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  • #321
  • Jul 22, 2007 3:44am Jul 22, 2007 3:44am
I've found a holy grail here..!!! thanks jacko..

would anyone share a good way to determine the best entry point rather than fibo..?
be rich to help the poor!!!
  • #322
  • Jul 22, 2007 7:14am Jul 22, 2007 7:14am
Hi Jacko
Would you be willing to help those like me who don't know how to trade and trade on my behalf?
It's wonderful to see that someone is actually making money but
I'm 60+ and to start learning at this age would be very difficult. But I would gladly give/pay
very generous commission if you would trade on my behalf.
Regards
  • #323
  • Jul 22, 2007 8:20am Jul 22, 2007 8:20am
Quoting johnjenin
I've found a holy grail here..!!! thanks jacko..

would anyone share a good way to determine the best entry point rather than fibo..?
Jacko talks about using prices ending in 00. Have you done a search on this forum for entry points? Try each of the strong threads one at a time and put in your search word.

What is wrong with using Fibs.

Lou
  • #324
  • Jul 22, 2007 12:23pm Jul 22, 2007 12:23pm
hi jacko ecellent reading :-) really i see cmon sence here is this the place where u are putting in threads or have u other web place from where u are active poster


revoke
  • #325
  • Jul 22, 2007 2:40pm Jul 22, 2007 2:40pm
Quoting Bizking
Hi Jacko
Would you be willing to help those like me who don't know how to trade and trade on my behalf?
It's wonderful to see that someone is actually making money but
I'm 60+ and to start learning at this age would be very difficult. But I would gladly give/pay
very generous commission if you would trade on my behalf.
Regards
Uh, maybe this would be more appropriate for a private message?
  • #326
  • Jul 22, 2007 2:45pm Jul 22, 2007 2:45pm
Quoting Bizking
Hi Jacko
Would you be willing to help those like me who don't know how to trade and trade on my behalf?
It's wonderful to see that someone is actually making money but
I'm 60+ and to start learning at this age would be very difficult. But I would gladly give/pay
very generous commission if you would trade on my behalf.
Regards
Sorry Bizking, but I'm 63 and if I can do it so can you.
And by the way, welcome
  • #327
  • Jul 22, 2007 6:06pm Jul 22, 2007 6:06pm
Quoting Bizking
Hi Jacko
Would you be willing to help those like me who don't know how to trade and trade on my behalf?
It's wonderful to see that someone is actually making money but
I'm 60+ and to start learning at this age would be very difficult. But I would gladly give/pay
very generous commission if you would trade on my behalf.
Regards



No.




.
  • #328
  • Jul 22, 2007 6:44pm Jul 22, 2007 6:44pm
Thanks to Jacko for rekindling such an interest in long-tern based trading underpinned by the fundamentals.

One of his original comments about asking a five year old to show you the trend reminded me of a quote sometimes attibuted to Einstein: "If you can't explain it to a six year old, you don't really understand it".

I like to keep this quote in mind when working on any trading plan. If your trading method isn't simple enough that a six year old could grasp it, then it's time to shake it up.

I've been successfully trading off the long-term upward trend in the EUR-USD for over a year now, so I can easily grasp the simplicity and genius of Jacko's method. I'm sure any six year old could too. Of course, having the discipline and consistency to put it into practice day after day requires differents skills and learning; ones which can be acquired with time and experience.

One area which I would like Jacko to maybe expand on is his approach to money management, specifically the gearing level that he uses. I know that this is a purely subjective area and the gearing/leverage used by one trader might produce cold sweats for another.

I'm interested in how the gearing level changed going from the initial 2 standard lots used at the beginning of 2006 up to the 50 lots by mid-year. Was the initial 2 lots very low leverage and you ramped it up to your normal gearing level as you saw the long euro trend take shape, or did you really crank things up and make full use of the ludicrous leverage offered by most brokers in this market?

Does your gearing increase or decrease based on the strength of the trend as derived from the charts or perhaps the underlying fundamentals?
  • #329
  • Jul 23, 2007 5:13am Jul 23, 2007 5:13am
Quoting HornedGod
Thanks to Jacko for rekindling such an interest in long-tern based trading underpinned by the fundamentals.

One of his original comments about asking a five year old to show you the trend reminded me of a quote sometimes attibuted to Einstein: "If you can't explain it to a six year old, you don't really understand it".

I like to keep this quote in mind when working on any trading plan. If your trading method isn't simple enough that a six year old could grasp it, then it's time to shake it up.

I've been successfully trading off the long-term upward trend in the EUR-USD for over a year now, so I can easily grasp the simplicity and genius of Jacko's method. I'm sure any six year old could too. Of course, having the discipline and consistency to put it into practice day after day requires differents skills and learning; ones which can be acquired with time and experience.

One area which I would like Jacko to maybe expand on is his approach to money management, specifically the gearing level that he uses. I know that this is a purely subjective area and the gearing/leverage used by one trader might produce cold sweats for another.

I'm interested in how the gearing level changed going from the initial 2 standard lots used at the beginning of 2006 up to the 50 lots by mid-year. Was the initial 2 lots very low leverage and you ramped it up to your normal gearing level as you saw the long euro trend take shape, or did you really crank things up and make full use of the ludicrous leverage offered by most brokers in this market?

Does your gearing increase or decrease based on the strength of the trend as derived from the charts or perhaps the underlying fundamentals?
Hi HornedGod,

Thanks for your kind words. when I first came here there seemed to be a preponderous proportion of prolific posts on the potential of Elliott Wave.
If I have contibuted to a movement away from such an "unreliable" theory towards long term trend trading, then I feel that I have made a worthwhile contribution here.


In relation to our questions about money management, I always start a business with little baby steps to see if I am correct.
If you look at my original posts on DailyFX, you will see that I initially opened my accounts with 2 brokers with $150,000 each. The reason for this is that
firstly,I always like to be strongly capitalised in any business I go into, and
secondly, $300,000 is not really a large amount of money to get into a business. An average sized, successful coffee shop is going to cost that much. (And I don't like coffee that much!!!)

BUT....the interesting thing is that the maximum amount of my account that I used was only around $3k.

If you go back to the start of the DailyFX thread, you can read it all...I started small with only 2 standard lots and was very lucky...they were winners...then I simply escalated my trading up using the "markets" money. I quickly leveraged up my trading using my "earnings."

I started trading with only 2 standard ($100K Euro/USD) contracts. All the brokers (except Mark, who now trades with me) said that I should trade much bigger volumes but I ignored them. When I felt comfortable with my trading, I started to quickly (within 6 months) ratchet up the number of contracts to 50 contracts.

I then took a big decision....to treat this as a BIG business. After that, it was just a matter of finding my confidence / comfort level. I initially found 200 contacts, spread over three brokers, a bit too much so I dropped back to 150 contracts. And that is basically where I stayed until May this year when I started to set up the parallel accounts.

Obviously my gearing has increased but it has been financed
firstly from my profits from my trading accounts (which have been substantial)
secondly, using the leverage inherent in this market
thirdly, I have switched some of my other liquid assets into further account deposits for my "buy and hold" accounts. (which have been very successful...I now understand how Banks can make huge amounts of money from Forex).

My gearing increases are directly related
firstly, to how I much profit I have made
secondly, how much I want to plough back into my "business"
thirdly, my own confidence level that I am "on the right track"
fourthly, the successful implementation of the "anti-hedging strategy" on EVERY trade. (I know that my losses are ALWAYS limited to the set amount).

IF anyone is looking to replicate what I have done, I recommend that they look at my 2nd post in this thread.....Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.


HornedGod, I hope that answers your questions......
  • #330
  • Jul 23, 2007 5:19am Jul 23, 2007 5:19am
It's has helped me.....

Thanks Jacko
  • #331
  • Jul 23, 2007 5:21am Jul 23, 2007 5:21am
I just wish I would have had 2x 150k to start with


Just saw where that latest bounce came from..jacko! Did you have orders there! Market's prolly rising solely off your own entry here! ;p

..just thought it would be an interesting example of 50% + 00 nr entry if it does end up going somewhere, even though I personally believe this small a swing and pullback isn't exactly the best place to initiate a "core" position from..
Attached Image
Trust price. Know yourself.
  • #332
  • Jul 23, 2007 7:57am Jul 23, 2007 7:57am
Quoting jacko
HornedGod, I hope that answers your questions......
Thanks Jacko, sure does.

I understand where you're coming from with trying to get people to raise their heads from being fixated on pure technical analysis.

I generally limt my time browsing trading forums as the signal to noise ratio tends to be pretty low. Occassionally there are the odd gem threads such as this one, and the Trader888 thread, which makes me keep an eagle eye out, but I think far too many eager beginners get sucked into the TA mindset that permeates too many trading forums and so end up ignoring the bigger picture.

While there is certainly a mathematical underpinning to the markets (price is after all expressed as a number), it pays to never forget that the market is made up of just people. Even computers, mechanical trading systems and trading algorithms were all developed by people.

As that Dow Chemical TV commerical has it, don't forget the 'Human element'.
  • #333
  • Jul 23, 2007 10:51am Jul 23, 2007 10:51am
Thanks Jacko for a great post as usual.Then comes the tricky question, which broker do I trust with my $150000.As I am based in Australia that is not easy to answer. Can you stear me in the right direction please.
  • #334
  • Edited 1:33pm Jul 23, 2007 1:18pm | Edited 1:33pm
Quoting oztrader
Thanks Jacko for a great post as usual.Then comes the tricky question, which broker do I trust with my $150000.As I am based in Australia that is not easy to answer. Can you stear me in the right direction please.
If you have $150k, I would take a look at this list:

http://www.sfe.com.au/content/sfe/trading/contacts/participants.pdf

There are several brokers on this list I would trust with that money. If you are on the paranoid side, use 2 or 3 of them. Never hurts to have a backup you can hedge a position with in case of system crashes anyway.

One in particular I would look at would be http://www.mfglobal.com.au/. I have never used them, just going by what others have said. They are a billion dollar company, the bigger and more presitgious your broker ... the less likely your funds will just up and be gone. I do believe they have access to Currenex, FXall etc .. so spreads should be quite competitive. Good luck in your search.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #335
  • Jul 23, 2007 6:21pm Jul 23, 2007 6:21pm
Quoting oztrader
Thanks Jacko for a great post as usual.Then comes the tricky question, which broker do I trust with my $150000.As I am based in Australia that is not easy to answer. Can you stear me in the right direction please.


Hi oztrader,

I am sorry but I don't know any Australian brokers.

Also, I don't recommend any brokers. I recommend that you research the major broking houses and choose the ones that suit you.


.
  • #336
  • Jul 23, 2007 6:28pm Jul 23, 2007 6:28pm
Quoting revoke
hi jacko ecellent reading :-) really i see cmon sence here is this the place where u are putting in threads or have u other web place from where u are active poster


revoke
Hi revoke,

This is the only forum I look at.
This is the only forum I post on.


.
  • #337
  • Jul 24, 2007 1:21am Jul 24, 2007 1:21am
Quoting jacko
Hi HornedGod,

Thanks for your kind words. when I first came here there seemed to be a preponderous proportion of prolific posts on the potential of Elliott Wave.
If I have contibuted to a movement away from such an "unreliable" theory towards long term trend trading, then I feel that I have made a worthwhile contribution here.


In relation to our questions about money management, I always start a business with little baby steps to see if I am correct.
If you look at my original posts on DailyFX, you will see that I initially opened my accounts with 2 brokers with $150,000 each. The reason for this is that
firstly,I always like to be strongly capitalised in any business I go into, and
secondly, $300,000 is not really a large amount of money to get into a business. An average sized, successful coffee shop is going to cost that much. (And I don't like coffee that much!!!)

BUT....the interesting thing is that the maximum amount of my account that I used was only around $3k.

If you go back to the start of the DailyFX thread, you can read it all...I started small with only 2 standard lots and was very lucky...they were winners...then I simply escalated my trading up using the "markets" money. I quickly leveraged up my trading using my "earnings."

I started trading with only 2 standard ($100K Euro/USD) contracts. All the brokers (except Mark, who now trades with me) said that I should trade much bigger volumes but I ignored them. When I felt comfortable with my trading, I started to quickly (within 6 months) ratchet up the number of contracts to 50 contracts.

I then took a big decision....to treat this as a BIG business. After that, it was just a matter of finding my confidence / comfort level. I initially found 200 contacts, spread over three brokers, a bit too much so I dropped back to 150 contracts. And that is basically where I stayed until May this year when I started to set up the parallel accounts.

Obviously my gearing has increased but it has been financed
firstly from my profits from my trading accounts (which have been substantial)
secondly, using the leverage inherent in this market
thirdly, I have switched some of my other liquid assets into further account deposits for my "buy and hold" accounts. (which have been very successful...I now understand how Banks can make huge amounts of money from Forex).

My gearing increases are directly related
firstly, to how I much profit I have made
secondly, how much I want to plough back into my "business"
thirdly, my own confidence level that I am "on the right track"
fourthly, the successful implementation of the "anti-hedging strategy" on EVERY trade. (I know that my losses are ALWAYS limited to the set amount).

IF anyone is looking to replicate what I have done, I recommend that they look at my 2nd post in this thread.....Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.


HornedGod, I hope that answers your questions......

I have seen Jackos accounts and they are mighty impressive. definatly a freak trader, in the nice sence of the word. I have nothing but thanks and admeration for him, he has helped me too much that I can never re pay him.
  • #338
  • Jul 24, 2007 1:34am Jul 24, 2007 1:34am
Quoting jacko
Update on my "buy and holds"

This has been one of my most profitable trading positions ever.
Also one of the least stressful.

500 pips in quick time...multiplied by USD10 per pip....multiplied by x number of standard contracts = A LOT OF MONEY.
The progressive additional contracts make it even nicer.

Outrageously simple way to make money !!!!!!


.

I just found out what the x was. FCK it was
A LOT OF MONEY
And it is still going
  • #339
  • Jul 24, 2007 1:41am Jul 24, 2007 1:41am
guys,

i've checked out this fib level on the last two big swings on fibre and cable and it certainly looks impressive. i was wondering how jacko called the 13300 level and now i can see why. the 50% fib went down to 13270, with the low at 13263. similar, although less accurate result on cable - since it has lower liquidity it will tend to overshoot.

whether i will add this to my toolbox? i don't know but it's certainly worth back-testing. i know you elliott wave guys might be feeling smug in all of this (projecting these levels to the next wave in a trend) but in the past i've found fib levels rather messy. i could put them back on the weeklies tho.
Attached Image (click to enlarge)
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  • #340
  • Jul 24, 2007 2:37am Jul 24, 2007 2:37am
Quoting Isotonic
whether i will add this to my toolbox? i don't know but it's certainly worth back-testing. i know you elliott wave guys might be feeling smug in all of this (projecting these levels to the next wave in a trend) but in the past i've found fib levels rather messy. i could put them back on the weeklies tho.



Fibs, c'est love

Yep, the big swings are where it's at, although sub-swings can also yield a chance to "get in late". Obviously that weekly PB was worth....well, everything, really. It can pay off so much waiting for these crucial junctures and then placing those 1-2% risk and letting it go and RUN instead of risking 2% on short term "a bit up maybe! a bit down perhaps!" every day.
Trust price. Know yourself.
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