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Jacko's Forex House of Pleasure and Pain

  • #21
  • Apr 27, 2007 1:46am Apr 27, 2007 1:46am
Quoting jacko
Hello,


I have received a very small number of PMs and emails regarding how I trade.

Also a number of people were saying that my posts were all over the forum and that it would be nice if they were all put in one area,so I will try to consolidate everything into one rather condensed thread.
Excellent, Jacko

To all newbies. Read EVERTHING Jacko writes. See here. http://www.forexfactory.com/showthread.php?t=13081

Then here
http://www.forexfactory.com/showthread.php?t=22535

I cant tell you the exact figures but his
his trading system is HUGELY profitable,
in terms of percentage returns on capital per time period is VERY LARGE,
percentage of winning trades is VERY HIGH,
average reward / risk ratio is I DONT KNOW,
risk factor is I DONT KNOW,
duration of trades is ABOUT A WEEK TO 10 DAYS,
frequency of trading opportunities is ABOUT ONE OR TWO A WEEK TO 10 DAYS, etc.
Also, what is the method he has successfully employed to make high returns on capital is TREND TRADING, and
how can we verify these claims is EITHER ASK HIM OR GO TO ANOTHER FORUM - DAILYFX- WHERE I FIRST SAW HIM TRADING LIVE AS HE TRADED AND MADE ABOUT $500K IN ABOUT 8 MONTHS and
learn the successful method that he employs is IN HIS POSTS HERE AND AT THE OTHER FORUM.


Jacko is a HUGELY successful trader. I know becos I have met him and seen all his trading account statements. I have also met one of his former account brokers who now trades with him and he confirmed that he is a freakish trader.

iT IS MY GREAT PLEASURE TO HAVE MET HIM.

Thanks again Jacko for everything
  • #22
  • Apr 27, 2007 3:17am Apr 27, 2007 3:17am
Thx a lot Jacko for helping us to become better trader !
I'm trying to understand your point about the 50% fibo , trendlines, and so on and right now I'm a little bit confused when enter the market and when exit following your trading plan.
Here's actually how I can see the EURUSD

http://img180.imageshack.us/img180/3262/eurusdew0.jpg


where you can see the fibo lines from recent low occured at 12 Jan 2007 to higher high occured at 25 Apr 2007, then I draw the trendline.
Now price seems to be going down through the trendline, so your plan at this time should be to wait for a 50% retracement and buy when price will go around 1.3266 ? Another thing is that now price is around 1.3600 (an important round number as you said), how this have to be taken in account ?
  • #23
  • Apr 27, 2007 3:28am Apr 27, 2007 3:28am
Jacko, Thanks for clearing a path through the nonsense that the forex 'marketteers' have managed to produce.

I have come across a similar technique through Dirk Du Toit, 'Bird Watching in Lion Country' e-book (use small leverage the smaller the higher the price, one directional, take quick profits 30-40 pips, watch for rounded numbers for profit targets etc, buy dips, any dip (Undefined) ). Although an excellent ebook, his method complicates matters by turning, what is essentially a one directional swing trade system into a Day Trade system (possibly for the day trade market).

He has a heavy reliance on fundamentals. No stop losses were used, profits were small. He himself has said that despite years of trading forex his business plan needed tweaking because he still could not afford to have his wife not work as a university professor. I was gob smacked when I read that from him. Whilst I totally respect dirk and his method I felt there were too many inconsistencies in his reliance on fundementals. I took his advice on fundamentals until I attempted to learn to interpret these fundamentals myself (probably in too far a depth). I lost money, pulling out of losing trades and getting in too late to make up for the losses on the rebound. My losses were my fault but, I feel based on 'knee-jerk' advice.

Your stop loss policy has enlightened me greatly, and yet so simple.

My question is this, how much reliance do you give for fundamentals and where do you take profits??

Peter
  • #24
  • Apr 27, 2007 6:40am Apr 27, 2007 6:40am
This is my monthly USD/CHF chart, what's your opinion Jacko? http://i14.tinypic.com/2hcme8m.jpg
  • #25
  • Apr 27, 2007 8:57am Apr 27, 2007 8:57am
Quoting winterwhite
`
Jacko:

I began Forex trading in December. I now have
approximately $5,000 in my account. I really
do not know how to apply your methods
using this small amount. What is your
recommendation? Any help you can give
is very much appreciated.

Thank you for stating in your posts that you
are only trying to help others.

I look forward to your answer.

Thank you

Winterwhite,

I am sorry but would think that $5000 was too small to play. Maybe use mini accounts?? (I don't even know how they work though).

The issue is that you are undercapitalised. You need to rectify that problem.

.
  • #26
  • Apr 27, 2007 9:03am Apr 27, 2007 9:03am
Quoting smjones
Jacko pretty much only trades EURUSD. He looked at GBPUSD, but decided he did not like the action... That was as of a week or so ago...
Recently started "playing" with the GBP/Usd for a bit of additional interest. It tends to be 3X more volatile in the short term than the eur. Also tends to be less "trend"y.

However, in the longer term, it mirrors the Euro.

The question therefore arises: why play with a more volatile currency (GBP) with all that extra drama if it eventually ends up at the same place as the less volatile currency (Euro) at the end of the time period?

Volatile = erratic

Would not recommend it...stick with Euro. (Just my opinion)
  • #27
  • Apr 27, 2007 9:06am Apr 27, 2007 9:06am
Quoting cgldsmth
love this thread, keep it up Jacko
BeachBum, cgldsmth and Shreem,


Thank you for your kind words.



.
  • #28
  • Apr 27, 2007 9:15am Apr 27, 2007 9:15am
Quoting libertao
I was starting to dig into your post history, thanks for consolidating this!

Do you pay attention to the long term S/R lines? I.e. would today definately be a day you would not employ your strategy of buying the Euro?


(sorry for the bad quality, was difficult to fit in 3/04-present in 600x600)

libertao,

Wrong....I was happy to buy in at 1.3600. (I consider "round" numbers, most important)

The resistance is 1.3666, but I consider that the "long" trend is far from over.

I see no reason at the moment to believe that the bull market trend from January 2002 (that is over 5 years or 1800 days) is about to finish TODAY.


.
  • #29
  • Apr 27, 2007 9:18am Apr 27, 2007 9:18am
Quoting dunningduke
Mr. Jacko never worries about any days...he uses his anti-hedging strategy!

Follow the link for more priceless information:
http://www.forexfactory.com/showthread.php?p=210801

dunningduke,

You understand !! From your answer above, you now know how it works.


.
  • #30
  • Apr 27, 2007 9:22am Apr 27, 2007 9:22am
Quoting Westie
If I can try answer jacko for you, and if i'm wrong jacko can correct me.
I believe from reading his posts he would wait for a 50% retrace of this big move up and start taking longs at around my 50% mark on this chart,
just an example, you could obviously take the fib measurement from different levels, but i would say jacko would take longs if it reached my 50% mark.

Btw , I luv your posts jacko.
Westie,


You are correct. But as can be seen, the 50% retracement is a long way from where the market is now.

I am therefore using the "round" numbers option ( and to a lesser extent, my trend lines) of my 3 methods.


.
  • #31
  • Apr 27, 2007 9:26am Apr 27, 2007 9:26am
Quoting newbietrader101
Excellent, Jacko

To all newbies. Read EVERTHING Jacko writes. See here. http://www.forexfactory.com/showthread.php?t=13081

Then here
http://www.forexfactory.com/showthread.php?t=22535

I cant tell you the exact figures but his
his trading system is HUGELY profitable,
in terms of percentage returns on capital per time period is VERY LARGE,
percentage of winning trades is VERY HIGH,
average reward / risk ratio is I DONT KNOW,
risk factor is I DONT KNOW,
duration of trades is ABOUT A WEEK TO 10 DAYS,
frequency of trading opportunities is ABOUT ONE OR TWO A WEEK TO 10 DAYS, etc.
Also, what is the method he has successfully employed to make high returns on capital is TREND TRADING, and
how can we verify these claims is EITHER ASK HIM OR GO TO ANOTHER FORUM - DAILYFX- WHERE I FIRST SAW HIM TRADING LIVE AS HE TRADED AND MADE ABOUT $500K IN ABOUT 8 MONTHS and
learn the successful method that he employs is IN HIS POSTS HERE AND AT THE OTHER FORUM.


Jacko is a HUGELY successful trader. I know becos I have met him and seen all his trading account statements. I have also met one of his former account brokers who now trades with him and he confirmed that he is a freakish trader.

iT IS MY GREAT PLEASURE TO HAVE MET HIM.

Thanks again Jacko for everything

Hi Newbie,

Will call you early next week to catch up on your progress over the last couple of weeks.

.
  • #32
  • Edited 11:42am Apr 27, 2007 9:34am | Edited 11:42am
Quoting skyline
Thx a lot Jacko for helping us to become better trader !
I'm trying to understand your point about the 50% fibo , trendlines, and so on and right now I'm a little bit confused when enter the market and when exit following your trading plan.
Here's actually how I can see the EURUSD




where you can see the fibo lines from recent low occured at 12 Jan 2007 to higher high occured at 25 Apr 2007, then I draw the trendline.
Now price seems to be going down through the trendline, so your plan at this time should be to wait for a 50% retracement and buy when price will go around 1.3266 ? Another thing is that now price is around 1.3600 (an important round number as you said), how this have to be taken in account ?

Skyline,

What didn't you like about 1.3600 ? Just keep a 50 pip trailing stop.

Go and REALLY try to fully understand the anti hedging process.

As i said above, in post 6
Quote
But I am also starting to notice that it doesn't really matter anymore where I buy or sell.
The anti-hedging strategy is FAR, FAR, FAR more important.
.

.
  • #33
  • Edited 10:05am Apr 27, 2007 9:40am | Edited 10:05am
Quoting Porkpie
Jacko,

...........

Your stop loss policy has enlightened me greatly, and yet so simple.

My question is this, how much reliance do you give for fundamentals and where do you take profits??

Peter
50 pip trailing stop.....how much easier does it get?

I don't need to think, the stops get me out.

Fundamentals are for understanding the "big Picture", but charts are used for trading.
I am a longer term trader than most traders here and so I am more "fundamentals-aware" lately. I suppose I just want to know why a market is trending in a certain direction

The longer the time frame, the more you need to be aware of the fundamentals...but I always trade off the charts.

.
  • #34
  • Edited 11:40am Apr 27, 2007 9:43am | Edited 11:40am
Quoting sopier
This is my monthly USD/CHF chart, what's your opinion Jacko?

sopier


I don't have an opinion. I have never traded it and I have looked at this pair probably 5 times in my life.

What don't you like about the Euro/USD pair?

.
  • #35
  • Apr 27, 2007 9:49am Apr 27, 2007 9:49am
Hello Jacko and all, the idea to follow the overall trend coupled with an entry near round number with a 50 pips stop loss is certainely the most brillant idea that I have seen since long time.

since last night, I had an order for buy at 1.3602 and I am now more rich of 40 pips which is nothing compare to the overall trend but is it is a start.

My problem is that I am really undercapitalized and this create troube on my emotion.

One way that I have found to help sort out this problem is to use the 50pips stop loss Euro on the basis that this stop loss is not worth more than 3% of my total capital.

In this way, I can more easily breathe in my trades


Again Dear Jacko, very much appreciate your teaching which are TRULY GOLDEN WORDS OF WISDOM. They are worth everything for me and I am very happy to have cross your path.

good trading to all

Sincerly

shreem
  • #36
  • Apr 27, 2007 9:53am Apr 27, 2007 9:53am
JACKO QUOTE "On that Forum I traded live time for about six months and, as was seen by all who followed those trades, was very successful in my trading. If you have read that journal, you will know that it was "live time trading" and there was no possibility of any B.S. because I (and others) were all posting as we traded. If we had tried to B.S. then everyone would have jumped on us." END OF QUOTE



Jacko:

I would very much like to see you trading live on this forum using your
present trading method . I would trade mini lots live along with you;
and feel certain that others may too. It would help all greatly and
would make for an interesting time. Now that you are only trading
twice weekly and use, what I feel, a more simple system, live trading
would be less stressful for you. Look forward to your answer.

Please know that you are much appreciated.
  • #37
  • Apr 27, 2007 9:57am Apr 27, 2007 9:57am
Quoting shreem
Hello Jacko and all, the idea to follow the overall trend coupled with an entry near round number with a 50 pips stop loss is certainely the most brillant idea that I have seen since long time.

since last night, I had an order for buy at 1.3602 and I am now more rich of 40 pips which is nothing compare to the overall trend but is it is a start.

My problem is that I am really undercapitalized and this create troube on my emotion.

One way that I have found to help sort out this problem is to use the 50pips stop loss Euro on the basis that this stop loss is not worth more than 3% of my total capital.

In this way, I can more easily breathe in my trades


Again Dear Jacko, very much appreciate your teaching which are TRULY GOLDEN WORDS OF WISDOM. They are worth everything for me and I am very happy to have cross your path.

good trading to all

Sincerly

shreem
shreem,

Quote
I am now more rich of 40 pips which is nothing compare to the overall trend but is it is a start
....

Hopefully, That's the first step on the long march to prosperity.

Good trading.

.
  • #38
  • Apr 27, 2007 10:03am Apr 27, 2007 10:03am
Hello Dear Jacko, certainely it will be as I am strongly determined to succeed in this business especially when I see a brillant success by your exemple.

I agree that it would be very fantastic if you wish to post live trade here as you were doing before, it would certainely without any doubt enhance all our trading confidence and methodology.

I thing that I really like (thank to merlin and the staff at FF) is that you cannot really get the jerk posts that you have on others forums

Anyway, all the best dear Jacko and waiting to read more and more about you

Shreem
  • #39
  • Apr 27, 2007 10:15am Apr 27, 2007 10:15am
Quoting jacko
Skyline,

What didn't you like about 1.3600 ? Just keep a 50 pip trailing stop.

Go and REALLY try to fully understand the anti hedging process.

As i said above, in post 6


.

.
Just stopped out at 1.3631 (1.3681 minus 50 pips = 1.3631)

A quick little 31 pips in less than 10 hours.

.
  • #40
  • Apr 27, 2007 10:21am Apr 27, 2007 10:21am
The reason for the sharp drop?

President Bush: Patience with N. Korea is not unlimited regarding its nuclear disarmament commitments

Oh no...Not again !!!
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