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beeboldod you have had very impressive results on the 17th well done, what system do you follow or is it a secret. Do you post up your trades before you take them that would allow other members to look at them and trade them if they wanted to. I am fairly new here so I am not to sure about posting up trades maybe you could let me know how I would go about it. I am presently interested in price action and have come accross another system that may be of interest to you. I posted it up and you will find it under my posts Daily Chart w/ 10sma

 

 

Thanks Don. I trade using James16 methodology. Price action at support/resistance basically looking for confluence with maybe EMA (150&365), fibs, MACD. I will start to post my trades prior to taking again actually but i've been busy so journalling has taken a back seat.

Even some of the free stuff on the James 16 website illustrates some good ways to pick high probability trades. One of the videos shows a strategy where you trade breakouts in the direction of the trend, and after the breakout, you wait for the price to come back down to the breakout line, (in an upward breakout), and then form a support there. The support should be a good understandable support maybe validated with some kind of nice candle stick pattern. Possibly only about 50 percent of breakouts act in this way and it doesn't happen all the time. Some chart patterns are also higher probability than others. The natural tendency is for people to have "itchy" fingers and they can't wait for the right opportunities to come along. They want to make more money faster, somewhere in the back of their mind. Waiting for the right opportunities is boring and not exciting at all. There's no "casino" about it at all. Personally, I absolutely despise casinos.

Great comment Brad. Casinos make all the money. I've found that what i've learned from J16 is incredible. The hardest part of trading is battling those 'ithchy' fingers. Once you can only take trades you are almost 100% sure will perform you are well on the way. 

Personally i'm nowhere near there yet, but getting there. Last week (and my remaining open trades) bear testament to that.

I don't really believe that anyone can ever get to where their trades are really 90% or more probability, but I do think that all you really need is 60 or 70, maybe even 50. The reality that the market can do literally anything, and at some point, it probably will, will keep everyone taking losses sometimes. Just hopefully, we can pick high enough probability trades to beat the odds over time.

I have to disagree there Brad. I think you can do 90%+ if you're really picky and go for only the best trades. It all depends on the analysis. Anyone using indicators - no chance. Lucky to get 50%+ in my view. Using price action and S/R you can do great things with discipline.

Those who recommend using indicators are like the blind leading the blind. You'll have to show me when you can maintain 90 or more percent over a year or more. Anything may be possible. I just feel as though over the longer term, the market is going to do some messed up stuff that just doesn't add up at all, and everyone will take some losses. Otherwise, we would just plain get so confident that we would risk 30 percent a trade and become a millionaire in a month. Unfortunately, we'd probably become a -millionaire.