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Jacko's Forex House of Pleasure and Pain

  • #6,901
  • Apr 5, 2009 11:20am Apr 5, 2009 11:20am
Quoting fxtrader29
I have read a lot of this thread and want to know how to join Jacko's group of traders. Is he still taking on new students ? Can someone point me in the right direction?
here is a link to his website, shoot him an email, yes he is taking new students http://waynejacksonfx.blogspot.com/
It's NOT GAMBLING when the odds are in your favor
  • #6,902
  • Apr 5, 2009 5:49pm Apr 5, 2009 5:49pm
I am new to this thread. Have been trading forex since June. I have been a scalper up to this point. Rather unsuccessful until the last couple of months. Though I am profitable at this point, staying up till 3 am to trade is taking its toll on me. Not to mention the stress of taking many trades a day etc. I have been looking for a longer term strategy and this appears to be the fit. I have read the first 80 pages of this thread and plan to keep on until I read the whole thread. I am starting to get a grasp on this strategy and the more I learn about it the more I like it. I am sure I will have questions after I finish reading, until then, I just wanted to thank Jacko for this wonderful thread and this method.

rgrace
  • #6,903
  • Apr 6, 2009 1:32am Apr 6, 2009 1:32am
Quoting acetrader
fxtrader29,

I would send Jacko a PM if he has it enable.....if he doesn't then go the email route. Although I AM NOT a group member I use his way of trading & it works well for me. It is not my core method, but I do devote 2 lots per trade to it. I have had several email converstions with Jacko & he is quick to respond to my emails even though I AM NOT a group member. From PM converstions I've had with some of his group members they are satified with their membership. If I was thinking of joining on with a mentor it certainly would be JACKO. As...
Thanks for this info. I will PM him
  • #6,904
  • Apr 6, 2009 1:36am Apr 6, 2009 1:36am
Quoting User Name
here is a link to his website, shoot him an email, yes he is taking new students http://waynejacksonfx.blogspot.com/

Thanks User Name. Is this his members Blog for his students?
  • #6,905
  • Apr 6, 2009 3:37am Apr 6, 2009 3:37am
Quoting User Name
here is a link to his website, shoot him an email, yes he is taking new students http://waynejacksonfx.blogspot.com/
thanks I have emailed him.
  • #6,906
  • Apr 6, 2009 5:27am Apr 6, 2009 5:27am
just spent all weekend finishing off the thread, the evolution of this thread and the insight and foresight of Jacko around the turn of the market was quite interesting, also the little infighting was quite amusing...

Question, is there an EA so i can trail my trades pip by pip, i dont want the anti hedge one where it does AH for fallen soldiers etc, just a simple pip by pip trail EA for mt4?? currently ive been doing it manually until its 100pips into profit then im able to use the mt4 one... so as you can understand, quite annoying...

ive emailed Jacko a week ago, I plan to join all of you turtles/lanterns etc once ive paid of my holiday, uni fees, read thru James16 and no brainer threads and of course gather some cash... hopefully the audusd will appreciate some more in that time, will make the $700 US easier to get..

happy trading to all
Grabbing the bull by the horns!
  • #6,907
  • Apr 6, 2009 5:45am Apr 6, 2009 5:45am
Quote
Question, is there an EA so i can trail my trades pip by pip, i dont want the anti hedge one where it does AH for fallen soldiers etc, just a simple pip by pip trail EA for mt4?? currently ive been doing it manually until its 100pips into profit then im able to use the mt4 one... so as you can understand, quite annoying...

This ea was posted early on in the thread...I'm not sure if it trails pip by pip or not as I haven't tested it yet...

Deepsouth
Attached File(s)
File Type: mq4 TrailingStop.mq4   9 KB | 484 downloads
  • #6,908
  • Apr 6, 2009 7:30am Apr 6, 2009 7:30am
Quoting fxtrader29
Thanks User Name. Is this his members Blog for his students?
No, he has another web page for students
It's NOT GAMBLING when the odds are in your favor
  • #6,909
  • Apr 6, 2009 8:50am Apr 6, 2009 8:50am
i cant validate this info, but thought it was worthy of notice. good for converation or to keep in the back of your mind,,,,,,,,,,,

The U.S. government's Bureau of Labor Statistics (BLS) shocked the world Friday with the release of its official, headline unemployment number: A surge from 8.1 percent to 8.5 percent.
But it's really a lot worse. This number (called "U-3"), although invariably cited by the press in the headlines, is the narrowest, most sugarcoated measure of U.S. joblessness:

  1. It excludes workers seeking full-time jobs, failing to find them, and then accepting part-time work that almost invariably pays far less.

  2. It excludes discouraged workers who have given up looking for jobs because they can't find any.

  3. And, as if that wasn't enough to color the truth, the BLS has been consistently and grossly understating the current unemployment numbers, not revising them until months later when fewer people are paying attention.

"The pattern of impossible biases being built into the headline monthly payroll employment continued with March 2009 reporting. Instead of the headline jobs loss of 663,000, consistent application of seasonal-adjustment factors would have shown a more-severe monthly jobs loss of about 750,000. This upside reporting bias has been seen in 11 of the last 12 months, with a rolling 12-month total upside headline-number bias of 1,345,000."

The proof: In every single one of its six most recent monthly payroll reports, the BLS has announced massive upward revisions in prior months' job loss numbers — with five of those even exceeding its own guidelines for the acceptable margin of error (plus or minus 5 percent).

The government also publishes a broader measure of unemployment ("U-6"), which corrects some — but not all — of the above flaws.
This measure includes many discouraged and part-time workers, as it should. And, lo and behold, those adjustments alone add more than seven full percentage points to the unemployment rate!
Instead of 8.5 percent unemployment, suddenly we see that we have 15.6 percent unemployment, according the government's own admission.
Instead of a recession, suddenly we see that we are already in a depression.
Whats happening in EUR/USD should be happening to you!
  • #6,910
  • Apr 6, 2009 10:34am Apr 6, 2009 10:34am
Quoting james16
i appreciate everyones kind comments. i admire and respect jacko a lot and i never want to come accross like a know it all. ( I DONT )

there are many traders with large accounts in the futures world that will only take a fib retrace at big numbers. This has been a regular approach in those markets for decades. thats where i spent 20 years before entering currency pair trading. ive been trading currency futures for years.

these large account traders dont care how often they trade they only care about 2 or 3 sure trades a month or less if it...
Hi Jim,

Thanks for the insight; however, if one were to "wait" on only 2 or 3 sure trades a month, instead of engaging in 30 - 50 signal trades per month, wouldn't it demand that you risk more than 2% of your capital to make the 5 or 6 figure profit targets you've referenced. I would assume that one would need to risk about 10%+ of his capital to achieve such returns from only 2 or 3 trades per month.

thanks,

Walt
  • #6,911
  • Apr 6, 2009 10:54am Apr 6, 2009 10:54am
Quoting jones247
Hi Jim,

Thanks for the insight; however, if one were to "wait" on only 2 or 3 sure trades a month, instead of engaging in 30 - 50 signal trades per month, wouldn't it demand that you risk more than 2% of your capital to make the 5 or 6 figure profit targets you've referenced. I would assume that one would need to risk about 10%+ of his capital to achieve such returns from only 2 or 3 trades per month.

thanks,

Walt
i believe those he talks about taking 2 or 3 trades a month, have account values where risking 2% will achieve the 5 - 6 figure profit targets. all depends on account size...

a $100,000,000 (50:1 leverage) $500,000,000 account risking 2% is $1000 per pip (i think my math is right) - maybe they have several 10-15 million dollar accounts to be able to get the leverage.
  • #6,912
  • Apr 6, 2009 2:44pm Apr 6, 2009 2:44pm
being blessed with a large account sure makes trading a hell of a lot easier
  • #6,913
  • Apr 6, 2009 3:13pm Apr 6, 2009 3:13pm
thats an understatement. i tried for 8 years to make a small account work and just could not. this was a looonngg time ago.

I KNEW HOW TO TRADE especially the last couple of those 8 years but it did not matter.

I COULD NOT KEEP FROM TAKING BAD TRADES.

they killed my confidence and then slowly another account.

A large account may not be as "large" as you think.

lets look at it.

what is a damn good monthly income at least for most people to start?

whatever it is we want to double it to build our accounts further.

lets say we would be satisfied with 30 thousand a month.

15k for a salary and 15k for account building.

obviously all these numbers are not static and will change as the account grows


account size to start - 250,000

risk per trade - 3 percent = 7500

average stop - 50 pips

7500/50 = 150 per pip


now the most important part.

3 of the best set ups you can possibly get per month based on how you trade. ( going months without a loss on daily charts based on this ultra ultra picky entry attitude is not that hard especially if your following someone like Jacko.)

you never let a winner turn into a loser. never ever ever. breakeven in my world is a win.

how many total pips would you need to get per month to reach 30k?

i will let you guys answer that.

the answer should rock you to your core if you have any trading experience at all.

EASIER?

easier times a million.















Quoting fugly
being blessed with a large account sure makes trading a hell of a lot easier
  • #6,914
  • Apr 6, 2009 3:45pm Apr 6, 2009 3:45pm
James, thank you for that post. Really gives me a picture of how possible it is to become a full time currency trader. It is my dream but I'm trading a $130 account right now. I may however be in a position at my job soon enough to earn a great salary. If that happens, I will try my hardest to have close to $250k saved. I hope I can do it, although it will be extremely hard to save for maybe 10 or 15 years. Always a pleasure to read your posts James
  • #6,915
  • Apr 6, 2009 5:55pm Apr 6, 2009 5:55pm
James,
Why is is that a guy with a small account would have such a hard time with his trades?, is it because the temptation to take risky trades is just that much greater?
  • #6,916
  • Apr 6, 2009 7:15pm Apr 6, 2009 7:15pm
i think so but of course thats just my opinion.

if a 200 pip move is worth 20 dollars vs 20,000.

which trader is going to be more likely to overtrade?

which trader is going to be more likely to let a winner turn into a loser?

the mental differences are so huge it could be the same person with both accounts and they would trade each seperate account like two totally different traders.


jim




Quoting trader john
James,
Why is is that a guy with a small account would have such a hard time with his trades?, is it because the temptation to take risky trades is just that much greater?
  • #6,917
  • Apr 6, 2009 8:53pm Apr 6, 2009 8:53pm
Watching the market every day and taking like 5-8 trades a month might not seem productive and the more you sit in front of the computer, the more trades you wanna take.

I currently have 3 accounts with 3 different brokers, one is my main one and the other 2 brokers were doing some kind of a promotion in December where they actually gave you free money to trade, but you can only remove the profits and not the money that they gave you. Anyway, I decided to use one of the free accounts as a testing account like a demo except with real money and I would make those risky "B" & "C" trades that looked somewhat good, but i didn't want to risk my personal money from my main account, so that kinda satisfied that urge to trade everything. After about month and a half of taking a lot of trades and testing some other things that account was down from where I started, so I decided to get back to basics with it and just make "A" trades based on what Jacko and Jim teach. So, now that account is back in profit 21.08% since 1/21/09.

Very interesting thing happened with the other free account. I decided to take only “A” trades on that one and I set my TP and SL at 100 pips and closed the platform until I was ready to open another trade, besides it was too many accounts to manage plus my full time job. 17 trades later that account is up 89.94%, since 1/16/09 and this is just trading EU, except for three trades in the beginning that were GU, but now I decided to only trade the Euro on all my accounts. Since I didn't close these trades manually that also helped with getting out of a trade too soon.

Ok, so the alternative to overtrading is to get a very small account with a few hundred dollars or whatever you're comfortable with so you can trade those trades that are tempting without risking your main account and saving the "A" trades for the main account. With a few good trades per month + compounding, things add up quicker than frequent trading with frequent losses. This could probably work also if you would open a demo account and make those risky trades there, but for me it worked a little better if there is a very small risk involved.

I noticed that if I lose money, I want to take the next trade that looks ok so I can make my money back, than that doesn’t work so you double your money, but I never actually did this,(it just goes through my head) walking away and closing the platform till the next day seems to work a lot better after a losing trade, and since I’m actually making some money in my accounts, I don’t want to risk my hard earned cash on risky trades. I don’t want to give any advise, because I’m still kinda new to this, been trading for only about a year, but that’s just what worked for me.
It's NOT GAMBLING when the odds are in your favor
  • #6,918
  • Edited Apr 7, 2009 9:45am Apr 6, 2009 10:41pm | Edited Apr 7, 2009 9:45am
Quoting james16
account size to start - 250,000
Though I personally do not have an account size of $250,000, I can understand what James is talking about. Nonetheless, if you take a hard-working individual in his early 30s, how long would it take that individual to save $250,000 (making $35,000 per year) in order to open up a trading account?

I'm not sure what James did in his days before trading, but to save $250,000 on a $35,000 annual salary could take decades. However, James has done incredible things, even after losing six-figures in his initial eight years of trading. (This is being quoted from his james16 Chart Thread, post #25737 (http://www.forexfactory.com/showpost.php?p=2645625&postcount=25737).) So, as said before, I'm not sure what he did (or still does) before his trading career to produce such cash flow.

Is it difficult to produce such cash flow? No. But it may be difficult for an individual making $35,000 per year with little or no entrepreneurial spirit.

I think we may be teaching this the wrong way. If someone comes to the table with the desire and discipline to "become" a trader (not just "be" a trader), then that individual should be treated as such. If he only has $10,000 to open up a mini account with, then we should teach him to treat that $10,000 like it was $100,000.

I can understand that all of this is a mindset. However, if one can alter his/her mindset in viewing their $10,000 as $100,000, then when he/she profits $1,200 that month (12% profit), then they will be shouting from the rooftops of their new found wealth-building system.

Jacko said (not verbatim): You need to detach yourself from the money and focus on the numbers. Realize that money is simply numbers.

Therefore, if you're not focused on the money (but you're only focused on the numbers), then you would treat $10,000 like it was $100,000 because by profiting 12 percent that month . . . you profited 12 percent . . . whether the account is $10,000 or $100,000 . . . 12 percent is 12 percent.

(Side Note: try getting 12 percent annually in a CD. 12 percent is incredible! The infamous mbqb11 (Mike) is profiting roughly 17-ish percent so far this year, and he is stoked with those numbers! ((Quoted from post #25755 in james16's Chart Thread (http://www.forexfactory.com/showpost.php?p=2645794&postcount=25755).)) Numbers are numbers . . . "detach yourself from the money.")

Although, I could be wayyyyyyyyyyyyyyyy wrong. James has been doing this for 26 years with an account size of WHO KNOWS how much. I have been doing this for LESS than 26 months with an account size of a little over $60K. His (and Jacko's) experience far outweigh(s) anything I could say.
  • #6,919
  • Apr 6, 2009 11:20pm Apr 6, 2009 11:20pm
Quoting james16
thats an understatement. i tried for 8 years to make a small account work and just could not. this was a looonngg time ago.

I KNEW HOW TO TRADE especially the last couple of those 8 years but it did not matter.

I COULD NOT KEEP FROM TAKING BAD TRADES.

they killed my confidence and then slowly another account.

A large account may not be as "large" as you think.

lets look at it.

what is a damn good monthly income at least for most people to start?

whatever it is we want to double it to build our accounts further.

lets say we would...
I believe the answer is about 4 trades per month for a total of 200 pips, in order to reach the $30k goal. However, I could only hope that one day I have the discipline and mental strength to enter 15 lots per trade for a 50 pip 1:1 sl:tp ratio. I don't think that I'll ever have the degree of certainty in a trade that would allow me to enter at such a high level (albeit that it's only 3% of a $250k account). Even a 50% fib retracement would not give me the necessary confidence to take the plunge... maybe one day...

Walt
  • #6,920
  • Apr 7, 2009 3:20am Apr 7, 2009 3:20am
Quoting james16
thats an understatement. i tried for 8 years to make a small account work and just could not. this was a looonngg time ago.

I KNEW HOW TO TRADE especially the last couple of those 8 years but it did not matter.

I COULD NOT KEEP FROM TAKING BAD TRADES.

they killed my confidence and then slowly another account.

A large account may not be as "large" as you think.

lets look at it.

what is a damn good monthly income at least for most people to start?

whatever it is we want to double it to build our accounts further.

lets say we would...
.......MASTER!

just 1 thing......how do you get a 50 pip stop on the daily? did i miss something.....g
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