Jacko's Forex House of Pleasure and Pain

Quoting MPP

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looking for new points to enter a trade, i was stopped out from the last long i entered, and now wait for the 50pip A-H move.

also I am watching the following points

1.4130 50% fib from last run up
1.3920 50% fib from last major climb
1.4050 supporting TL

any views?

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Quoting vinnie99

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Eehm, at this moment the EUR/USD can be go up or down. I think it is better to watch the NY session, because we need more data to make a decission.

MPP, what if it hits your points? Are you gonna make a trade then?
Are you trading live?

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Quoting MPP

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Hi Vinnie
Yes i am live, what i do is make a note of points i consider to be of relavence and see how the market reacts to them. My current view is that we are heading down to the Supporting TL, but this will take a week to complete before resuming long again. so i wait.

Plus if we get the 50pips below my last trade (Sl hit -10pips) i will place my A-H trade.

I just put the details of what i was thinking out to find different opinions, others have different views about what makes a good entry point and i may be missing something.

do you have any trades open, or are you targeting a certain point?

MPP

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Quoting findcount

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i find it very strange why anyone would want to see Jacko's statement ...

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Quoting jacko

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Why do I trade Forex?
Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory

4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers (http://www.forexfactory.com/index.php?page=forex_brokers) by the use of leverage.

5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."

6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.

7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.

8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)

I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.

And did I mention that it was exciting and fun????



What are the disadvantages of this "business" of trading Forex?

For me there are none. I am old (early 50s), retired, financially well-off and experienced (20+years) in trading shares property and commodities. I have also had much experience in business (haing sold two businesses for substantial amounts of money) Even though I trade large volumes, the financial risk at the margin is relatively small. Also, I have had extraordinarily good luck in this market and have made a significant sum of money in the last twelve months ( so I am now playing with the Forex casino's money).

For many of you, the situation may be different. You are probably young, working, keen to make a lot of money and inexperienced. That is a dangerous combination.

Most young traders here all suffer from the basic same problems.
1.There is a tendency for newbies to "PANIC" when the market goes a little against them This is due to:
a. Probably scared to lose money
b. Probably undercapitalised
c. New to industry....therefore probably uncertain about your own abilities
d. Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
e. Probably inexperienced in business and investment from a practical aspect
f. Probably unsure who to talk to for guidance

2. The second problem is that they are all looking for the "Holy Grail" There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS !
However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.

3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.

4. stop thinking that you have to "outsmart" the market.
You don't have to..this business is very easy if you leave your brain at the door....just follow the trend = follow the money =going with the flow = barking with the big dogs.
Stop thinking that "it can't be that easy".......it is!!!


5, you have to detach yourself emotionally from the money...that is the hard part...stop seeing it as money, and look at it as numbers.
Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money

6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!


Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts).
Most people are trading for the adrenaline rush rather than the boring concept of just maximising profits.


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Quoting sofia101

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Hi Jacko , I am so glad I found you! Remember me we were in in other forum.I always thought that you one of the most successful people , if it is possible I would like to join your group ))

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Quoting Quickdraw

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I looked on my North Fianance demo chart and it shows the eur/usd reaching 1.4535 on March 8th, 1995. How can it recently have hit an all-time high when it hasn't even come anywhere close to 1.4535??

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Quoting Quickdraw

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There has much talk about the eur/usd recently hitting an all-time high. However, something is dumbfounding me. I looked on my North Fianance demo chart and it shows the eur/usd reaching 1.4535 on March 8th, 1995. How can it recently have hit an all-time high when it hasn't even come anywhere close to 1.4535?? My chart shows the highest it got recently was 1.4281 on 10/01/07. Can someone please explain this?

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Quoting jacko

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I have posted a new thread in the Trading Room. (An Offer to Assist Serious Traders from Jacko)
http://www.forexfactory.com/showthread.php?t=51553

The purpose of the above post is to determine if any traders want some direct help with their trading.

I want to assist a small number of traders without incurring arguments from a whole lot of other posters (even some 1kt members seem to be abrasive to others).

I have recently read the story of the Turtle Traders, which I have known about for years but have just revisited, and was motivated to see if anyone wants to learn from my experience.

Newt (Newbietrader101) strongly suggested that I do it.... Mark was much less effusive. I expect that most people will say "yes, thats a great idea"...but then do nothing. Newt believes I am VERY wwwwrong on this.

The main issue was how to sort out who wanted to be serious long term traders, rather than those who were just saying it. (therefore the cost component....which will barely cover the cost of one year of international SMS anyway).

I intend continuing to post here as I believe that this is the best forum on Forex on the internet, and I will also continue to outline my trades but they will be delayed. I am also assuming that all of the other traders will also continue to post here and verify any of my statements in the posts.

As I have said above, it may all come to nothing... but if it does work out the way I hope that it does, then we may have a really solid core of serious trend traders.


But...I could be wwwwrong !!!


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Quote

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Originally posted by Jacko

I have no intention of leaving. I am looking forward to keeping everyone here up to date with my little group's progress. (And they will keep me honest if I try to post dodgy numbers, because I will effectively be trading “live time” with them all looking over my shoulder and explaining things that I see).

I may, subject to the groups approval, post trades here after they have been closed out. But it will be their decision !!

To the present, I have had just under 20 respondents. (We still have space for one or two more….LOL……….Sorry, I couldn’t resist that !!!)

However, they now have to back up their commitment to this industry, and their “business”, with cold hard cash. It’s a bit like trading…sooner or later you have to step up to the plate and take a swing. Otherwise is just an unrealized opportunity.

It will be interesting to see how many of the respondants are really serious and committed. As I have said in business many times, "When all is said and done, there is always more said than done"

However, I have given a commitment to ALL the current respondants that they will ALL get the information for the full 12 months.

I hope that, in time, there will be small strong group of successful trend traders here to help others.

Quoting jacko

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Our small strong group is now starting to crystalise.


Obviously, we wish to keep our future trades private, (at least prior to and while we are in the trade).


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Jacko To the moderators: What can the group and I do to assist ForexFactory? Do you have any further suggestions?

Quoting jacko

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Hi gaguil,

After bottoming out just below 1.3300 (1.3262) we are now on our way through the major resistance of 1.3666 to an initial target of 1.4500.

I think that a major sell-off of the USD is commencing / is in progress. I think it will accelerate in the medium term.

Having said that, make sure that you minimise your drawdowns. But don't lose sight of the long term trend.

But I could be wwwwrong...




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