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Jacko's Forex House of Pleasure and Pain

  • #1,261
  • Nov 20, 2007 7:36pm Nov 20, 2007 7:36pm
Nothing wrong with a wild imagination. It make the impossible possible.
  • #1,262
  • Nov 20, 2007 11:31pm Nov 20, 2007 11:31pm
Hello,

I have been reading up on Jacko's method of trading, but I have a question perhaps Jacko can answer or maybe someone else. I understand mostly when I should enter a trade, but not when to re-enter after deploying the anti-hedging strategy. Lets say I enter a long trade at 1.500, a nice round number. It's been over 1.5000 a bit and has been lingering right at it for a while, so a good place to enter. Now it goes to 1.5010 and dives to 1.4942 shortly after I enter. Now my 50 pip SL has closed my position and I am waiting to re-enter at the same spot once it goes 50 pips below and then back to my SL point. The only problem is that it goes to 1.4931 and shoots back up past 1.5030 and keeps going and going. Now since it did not go 50 pips below my SL, I did not enter back in at 1.4950 (my SL). When should I re-enter? Should I just start over and enter as if I did not hit my SL and do it again when the time is right?

Thanks for your help
Zach
  • #1,263
  • Nov 21, 2007 7:00am Nov 21, 2007 7:00am
I believe that Jacko would call that a losing trade. The market rebound prevented re-entry at your SL. Losing trades happen. At least we know when we put on the trade the most we can lose is 50 pips.
  • #1,264
  • Nov 21, 2007 7:33am Nov 21, 2007 7:33am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Zsartell
Hello,

I have been reading up on Jacko's method of trading, but I have a question perhaps Jacko can answer or maybe someone else. I understand mostly when I should enter a trade, but not when to re-enter after deploying the anti-hedging strategy. Lets say I enter a long trade at 1.500, a nice round number. It's been over 1.5000 a bit and has been lingering right at it for a while, so a good place to enter. Now it goes to 1.5010 and dives to 1.4942 shortly after I enter. Now my 50 pip SL has closed my position and I am waiting to re-enter at the same spot once it goes 50 pips below and then back to my SL point. The only problem is that it goes to 1.4931 and shoots back up past 1.5030 and keeps going and going. Now since it did not go 50 pips below my SL, I did not enter back in at 1.4950 (my SL). When should I re-enter? Should I just start over and enter as if I did not hit my SL and do it again when the time is right?

Thanks for your help
Zach

IT's a fallen soldier and will wait for you to come find his arse at a later date, very few trades are ever lost but some may sit out for a while.

each position is treated as it's own trade, so if the A-H cannot be placed then re evealuate the situation and look for a new place to enter, sometimes we just place our trades a few days earlier than the market would like.

most important to remember not to panic trade and try to get straight back in. like jacko say's, take a break and come back to look at the bigger picture again and make sure you were either right or wrong and go from there.

MPP
  • #1,265
  • Nov 21, 2007 10:43am Nov 21, 2007 10:43am
Hello Jacko!

I'd like to thank you for your posts, I real almost all of them, and frankly, your trading methods and money management technique reminded me of a Jessy Livermore from "Reminiscent of a stock operator".

Thank you very much for posting working strategy and allowing us to become a better traders.

I'd like to ask you if you offer 1 on 1 training.
  • #1,266
  • Nov 21, 2007 9:49pm Nov 21, 2007 9:49pm
Quoting pavlov0032
Hello Jacko!

I'd like to thank you for your posts, I real almost all of them, and frankly, your trading methods and money management technique reminded me of a Jessy Livermore from "Reminiscent of a stock operator".

Thank you very much for posting working strategy and allowing us to become a better traders.

I'd like to ask you if you offer 1 on 1 training.

please email waynejackson1955 at yahoo.com
(Note. you will need to modify email address to include @ symbol)


Also go here..

http://www.forexfactory.com/showpost.php?p=1643283&postcount=1125


.
  • #1,267
  • Nov 22, 2007 6:22am Nov 22, 2007 6:22am
Quoting qq1
Hello Jacko,
I initially emailed to you at the above email to indicate my interest to join your learning group, and you replied me and also said you would be sending payment details.
However I never received any payment instructions, so subsequently I sent a couple emails to check but still no reply.
Not sure if my subsequent emails were lost into cyberspace, or you have stopped accepting students.
Still hoping to be able to learn from you some day.

Thanks

Edit: Sorry for this post, I did try to do a PM but forexfactory does not allow PM, I think because I do not have enough post count.

Hi qq1,

I apologise for the lack of replies to your emails but for the initial group I was very selective and did not accept every application. (In fact, I only accepted about 50% of the people who applied).

However, the first group has now been established, I have had a huge learning curve on telecommunications technology, and communication with the group is operating well.

Again, I apologise for my rudeness in not replying to your emails.
I was actually too busy responding to all the emails from the 20 members of the group who were asking lots and lots of questions about trading and I was determined to answer every email.
If you wish to send me another email I will see what we can do about adding you to the group.


Jacko
  • #1,268
  • Edited 6:41am Nov 22, 2007 6:29am | Edited 6:41am
This is an edited version of a message that I sent to the group earlier today. I have been asked to place it on Forex Forum, especially in regard to point 7.



Thanksgiving Day is almost upon us. In this industry we have many reasons to give Thanks for everything that has been given to us.

Firstly, I give Thanks for finding this extraordinary business where there is incredible flexibility in establishing, running and financing the business.
Given the huge leverage in this business, anyone can enter the industry and establish a trade... and their subsequent business.
Also, while running the business, if I see an opportunity I can be involved within 30 seconds. More importantly, if I am in a trade and I feel that I have made a mmmmmistake I can be out of that transaction within 30 seconds. (try doing that with any other business!!)
Also, the leverage and compounding allows extraordinary growth and profits. In just two short years I have managed to escalate from 2 standard contracts (with one broker) to very large numbers of contracts, in a normal trading transaction.

Secondly, I give Thanks for a market that trends so regularly that opportunities are around every corner. Even though I have missed an opportunity or two in the past, I can remain confident because I know that there are plenty more opportunities to come.

Thirdly, I give Thanks for the fact that I can conduct my business from anywhere in the world with just my laptop and an international cell phone.

Fourthly, I give Thanks for being able to “think out” the Anti-Hedge strategy which turned my initial losers into winners and escalated my win rate from high to very high levels

Fifthly, I give Thanks for having some excellent resources (in the form of books about earlier successful traders) which have been a beacon in those times when I have been sitting on the sidelines, wanting to rush in. Those resources have all emphasized the waiting as a precondition for becoming a winner.

Sixthly, I give Thanks to each of you for being part of this new tribe of traders that have decided to join with me in this lifelong business of trading. Although, I was initially frustrated at some of the technical issues (emails and SMSes), I am now finding it extraordinarily rewarding especially when I receive your emails of support. Also, some (most?) of you have also been more aggressive in your trading than me in the last couple of weeks and I have been happy to read that many of you have made excellent profits, especially those that jumped in around 1.4650 and have been using those profits to build your positions. We have all embarked on a journey that, God willing, will allow us to have a simple yet profitable business for the rest of our lives. (For any of you who think that retirement is good, let me tell you something....playing golf every day is boring ...and the people who do play golf every day are even more boring!!!! I am old...and getting older...but I still get an adrenalin buzz from a successful trade.)

Seventhly, I give thanks for Forex Factory, without which I would never have met any of you. In my communications with each of you to date, you have ALL shown that you want to be serious and committed traders, and are willing to learn. Some of you will always be more aggressive in your willingness to take positions and some of you will be more safety-conscious. There is no right or wrong way, as long as your profits are maximized AND any losses are minimized. I think that a number of you are potentially better traders than me. If I can just help show you how I trade, I hope that many of you will use my experience and style and modify it to suit your own personalities. You can then go on to have as rewarding a time as I have had in this business. I. personally, am enjoying the group dynamics and hope that the group goes on for years as we all get to know each other and start to share our trading experiences in the near future.


.
  • #1,269
  • Nov 22, 2007 7:15am Nov 22, 2007 7:15am
There are some very good teachers, methods, systems posted on FF. The best of the best is right here, no doubt.

Happy Thanksgiving to all

gooble - gooble
  • #1,270
  • Nov 22, 2007 7:49am Nov 22, 2007 7:49am
Just wanted to say thanks Jacko, I have read and reread this forum over the past few weeks.

Still trying to turn my knowledge into profits, but I am much better off than I was.
  • #1,271
  • Nov 29, 2007 12:44am Nov 29, 2007 12:44am
Quoting Bill37
Just wanted to say thanks Jacko, I have read and reread this forum over the past few weeks.

Still trying to turn my knowledge into profits, but I am much better off than I was.
Me too, thanks Jacko
You've made some very good points in this thread ^_^
Congratulations and keep up the great work
  • #1,272
  • Nov 29, 2007 3:23am Nov 29, 2007 3:23am
Read Jacko's thread earlier this morning and have just returned to check on newer posts.

To my surprise and dismay it looks like several posts have been removed by the mods.

I can sort of understand why as questions about the reasons behind Jacko's group were brought up.

There was no particular aggression it seemed to me in any posts and although a little of topic for the thread some interesting replies were forwarded both from Jacko and at least one member of his group as I recall giving an interesting insight into how it is progressing and I'm sure I am not the only one interested.

Now if Jacko requested it be cleaned up fair enough I respect that, it is after all his thread, but otherwise feel the clean up is maybe a little premature in view of the fact there were some interesting replies.

It has occurred to me that I may have also missed some more derogartory posts after I first viewed this morning and if so someone please let me know I last viewed just before 09:30 UK time as I remember.

Mods you do a great job and certainly am not trying to find fault but I would be interested in your reasons.

Regards.
  • #1,273
  • Nov 29, 2007 3:27am Nov 29, 2007 3:27am
Quoting Wolf.
Read Jacko's thread earlier this morning and have just returned to check on newer posts.

To my surprise and dismay it looks like several posts have been removed by the mods.

I can sort of understand why as questions about the reasons behind Jacko's group were brought up.

There was no particular aggression it seemed to me in any posts and although a little of topic for the thread some interesting replies were forwarded both from Jacko and at least one member of his group as I recall giving an interesting insight into how it is progressing and I'm sure I am not the only one interested.

Now if Jacko requested it be cleaned up fair enough I respect that, it is after all his thread, but otherwise feel the clean up is maybe a little premature in view of the fact there were some interesting replies.

It has occurred to me that I may have also missed some more derogartory posts after I first viewed this morning and if so someone please let me know I last viewed just before 09:30 UK time as I remember.

Mods you do a great job and certainly am not trying to find fault but I would be interested in your reasons.

Regards.
The posts were removed at the request of Jacko, as this is his Journal.
  • #1,274
  • Edited 3:53am Nov 29, 2007 3:33am | Edited 3:53am
Quoting smjones
The posts were removed at the request of Jacko, as this is his Journal.
Thank you Scott thats fair enough thought it may have been Jacko I respect that.

And thanks for you lightening quick response.
  • #1,275
  • Nov 29, 2007 10:08am Nov 29, 2007 10:08am
Jacko would prefer this journal stay on the topic and not stray into the training he is doing. Thanks
  • #1,276
  • Dec 1, 2007 4:34am Dec 1, 2007 4:34am
I want to thank you Jacko for taking the time to post your valuable advise from your own many years of experience to this forum, so that all of us who are recently starting out can benefit, and hopefuly make some profit as well as enjoy this exciting hobby that can also be seen as a business.

Regards and all the best in the future.
  • #1,277
  • Dec 3, 2007 10:27pm Dec 3, 2007 10:27pm
Quoting jacko
The Forexmarkets are arguably the most "trendy" market there is, especially the Euro.

.
i think one of the currency trader magazine actually shows you with some statistics ( i haven't had chance to read the whole thing) that this is not teh case.

btw, great thread. jacko, on the first page, is that really how you trade? how do u deal with major drawdowns which im sure you can get.
{Promotion Removed}
  • #1,278
  • Dec 3, 2007 10:32pm Dec 3, 2007 10:32pm
Quoting jjk2
i think one of the currency trader magazine actually shows you with some statistics ( i haven't had chance to read the whole thing) that this is not teh case.

btw, great thread. jacko, on the first page, is that really how you trade? how do u deal with major drawdowns which im sure you can get.
You would deal with major drawdowns by risking no more than the recommended 2% of your account balance.
  • #1,279
  • Dec 3, 2007 10:42pm Dec 3, 2007 10:42pm
i can see one of the major overlooked, through endless searching through systems, is that trend is usually ignored, and the odds turn against you as you take more and more countrend positions....something that should never be forgotten.

but buying at round numbers is a universally known trade nothing new.

however, im curious 50% fibonacci, is merely taking the half of a range. how does it serve a special purpose? is there evidence of most "big guys"using it? some statements here lacks evidence.
{Promotion Removed}
  • #1,280
  • Dec 4, 2007 6:40pm Dec 4, 2007 6:40pm
Quoting jjk2
i think one of the currency trader magazine actually shows you with some statistics ( i haven't had chance to read the whole thing) that this is not teh case.

btw, great thread. jacko, on the first page, is that really how you trade? how do u deal with major drawdowns which im sure you can get.
Hi jjk,

I am glad that you read the first page. Obviously you do not read things very well otherwise you would know that;

1. It is exactly how I trade

2. That my drawdowns are limited by the A-H strategy

3. My win rate is enough to keep me happy

4 That my results are acceptable to me. You may want to look here:
http://www.forexfactory.com/showpost.php?p=1431044&postcount=85

Perhaps next time you might like to read a little "deeper" into something that you seriously wish to spend the rest of your life doing as a career.

Good luck.

.
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