Jacko's Forex House of Pleasure and Pain | Page 267 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #5,321
  • Sep 23, 2008 6:05am Sep 23, 2008 6:05am
Quoting Lowen
Hey Jacko,
nice to read that you still like it here
I consider this confidence very important.


cu, Lowen

Hi Lowen,

As I have said above, I think that this is the best forex forum on the internet. I just hope that everyone here realises just how valuable a resource this site is. People, especially newbie traders, can come here and quietly read a wide range of intelligent strategies, techniques and opinions. They have the ability to learn about what I consider to be the best business on the planet.

As I have said before, if you think that there is a better business on the planet, then I will gladly consider investing in it. In 35+ years of business I haven't found one that even comes close to the benefits of Forex trading. I really wish this business or opportunity had been around when I was in my 20's. I was lucky that I have been successful in two other very large businesses, but it was much,much harder and took much, much longer than what I have earned from forex trading. But I am still envious of people in their 20's who have the opportunity to make it a life long business

If in any doubt of the benefits of Forex trading compared to any other business, Then go back to page 1 of this thread
http://www.forexfactory.com/showthread.php?t=27286

Then think that if you want to buy a McDonalds store, it will cost you a minimum of $1 Million, just to buy the franchise and open your doors.
Hell, a coffee shop costs around $300,000 nowadays.

Think about it, then go and read this again!!!
http://www.forexfactory.com/showthread.php?t=27286

As I said above, this Forum is an incredibly valuable resource to people who want to become involved in this business. It disappoints me when others, with no real world experience of business and, in most cases, no real experience of trading, come here with the intention of trying to prove that their point of view is the ONLY legitimate point of view. They then proceed to argue and fight with others, and totally disregard the impact that this type of juvenile behaviour has on the credibility of the Forum.

The Moderators do an excellent job here keeping the Forum as a credible and first class forum ....and it is free of cost to anyone who wants to come here.

As a person from the real world of business and as a mentor to two small groups of traders , I understand how much work is involved in this Forum and the guys like Scott and Merlin and other moderators deserve thanks for providing all of us here a world-best forum.



.
  • #5,322
  • Sep 23, 2008 8:29am Sep 23, 2008 8:29am
Quoting motu
....and here it is. Amusing, eh? That's a lot of effort over 7 years (1997-2004) just to breakeven.

You would think, looking at the equity curve up until 1996, you would be retiring with riches beyond your wildest dreams. NOT!

Cheers, Motu
That's why a bit of dicretionarity is necessary. No mechanical trading system is supposed to work well forever...
  • #5,323
  • Sep 23, 2008 8:46am Sep 23, 2008 8:46am
Quoting jacko
They have the ability to learn about what I consider to be the best business on the planet.

As I have said before, if you think that there is a better business on the planet, then I will gladly consider investing in it.
Dear jacko, you keep repeating here a KEY word regarding forex trading: business. I think this is vital to all the newbies that start trading. IMO only viewing FX as a business will bring them success and profits as it brought to you.
I still have a lot to fight with myself until i start to trade in an organized manner, with a specific and strict business plan/trading plan.
Market can stay irrational longer than you can stay solvent.
  • #5,324
  • Sep 23, 2008 9:07am Sep 23, 2008 9:07am
first decide what time frame ur trading...
jacko seems to be "medium" to "long"
if ur short simply dont bother ...cos its not relevent...
  • #5,325
  • Sep 23, 2008 9:11am Sep 23, 2008 9:11am
if u have nothing to contribute
dont.
chat is a pain... go to a chat room
and its closed down other sites... which is also a pain
lets keep this thread tight and informative...
there will come a point when Jacko gets pissed off...
and I dont want that...
seeems there are others who also dont want that....
if u want chat ... please go to a chat room ....
  • #5,326
  • Sep 23, 2008 9:18am Sep 23, 2008 9:18am
Sorry.

Begbrook is right.
We should consider talking about the trades, the system, the price moves.

It gets really hard reading through this thread.
  • #5,327
  • Sep 23, 2008 9:31am Sep 23, 2008 9:31am
sorry jacko dont ant to be neg....but seems u have a very tight target and timeframe...usd/$ /medium to long... and some here seem to be very short term....been elsewhere and found myself wading thu pages of ...non relevent stuff...have to say its same here cos there are loads of non helpful comments.....often by people who haunt many other threads....so not just u but other threads.... if u have to read 300 posts and 90% are not useful then...ok acceopt u have to be willing to persevere...but it can be hard to seperate the wheat from the chaff...esp for newbie.
just saying a newbie stands little chance....
and lets face it he/she is the most vunerable....that means lose of cash!
accept in these places there are a lot of newbies looking for the "holy grail"
but finding true gold shoud not be that hard...
my opinion
solution?
can u block posts form certain people?
can u filter posts from those u trust?
asking cos I really dont know
  • #5,328
  • Sep 23, 2008 9:38am Sep 23, 2008 9:38am
its true...not just this but other good threads are a major project wading thu the ...not so relevent....and even if u do its very easy to skip the good stuff!
so u do ur dues, and still find ur behind! very frustrating....
I know that other sites have been all but killed by "chatters"and egomaniacs...is there no way to filter theses people?
  • #5,329
  • Sep 23, 2008 9:46am Sep 23, 2008 9:46am
click on their name ... then in their profile page there is an option to put them on your ignore list.
Same Whore .... Different Dress
  • #5,330
  • Sep 23, 2008 1:38pm Sep 23, 2008 1:38pm
I would like to apoligize with all the people here in this forum, specially with Jacko and with moderators for my rude attitude yesterday with all the mess created.

It will never happen again.

Jose
  • #5,331
  • Sep 23, 2008 3:34pm Sep 23, 2008 3:34pm
As I posted in a chart earlier.....the EUR is STILL in an uptrend. Jacko knows this, and so does anyone that trades his system. (In theory at least.) The truth is that his system has been getting some drawdown lately. IF YOU DIDN'T USE AT LEAST SOME COMMON SENSE.

I am sure he hasn't been buying all the way down. I can't say for sure, because I do not know the man at all. However, I can tell after reading forum posts for a few years when someone is generally trying to be of help. I believe he is one of the few that is A) Trying to help. and B) Has something to offer.

I know that he has his private group. So what? I can't think that's a crime. The truth is this: If you cannot see the possible value in spending a measly $500 for a year, (I think this is what he charges....) for a "hands-on" approach, then obviously $500 means something to you. If it means a lot to you - FOREX is NOT where you need to be. There is nothing wrong with building wealth through mutual funds, saving it, real estate (over time), etc.

Forex is a tool. Nothing else. I know a lot of people like to brag about "Buying the New Zealand Dollar" or some other such rubbish. Truth is you are buying NOTHING. And furthermore, 99.9% of the people in the world are not impressed. They are thinking, "Ok....money nerd."

I find it VERY INTERESTING how many people are willing to kick the man while he is down. (In theory.) *** As a side note, I seem to remember something like this happening a while back over a 500 pip drop. If you cannot zoom out and see the forest from the trees - thank you for adding liquidity for the rest of us. ***
By the way - anyone else notice that he was in China for the Olympics? I am sure those handful of $500 subscriptions didn't pay for it.

This thread has become the exact reason why so many of us in James16 hide over in the private forum these days. You get a good thread, and the bitterness takes over. I have my own thread over at J16, so in theory - I am a competitor. However, Jacko commands respect from all of us at J16. He should be treated with respect from others as well.

Behave yourself kids.

By the way Jacko - Just wanted to say thank you for all your posts over time....you and James have both guided me through these markets.


Chris
  • #5,332
  • Sep 23, 2008 4:26pm Sep 23, 2008 4:26pm
Well said.



Quoting clockwork71
As I posted in a chart earlier.....the EUR is STILL in an uptrend. Jacko knows this, and so does anyone that trades his system. (In theory at least.) The truth is that his system has been getting some drawdown lately. IF YOU DIDN'T USE AT LEAST SOME COMMON SENSE.

I am sure he hasn't been buying all the way down. I can't say for sure, because I do not know the man at all. However, I can tell after reading forum posts for a few years when someone is generally trying to be of help. I believe he is one of the few that is A) Trying to help. and B) Has something to offer.

I know that he has his private group. So what? I can't think that's a crime. The truth is this: If you cannot see the possible value in spending a measly $500 for a year, (I think this is what he charges....) for a "hands-on" approach, then obviously $500 means something to you. If it means a lot to you - FOREX is NOT where you need to be. There is nothing wrong with building wealth through mutual funds, saving it, real estate (over time), etc.

Forex is a tool. Nothing else. I know a lot of people like to brag about "Buying the New Zealand Dollar" or some other such rubbish. Truth is you are buying NOTHING. And furthermore, 99.9% of the people in the world are not impressed. They are thinking, "Ok....money nerd."

I find it VERY INTERESTING how many people are willing to kick the man while he is down. (In theory.) *** As a side note, I seem to remember something like this happening a while back over a 500 pip drop. If you cannot zoom out and see the forest from the trees - thank you for adding liquidity for the rest of us. ***

By the way - anyone else notice that he was in China for the Olympics? I am sure those handful of $500 subscriptions didn't pay for it.

This thread has become the exact reason why so many of us in James16 hide over in the private forum these days. You get a good thread, and the bitterness takes over. I have my own thread over at J16, so in theory - I am a competitor. However, Jacko commands respect from all of us at J16. He should be treated with respect from others as well.

Behave yourself kids.

By the way Jacko - Just wanted to say thank you for all your posts over time....you and James have both guided me through these markets.


Chris
  • #5,333
  • Sep 23, 2008 4:59pm Sep 23, 2008 4:59pm
Guys,

I feel it is all said now.

Can we please come back to topic, then?



Lowen
  • #5,334
  • Sep 24, 2008 12:59pm Sep 24, 2008 12:59pm
need some advise pls.. i am trying hard to trade medium term.. as in days or weeks.. i have a day job and hence cant afford to check on my positions every half hour or so...

so far, my results are bad.. even if i am right about the direction, i eventually get taken out when the market swings by days later.. i know i should move my SL but i did that b4, to have the position taken out with little profit , only to find out the next day, tthe market moved much more in my direction..

arggghh i am at a loss..

how can one trade longer term proper?

ok now, i have shorts of eur/usd from 1.48 and gby/jpy from 197.

my sl is not touched, at 1.5050 and 199.00

am hoping the pairs ride down more... advise pls? i dont wan my greens to become blood red but am worry that moving SL will cripple its down move
  • #5,335
  • Sep 24, 2008 2:19pm Sep 24, 2008 2:19pm
trading801,

I've got a day job too, and my experience is that it is only during the first hour or two of a trade, that I need to check the chart more or less continuosly. After that (presuming the trade goes my way) it's enough to check in every four hours or so. That is also true when looking to enter a trade.

Then again, I've only been in the FX market for a few months, so don't trust me completely...

The important thing to us day workers, I think, is to enter a trade when the market really is moving in our direction in a smaller time frame, i.e. during a strong up or down trend on the hourly chart. That way, we can change to the final TSL quicker and get back to work.

Howcome you figure it's good to be in a short position now?

Jonke
  • #5,336
  • Sep 24, 2008 2:26pm Sep 24, 2008 2:26pm
Quoting trading801
i know i should move my SL but i did that b4, to have the position taken out with little profit , only to find out the next day, tthe market moved much more in my direction..
Jacko said in post #4: "It is better to get rich slowly...than to go broke spectacularly fast."

Read his first posts again, and be inspired!

Good luck!
  • #5,337
  • Sep 24, 2008 4:54pm Sep 24, 2008 4:54pm
Quoting trading801
need some advise pls.. i am trying hard to trade medium term.. as in days or weeks.. i have a day job and hence cant afford to check on my positions every half hour or so...

so far, my results are bad.. even if i am right about the direction, i eventually get taken out when the market swings by days later.. i know i should move my SL but i did that b4, to have the position taken out with little profit , only to find out the next day, tthe market moved much more in my direction..

arggghh i am at a loss..

how can one trade longer term proper?

ok now, i have shorts of eur/usd from 1.48 and gby/jpy from 197.

my sl is not touched, at 1.5050 and 199.00

am hoping the pairs ride down more... advise pls? i dont wan my greens to become blood red but am worry that moving SL will cripple its down move
Hi Trading801,

I think that there are some points very very important to be aware of,
1) An adecuatedly risk/exposure management, if you are down on you balance, reduce your exposure to less than 2% per trade or 1% if you prefer, a 1% exposure allows you to loss 100 times before blow your account out. I did read that an enormous amount of traders lost their money before they learn how to trade, so a small exposure will allow you to pass through really bad times.

2) If you are intented to trade mid to long term (few days or weeks) then go to longer timeframes, like 4H or daily, if you are watching at 1H TF well man, you will be exposed to a lot of noise that would raised your stress and anxiety and emotions, longer timeframes for longer trend trades.

3) About TSL, watch into your platform to fidn out if it allows you to use TSL, once you enter the trade, the platform itself will adjust you SL as many pips behind the spot price as you setted up. Or try a smartphone, many trading stations are compatible with smartphones so you can wath the market more often.

And the big deal....
4) To determine the entries and exits you must plan your trade before the enter, this is one of the most important things to deal with. There are so many strategies, 50% fibre, S&R, TL, really fancy indicators (historical most of them to not say every) you must to develop the one that makes you feel comfortable.

And remember, IF YOU FIND YOURSELF IN A HOLE...THEN STOP DIGGING! If things are bad, stop for a while, refresh your mind and then comeback with another mind set up, trading could be funny....

Man, hope this help, my two cents.
  • #5,338
  • Edited 5:49pm Sep 24, 2008 5:32pm | Edited 5:49pm
Quoting clockwork71
As I posted in a chart earlier.....the EUR is STILL in an uptrend.
You bet she is. Looks like we may get a nice monthly PB touching monthly support if we get a close above 1.4570.

EDIT: And the confluence with 50% fib of the move up from late 2005 to the recent highs in 2008.

Just browsing through the EU thread and was dismayed to see some people calling the long term trend DOWN

I think they spend too much time on the 15 minute charts...
  • #5,339
  • Edited 7:08pm Sep 24, 2008 7:06pm | Edited 7:08pm
Hi, new here.

I've been demo trading for a while, trying out various methods and strategies. Basically getting a good feel for the market.

This definately seems like my style, something I could pick up on.

What I see on the EUR is a possible retracement to the 50% fib line, this is also very close to 1.4500. (It would also be a close retracement to the 610 fib zone from Mouteki's method).

But obviously I'm not that experienced and could be going about this wrong, how does everyone else feel about it? And if I'm way off for an obvious reason let me know?

Heres the chart I'm looking at:

The Green line would be the buy line, red line 50 S/L, and clay color line would be 100 S/L if I chose to use that (not likely).
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh4-sep24.gif Size: 21 KB
  • #5,340
  • Sep 24, 2008 8:43pm Sep 24, 2008 8:43pm
Quoting jacko
In 35+ years of business I haven't found one that even comes close to the benefits of Forex trading. I really wish this business or opportunity had been around when I was in my 20's.
i also been in business frustrated for countless years and if only I have got into forex at least like 10 years earlier, then things would've been so different, but i guess you never have much choices over things like this, I just hope the market will continue to exist, you never know these days, so many crazy leaders around the world, if a war breaks out, don't know how that would affect the market...
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