities to trade as more opportunities to make money. When you've been down this road a little while you see more opportunities to trade as more opportunities to lose money.
On lower timeframes, and with touch trading you need to be super super picky. I only trade 4H live and I often watch a week go by without taking a trade. I'm fiddling with other approaches on demo but I am in no hurry. If you're eager to get to the high frequency of opportunity strategies then you are in a hurry. And it will kill you. Because being in a hurry will make you more tempted to take borderline trades. And there are plenty of borderline touch or 1H trades. And then you'll be a few percent down, and of course because you're in a hurry, you'll be eager to make it back. So you'll overtrade, and suddenly you'll be far down. And looking at an account balance that says "if I'd taken the month off and gone to the beach I'd be better off financially than I am now". I say this from recent experience.
I've said it recently and it's worth repeating I think. If you see everyone trading up a storm using all these different methods, including people like benji who have taken to it like a duck to water, please try not to let it affect your learning curve. Your learning curve runs at your own pace. You will find methods that suit you. But not if you rush into trying to learn everything at once. Focus on a few things that work and then work them to iron out your psych issues. Then when you come back to learn that new strategy you'll do it much quicker.
Jim has put a lot of thought into teaching a method that allows you to still be in the game a year after you start. Staying above water in the early days is the key IMO. Because then everything settles in naturally. But if you're overleveraging and rushing, the tragedy is that you may not be around to see that stage of the learning curve.
Don't worry about small returns. Compounding and adding in is a small miracle.
The rewards of this business are huge. Huge. Be kind to yourself and give yourself the chance to achieve them.
|

Oct 12, 2009 2:30pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by rustyjeff
 yep. spot on Aaron...
now your getting it.. you sound more relaxed lately too. 
|
Thanks to a timely intervention from some friends...
Thanks Jeff. It's certainly paying off to take things easy.
Aaron
|

Oct 12, 2009 3:20pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by jarroo
Its getting bigger very year.
Very year I have more and more face to wash. lol
|
Dude, I went bald at 23. Shaved my head ever since. recently had to grow it out for work for a while and that was a shock. Thankfully the job is now over and so it gets shaved again tonight. Then I can go back to pretending that it's a choice and that I could grow it all back if I needed too. 
|

Oct 14, 2009 10:04am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by mike w
I have no clue as to how I missed this amazing post by Aaron.
Post number 24,631. Go and read it and then read it again, especially you newcomers that don't already know this. The real lesson is patience. And backtesting is really honing yourself. That's good stuff my man. Thanks for that post Aaron.
You wanted to look and see how far you've come from that post to now, and IMO you've come sooooo far. I'm proud and happy of you/for you for that brother.
|
Wow, that was a walk down memory lane. Was it really only March.
I really appreciate your warm words Mike, and am grateful for all the help you've given me along the way. Reading your post history was a great learning tool for me and I recommend everyone does it.
Great group of people here... 
|

Oct 14, 2009 11:55am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by NosferatuMan
Aaron, nice to read again your post.
By the way, witch backtest program have you used for training?
|
I used forextester ( www.forextester.com) and had no complaints. Good piece of software IMO.
Another great way to research is to take your MT4, set up a profile, and then mark off every outside bar over the last few years on a pair with an arrow (I start with the four dollar majors, and then widen to every pair I trade). Then just spend a lot of time staring at the screen, looking at the ones that failed, the ones that succeeded, why and where they turned around. It's a great way to develop confidence and form a strategy and it doesn't take long.
Do the same for every type of bar you like to trade. Be vigilant though, because pins that reversed quick often get lost in the chop and you need to seek them out. Pins that shot off for 3R are instantly visible of course.
|

Oct 12, 2009 9:17pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by Lou
How come someone who is pushing 50 is somehow identified by having bags under the eyes?
|
I knew I'd get in trouble with this one....lol
All that I meant was that as someone who looks and is 36 I needed help to look the age I was supposed to be playing. So, seeing as I couldn't age my face 14 years, I need a little help from a few late nights, some make up, and a few white flecks added to a beard I'd grown.
No offence intended to the 50 year olds on here, hope none was taken.
|

Oct 14, 2009 1:53pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Jim posted a great chart earlier this year which I can't find, where he showed every outside bar on the EURGBP this year. It's the one where his eleven year old took 6 out of the 9 bars and was up for the year. It illustrates what I was trying to say about marking out the bars.
|

Oct 14, 2009 2:15pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by panos69
here it is
|
Thanks panos, I knew you guys would be onto it in a flash... 
|

Oct 12, 2009 9:55pm
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by Lou
Only a before and after shot will get you out of this, you know.
|
Lol. I draw the line there.
|

Oct 13, 2009 5:56am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by joelcf
People need to read this post again.
Aaron is like an eloquent, condensed version of everything you need to get from this thread, and most of the pf too.
In person form.
Presumably.
|
I'm real. Mike is the machine.
Thanks Joel and Cyrus.
|

Oct 15, 2009 9:57am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by bundyraider
Haven't peeked at the weeklies yet. lol ...But this week has been very ordinary for me. First trade of the week an hour ago ...I just did a 1:1 on EURNZD , but all week I have pretty much walked away from the screen real quick every time I've flicked through the charts.
|
Me too bundy. Been a week of patience. Nothing even remotely worth considering.
This is the time where I need to careful not to jump at the first nearly opportunity that comes along.
The GU is one of the few charts where I can see a clear area that I am looking for a trade at. The others aren't giving me too much.
|

Oct 14, 2009 10:04am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by mike w
I have no clue as to how I missed this amazing post by Aaron.
Post number 24,631. Go and read it and then read it again, especially you newcomers that don't already know this. The real lesson is patience. And backtesting is really honing yourself. That's good stuff my man. Thanks for that post Aaron.
You wanted to look and see how far you've come from that post to now, and IMO you've come sooooo far. I'm proud and happy of you/for you for that brother.
|
Wow, that was a walk down memory lane. Was it really only March.
I really appreciate your warm words Mike, and am grateful for all the help you've given me along the way. Reading your post history was a great learning tool for me and I recommend everyone does it.
Great group of people here... 
|

Oct 14, 2009 11:55am
|
Grateful to Merlin, Jim and Fudd :)
|
|
|
|
Quote:
Originally Posted by NosferatuMan
Aaron, nice to read again your post.
By the way, witch backtest program have you used for training?
|
I used forextester ( www.forextester.com) and had no complaints. Good piece of software IMO.
Another great way to research is to take your MT4, set up a profile, and then mark off every outside bar over the last few years on a pair with an arrow (I start with the four dollar majors, and then widen to every pair I trade). Then just spend a lot of time staring at the screen, looking at the ones that failed, the ones that succeeded, why and where they turned around. It's a great way to develop confidence and form a strategy and it doesn't take long.
Do the same for every type of bar you like to trade. Be vigilant though, because pins that reversed quick often get lost in the chop and you need to seek them out. Pins that shot off for 3R are instantly visible of course.
|

Oct 18, 2009 9:56am
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Grateful to Merlin, Jim and Fudd :)
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Quote:
Originally Posted by jarroo
It sure gives me (and others) great peace of mind to have you around, at the ready, to keeps us all on the right track. 
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Amen. I am really glad to have you both around.
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Oct 19, 2009 8:04pm
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Grateful to Merlin, Jim and Fudd :)
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I took a 1R loss on the AJ as well and I wanted to chime in with a few thoughts based on the discussion so far.
I think it feels terrible to take a loss when you think you're the only one who did it. And of course, as people have mentioned, forums naturally create a phenomenon whereby you see more people post winners than losers and so you can get the view that everyone else is making money and you're the bozo striking out.
The lesson, if that's the way you're thinking, is not to focus on what anyone else is doing but to focus on yourself. It can seem like everyone is making easy pips. That's not usually the case, and even if it is, they were all once at the stage you're at now. This thought helps me a lot.
I also try and stay accountable by keeping a log of every trade on PF. It stops me from deluding myself about my trading. I can't pretend. And then the light shines on my weaknesses as a trader which is the first step to eliminating them.
I learnt a lot from this setup. I am really beginning to consider bar size, extra pickiness for counter trend setups etc etc. I'd also suggest thinking of whether you'd take 100 of these setups and hope to make money. Because the next time something like this comes along it may make money and everyone will be happy. Same setup, but different results. And a very different mood on the forum. So try and think of the big picture. Would a ton of these setups make you profitable? What about a ton of the GU outside bar on the 3rd June? Which setup would you take 100 times and hope to be profitable on? A lot depends on management and style, but I think it's a better way of thinking. Because no-one ever knows whether an individual trade will be profitable. If we had 100% certainty we'd bet the farm. But, when we get on top of this material, we can be certain that that 100 of the same setup will yield profits. That's what we call our edge.
Some people take to trading like a duck to water and are instantly profitable. Others work hard to get profitable, and go through frustration as they eliminate their weaknesses one by one. I'm in the second category. So every losing setup (and every winning one) is an opportunity to learn. And I'd rather learn now than when my account is much larger.
I just wanted to post some thoughts on what goes on after we take a loser. Sometimes we go on tilt and break our rules to 'make it back' (I've done this), sometimes we get angry and think 'price action sucks', sometimes we wonder what we did wrong. The 100% win rate is an illusion, and searching for it is futile. So our psychological reaction to our losers is important. If there's a lesson to learn we learn it. If not we try and let go of the experience so that we can move on to the next trade with a clear head.
Last edited by TiaForex, Oct 19, 2009 8:41pm
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