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Jacko's Forex House of Pleasure and Pain

  • #6,001
  • Jan 28, 2009 7:06am Jan 28, 2009 7:06am
Although I am not a member of the Jacko Groups I have traded 2-4 lots following the Jacko rules as stated @ the begining of this thread & have found this method to work very well when the rules are followed. Early on I increase the sl to 100 pips & that is the only variation from the original rules I have used. I will not go into winners & loser, but the winners have far out paced the losers uisng this method. One great benefit to this method other than it works.........you can clear your charts of that indicator clutter & actually see PRICE ACTION. I am trading the E/$ & GBP/USD using this method, with E/$ being the better pair for me.

Jacko's idea to form the groups & charge a fee is a great idea as he is only getting onboard those that are serious about learning to trade following his rules & are not always attempting to add indicators & other nonsense.
The members also apparently respect Jacko & his abilities as they discuss very little about their private blogs & that is how it should be. That should be an unspoken rule out of respect for Jacko & his willingness to share. Jacko is without a doubt a TRADER who can make much more trading than he ever would mentoring & training, which is not true of most of those offering their mentoring services. The fee for joining the groups is very reasonable & I am sure well worth the money. I have paid much more than that over the yrs & really got very little for the money.

At this time I am trading a short term method that works well for me, but the Jacko Method is always running in the background & it is profitable requiring very little time. Yes, it can be boring, but thats how trading should be, at least for me. I am taking 2-4 trade per month using the Jacko Method.

I say a tip of the traders hat to JACKO for his willingness to share his abilities as he seems to already have a full plate from his previous post. Jacko is a rare find in the world of trading & I thank him for sharing his time & abilities.

Just my humble views & nothing more.
____________________________________
AceTrader
  • #6,002
  • Jan 28, 2009 9:01am Jan 28, 2009 9:01am
Quoting acetrader
Although I am not a member of the Jacko Groups I have traded 2-4 lots following the Jacko rules as stated @ the begining of this thread & have found this method to work very well when the rules are followed....
Hi Ace
I agree with all of your comments.
The issue I was trying to broach was this;
As a member of one of Jacko's groups, if I post my E/U trades on here it won't take a rocket scientist to deduce that my trades are, in all likelihood, the same as (or very similar) to Jacko's.
This has two knock-on effects; firstly it makes me very wary of posting them, and secondly it means new traders popping by don't get to see the 'realtime action' going on, and therefore are not positively encouraged to stick around. The combined effect, of course, is that this thread is sparsely used, because all the 'action' goes on away from it.
Which is a shame, because Jacko's stuff is first class.
  • #6,003
  • Jan 28, 2009 3:11pm Jan 28, 2009 3:11pm
Hi Interceptor,

I agree with you 100%. I may not post much, but do follow along. Thanks for all your post.
  • #6,004
  • Jan 29, 2009 1:07pm Jan 29, 2009 1:07pm
Hey all,

First I have to say THANK YOU to Jacko and the members of his group. I am a young trader that "stumbled" on this thread through TLT blog (great stuff there too) and thought I would add my 2 cents.

What I desire to see here is a thoughtful discussion about personal trading decisions based on Jacko's "method." I don't want to see this thread shrivel up and die due to people arguing and bickering. I was invited to be part of Jacko's second group of turtles, but I unfortunately can't invest the time that it would require, I will join as soon as time permits. However, the reason I bring this up is because without this thread and it's great purpose I would not have know about Jacko's Turtles or had the opportunity to learn from a great trader.

Please let this thread continue - let it be a learning tool for others as well as an outlet for Jacko's members.

As for trading, this week as been a tough one for me, anyone else? I think I might stand aside and see what price does...
  • #6,005
  • Edited 6:23pm Jan 29, 2009 6:12pm | Edited 6:23pm
I just wanted to say thanks to Jacko for showing a very easy to understand way to remove much of the stress of trading, and giving me more patience.

I'm also very happy to see the light of my candles again without all the clutter of indicators.

Thanks Jacko!

240 pips and counting today!
  • #6,006
  • Jan 30, 2009 3:34pm Jan 30, 2009 3:34pm
Quoting Interceptor
Hi Jacko, and thanks for that.
I think the point which I was trying to make(badly!), is that once a trader joins your PF it becomes a little 'awkward' for them to post live trades on here and discuss them with 'newbs', because even though the trades are their own there will be a perception(probably accurate) that the trades are PF inspired trades. As you quite rightly state it would be bad manners to post your trades on here, but it's also often an encouragement for newbies to 'see' more experienced traders in action, and to be able to pick their...
"ExponentialSuperCrossoverParabolic PitchforkChannel' trading"

Classic quote. Excellent!
  • #6,007
  • Jan 30, 2009 7:31pm Jan 30, 2009 7:31pm
I posted these earlier this week in another thread regarding the GBP, but as the Euro falls further, it has some relevance here:

The year 2008 has truly taught investors to think the unthinkable. In 2009, it is the risk of economic implosion somewhere in the world. and this will probably be most clearly seen by the implosion and subsequent nationalisation of the banking industry which could then lead to the BIG issue.
The BIG issue is the financial collapse of sovereign states …Iceland has already gone, Spain and Greece have just had their credit ratings trashed by Standard and Poor, Portugal and Ireland are in deep trouble, Russia looks like defaulting on their responsibilities (again!) and IF we saw England go down (a definite possibility), we would see the fourth largest currency (after USD, Euro and Yen) collapse. (Not to be mercenary, but if it did collapse then make sure that you are in USDs)



The year 2008 has truly taught investors to think the unthinkable….maybe in the year 2009 we will SEE the unthinkable.
I think we are very quickly moving to a point where all of the large banks in America and Western Europe will become nationalised. When you consider that, even after the massive infusions of capital from the TARP payment, Bank of America last week traded at $5.05 (down from $60+ just two years ago).... and that Citibank last week traded at $2.80 (down from $55+ in late 2007).... and even the mighty JP Morgan traded at $17.70 (down from $50+ as recently as October last year…only 4 months ago). It is easily apparent that there are some “zombie” Banks. (Zombie industries are ones that are already dead…and have minimal chance of revival...but are kept on life support for political reasons). Lehmans was so dead that the Fed decided to not even give it first aid. The more information that comes out, the more apparent it is these “zombie” banks are insolvent now and only the taxpayers are propping up balance sheets.
On the other side of the Atlantic, The Royal Bank of Scotland was worth 75 Billion Pounds a year ago…it is now valued at only 4 Billion Pounds…And that is AFTER the Govt gave it an infusion of 32 Billion Pounds. That smoke you can see in the distance is the smoke of taxpayers money being burnt at an appalling rate.

Before anyone sends a response on the evils of nationalisation, consider the alternative of continually throwing taxpayers money at banks and taxpayers holding up the values for the stockholders and debtholders who are benefiting massively from the TARP payments (which I am starting to believe is the biggest rip-off of taxpayers of all times). If it wasn’t for these infusions the shares would be worthless and the principle and junior debtholders (who are still receiving 100% of their funds) would share the pain with the taxpayer.


.
  • #6,008
  • Jan 30, 2009 9:15pm Jan 30, 2009 9:15pm
Quoting jacko
I posted these earlier this week in another thread regarding the GBP, but as the Euro falls further, it has some relevance here:

The year 2008 has truly taught investors to think the unthinkable. In 2009, it is the risk of economic implosion somewhere in the world. and this will probably be most clearly seen by the implosion and subsequent nationalisation of the banking industry which could then lead to the BIG issue.
[font=Verdana]The BIG issue is the financial collapse of sovereign states …Iceland has already gone, Spain and Greece have...

Is seems that we are indeed turning those banks in Japanese style 'zombie' institutions. What is scary is that even 20 years later, banks' balance sheets were blowing up left and right. And to think that that crisis was limited to one country!
  • #6,009
  • Jan 31, 2009 12:06am Jan 31, 2009 12:06am
There wont be any pairs left to trade soon.

Put your dollars underneath the mattress.

msc
  • #6,010
  • Jan 31, 2009 12:24am Jan 31, 2009 12:24am
Quoting jacko
I posted these earlier this week in another thread regarding the GBP, but as the Euro falls further, it has some relevance here:

The year 2008 has truly taught investors to think the unthinkable. In 2009, it is the risk of economic implosion somewhere in the world. and this will probably be most clearly seen by the implosion and subsequent nationalisation of the banking industry which could then lead to the BIG issue.
[font=Verdana]The BIG issue is the financial collapse of sovereign states …Iceland has already gone, Spain and Greece...
I have said for several years now,. What better way to usher in the global economy...(single currency) than to creat a global bankruptcy...... Think about it and it's ramifications.....
Same Whore .... Different Dress
  • #6,011
  • Jan 31, 2009 5:18am Jan 31, 2009 5:18am
Hi gmaterna,

Can you please outline what you do to achieve this. It sounds like you arent following Jackos rules exactly.

I am trying to get as much from this thread as I can before I sign up up with Jacko. It sounds like you are trading more than just the Euro though.

Regards
Steve

Quoting gmaterna
I just wanted to say thanks to Jacko for showing a very easy to understand way to remove much of the stress of trading, and giving me more patience.

I'm also very happy to see the light of my candles again without all the clutter of indicators.

Thanks Jacko!

240 pips and counting today!
  • #6,012
  • Jan 31, 2009 6:24am Jan 31, 2009 6:24am
Quoting msc
There wont be any pairs left to trade soon.

Put your dollars underneath the mattress.

msc
NOOOOOO !!!!! There will be huge opportunities to take money from this market as the currencies start to line up with their real fundamentals.

The Forex is the best market on the planet to trade.


.
  • #6,013
  • Jan 31, 2009 6:30am Jan 31, 2009 6:30am
Quoting scexglobal
Is seems that we are indeed turning those banks in Japanese style 'zombie' institutions. What is scary is that even 20 years later, banks' balance sheets were blowing up left and right. And to think that that crisis was limited to one country!
And what about those zombie car makers??? How long will it be before ALL motor vehicles are built in low wage countries with huge labor pools like China and Eastern Europe?? Five years maximum !!

Just as we all watched Communism crumbline, we are now watching the crumbling of Corporate Capitalism.
Capitalism will definitely remain, but in a dramatically changed format in the next 5 years

.
  • #6,014
  • Edited 7:32am Jan 31, 2009 7:05am | Edited 7:32am
Quoting jacko
I posted these earlier this week in another thread regarding the GBP, but as the Euro falls further, it has some relevance here:

The year 2008 has truly taught investors to think the unthinkable. In 2009, it is the risk of economic implosion somewhere in the world. and this will probably be most clearly seen by the implosion and subsequent nationalisation of the banking industry which could then lead to the BIG issue.
[font=Verdana]The BIG issue is the financial collapse of sovereign states …Iceland has already gone, Spain and Greece have...
Hi Jacko,

Nice thread. I will certainly pop in from time to time.

In response to your above post to the Cable thread earlier in the week, I posted this a few days ago. Since posting, it has been reported today that there is likely to be a radical overhaul of the original TARP plan announced by the Obama team in the next few days, probably in the form of a "bad bank" of sorts. Let's see how our forecasts pan out as the year unfolds:

"Excellent post, friend!

Yes, I think that the nationalisation of large parts of the banking sector is now looking inevitable, in the UK, eurozone and the US. This will be a creeping, gradual procedure, as anything more decisive would scare the hell out of the free-marketeers, the media and the wider public. This nationalisation process will see periodic injections of public funds going into the troubled institutions, in return for larger chunks of equity, thereby ensuring a de-facto wipe-out of those investors sitting at the bottom of the capital structure.

As much as nationalisation is a dirty word to some, I believe there is simply no other choice at this stage in the game. We need healthy banks providing credit to the economy, not zombie institutions. There has to be decisive action taken to prevent the global economy slipping into a prolonged slump

Even using conservative estimates of the likely losses the banks will suffer in 2009 and 2010, it becomes disturbingly apparent that they are indeed insolvent. Indeed, Nouriel Roubini has recently predicted credit losses peaking at $3.6 trillion for US institutions, half of which ($1.8 trillion) will be borne by banks and broker dealers. This would totally wipe out the US banking system, which currently has a capital base of $1.4 trillion.

From the very start of this crisis, Professor Roubini, once nicknamed "Dr Doom", has proved to be one of the most accurate economists with his forecasts."
  • #6,015
  • Jan 31, 2009 9:15am Jan 31, 2009 9:15am
Quoting jacko
NOOOOOO !!!!! There will be huge opportunities to take money from this market as the currencies start to line up with their real fundamentals.

The Forex is the best market on the planet to trade.


.
True .. BUT your money still has to be in a bank where it is held for your account in order to trade........ a double edged sword ?
So now there are two entities regarding your funds that could fail.
Same Whore .... Different Dress
  • #6,016
  • Jan 31, 2009 9:20am Jan 31, 2009 9:20am
Quoting jacko
And what about those zombie car makers??? How long will it be before ALL motor vehicles are built in low wage countries with huge labor pools like China and Eastern Europe?? Five years maximum !!

Just as we all watched Communism crumbline, we are now watching the crumbling of Corporate Capitalism.
Capitalism will definitely remain, but in a dramatically changed format in the next 5 years

.
Did we really see communism crumble? Or is it just being disgiused as democracy? the new democratic agenda is quickly eroding the rights and freedoms of the people of this country. And don't forget the redistribution of wealth that is happening here under the guise of economic health, aka BAILOUTS. aka Nationalization.
Same Whore .... Different Dress
  • #6,017
  • Jan 31, 2009 10:34am Jan 31, 2009 10:34am
Quoting jacko
And what about those zombie car makers??? How long will it be before ALL motor vehicles are built in low wage countries with huge labor pools like China and Eastern Europe?? Five years maximum !!

Just as we all watched Communism crumbline, we are now watching the crumbling of Corporate Capitalism.
Capitalism will definitely remain, but in a dramatically changed format in the next 5 years

.

What is the best way to put the U.S. to work? Take away their wealth. What has been their greatest source of wealth? Realestate and 401Ks.

We are seeing something interesting unfold in Germany as well, where social assistance (HARTZ IV) is still much more generous than in the Anglo-Americam systems. I believe that the government is allowing many to abuse this system in order to drive it into bankruptcy.

Talk show about Hartz IV. (Oprah style )

http://rtl-now.rtl.de/geissen.php?film_id=10105&player=1&na=1

It might also interest you to know that there is another TV show in the Germany called "Raus aus den Schulden" (Get out of debt!)

http://rtl-now.rtl.de/rads.php

Europe + Better Pastries = U.S.A.

I can't begin to tell you how much has changed in this once conservative country.
  • #6,018
  • Jan 31, 2009 11:10am Jan 31, 2009 11:10am
@scexglobal Dont want to sound rude but please stop getting your economical information from entertainment television....
  • #6,019
  • Jan 31, 2009 12:33pm Jan 31, 2009 12:33pm
Quoting Catwatch
@scexglobal Dont want to sound rude but please stop getting your economical information from entertainment television....
LOL. What's the difference these days?!
  • #6,020
  • Jan 31, 2009 4:13pm Jan 31, 2009 4:13pm
Quoting jacko
NOOOOOO !!!!! There will be huge opportunities to take money from this market as the currencies start to line up with their real fundamentals.

The Forex is the best market on the planet to trade.


.

Ah, but there isn't a formula for calculating the value of a currency like there is with a stock (it's all relative in this business anyway ). That is, unless you count PPP and currencies don't necessarily revert to it over time anyway. I have yet to find a reliable fundamental metric. In fact, there are so many fundamental factors influencing the forex that I think it is impossible to perform any fundamental analysis (especially in a high liquidity environment which drives artificial demand).

Also, look how long it took housing to correct. Most of the shacks in the U.S. have been over-valued for more than 10 years.
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