Jacko's Forex House of Pleasure and Pain

Quoting bronxterp

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Jacko, thank you so much for what you've done here. I'm a 5.5 year veteran of the stock, futures and options markets and brand new to Forex. I've been a scalper/daytrader for 95% of my career. I've had my successes, but also my failures with this style. The reason that I'm moving to Forex...or at least 75% of my trading will be on Forex, is because of its ability to trend longer, thus allowing me to switch comfortably from daytrading into position trading.

Let me just say that I DESPISE indicators. It took me 2-3 years to figure out that with indicators, they work some of the time and don't work some of the time. There is no magic indicator or system. A lot of people compare trading to poker, myself included. In poker, everybody gets the same type of cards. The best players in the world don't get great hands each hand. The worst players don't get horrible hands all the time. In the long run, everyone gets the same cards. The difference between the guys who CONSISTENTLY end up on the final tables of these huge tournaments is that these guys manage their emotions, they have discipline. They know how to wager. They know when to push. They know when to stand aside. Thats why they are winners. They know that one hand doesn't make or break them. There will be thousands more of them...even if it means folding a great hand sometimes. The losers put too much weight on each individual hand. Same goes for trading.

Sorry about the rambling here. I discovered this thread on Friday and have been reading it all weekend. This is great. Here you have a pretty simple method. As simple as one can find on any trading message board. I've seen some people's systems where you can't even see the candles or bars because of all the trendlines, fib fans, moving averages, astrology indicators and so on. Your method captures everything you need in a system or method as well as discipline and money management which are the most important things in trading. Its all there, its simple and easy to see...if you want to see it. I always used to joke with the group of traders that I worked with that when the market is trending, I can train a monkey to execute the trades and be profitable. There's not much to it. Or as has been said here, hand a 5 year old two crayons. One green for uptrends and one red for downtrends. Connect two or three dots and you're set. Its really one of the simplest concepts around, but its human nature to want to complicate things. I've definitely been guilty of that. LOL!

So again, thank you so much for showing us just how simple this business can be...if you let it be. Keep on preaching, Jacko!

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Quoting bronxterp

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Jacko, thank you so much for what you've done here. I'm a 5.5 year veteran of the stock, futures and options markets and brand new to Forex. I've been a scalper/daytrader for 95% of my career. I've had my successes, but also my failures with this style. The reason that I'm moving to Forex...or at least 75% of my trading will be on Forex, is because of its ability to trend longer, thus allowing me to switch comfortably from daytrading into position trading.

Let me just say that I DESPISE indicators. It took me 2-3 years to figure out that with indicators, they work some of the time and don't work some of the time. There is no magic indicator or system. A lot of people compare trading to poker, myself included. In poker, everybody gets the same type of cards. The best players in the world don't get great hands each hand. The worst players don't get horrible hands all the time. In the long run, everyone gets the same cards. The difference between the guys who CONSISTENTLY end up on the final tables of these huge tournaments is that these guys manage their emotions, they have discipline. They know how to wager. They know when to push. They know when to stand aside. Thats why they are winners. They know that one hand doesn't make or break them. There will be thousands more of them...even if it means folding a great hand sometimes. The losers put too much weight on each individual hand. Same goes for trading.

Sorry about the rambling here. I discovered this thread on Friday and have been reading it all weekend. This is great. Here you have a pretty simple method. As simple as one can find on any trading message board. I've seen some people's systems where you can't even see the candles or bars because of all the trendlines, fib fans, moving averages, astrology indicators and so on. Your method captures everything you need in a system or method as well as discipline and money management which are the most important things in trading. Its all there, its simple and easy to see...if you want to see it. I always used to joke with the group of traders that I worked with that when the market is trending, I can train a monkey to execute the trades and be profitable. There's not much to it. Or as has been said here, hand a 5 year old two crayons. One green for uptrends and one red for downtrends. Connect two or three dots and you're set. Its really one of the simplest concepts around, but its human nature to want to complicate things. I've definitely been guilty of that. LOL!

So again, thank you so much for showing us just how simple this business can be...if you let it be. Keep on preaching, Jacko!

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Quoting MPP

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i'm no expert, but, in my view you have 2 real options under Jacko's system

a) wiat for the retrace and AH at 1.3840 after the retrce to at least 1.3790

b) look at your charts and pick a new entry,

personally i would look for both, if my charts felt there was a good entry at say 1.3750 and i missed out before i would look to see if i could gain that position again. but also i would set the AH once the 1.3790 was cleared just in case my new entry didn't come into play.

that way both options are covered and i either buy in cheeper or at least catch what i lost.

regards

MPP

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Quoting newbietrader101

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Jacko is in heavy at 1.3650. he has added more higher up at 1.3800. he is trading awesome numbers. trend is working strong

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Quoting SeekingLight

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(keeping in mind all of the following is just my opinion, not jacko's or anyone else's)

I'd like to point out why I think this "strategy" isn't very profitable for some people: they keep buying peaks instead of dips.

My 2 cents:
You don't buy EURUSD after it's risen 100 pips(e.g. from 1.38 to 1.39).

You buy EURUSD after it's fallen and "at a better price" as jacko put it.

He put this example forth many times, but a lot of people just see a rise and go chasing the market. That in turn is a safe bet to eventually catch a top and be in for the full retrace, getting killed at the 50 pip stop, most likely at a place where someone else thinks that's a cool place to buy a dip and then see it run off without dropping far enough for the Anti-Hedge.

My opinion: buying dips increases your chances, buying tops decreases them.

Also buying every 50 pips of rise runs the same risk as it's the same thing effectively imho.


Just something I thought I should mention given the recent posts.

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Quoting jacko

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Hi FXholic,

This is my fundamental overview that colours my thinking about the long term USD market.

I definitely believe that the $USD is going to weaken over the next few months. As I have stated before, my long term target over the next 12 months is 1.4500.

.................


As I said in my initial posts (see post 8), I believe that there has been a seismic shift in the "strength" of the US dollar as the worlds primary currency.
This seismic shift moved the USD from 1.2000 to 1.3800.

I now believe the next step in this seismic shift will move the US dollar from its current figure of 1.3400 to 1.4500 within 12 months

Our foolish politicians have irresponsibly squandered the enormous wealth of the US on stupid follies (Can anyone put their hand on their hearts and say that the people of Iraq are better off today than before we went in chasing "mythical" weapons of mass destruction? We have totally destroyed a country for no "justifiable" reason and sent their people back to the stone age living standards. Congratulations, George W....the rest of the world salute you.)

Also, due to the Asian meltdown, the Iraq situation, and also now the Credit meltdown caused by dishonest US bankers, the US is fast losing the trust and "good faith" of the world's political elite and the worlds major business players.

When the sh*t hits the fan, don't expect the rest of the world to want to bail us out.

The USD is going to get into trouble sooner and worse than people think.


But....I could be wwwrong !!!


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Quoting jacko

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As seen from above

On April 25 2006 (when the Euro was at 1.2400) I suggested that "I am looking to 1.3666 within 12 months"

On April 25 2007, the Euro hit 1.3664 (I missed the target by 2 pips !!!)

All this goes to prove one thing..........










ANYONE can get lucky in this business

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Quoting jacko

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This was post no. 8 dated 04-27-07 in this thread.

I think I will be "lucky" again this year.


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