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Jacko's Forex House of Pleasure and Pain

  • #3,121
  • Apr 21, 2008 11:23am Apr 21, 2008 11:23am
Quoting jlmac27
Hello shadowninja,Oanda doesn't offer a trailing stop as a platform feature.So I have to manually trail my stops and sometimes I am not around to do so.So that is why I am basically 50 pips at a time.I open a trade and set my stoploss for 50 pips and my target for 50 pips.Unless I hear differently on 100 SL,I thought someone had said that back in the thread(but was suppose to be hush hush of it)
As above, don't know why you're setting a TP.
The market reveals who we really are...
  • #3,122
  • Apr 21, 2008 12:10pm Apr 21, 2008 12:10pm
Hi everyone, I am thinking of joining Jacko's group, if he'll have me, but I'm torn between learning Jacko's ways or Phillip Nels. Is it possible to trade 2 different systems even if I keep the currency pairs separate.
Its time to get serious and would like to become an expert in my given stratagy, so I'm thinking one or the other, do you guys have any thoughts.

Thanks
James
  • #3,123
  • Apr 21, 2008 1:17pm Apr 21, 2008 1:17pm
Quoting Hired Goon
Hi everyone, I am thinking of joining Jacko's group, if he'll have me, but I'm torn between learning Jacko's ways or Phillip Nels. Is it possible to trade 2 different systems even if I keep the currency pairs separate.
Its time to get serious and would like to become an expert in my given stratagy, so I'm thinking one or the other, do you guys have any thoughts.

Thanks
James
Hi James,

I have tried a few strategies on FF before I realized Jacko had a private group. I thought for sure the 4 hour MACD was the one for me until I followed the rules and it put me down 13% lol. I have been a turtle for about two months now and not only got my 13% back, but I am up 34%. Being a turtle does not mean your subscribing to a signal service, it means you are learning how to analyze the market and get great trades. With the Anti-Hedge strategy we never lose money, we just pre-pay good entry levels lol. Jacko has definitely put trading into layman's terms, follow his rules and you'll do great.

Hope that was helpful lol...

Cheers!
Live From Los Angeles
  • #3,124
  • Apr 21, 2008 2:01pm Apr 21, 2008 2:01pm
Quoting panhandler
Hi James,

I have tried a few strategies on FF before I realized Jacko had a private group. I thought for sure the 4 hour MACD was the one for me until I followed the rules and it put me down 13% lol. I have been a turtle for about two months now and not only got my 13% back, but I am up 34%. Being a turtle does not mean your subscribing to a signal service, it means you are learning how to analyze the market and get great trades. With the Anti-Hedge strategy we never lose money, we just pre-pay good entry levels lol. Jacko has definitely put trading into layman's terms, follow his rules and you'll do great.

Hope that was helpful lol...

Cheers!
PREPAY GOOD ENTRY LEVELS... That is a GREAT way to phrase it.
Same Whore .... Different Dress
  • #3,125
  • Apr 21, 2008 2:03pm Apr 21, 2008 2:03pm
Quoting panhandler
Hi James,

I have tried a few strategies on FF before I realized Jacko had a private group. I thought for sure the 4 hour MACD was the one for me until I followed the rules and it put me down 13% lol. I have been a turtle for about two months now and not only got my 13% back, but I am up 34%. Being a turtle does not mean your subscribing to a signal service, it means you are learning how to analyze the market and get great trades. With the Anti-Hedge strategy we never lose money, we just pre-pay good entry levels lol. Jacko has definitely put trading into layman's terms, follow his rules and you'll do great.

Hope that was helpful lol...

Cheers!
Thanks Panhandler
I think one stratagy suits somepeople but not others, personality, timeframes and lifestyle plays apart. I'll continue on this thread as it "feels" right.

James
  • #3,126
  • Apr 21, 2008 2:15pm Apr 21, 2008 2:15pm
Quoting johnedoe
PREPAY GOOD ENTRY LEVELS... That is a GREAT way to phrase it.
Thank you lol...
Live From Los Angeles
  • #3,127
  • Apr 21, 2008 2:26pm Apr 21, 2008 2:26pm
Quoting jlmac27
would still be in my earlier trade if Oanda had a trailing stop.I guess take it 50 pips at a time then..nice job shadowninja!
How could the absence of a trailing stop cause you to be stopped out earlier than if one was available? I don't understand.

The only thing not using a TSL could do is keep you in a trade longer...
  • #3,128
  • Apr 21, 2008 2:31pm Apr 21, 2008 2:31pm
Thanks Jacko for starting this thread, your technique made me 69 pips this morning.

I have a thought,
You see it happen everytime.
1. I put on a trade,
2. the market goes in my direction,
3. my trailing stop of 50 pips is initialized,
4. the price retraces then closes me out at just little more than breakeven,
5. the price continues to retrace a little more,
6. Price resumes original direction towards my stoped out breakeven point.

The Question is can I use the anti-hedge technique to jump back in the trade?
  • #3,129
  • Apr 21, 2008 2:35pm Apr 21, 2008 2:35pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Hired Goon
Hi everyone, I am thinking of joining Jacko's group, if he'll have me, but I'm torn between learning Jacko's ways or Phillip Nels. Is it possible to trade 2 different systems even if I keep the currency pairs separate.
Its time to get serious and would like to become an expert in my given stratagy, so I'm thinking one or the other, do you guys have any thoughts.

Thanks
James
Anything is possible, but you should get one system under control first. I would recommend joining jacko (or just following this thread if no spaces are left), this system is the easiest one i've come accross and you will pick it up fast. then when your bored of making money the easy way, go play with other systems.

I do, stops the boss taking me shopping as i look hard at work.LOL

MPP
  • #3,130
  • Apr 21, 2008 2:40pm Apr 21, 2008 2:40pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting digimix
Thanks Jacko for starting this thread, your technique made me 69 pips this morning.

I have a thought,
You see it happen everytime.
1. I put on a trade,
2. the market goes in my direction,
3. my trailing stop of 50 pips is initialized,
4. the price retraces then closes me out at just little more than breakeven,
5. the price continues to retrace a little more,
6. Price resumes original direction towards my stoped out breakeven point.

The Question is can I use the anti-hedge technique to jump back in the trade?
No, once the trade is in the pips - it's complete.

however nothing stops you placing a trade at the same point, but this is considered a new trade not an AH

so the answer is both yes and no - the key is to be sure this is a good entry point still under the original entry conditions and not a bounce before the drop further, so we again look to the charts for confirmation of direction.
  • #3,131
  • Apr 21, 2008 2:41pm Apr 21, 2008 2:41pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting panhandler
Hi James,

I have tried a few strategies on FF before I realized Jacko had a private group. I thought for sure the 4 hour MACD was the one for me until I followed the rules and it put me down 13% lol. I have been a turtle for about two months now and not only got my 13% back, but I am up 34%. Being a turtle does not mean your subscribing to a signal service, it means you are learning how to analyze the market and get great trades. With the Anti-Hedge strategy we never lose money, we just pre-pay good entry levels lol. Jacko has definitely put trading into layman's terms, follow his rules and you'll do great.

Hope that was helpful lol...

Cheers!
Thats going to end up in jacko's blog - i love it
  • #3,132
  • Apr 21, 2008 5:28pm Apr 21, 2008 5:28pm
Quoting shadowninja
As above, don't know why you're setting a TP.
yea a little off-topic here but, when is Oanda going to implement trailing stops?
I really need it.
  • #3,133
  • Apr 21, 2008 5:53pm Apr 21, 2008 5:53pm
Quoting Hired Goon
Hi everyone, I am thinking of joining Jacko's group, if he'll have me, but I'm torn between learning Jacko's ways or Phillip Nels. Is it possible to trade 2 different systems even if I keep the currency pairs separate.
Its time to get serious and would like to become an expert in my given stratagy, so I'm thinking one or the other, do you guys have any thoughts.

Thanks
James
James:

I have been going through similar dilemma. Although my dilemma is to trust a system and start trading to understand the system and eventually making consistent profit some day. I have spent almost a year (although very part time, an hour a day) with lot of different systems here in FF and never sticked to any one of them for a longer term. I have little bit seriously been to TKimbles, Philips Neil, Jacko and some others. I did not spend time on One of the other respected one i.e James16. Problem with most of the system here that it starts pretty well with all indicators, EA and lot of attention and eventually it dies. I have seen consistent interests in 3 main threads here i.e Jacko, Philips and James16. Philips is the only thread (13k replies and >1.7 million views) that did not turn into a private forum. He still is around and helps others to understand the system on a regular basis. I don't want to discard that system without giving a try. My intention here in Jacko's thread is not to undermine his talent and selfless teaching to all. Inspite of my little time, I have learnt a lot here and have some profitable trades (although in demo). As some one indicated earlier here that Jacko's thread is more like an university level education but Philip's are like a system with clear rules (which does not get changed with every big movement in forex market). But I am still not sure whether that is profitable in the long run or not. But having seen some knowledgable folks around that system for long run, gives me some impression about the profitability of that system.
Sorry for my rambling and my sincere gratitude to Jaco and his turtles for indulging a newbie like me..good luck in your journey..

FX_California
  • #3,134
  • Apr 21, 2008 6:00pm Apr 21, 2008 6:00pm
Quoting dengzhi
yea a little off-topic here but, when is Oanda going to implement trailing stops?
I really need it.
That is the question that has been asked for years... since 2005. My guess is never.

I trade with Oanda and can only think of about 4-5 times it really would have been to my benefit with an overnight trade (Oanda since Jan, Live since Mar). If you are following this thread you know about the 50-100 SL.

Having used Jacko's trading methodology I have found that I only have to watch every so often (even though sometimes I watch more) there is almost no stress in watching, after opening a position if it goes up, move the SL. If you get taken out with a profit, look for the next trade. If you get taken out with a loss, use AH.

All I can say is it works (right up to the point that I strayed) when I follow the path, it's pip city.

Thanks Jacko.
  • #3,135
  • Apr 21, 2008 6:37pm Apr 21, 2008 6:37pm
Quoting dengzhi
yea a little off-topic here but, when is Oanda going to implement trailing stops?
I really need it.
Probably never.........
But if and when you get to be a big dog you can use their API to automate your trades.
Same Whore .... Different Dress
  • #3,136
  • Apr 21, 2008 6:47pm Apr 21, 2008 6:47pm
4th trade stopped out while I was sleeping for 47pips. Making imy Jacko experience 2 losses, followed by a clear cut winner and a resurrected soldier.

Easy money!
  • #3,137
  • Apr 21, 2008 6:51pm Apr 21, 2008 6:51pm
Quoting FX_California
James:

I have been going through similar dilemma. Although my dilemma is to trust a system and start trading to understand the system and eventually making consistent profit some day. I have spent almost a year (although very part time, an hour a day) with lot of different systems here in FF and never sticked to any one of them for a longer term. I have little bit seriously been to TKimbles, Philips Neil, Jacko and some others. I did not spend time on One of the other respected one i.e James16. Problem with most of the system here that it starts pretty well with all indicators, EA and lot of attention and eventually it dies. I have seen consistent interests in 3 main threads here i.e Jacko, Philips and James16. Philips is the only thread (13k replies and >1.7 million views) that did not turn into a private forum. He still is around and helps others to understand the system on a regular basis. I don't want to discard that system without giving a try. My intention here in Jacko's thread is not to undermine his talent and selfless teaching to all. Inspite of my little time, I have learnt a lot here and have some profitable trades (although in demo). As some one indicated earlier here that Jacko's thread is more like an university level education but Philip's are like a system with clear rules (which does not get changed with every big movement in forex market). But I am still not sure whether that is profitable in the long run or not. But having seen some knowledgable folks around that system for long run, gives me some impression about the profitability of that system.
Sorry for my rambling and my sincere gratitude to Jaco and his turtles for indulging a newbie like me..good luck in your journey..

FX_California
The thing you need to do is find a system that works for you..... ALL systems have periods of draw down, and it is those periods that separate the professional from the newbie. The professional sees these periods as just a part of and cost of doing business, the newbie gets impatient and is off to find a new system, that works for a while then it goes through a period of draw down and off goes the newbie in search of the holy grail again.
I have been messing around with FX for about 3 1/2 years, at first I used a demo account like a game ,,, just making silly trades, no rhyme nor reason. then I started looking at different systems and kinda half assed tried them, then I funded my account, won a little lost a little, did that teeter totter for a while and thought well hell if I'm ever gonna get to the next level I need to get serious, so I was invited to Jacko's first group and I accepted.
Now things are actually going in the right direction and I can actually see myself trading for a living pretty soon. What a great day that will be.
Bottom line....... make up your mind and move forward.
Same Whore .... Different Dress
  • #3,138
  • Apr 21, 2008 9:16pm Apr 21, 2008 9:16pm
Johnedoe - its great to hear that your trading has improved with the assistance of Jacko and his group. I have joined the 2nd group and I'm looking forward to learning from Jacko and everyone else. I was wondering, how many trades do you usually take per month? (this question is for any of Jacko's students).....

I look forward to trading with you all.
  • #3,139
  • Apr 21, 2008 9:36pm Apr 21, 2008 9:36pm
I take 3 to 5 trades a week, which is a little more than Jacko does.
Same Whore .... Different Dress
  • #3,140
  • Apr 21, 2008 9:45pm Apr 21, 2008 9:45pm
Quoting wahawk
Johnedoe - its great to hear that your trading has improved with the assistance of Jacko and his group. I have joined the 2nd group and I'm looking forward to learning from Jacko and everyone else. I was wondering, how many trades do you usually take per month? (this question is for any of Jacko's students).....

I look forward to trading with you all.
Wahawk,

I usually try to limit myself to two a week. But, it depends on what timeframe you're trading. I'm trading off of 4HR and daily, and for me any more than two a week is over-trading.

Ideally one good one per week would be more than enough to provide you with enough pips to grow your account substantially over time. I think if you just sort of skim Jacko's teaching material without taking it all in it is easy to over-trade because the criteria for entry are not concrete.

Sometimes it seems as though in this thread there is a buyer every 50 pips in either direction. If everyone can enter so differently and still make money, the system must have something going for it !!

Hope this helps.

Brennan
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