They Shall Not Pass is a great tutorial on why speed generally trumps turning ability. The 109's fly up and attack you, and then they fly away to the west, gain altitude and laugh at you.
There's not much you can do with an I-16 vs them. Try to maximize your speed by not turning too sharp. Make gradual turns and don't give up altitude for no reason. Altitude is stored speed, once you spend it, it will be a long time before a 109 is within range again.
The way the mission works, you don't really need to worry about the 109's that much. They're just boom-and-zooming the Stalingrad air defenders to soften them up for a bombing run. Your wingmen will get them all eventually, even if you don't hit any of them. The next objective is to stop two waves of he-111's that will come swarming in to bomb the city. You'll want to be at high altitude at the start of this objective, with plenty of ammo. Fly directly toward the bombers, and dive on one of the lead bombers, hitting it from directly above, at about 3 or 4 o'clock vertically, and try to avoid falling behind it. You won't get more than 1 or 2 bombers before they scatter and then all the i-16's will just vainly chase them around until they get lucky hits and down them all.
When you fly the I-16, don't use negative elevator. I'm not sure if it applies to realistic, but the real I-16 engines can't handle too much negative elevator, because of their fuel lines I think. If you have to turn downward, roll inverted first.
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