Forex Day Trader's Thread

Anyone who has been trading for 25 years is worth listening to.. Most of the traders on this site have 1-2 years experience, the rest die.. I think his style is loony, but there is much to be gleaned from his video ;)

I've always been suspicious of anyone who charges for trading realted advice, BUT if you're a businessman and a trader you'll take the opportunity to make money.. obviously this guy has a ton of free time (if you listen to his video you'll know why)..
 
I heard a story that old James was giving signals and methods to manage a trade and managed to get 50 losers in a row. He was telling people to go for large profits and using pretty tight stops and hardly banking profits as they were moving stops along with the trade.
 
Checked out a few of those vids, not bad.. I just don't understand why you would be using bars over candles
 
I heard a story that old James was giving signals and methods to manage a trade and managed to get 50 losers in a row. He was telling people to go for large profits and using pretty tight stops and hardly banking profits as they were moving stops along with the trade.
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You couldn't get 50 losers in a row if you tried.. perhaps if you bank trades at the very instant you make them before the price can move beyond the spread, but otherwise it would be difficult.. But if you're using 10 pip stops and 1,000 pip t/p it would be ok to take 50 losses in a row.. If you actually listen to the video you'll see that he has an all or nothing style.. he tries to catch big moves only.

and trader3333, trader dante, shadowninja and neil definitely aren't "noobs".. Their recommendation is how I found the video in the first place.. sure, it meanders a bit, a lot actually, but it has interesting information. Keep in mind that he's looking at the daily charts as well.

You have something to learn from anyone who has been trading for 25 years.. He's been trading longer than both of you youngsters have been on this planet ;)

I particularly like the speech about he said he wasn't ever going to quit until he found out a way to prosper..
 
Pippy5000 said:
You couldn't get 50 losers in a row if you tried.. perhaps if you bank trades at the very instant you make them before the price can move beyond the spread, but otherwise it would be difficult.. But if you're using 10 pip stops and 1,000 pip t/p it would be ok to take 50 losses in a row.. If you actually listen to the video you'll see that he has an all or nothing style.. he tries to catch big moves only.

and trader3333, trader dante, shadowninja and neil definitely aren't "noobs".. Their recommendation is how I found the video in the first place.. sure, it meanders a bit, a lot actually, but it has interesting information. Keep in mind that he's looking at the daily charts as well.

You have something to learn from anyone who has been trading for 25 years.. He's been trading longer than both of you youngsters have been on this planet ;)

I particularly like the speech about he said he wasn't ever going to quit until he found out a way to prosper..
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I wasn't insinuating that T3, TD, SN were noobs... What i meant is that there are a lot of noobs who look to J16 as a 'hero'... They aren't good enough to trade so they look for an easy way to profit. I can't think of a quicker way to lose than to follow the noobs and what they are doing... Check out the J16 thread. I read it 2 minutes and all the people are idioto's, not the type of people you want to trade along side.

I'm sure if your already a capable trader; You can take some of what he says and apply it 'maybe' effectively; but only when you were good enough to trade well anyway.

It puts me off that he runs a subscription site; After trading 25 years... Regardless of WHY he does it.

:)

P.s. This will sound stupid; but you said you were a Nasa Scientist (use to be) and i believed you, but suddenly i thought it was idiotic of me to believe that. How gullable.
Be this true?
 
Pippy5000 said:
You have something to learn from anyone who has been trading for 25 years.. He's been trading longer than both of you youngsters have been on this planet ;)

I particularly like the speech about he said he wasn't ever going to quit until he found out a way to prosper..
Click to expand...

this is something 95% of traders dont understand or pay attention to, yet they WILL listen to the guy who says he has a method to make 48208402% in a month, because he did it once. I believe this is because most traders are young and...well, naive. they think quick money exists and theyll somehow hustle and roll the dice into millions. I can go on and on about this, but with your experience on this thread I dont think I have to go any further.

nonetheless, Im still getting through the video, some interesting stuff in it. I'll try and come back with a summary or something constructive. please continue to send stuff like this, or book recommendations my way. PM me if you have the time to send a list of recommendations.
 
well, if you're an 'experienced' trader and run a subscription site you're either doing it for either one of these reasons:

1> massive ego and feels the need for recognition
2> okay to crap at trading, but does not feel he can rely on this as your main income stream

Who knows which one to apply....
 
Price action is awesome, thanks to james16 we no longer have to worry about funnymentals, or waste thousands of hours learning sclping methods,stochastics or something stupid to do with daytrading.

He has given it to us on a plate.
 
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GladiatorX said:
You lack belief in yourself.... Quick money does exist.

Problem is; Most aren't good enough to make money in trading, to make up for this, they try to use 'Others' ideas to make that money... Problem is, those who can, don't share. So they end up giving money and looking for advice from those who similarily can't; Then they tell people that 'Quick money doesn't exist'.

I'm 18;
View attachment 71308
Thats my swing trading account; The bulk of my trading is in futures, E-mini's in an Infinity Futures brokerage account.

95% of traders aren't good enough to get rich quick or slow, nor do they have the ability to get quick money.
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respect mon:clap:
 
bclarke112 said:
I doubt that statement is true.
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Yeah you got me. I stayed up all night making up all them figures so that i could impress you Clarke. Looks like i failed.

I even made up them trades @ the bottom, there exact average price, share size, entry, current price and PnL, just to show i was in a few winning trades.

I put in the EWG losing trade to make it look for realistic; Took all night.

If only you had fallen for it, my life would be vastly improved!

Anyway; No1s asking you to believe... I do find it interesting that you don't... You must have real belief in trading; Why are you even learning if you don't expect it possible to win ? haha

Also whats wrong with fundamentals? They help you keep a sentiment and context of the market... Which you can combine with other contextual assessments to evaluate the market in a way that identifies a lot of the variables which are important to other traders.
 
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Tarhini_Trade said:
this is something 95% of traders dont understand or pay attention to, yet they WILL listen to the guy who says he has a method to make 48208402% in a month, because he did it once. I believe this is because most traders are young and...well, naive. they think quick money exists and theyll somehow hustle and roll the dice into millions. I can go on and on about this, but with your experience on this thread I dont think I have to go any further.
Click to expand...

I have to respond to this because it feels that its aimed at us..

I think you massively under-estimate the advantage youth has in this day and age.. Accelerated learning through modern technology wasn't an option for 25 year seasoned traders, we could learn what they did in 5 years.. in 5 months.

Coming from the poker background, many famous 'old schoolers' were astounded by how quickly the youth shot up the ranks. This is because a live player might play 100,000 hands a year.. but an online player may do that in a week.

Businesses want the hungry youths, because they know this generation works harder, learns quicker and excels faster.. I don't think its fair to categorize us as the mindless consumer force that drives the 'get rich quick' schemes. I'd argue that the older less tech savvy middle/lower class are more a victim.. then the younger generation who are accustom to the nature of the internet.. and the opportunists that reside here
 
Skitch said:
I have to respond to this because it feels that its aimed at us..

I think you massively under-estimate the advantage youth has in this day and age.. Accelerated learning through modern technology wasn't an option for 25 year seasoned traders, we could learn what they did in 5 years.. in 5 months.

Coming from the poker background, many famous 'old schoolers' were astounded by how quickly the youth shot up the ranks. This is because a live player might play 100,000 hands a year.. but an online player may do that in a week.

Businesses want the hungry youths, because they know this generation works harder, learns quicker and excels faster.. I don't think its fair to categorize us as the mindless consumer force that drives the 'get rich quick' schemes. I'd argue that the older less tech savvy middle/lower class are more a victim.. then the younger generation who are accustom to the nature of the internet.. and the opportunists that reside here
Click to expand...

actually I agree, I'm 37 (I think:sneaky:, born 1971) and what youngsters can achieve actually scares me...god, I wish I was 20 in this day and age. I've employed graduates in the past and their ability to absorb information and apply it is astonishing!!
 
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