be rich to help the poor!!!
Chicky's House of Pleasure and Pain 11 replies
Carry Backet w/ Jacko's AH 10 replies
Hello Guys is a pleasure to be here. I'm new to MT4 1 reply
Jacko's P&P Trend Trading Method 73 replies
DislikedI've found a holy grail here..!!! thanks jacko..
would anyone share a good way to determine the best entry point rather than fibo..?Ignored
DislikedHi 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.
RegardsIgnored
DislikedHi 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.
RegardsIgnored
DislikedHi 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.
RegardsIgnored
DislikedThanks 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?Ignored
DislikedThanks 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.Ignored
DislikedThanks 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.Ignored
DislikedHi 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......Ignored
DislikedUpdate 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 !!!!!!
.Ignored
Dislikedwhether 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.Ignored