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Jacko's Forex House of Pleasure and Pain

  • #5,561
  • Dec 4, 2008 3:23pm Dec 4, 2008 3:23pm
Quoting wattawatta
Thank you Jacko for showing us that we need a balance in our lives and to be thankful for this opportunity.
You are unerringly polite and generous with your time and advice to all of the group.
Despite being a monsterous trader in your own account, you now have the big trades from your own Hedge Fund. Yet you still take the time to comprehensively answer EVERY one of my emails (and i expect each of the other member of the group) within 24 hours.
I don't know that there would be many people in Forex that trade 200+ standard lots at a time that...
This is off-topic but I saw the video Trader (the one with Paul Tudor Jones) and he traded 1,100 contracts on a sunday evening, and that was in the 80s! I could not keep my jaw from dropping. I did not eat that day;P
Take a report.
  • #5,562
  • Dec 4, 2008 4:13pm Dec 4, 2008 4:13pm
Quoting CateFul
This is off-topic but I saw the video Trader (the one with Paul Tudor Jones) and he traded 1,100 contracts on a sunday evening, and that was in the 80s! I could not keep my jaw from dropping. I did not eat that day;P
I'd love to get hold of a copy of that video. Any idea where I could buy a copy from?

Cheers.
  • #5,563
  • Dec 5, 2008 3:54am Dec 5, 2008 3:54am
Hi, I entered at 1.2800 too, but took a TP at +10 when it moved back toward BE.

I see BE has now been hit.

Would it be valid to re-enter short seeing as nothing has really changed re: the technical analysis on the 4H?

Thanks
Matt
  • #5,564
  • Dec 5, 2008 6:32am Dec 5, 2008 6:32am
Quoting Pips Queak
Hi, I entered at 1.2800 too, but took a TP at +10 when it moved back toward BE.

I see BE has now been hit.

Would it be valid to re-enter short seeing as nothing has really changed re: the technical analysis on the 4H?

Thanks
Matt
Highest was 2798. What broker took you at 1.2800 ?
  • #5,565
  • Dec 5, 2008 6:34am Dec 5, 2008 6:34am
Quoting CateFul
This is off-topic but I saw the video Trader (the one with Paul Tudor Jones) and he traded 1,100 contracts on a sunday evening, and that was in the 80s! I could not keep my jaw from dropping. I did not eat that day;P
Was PYJ trading his own personal account or was it for his hedge fund?
  • #5,566
  • Dec 5, 2008 7:22am Dec 5, 2008 7:22am
holy sh-.... talk about hindsight...230 pips...kudo's to Jacko once again...but with all the fighting I was seeing I was really convinced it would go the other way and stop me out...

typical case of letting emotions get in the way....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,567
  • Dec 5, 2008 7:36am Dec 5, 2008 7:36am
Quoting jamiewhite
Highest was 2798. What broker took you at 1.2800 ?
Alpari took me out - 1.2800 right on the button!

Gee thanks.
  • #5,568
  • Dec 5, 2008 7:53am Dec 5, 2008 7:53am
i got taken out on both my long and short I had put in for the hell of it...hit both smack on...over 120 pip spike in less than 10 seconds...first one way then the other....oh well trading the news is like playing the roulette anyways...


i trade fxcm...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,569
  • Dec 5, 2008 7:59am Dec 5, 2008 7:59am
Quoting jamiewhite
Highest was 2798. What broker took you at 1.2800 ?
Hi,

Alpari showed a spike to 1.2800, although I got out the trade with +10, I assumed Jacko got stopped out.

It was my 1st Jacko trade, so I have much to learn.

cheers.
  • #5,570
  • Dec 5, 2008 8:01am Dec 5, 2008 8:01am
Quoting Saint Stevo
Alpari took me out - 1.2800 right on the button!

Gee thanks.
Just saw your post, yes Alpari showed 1.2800....
  • #5,571
  • Dec 5, 2008 8:08am Dec 5, 2008 8:08am
It seems that a lot of traders were taken out by SL's.
This might not go with Jacko's methodology but I have been using much larger SL's based in part by ATR (Average True Range (http://en.wikipedia.org/wiki/Average_true_range)) numbers. The market is extremely volatile and and ATR of 14 is still around 200. I use an ATR of 1 as a guide also looking at the past week for SL distance. I have been in the same trade since Nov 22 (Short, wish I got out yesterday @ 1.255 but was away while the market played). I do know Jacko went from 50 to 100 SL a while back due to market volatility, maybe a larger SL is also valid now as the market has more daily movement then the last change. It has been working for me so far. Thoughts?
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  • #5,572
  • Dec 5, 2008 8:10am Dec 5, 2008 8:10am
Quoting jamiewhite
Was PYJ trading his own personal account or was it for his hedge fund?
i believe its his fund, back then it was managing $130+m I believe
Take a report.
  • #5,573
  • Dec 5, 2008 10:22am Dec 5, 2008 10:22am
Quoting jamiewhite
Highest was 2798. What broker took you at 1.2800 ?

don't forget 2 pip spread - on sell orders they take you out 2 pips BEFORE your stop loss..

So who managed to have the positions saved to close out at 2650?
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  • #5,574
  • Dec 5, 2008 10:28am Dec 5, 2008 10:28am
Quoting pavlov0032

So who managed to have the positions saved to close out at 2650 when
I'm still in, but didn't adjust my s/l until after that run. Good thing.
  • #5,575
  • Dec 5, 2008 11:00am Dec 5, 2008 11:00am
I got taken out at the 1.28 SL. It was a good trade but such is life. For those of you at 265, enjoy.
  • #5,576
  • Edited 11:09am Dec 5, 2008 11:04am | Edited 11:09am
I got in short for 5 orders between 1.2700 and 1.2690.

Not sure where this one is heading, but my stop loss is adjusted to right above 1.2670. Anyone thoughts on scaling in some more shorts on correction?

Oooops, got spiked out there. Relatively small winner, but anyway.
  • #5,577
  • Dec 5, 2008 11:12am Dec 5, 2008 11:12am
Quoting pavlov0032
don't forget 2 pip spread - on sell orders they take you out 2 pips BEFORE your stop loss..
True -

on sell orders the stop loss is executed at ask price
on buy orders the stop loss is executed at bid price

Metatrader shows bid prices.

I guess that we were all used to buying for so long that now we're selling stop loss works slightly differently.
  • #5,578
  • Dec 5, 2008 11:14am Dec 5, 2008 11:14am
Quoting FXfelix
I got in short for 5 orders between 1.2700 and 1.2690.

Not sure where this one is heading, but my stop loss is adjusted to right above 1.2670. Anyone thoughts on scaling in some more shorts on correction?

Oooops, got spiked out there. Relatively small winner, but anyway.
Was stopped out at 1.2662.

Thoughts on next entry point?
  • #5,579
  • Dec 5, 2008 11:49am Dec 5, 2008 11:49am
I want to wait until next week to get a clearer picture after all the dust has settled...one thing is for sure...I'm not going to allow myself to get the itchy finger on the next one...if it has to stop out then so be it....my emotions got the better of me (and I was certain I was perfectly level...) though everything indicated it was a perfect setup even with all the whipsawing it was showing after entry......30 pips is good...150 - 200 and above are better..one more reason to go out or do something more productive when trades are entered than sit and get uptight (and others around me which may have contributed to some extent) - but in the end I pulled the plug for no valid reason....

again...emotions and lack of discipline are the 2 factors that will make or break one's success...I knew it I know it yet I needed to get another kick in the ba...to remind me yet again...

oh well...next!
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,580
  • Dec 5, 2008 1:27pm Dec 5, 2008 1:27pm
Sounds like a good decision to stay put until a clear setup emerge from the charts Maybe the most important fact in this business is that you can`t loose money if you don`t trade...

Have a nice weekend!
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