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Jacko's Forex House of Pleasure and Pain

  • #2,701
  • Apr 11, 2008 7:44am Apr 11, 2008 7:44am
Quoting Ocean
It's discretionary decision, the same as with 50 tsl. It's because we see more volatility now. However applying a tsl based on an atr value would be very good strategy. You should backtest what length of atr moving average to apply and what should be the ratio you will multiply your atr value by. It all depends what size of move you would like to capture and how long to stay in the market. You must also remember that when something goes wrong you will give up full amount of your tsl - so it should be a good compromise of all these elements.

I'm reading "Trade Your Way to Financial Freedom" at the moment and there is also something interesting what one could apply. It's called maximum adverse move. You could see at history prices what was the largest drawdown in the trend in your desired timeframe and use slightly larger value as a tsl.

I hope that helps.

Ocean
I'm also long and using 65pip TSL , I have read "Trade Your Way to Financial Freedom" in the past but decide on my TSL pip count by # of pips retraced last 3-4 retracement in the past and usualy use a little larger retrace than the largest of the last 3-4 . Ofcourse if its larger than acceptable I ignore it overall.
  • #2,702
  • Apr 11, 2008 8:32am Apr 11, 2008 8:32am
Quoting takeprofit
Right ok I have set a limit order to part close at 5850. It doesnt 'seem' logical taking part profit but then I guess it does help emotion and indecision. I have named myself takeprofit deliberately to remind myself to do this instead of constantly wishing for higher highs.

I can get price updates in real time on my mobile but my platform does not have a mobile interface. Maybe its time to research new platforms / brokers. Lets hope my friends and family appreciate seeing me more even if I am glued to my mobile.

Good trading and keep pushing for 5900+.
I've just returned home to find my part close / part profit limit order kicked in at 5850 and banked some profits. My remaining position is still in play with stop above BE.

My first posts on here and my first 'Jacko' trade and I'm very happy to report its positive.

Jacko - I would like to express my gratitude here to you for helping me.

Everyone else who is active and posting here - thanks also.
  • #2,703
  • Apr 11, 2008 8:39am Apr 11, 2008 8:39am
Quoting kaunasny
I'm also long and using 65pip TSL , I have read "Trade Your Way to Financial Freedom" in the past but decide on my TSL pip count by # of pips retraced last 3-4 retracement in the past and usualy use a little larger retrace than the largest of the last 3-4 . Ofcourse if its larger than acceptable I ignore it overall.
Hi Kaunasny!

It is exactly what maximal adverse move is about plus your acceptable level. Very wise

Ocean
  • #2,704
  • Apr 11, 2008 8:53am Apr 11, 2008 8:53am
Quoting Ocean
My profit potential is now 5 pips. So no loss, no AH. Hopefully I would not be whipped out and see the sky. Nevertheless it is a great trade.

Everything is possible...

Ocean
We're in the same boat Ocean, at least this trade turned to be profitable , so no more worry until it will end
  • #2,705
  • Apr 11, 2008 9:08am Apr 11, 2008 9:08am
Quoting skyline
We're in the same boat Ocean, at least this trade turned to be profitable , so no more worry until it will end
Exactly Skyline,

it's great to have a free trade developing!

Ocean
  • #2,706
  • Apr 11, 2008 9:51am Apr 11, 2008 9:51am
Take the info in TYWTFF by V. Tharp for what it's worth - about $18.95. Tharp is in the business of book selling, not trading.

The founder of this thread is a real trader. His methods can be duplicated. How many other successful "millionaire" traders from Lien's and Schlossberg's book could duplicate their success? Maybe 2 out of 10.

Jacko's trades are documented. He even tests counter trend plays with real money and cautioned his group with his intention. The guy is a quiet legend.

Thank you Jacko.
  • #2,707
  • Apr 11, 2008 10:09am Apr 11, 2008 10:09am
Hello everyone

Just wandering what people think to leaving trades open over the weekend. I can see price now meandering around in a narrowing range around 5820 - 5830.

Does the weekend need any special consideration? I’ve been looking at previous Friday to Monday action and it appears to go down regularly.
I’m wishing for 5900 obviously but trying to trade intelligence rather than wishful thinking.

I accept my experience here is very limited / none existant so looking for views from people with experience.

Thanks…
  • #2,708
  • Apr 11, 2008 10:11am Apr 11, 2008 10:11am
Quoting Hundmist
Take the info in TYWTFF by V. Tharp for what it's worth - about $18.95. Tharp is in the business of book selling, not trading.

The founder of this thread is a real trader. His methods can be duplicated. How many other successful "millionaire" traders from Lien's and Schlossberg's book could duplicate their success? Maybe 2 out of 10.

Jacko's trades are documented. He even tests counter trend plays with real money and cautioned his group with his intention. The guy is a quiet legend.

Thank you Jacko.
I agree with you completely. That is why I joined Jacko group and stick to his method. Jacko is brilliant trader and everyone in this thread knows this.

Thanks for reminding us

Ocean
  • #2,709
  • Apr 11, 2008 10:14am Apr 11, 2008 10:14am
Quoting takeprofit
Hello everyone

Just wandering what people think to leaving trades open over the weekend. I can see price now meandering around in a narrowing range around 5820 - 5830.

Does the weekend need any special consideration? I’ve been looking at previous Friday to Monday action and it appears to go down regularly.
I’m wishing for 5900 obviously but trying to trade intelligence rather than wishful thinking.

I accept my experience here is very limited / none existant so looking for views from people with experience.

Thanks…
Hi takeprofit

If you have a reasonable profit, I would recommend that you stay in the market. The EUR/USD is such a big market that it would take a monsterous matter to have a serious enough effect as to make the market gap either up or down.

However, I would rarely see a reason to open a NEW trade late on a Friday.

.
  • #2,710
  • Apr 11, 2008 10:15am Apr 11, 2008 10:15am
Quoting takeprofit
Hello everyone

Just wandering what people think to leaving trades open over the weekend. I can see price now meandering around in a narrowing range around 5820 - 5830.

Does the weekend need any special consideration? I’ve been looking at previous Friday to Monday action and it appears to go down regularly.
I’m wishing for 5900 obviously but trying to trade intelligence rather than wishful thinking.

I accept my experience here is very limited / none existant so looking for views from people with experience.

Thanks…
I think my advice would be to stick with you TSL as an exit. No matter if it's the weekend. Getting out by hand is too much discretionary for me. I think Jacko would agree with me.

But the decision is yours.

Ocean

EDIT: Jacko, glad you answered this by yourself.
  • #2,711
  • Apr 11, 2008 10:16am Apr 11, 2008 10:16am
Quoting Hundmist
Take the info in TYWTFF by V. Tharp for what it's worth - about $18.95. Tharp is in the business of book selling, not trading.

The founder of this thread is a real trader. His methods can be duplicated. How many other successful "millionaire" traders from Lien's and Schlossberg's book could duplicate their success? Maybe 2 out of 10.

Jacko's trades are documented. He even tests counter trend plays with real money and cautioned his group with his intention. The guy is a quiet legend.

Thank you Jacko.
Hi Hundmist

Thank you for your kind words. (blush)

.
  • #2,712
  • Apr 11, 2008 10:19am Apr 11, 2008 10:19am
Not quite sure what the ramifications of this will be, what do you guys think?
This is on the FF calender for Saturday April 12.......


The International Monetary Fund (IMF) World Bank Group will hold a two-day meeting in Washington DC to discuss international monetary issues such as the US recession, global inflation, tightening credit markets, and new regulations drawn up by the Basel-based Financial Stability Forum. There will be several press briefings in days leading up to the meeting, as well as informal discussions between senior central bankers and government officials from the G7 countries. Traders will be looking for any hint of intervention to ease the credit difficulties, tighten financial regulation, or stabilize currencies.
Same Whore .... Different Dress
  • #2,713
  • Apr 11, 2008 10:20am Apr 11, 2008 10:20am
Quoting Bakuli
Hi Take Profit,

I find what helps emotionally is to have a plan before you place your trade and then trade to that plan. That way you do not have to start making all those decisions about exits, take profit etc during a trade. Personally, I don't always look at the resistance levels to take profit because price will always meet with pockets of resistance along it's way. I have a predetermined number of pips that I want to protect once I am x number of pips in front and leaving the rest to run. It's just my way of managing my trades and it helps me emotionally and keeps me disciplined (ie following a plan).

Another factor, which has been mentioned before, is that if a trade is causing one much anxiety, then probably it may be due to taking on too much risk. So the logical step would be to cut down on the size of the trade until you feel comfortable with it and feel less inclined to "interfere" with the trade, letting your pre-determined trade plan play out itself. I used to trade too big a position for my account and that affected me greatly in that I was watching every tic with constant thoughts of "Shall I take profit now ? Shall I cut my losses now ? etc. ". I wasn't able to trade any pre-determined plans I had for my trades because of the anxiety and strong compulsion to close the trades prematurely. Well, that's all history now since I started trading at a more sensible size and can withstand several losing trades without seriously damaging my account.

Happy trading
Bakuli
Hi Bakuli

Your post shows a great increase in your trading maturity....EXCELLENT WORK !!!!


.
  • #2,714
  • Apr 11, 2008 10:28am Apr 11, 2008 10:28am
Quoting jacko
Hi takeprofit

If you have a reasonable profit, I would recommend that you stay in the market. The EUR/USD is such a big market that it would take a monsterous matter to have a serious enough effect as to make the market gap either up or down.

However, I would rarely see a reason to open a NEW trade late on a Friday.

.
OK Jacko thanks.

You ARE a legend!
  • #2,715
  • Apr 11, 2008 10:36am Apr 11, 2008 10:36am
Quoting Bakuli
Hi Take Profit,

I find what helps emotionally is to have a plan before you place your trade and then trade to that plan. That way you do not have to start making all those decisions about exits, take profit etc during a trade. Personally, I don't always look at the resistance levels to take profit because price will always meet with pockets of resistance along it's way. I have a predetermined number of pips that I want to protect once I am x number of pips in front and leaving the rest to run. It's just my way of managing my trades and it helps me emotionally and keeps me disciplined (ie following a plan).

Another factor, which has been mentioned before, is that if a trade is causing one much anxiety, then probably it may be due to taking on too much risk. So the logical step would be to cut down on the size of the trade until you feel comfortable with it and feel less inclined to "interfere" with the trade, letting your pre-determined trade plan play out itself. I used to trade too big a position for my account and that affected me greatly in that I was watching every tic with constant thoughts of "Shall I take profit now ? Shall I cut my losses now ? etc. ". I wasn't able to trade any pre-determined plans I had for my trades because of the anxiety and strong compulsion to close the trades prematurely. Well, that's all history now since I started trading at a more sensible size and can withstand several losing trades without seriously damaging my account.

Happy trading
Bakuli


To all Newbies,

This is why one of my brokers approached me a short time ago and said to me..."we want some traders who are passionate about trading...BUT have the maturity to be excellent traders... AND have a good trading record...who would be suitable for prop trading for our bank.....Do you know anyone???" (Three people out of my group were identified and contacted and two have agreed to take up positions with the bank...the third wasn't prepared to relocate)

If you read the above quote from Bakuli, and can identify with what he is saying, then you have the potential to become an excellent trader.

If you say that he is "full of horse-shit" and you just want to punt on the next 10 pips....then you will NOT become an excellent trader and your trading life will be very short.


.
  • #2,716
  • Apr 11, 2008 11:24am Apr 11, 2008 11:24am
hello all,

i've been following this thread for 2 weeks, and i have learnt much more than i could since i started trading! i want to thank you all for sharing knowledge especially jacko for being a true sensei .

im also planning to join his group but i just want to brace myself and get properly prepared.

happy trading y'all!
  • #2,717
  • Apr 11, 2008 11:45am Apr 11, 2008 11:45am
Quoting jacko
Hi Bakuli

Your post shows a great increase in your trading maturity....EXCELLENT WORK !!!!


.
Thanks Jacko,

It's what you have taught me since joining the first group, so the compliment should be extended back to you ! I am not quite there just yet but nearly (still some fine-tuning required for discipline ). However I have come a long way indeed from when I first joined your group. ! Best thing I did since taking up forex trading ! So may I say back to you ....EXCELLENT WORK !!!

Bakuli
  • #2,718
  • Apr 11, 2008 1:15pm Apr 11, 2008 1:15pm
Thanks Bakuli for that excellent post.

I'm really enjoying reading these posts, all of your insights have been great!
  • #2,719
  • Apr 11, 2008 2:18pm Apr 11, 2008 2:18pm
Quoting jacko
To all Newbies,

If you read the above quote from Bakuli, and can identify with what he is saying, then you have the potential to become an excellent trader.

If you say that he is "full of horse-shit" and you just want to punt on the next 10 pips....then you will NOT become an excellent trader and your trading life will be very short.


.

Well, I think thats the diference between being a trader and gambling. Between trying to guess the market and 'seeing' the market for what it is. Between trading a strategy or turning your platform into a videogame.

When I think of this 'problem' of not sticking to a strategy, the thing that comes to my mind is what are we really looking for when we trade???
Are we looking for adrenaline and emotion? Are we looking for instant richness ??? Or are we looking for consistency ???
Because what will really give us a life in this businness is nothing else than consistency, isnt it????
So I think the question is: Are we trading for the day or for life?????
If you see trading as a profession, then whats the problem if it takes a couple of years to make you rich ??? When you finish university do you mean to get rich in 6 months? I doubt it!!!
C'mon.... lets not look at forex as a 'get rich in 21 days' stuff!!!
Its our profession !!!! It deserves more honnor from us!!!
Find consistency and it will make you rich !!! Not in 21 days, but it will !!!
It does not matter how many pips you've made/lost today. What matters is that you have a consistent strategy that wins over time..... In fact, to be successfull in any profession one needs it !!! A consistent strategy that wins over time....

I think when we look at forex as a profession it really lessens the pressure.
For me, consistency is the key. And the only way to consistency is sticking to a winning strategy!!

Well boys (and girls), I think we just got one right in our hands here !!!

Thanks Jacko (and everyone who contributes here), you gave us the most important thing in this market, the winning strategy and the correct mindset. Its priceless !!!!

Please, do not anyone take anything I wrote as personal or offensive. Its absolutely not what I mean!

Have a very nice weekend you all, my friends.

Dudu
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #2,720
  • Apr 11, 2008 3:25pm Apr 11, 2008 3:25pm
One thing I'm working on learning to do is avoiding the "wild punting" which to me is quite tempting at times of a major move.

As a newbie, I think there are alot of tendencies which must be brought under discipline, easier said than done I know, yet I think it is true.

I personally want to get to the point whre the decisions I make are not afected or based on the "news" at all, just price.
Can this be done? Is this realistic? I do not know as of yet.

I do know that there is a lot of misinformation in the news, there is too much news to decipher and it does become a guessing game or even a "gamble".

I do think major news events that cause the market moves in big ways are unavoidable and we have no choice but to pay attention. But following all the central bank decisions, U of M reports, non farm payrolls etc. who can stand all this information, which might be irrelevant in the big picture or next week.

The Central Banks injecting liquidity into these markets and printing fiat like no tomorrow, I do think will effect us in the long term, as will the inflationery results of these actions.

Any thoughts on any of this?

Have a wonderful weekend traders!!!!!!!!!!
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