Jacko's Forex House of Pleasure and Pain | Page 197 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,921
  • May 27, 2008 3:31pm May 27, 2008 3:31pm
Quoting ynpg
Good day

I'm a newbie and going to start trade forex USD/JPY with USD2000.
My question is:-
What is the probability to roll 2k to become 1 million USD in 2 years time???

Kindly provide me some advice...
a mil would be hard, but 100k or even $190k in 2-3 years is very likely trading only 1.6% risk, using the power of compounding.... . That's only possible if you're disciplined and have a system. Having good system doesn't mean you have to win 90% of times. It's possible with only 30% winners, 15% break even trades and over 55% losers. Fiji trader has made an excellent video on the subject and I have a little experiment running in the PF following his idea. So far so good. Over 1900% profit on a small test account in 5 weeks...
Wish you luck.
  • #3,922
  • May 27, 2008 3:41pm May 27, 2008 3:41pm
Quoting johnedoe
It's a swingin weenie thing.............
All the big weenie swingers are joining in...
Never say never.
  • #3,923
  • May 27, 2008 4:00pm May 27, 2008 4:00pm
I would answer with the proverbial "What is the probability of a snowball surviving in hell". Who knows though - it has been postulated that under the right condition Hell can freeze over... maybe you'll be long when it does.


Quoting ynpg
Good day

I'm a newbie and going to start trade forex USD/JPY with USD2000.
My question is:-
What is the probability to roll 2k to become 1 million USD in 2 years time???

Kindly provide me some advice...
In trading, there is no bullshit. You either make money or you don't.
  • #3,924
  • May 27, 2008 4:12pm May 27, 2008 4:12pm
So is everyone adding more longs at this level?
Money & Pain Respect the market, protect your capital, be patient
  • #3,925
  • May 27, 2008 4:24pm May 27, 2008 4:24pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting toyboy tramp
So is everyone adding more longs at this level?
Adding, r u already long? at what price and where is you SL. will your MM allow another trade so close to the current one? when price is falling!!

what i'm trying to say is, if your in give the first trade time to play out, don't chase the falling knife. if you went in small last time because you was unsure of the position, why did you enter?

Have a plan, trade the plan. i agree with building on wining trades, but not with increasing your exposure to a bad position.
  • #3,926
  • May 27, 2008 4:34pm May 27, 2008 4:34pm
Quoting MPP
Adding, r u already long?
I agree with what you're saying, but I'm assuming q a few of Jacko's turtles have been holding longs for a while now. I entered a small position at 1.568, but am waiting for it to reach the trend line before adding.
Money & Pain Respect the market, protect your capital, be patient
  • #3,927
  • May 27, 2008 4:38pm May 27, 2008 4:38pm
Quoting toyboy tramp
I agree with what you're saying, but I'm assuming q a few of Jacko's turtles have been holding longs for a while now. I entered a small position at 1.568, but am waiting for it to reach the trend line before adding.
touchdown
Money & Pain Respect the market, protect your capital, be patient
  • #3,928
  • May 27, 2008 4:50pm May 27, 2008 4:50pm
Quoting toyboy tramp
So is everyone adding more longs at this level?
Iirc jacko's idea is to be out when he's wwwwwwrong, not to dig himself in deeper. If I am not mistaken, that is. I don't have the "inside scoop" (i.e. only know the public stuff).
Trust price. Know yourself.
  • #3,929
  • May 27, 2008 5:49pm May 27, 2008 5:49pm
hi all,i`m still wating for that # (5650) to get hit,i know that bunch of traders went long at 5700 but in my case i didnt see any PA of reversal to go long .on the other hand 5650 has two 50% fibs in place ( downtrend and uptrend ) and there is uptrend TL and 100MA on 4H...so looks very good,ofcourse it can stop before and reverse in that case i`ll be looking for a nice spike...Good trading averyone (just my thoughts)
  • #3,930
  • May 28, 2008 1:48am May 28, 2008 1:48am
hi folks,

people like Jacko trade the EUR/USD exclusively.

prudent money management dictates to risk only 2-5% of your capital.

so what do you do with the other 95-98% of your capital?
earning a paltry interest from your friendly bank?
  • #3,931
  • May 28, 2008 2:08am May 28, 2008 2:08am
Quoting koulda
hi all,i`m still wating for that # (5650) to get hit,i know that bunch of traders went long at 5700 but in my case i didnt see any PA of reversal to go long .on the other hand 5650 has two 50% fibs in place ( downtrend and uptrend ) and there is uptrend TL and 100MA on 4H...so looks very good,ofcourse it can stop before and reverse in that case i`ll be looking for a nice spike...Good trading averyone (just my thoughts)
I was waiting for 5650 too but it was 15 pips short of target before reversing. Bought in at 5699 at close of 1 hr candle after I came to the conclusion that 5665 was the swing low. Hope you got in at a better price. Lets see how this trade plays out.

Happy trading!
Bakuli
  • #3,932
  • May 28, 2008 2:13am May 28, 2008 2:13am
Quoting yonnie
hi folks,

people like Jacko trade the EUR/USD exclusively.

prudent money management dictates to risk only 2-5% of your capital.

so what do you do with the other 95-98% of your capital?
earning a paltry interest from your friendly bank?
yes.

You can also use it to open other positions paralelly
  • #3,933
  • May 28, 2008 2:20am May 28, 2008 2:20am
Quoting yonnie
hi folks,

people like Jacko trade the EUR/USD exclusively.

prudent money management dictates to risk only 2-5% of your capital.

so what do you do with the other 95-98% of your capital?
earning a paltry interest from your friendly bank?

Hi Yonnie,

Let me put my two cents:
Risking 2-5% doesn't mean that I am using 2-5% of my capital I am just allowing the market to take that ammount off my account (if it goes straight against me), in numbers:

Let's say that my capital is USD 10,000.oo
I am long on EUR @ 1,5000 with 1 lot, so I am using USD 1,500.oo = 15% of my capital (with 100:1 leverage)

BUT my S/L is placed @ 1,4950 (1,5000 - 1,4950 = 50 pips)

So, each pip on 1 lot worth USD 10.oo

USD 10.oo * 50 pips = USD 500.oo (USD 500.oo = 5% of my capital)

But I am using 15% of it

Hope this help,


TRADETHEPIPS
  • #3,934
  • May 28, 2008 4:08am May 28, 2008 4:08am
Quoting resistance
yes.

You can also use it to open other positions paralelly
Technically speaking, you shouldn't. Two reasons:
1) you might get stopped out on all positions due to some news which made the markets very volatile.
2) you need a "buffer" to take into account slippage.
The market reveals who we really are...
  • #3,935
  • May 28, 2008 4:13am May 28, 2008 4:13am
Quoting yonnie
so what do you do with the other 95-98% of your capital?
earning a paltry interest from your friendly bank?
Yes.

The capital you have set aside to trade is money you can afford to lose. You also need it to be available so that when you have a series of drawdowns it doesn't mean you are unable to continue to trade. Imagine you risk 30% of your account each trade. You get 3 losses in a row. You now have 10% so you can't do anything until you build up your spare capital.

Even trading Jacko's method will result in losses but with good money management, you can come back to fight another day.
The market reveals who we really are...
  • #3,936
  • May 28, 2008 6:23am May 28, 2008 6:23am
Got my price of 1.5650 , long
  • #3,937
  • May 28, 2008 6:36am May 28, 2008 6:36am
Hi Jacko
I was wondering if Jacko or any of his turtles could answer couple of questions?
In discussion on other forums about forex trading there were comments like this;
Referring to profit p.m.....”5-6% isn't really possible “ I belive that I have read somewhere
in this tread that Jacko's turtles where doing about 30 – 40% in the first 3 or 4 months under
Jacko's supervision.( I think it said “conservatively speaking”) Or did I imagined it?
I'm not able to find that comments again so is this possible, are you that successful?
I have mentioned that in that discussion that I know trader which is doing better than that, and the replay was;
5-6% on a 1000 $ account or 5-6% on a 1 million $ account? And on what time frame?
I saw traders perform 5% each month for a little over a year with 1000$. But let that same trader handle the millions of $'s for years,
and that same superb trader suddenly drowns in the big FOREX pool.
Is that what's happening, when you start trading bigger volumes the nerves fall's to bits and the strategy's do not apply?
Jacko is this what's happening to your students? Do you hear or communicate with those which
graduated and trading as a pro's or those which started trading for the bank?
Would love to hear what sort of result's they achieving.
There is lot's of grateful people around here that they found you who is willing to share
and teach others your very successful strategy's.
Regards
  • #3,938
  • May 28, 2008 7:05am May 28, 2008 7:05am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Hi Bizking
The group is doing very well, forget about the numbers, many have found themselves to be in a situation where they can trade fulltime - replace a previous income - enough said.

now whether your trading with $1000 or $1mill, nothing changes, actually the less you start with, the better of you are. Why - well system confidence, when you look back at your trades and find that the system really works, then trading with a higher $ comes easy as we build the position size over time and with confidence, it's still the same percentage and same system and same mind set.

not really the exact answer your looking for, but i think it's more important to focus on the method and build from there.

regards

MPP
  • #3,939
  • May 28, 2008 7:46am May 28, 2008 7:46am
Quoting kaunasny
Got my price of 1.5650 , long
i`m with you,but somehow price is dropping like a rock,looks like we got cut by the folling knife...LOL
  • #3,940
  • May 28, 2008 8:56am May 28, 2008 8:56am
Quoting Bizking
Hi Jacko
I was wondering if Jacko or any of his turtles could answer couple of questions?
... I belive that I have read somewhere in this tread that Jacko's turtles where doing about 30 – 40% ....
I believe there is a wide variation among the whole group, ie some getting much more than 30 - 40%, and some much less, due to whatever reasons.

For myself, I believe I am in the underperforming side, although I have benefitted and my trading has improved.
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