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Jacko's Forex House of Pleasure and Pain

  • #7,141
  • Apr 23, 2009 10:55am Apr 23, 2009 10:55am
Quoting jacko
Hi simoncs

If I had crystal balls I would sit down ....very carefully

I would not be a seller under 1.3000 (you will get stopped out if you do)...I would be a seller much higher than that....But I like a bargain

.
Jacko
indeed.

yes - i have to agree with that - just my eagerness to be in a trade which i am fighting. I guess i still don't want to miss the opportunity (even though i know there will be another soon enough)

However - perhaps you can humour me for a moment - suppose this was all the retrace we got and price does move below 1.3 and continue down, maybe a hundred points or so. Do you wait on the sideline for the next retrace or would you be looking to get in by some other signal?


thanks
Simon

ps- I think i just answered my own question there
  • #7,142
  • Apr 23, 2009 11:00am Apr 23, 2009 11:00am
Quoting fxtrader29
Thats why I like you Jacko. No BS. Just tell me the facts.
And I don't need to tell you but your trading results are terrifically good .Year on year you have acheived stunning performance results.
Glad to be on board with you
Hi fxtrader29

I am impressed with the depth that you did with your research on me and my trades. I dont think anyone has done as much research and analysis of my
trades as you have.

I was reading your comments in the EUR/USD thread earlier. I am impressed.

Your emails/questions to me have always been intelligent. You sound like a man in a hurry to get to where you want to be

.
Jacko
  • #7,143
  • Apr 23, 2009 11:06am Apr 23, 2009 11:06am
Hi Jacko and the rest of the thread members,

I have over the past few days read through the whole thread once carefully, and even went through quite a few post multiple times.

I considered myself well schooled in Jacko ways and of cos put it to test immediately (in demo acct of cos).

To my horror, reading and knowing is not equal to real application. The moment I started trading, I started to suffered big lost, I lost my handle and started placing bigger bets, amending stop losses and refuse to acknowledged my failure in analysis. Eg, I have identified a major trend (downwards in EUR/USD pair now) and I have selled, why have I failed (stop out).

Looking back, I have failed several things:-
1) I have identified the trend, and assume it will continue with immediate effect, ignoring TA, thinking with AH all will be well.
2) I took bigger position to cover first position loss so loss grew by 100% each time.
3) I failed in following Jacko way of trade almost after 3 sec.
4) I promised myself to make notes but I did not esp when I started placing position in the spur of moment.

The point is, we can really understanding something, but when it come to application such as be patient, go in with a goal and expectation, stop digging deepers holes is hard to applied.

Conclusion:- Start with a demo accts until the above weakness are removed (if possible...).

Btw: Jacko thanks alot for the trading method, frankly it is idiot proof (almost) however it is difficult for idiot like the current me now to apply. But I will try my best. Cheers!
  • #7,144
  • Apr 23, 2009 11:15am Apr 23, 2009 11:15am
Quoting simoncs
indeed.

yes - i have to agree with that - just my eagerness to be in a trade which i am fighting. I guess i still don't want to miss the opportunity (even though i know there will be another soon enough)

However - perhaps you can humour me for a moment - suppose this was all the retrace we got and price does move below 1.3 and continue down, maybe a hundred points or so. Do you wait on the sideline for the next retrace or would you be looking to get in by some other signal?


thanks
Simon

ps- I think i just answered my own question there...
Hi Simon

Regarding your eagerness You just answered your own question..."i know there will be another soon enough"

Regarding the retrace You sound like the pretty girl who just got asked to the Prom by the UGLIEST guy in the universe....Would you accept or wait for another offer.
The point is: Don't sell yourself cheap to the brokers and take the first/worst deal on offer. Be selective, show some class, don't be seen as "easy"

.
Jacko
  • #7,145
  • Apr 23, 2009 11:24am Apr 23, 2009 11:24am
Quoting jacko
Hi fxtrader29

I am impressed with the depth that you did with your research on me and my trades. I dont think anyone has done as much research and analysis of my
trades as you have.

I was reading your comments in the EUR/USD thread earlier. I am impressed.

Your emails/questions to me have always been intelligent. You sound like a man in a hurry to get to where you want to be

.
Jacko
I appreciate the public compliment. Btw, I am long at 1.2950 and 1.3000. I was going to add more at 1.3050 but saw the % risk was getting too high. Lets hope that your target price is struck. And YES I have SL under both trades.

Regards
  • #7,146
  • Apr 23, 2009 11:25am Apr 23, 2009 11:25am
Quoting jacko
Regarding the retrace You sound like the pretty girl who just got asked to the Prom by the UGLIEST guy in the universe....Would you accept or wait for another offer.


wow, this point sure hits home
  • #7,147
  • Apr 23, 2009 11:37am Apr 23, 2009 11:37am
Quoting fxtrader29
I appreciate the public compliment. Btw, I am long at 1.2950 and 1.3000. I was going to add more at 1.3050 but saw the % risk was getting too high. Lets hope that your target price is struck. And YES I have SL under both trades.

Regards
Aggressive trading...

good luck

.
Jacko
  • #7,148
  • Apr 23, 2009 11:42am Apr 23, 2009 11:42am
Quoting jacko
Don't sell yourself cheap to the brokers and take the first/worst deal on offer. Be selective, show some class, don't be seen as "easy"
This single comment is probably the most profound comment I have ever read anywhere about investing and trading. Thank you!!!!!!!!!!
  • #7,149
  • Apr 23, 2009 11:46am Apr 23, 2009 11:46am
Quoting jacko
Hi Simon

Regarding your eagerness You just answered your own question..."i know there will be another soon enough"

Regarding the retrace You sound like the pretty girl who just got asked to the Prom by the UGLIEST guy in the universe....Would you accept or wait for another offer.
The point is: Don't sell yourself cheap to the brokers and take the first/worst deal on offer. Be selective, show some class, don't be seen as "easy"

.
Jacko
Hi jacko,
I have read most of this thread and even spent this past weekend reading through all your trades from your dailyfx days(my wife didnt like that,)
I have been applying your technique for a while and learning from my mistakes in both demo and live trades..
Its beginning to dawn on me thats its all about looking at the big picture.
The excitement of jumping up and down is finally wearing off and i know i will be able to identify those big entry levels that come around once in a while..

what are your thoughts about an entry anywhere between 1.32-1.34 taking us all the way to parity before this time next year??


Thanks
Some drink at the fountain of knowledge. Others just gargle !
  • #7,150
  • Apr 23, 2009 11:47am Apr 23, 2009 11:47am
Quoting jacko
Hi Simon

Regarding your eagerness You just answered your own question..."i know there will be another soon enough"

Regarding the retrace You sound like the pretty girl who just got asked to the Prom by the UGLIEST guy in the universe....Would you accept or wait for another offer.
The point is: Don't sell yourself cheap to the brokers and take the first/worst deal on offer. Be selective, show some class, don't be seen as "easy"

.
Jacko

perfectly put

from now on I'm going to play hard to get

thankyou
  • #7,151
  • Apr 23, 2009 12:13pm Apr 23, 2009 12:13pm
Quoting plan-b
Hi jacko,
I have read most of this thread and even spent this past weekend reading through all your trades from your dailyfx days(my wife didnt like that,)
I have been applying your technique for a while and learning from my mistakes in both demo and live trades..
Its beginning to dawn on me thats its all about looking at the big picture.
The excitement of jumping up and down is finally wearing off and i know i will be able to identify those big entry levels that come around once in a while..

what are your thoughts about an entry anywhere between...
Gee....On a weekend....Having wild passionate sex with the wife...OR reading jackos thread on dailyFX......which one would I choose????? .... LOL...shut the computer down QUICK!!

1.32- 1.34 then down to parity...sound a possibilty...a good possibility

.
Jacko
  • #7,152
  • Apr 23, 2009 1:12pm Apr 23, 2009 1:12pm
Jacko-
Thanks for your wisdom. Iy looks as though 1.3095-ish area has some minor resistance going back the past few weeks. Do you think it is sufficient to stop or slow the bull run to 1.3150?
Thanks in Advance
  • #7,153
  • Apr 23, 2009 1:24pm Apr 23, 2009 1:24pm
Quoting bez3000
Thats very interesting, is 5 or 6 trades normal for a couple of weeks? Also an average of 70 pips is that after getting stoped out with 100 Trailing Stop?
Bez3000 - 5 or 6 trades is the new "normal" for my trading. I was trading much more frequently but now I have fewer trades that are much more thought out. Jacko is correct, this is truly a thinking man's game. This is not like sales or other professions. In sales, you can dig your way out of a jam with activity, in trading, you'll just dig your own grave. A few well placed trades that have a high probability of success is all you need to succeed.

That win average is the average of some shorter term trades with my longer terms trades. I try to only have one major trade going at one time but sometimes I will slip a short term trade in if I see an opportunity that meets my parameters. So basically that average includes three 100 pip wins and a few smaller wins.
  • #7,154
  • Apr 23, 2009 2:41pm Apr 23, 2009 2:41pm
Quoting Nanook438
Jacko-
Thanks for your wisdom. Iy looks as though 1.3095-ish area has some minor resistance going back the past few weeks. Do you think it is sufficient to stop or slow the bull run to 1.3150?
Thanks in Advance
Looks like PA is answering my question.
  • #7,155
  • Apr 23, 2009 2:46pm Apr 23, 2009 2:46pm
Quoting jacko
Hi simoncs

If I had crystal balls I would sit down ....very carefully

I would not be a seller under 1.3000 (you will get stopped out if you do)...I would be a seller much higher than that....But I like a bargain

.
Jacko
Hi jacko!

What made you think that it would go beyond 1.3?
  • #7,156
  • Apr 23, 2009 3:00pm Apr 23, 2009 3:00pm
Has definitely come down way to far to make me want to sell right now. With the market stalling like this, I think it's time for the bulls to have a little fun

Long at 1.3050
  • #7,157
  • Apr 23, 2009 3:52pm Apr 23, 2009 3:52pm
Quoting superdezign
Long at 1.3050
Could you explain this please? Do you mean you are planning to go long at 1.3050 when it gets back there or are you saying you already went long there?

Regards,

Dan
  • #7,158
  • Apr 23, 2009 3:58pm Apr 23, 2009 3:58pm
Quoting superdezign
Has definitely come down way to far to make me want to sell right now. With the market stalling like this, I think it's time for the bulls to have a little fun

Long at 1.3050
You think? Down trend since march 19th. It's right at the 50%fib right now
  • #7,159
  • Apr 23, 2009 6:51pm Apr 23, 2009 6:51pm
Quoting DanUK
Could you explain this please? Do you mean you are planning to go long at 1.3050 when it gets back there or are you saying you already went long there?

Regards,

Dan
Already long.

Riding it out right now
  • #7,160
  • Apr 23, 2009 8:27pm Apr 23, 2009 8:27pm
Quoting fxterrapin
Hi jacko!

What made you think that it would go beyond 1.3?
1.30 is a big round number and a resistance point, chances are good that if you place sell order just below 1.30, price might dip down below 1.30 pick up your short, bounce up and stop you out on the way up, before going down again. That's just how I see it tho
It's NOT GAMBLING when the odds are in your favor
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