Jacko's Forex House of Pleasure and Pain

Quoting hendrix

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I'm a buyer at 1.5500 with a 100 pip TSL. A very round number and there was some support/resistance action going on around these levels.

Although we don't use profit targets, I will close my position instantly, if my 100 pip profit target is hit. Maybe I'm too optimistic, but the current Average Daily Range is about 130 pips.

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Quoting geoffrod

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Hi Cruze,
i use GFT and halifax, did you have a look to see that the entry hasn't been changed from where you entered your trade, GFT/halifax do that when there is an overnight position held, it is likened to at a certain point they get you out of the trade and then buy you back into the trade at closer to the current price, so if you where up 70 pips on that tradeand it was a buy trade, they sold your position at a certain point(not sure what determines this) and then re-entered you and closer to the current price at the time, they leave youe stops where they where, they credit your account, now if price falls from the newly entered position it will show as negative relative to the newly entered price, but in realaity as long as you remember where you entered the original trade you can keep it in perspective.
hope this isn't to confusing, and i hope it helps, if i am barking up the wrong tree tell me so,
cheers
geoff

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Quoting Ocean

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Hi Cruze and K8

There is yet other solution for this problem and I am using it. Instead of playing with spot forex one can use GFT's CFD (contract for difference). There is an advantage that EUR/USD.cfd has 2 pip spread instead of spot forex which is 3 pip and there is no swap over the night (it is a financing rate rather, similar to swap rate in amount, that is added or subtracted after one closes a trade) so your order is always where you bought over many days and your tsl is managed properly. More on this here: http://www.gftuk.com/cfd/cfds.asp

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Quoting shadowninja

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Looks like we're throwing every indicator we can at the instrument. May I introduce Bessie, the Forex Pig. I place two cabbages in front of her. One is red, the other is blue. If she eats the blue one first, I go long. If she eats the red one first, I go short. If she nibbles my fingers instead, I stay out of the market and play with Bessie.

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Quoting shadowninja

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Looks like we're throwing every indicator we can at the instrument. May I introduce Bessie, the Forex Pig. I place two cabbages in front of her. One is red, the other is blue. If she eats the blue one first, I go long. If she eats the red one first, I go short. If she nibbles my fingers instead, I stay out of the market and play with Bessie.

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Quoting shadowninja

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Looks like we're throwing every indicator we can at the instrument. May I introduce Bessie, the Forex Pig. I place two cabbages in front of her. One is red, the other is blue. If she eats the blue one first, I go long. If she eats the red one first, I go short. If she nibbles my fingers instead, I stay out of the market and play with Bessie.

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Quoting zoopy

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Is there an EA for this? I want to be lazy and let it do the trading for me

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Quoting shadowninja

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Looks like we're throwing every indicator we can at the instrument. May I introduce Bessie, the Forex Pig. I place two cabbages in front of her. One is red, the other is blue. If she eats the blue one first, I go long. If she eats the red one first, I go short. If she nibbles my fingers instead, I stay out of the market and play with Bessie.

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Quoting cruze2005

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No they hadnt closed my position at all. The entry price was still the same and I checked my log and there where no ammendments at all.

Ill have to email them. Not sure what would warrant them changing orders and positions anyway. If I found out they did that I would be having some big words to say. At the end of the day it is my account not theres

cheers for the feedback m8, ill let you know what comes of it...

Max

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Quoting geoffrod

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Cruze, they dont change your stop or your limit if you have one as far as i know, the entry price changes according to the rollover, it is just the way they do it as far as i know, but ring them up or go to the online help desk, they have been very helpful in the past for me.
cheers m8

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Quoting DaveDudeFx

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In a small attempt to bring this thread back around, has anyone read any recent books worthy of mentioning that encourages the intent and spirit of this thread?

I am currently reading Trend Following: How Great Traders Make Millions in Up or Down Markets by Michael W. Covel. I am also reading Jesse Livermore: World's Greatest Stock Trader by Richard Smitten.

It has been fascinating reading about how effective the simple strategy of trend following has been through the years. From Jesse Livermore insisting to trade the line of least resistance to Ed Seykota stating "Trend following is an exercise in observing and responding to the ever-present moment of NOW" (emphasis mine).

Although I am not finished with the book I would not hesitate to recommend it. The margins of most pages are full of useful quotes by some of the greatest Trend Followers such as Bill Dunn, John W. Henry, Jesse Livermore, Ed Seykota, and Keith Campbell.

While this officially marks my first post on FF, I have lurked for some time. I have blown out an account trading the YM e-mini tryinng to use a myriad of indicators and systems on 3,5, & 15 minute time frames. It wore me out physically, mentally, and financially.

So when I see something like Jacko's trend following strategy that shares its roots with some of the best I took notice. So thanks Jacko for the efforts and graciousness. I am learning patience and that some of my smartest trades are the ones I stay out of.

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Quoting DaveDudeFx

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In a small attempt to bring this thread back around, has anyone read any recent books worthy of mentioning that encourages the intent and spirit of this thread?

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Quoting Trumpcard

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'Reminiscences of a Stock Operator' by Edwin Lefevre. BUT it's not a recent book, sorry. However, there are elements that resemble a striking similarity to Jacko-style trading.

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