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Jacko's Forex House of Pleasure and Pain

  • #7,481
  • May 5, 2009 2:28pm May 5, 2009 2:28pm
Quoting Whiteflame
Hi everyone.

Has anyone got any advice for a complete novice like me. e.g anything else i should read, words of encouragement. anything would be much apprecaited.

Thanks everyone.
Whiteflame.
Hi Whiteflame.

Though I'm not quite often post here, but I always have my time to read what people discuss here. Jacko (as well as fti, trader888, james16 and some others) are great trader to learn from.

First if you are totally new to forex, you still have long ways to go. Prepare for a marathon championship. The reward is you can make your own life anywhere you like, anytime you want to pull the money out and it will never be taken out from you forever (worthy enough?). If you haven't read the lesson from babypips.com , just go to the site and learn from the school. It is a good way to start. There are some senior traders there also which sometimes post their ideas and you can compare with your own analysis. Nope I'm not a babypips marketer.

Next is build your own trading mentality. This is built along with sharping your edge (trading method) and facing the market from time to time. Being discipline, rigid to your own rule, patience and some other emotional aspects are essential. The only good thing in ordinary life that WON'T prevail in forex is what we call HOPE. Forget hope while you're in trading. Abandon it. Eh, and don't forget to learn about Money Management also.

Start with demo account for better knowledge of platform usage. Next is start with small live account for trading mini or even micro. I recommend you to use mini or micro in the beginning because we tend to blow up our first account when we begin to trade . But the aim is to help you know how to maintain your psychology when facing the market. When you have manage you emotion well, the race will be much smoother though there are will always another things to learn.

Last, check what diallist posted here:
http://www.forexfactory.com/showthread.php?t=3156
Manage your risk accordingly and you're half done your home work.
  • #7,482
  • May 5, 2009 2:34pm May 5, 2009 2:34pm
Quoting smellthepips
So are there any proof, besides euphoria of newbies who are "mesmerized by all the wisdom in the thread" as to long term profitability of Jacko's method?....
Is it your way to humiliate what people great real work? While you are mocking the others, you don't even give solution at all rather than discouraging noobs who try to learn how to make their life thorough forex.

Shame on you
Manage your risk accordingly and you're half done your home work.
  • #7,483
  • May 5, 2009 2:42pm May 5, 2009 2:42pm
thanks alot personalme for replying i will look at babypips and go through the lessons. thanks for the encouragement i cant wait to get started.
  • #7,484
  • May 5, 2009 3:01pm May 5, 2009 3:01pm
Hi whiteflame,

there is so much good stuff on this forum that the list would be very long - so I can only give you what my experience, albeit limited (though I make a living from forex, I've only scratched the tip of the iceberg regarding the world of trading and all the nuances behind it) as to what other threads i think are as valuable as this one:

James 16, No Brainer Trades, Strats Long Term Stress Free, Clockwork.

learn about Fibonacci Levels, Trend Lines, Pivots and study Price Action and Support/Resistance and how strong they are when they interact with each other (or PASR).

another vital element is Money Management so study everything you can about it.

and lastly maybe THE most important of them all...the Psychology of trading - getting into the mindset that there ARE losses and the ultimate road to success is learning to accept them without problems (they are a cost of doing business) and integrate them into what will become your own trading strategy.

finally, this is a marathon...not a sprint...never forget that.

cheers and welcome aboard
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,485
  • May 5, 2009 3:03pm May 5, 2009 3:03pm
yes - I recommend Baby Pips and its School as well....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,486
  • May 5, 2009 4:10pm May 5, 2009 4:10pm
thanks alot coscorp . the info is great, i will make a start on it. my plan is a long term one so no chance of me running before i can walk.

thanks again
  • #7,487
  • May 5, 2009 4:29pm May 5, 2009 4:29pm
today i experienced what its like to practice bad money managment rules.................. in the last 2 days i lost 2700 which took me 4 weeks to attain.

question to u guys, has anyone used DAILY FX indications and signals?
and whats ur thoughts about it. now on eur usd i did my own analysis and it was playing around 68 fib line yesterday and daily said strong buy, so i did and then it reversed. i know nothing is 100% and i learned my rule to use money managment.

Im really having difficulty drwaing appropriate trend lines and when i do i second guess myself, sometimes i draw it and do not realize what im looking for and next thing u know the price drops 200 pips. is there any advice or reading you can point me to?

I do want to take jackos class because i do want a mentor but 700 is too much right now for me but it will be the investment ill make ocne i save up a little bit.

Please help me out

thanks
  • #7,488
  • Edited 6:08pm May 5, 2009 5:50pm | Edited 6:08pm
Quoting smellthepips

Oh yeah, did newbietrader blown up yet with his "aggressive" style trading?



95% of traders loose money in forex, don't kid yourself that you are 5%
The MONEY in my bank tells me I am in the 5%

http://www.forexfactory.com/showpost.php?p=2626624&postcount=6820

http://www.forexfactory.com/showpost.php?p=2635211&postcount=80891

http://www.forexfactory.com/showpost.php?p=2635248&postcount=54

I have been tradeing for nearly 3 years. Best thing I ever did was to meet Jacko
http://www.forexfactory.com/showthread.php?t=13081 (http://www.forexfactory.com/showthread.php?t=13081)




=
  • #7,489
  • Edited 11:06pm May 5, 2009 6:03pm | Edited 11:06pm
Did anyone catch this? heads up,,,,,,,,,,

bulls

http://www.forexfactory.com/news.php?do=news&id=167364

Just a friendly alert to let you know to stop trading from IBFX platform until you check your prices against multiple brokers. For those affected your indicators may not be giving you the right signal because of incorrect price data. IBFX caught me sleeping this week, not checking to make sure they are being honest. I have not had the correct price feed for gbpusd, usdjpy, and gbpjpy producing many false signals. I contacted IBFX and they told me they knew about the problem. I asked why no alert was sent out and they said because they just found out....yet they still have not made an alert to traders.

edit: i should add i called ibfx about this and the guy wa sa complete jerk about trying to even address this. i got nowhere on it, maybe someone else has got some info,,,,,,,
Whats happening in EUR/USD should be happening to you!
  • #7,490
  • May 5, 2009 7:23pm May 5, 2009 7:23pm
Thanks, bulls. One of my accounts is with Interbank FX . . . luckily, it's not my larger one. I have not noticed anything unusual, but I will double-check.
  • #7,491
  • May 5, 2009 7:43pm May 5, 2009 7:43pm
Quoting NotoriousFAT
Jacko is sitting on his hands at the moment, waiting to see if this thing uses the TL as support or if it breaks down through it again... the guy has patience to be envied.
I think Jacko know what he doing ,From what i read about him he calm and know what to do very good.

For me...Start to worry after today drop because usualy i see monday go in direction and rest of week in other so if today drop Are We Going Down Again!!?
But still have faith we will go up
  • #7,492
  • May 5, 2009 9:39pm May 5, 2009 9:39pm
Quoting Whiteflame
Hi everyone.


Has anyone got any advice for a complete novice like me. e.g anything else i should read, words of encouragement. anything would be much apprecaited.

Thanks everyone.
Whiteflame.
Hey Whiteflame,

what personalme and other said and also, sounds like your financial situation might be a little tight, so once you start making some consistent profits on a demo account, you should google for a a broker that is offering a promo account where they give you money to trade. I got myself two extra accounts where they just gave me free money, no strings attached and nothing came out of my pocket for those. I guess they were hoping I would lose the promo money and deposit my own, but since january 2009 I managed to increase the one account by about 40% and the other by 152% now, just trading the E/U.

I only started trading at the beginning of 2008, tried a bunch of things lost some money. Then I reevaluated my trading at the end of the year and started trading jacko style in 2009 with trendlines, fibs, round numbers etc and started making money. I recently joined his group so I can learn more and understand his thought process when he puts on his trades on, which is helping a whole lot more.

If there was one or more than one thing that I would recommend, it's trade longer time frames, don't make it difficult, get rid of all the MA and all the useless indicators and just stick to the basics. Don't trade with emotions, see what the market is trying to tell you and plan your trades ahead and if prices reaches "X" you will go short or long or whatever and if it doesn't you won't, don't chase the market.

The account that I increased by 152% this year, I place trades and let them sit there for days sometimes until they get executed and they almost always get closed by predetermined TP or SL most of the times it's 100 pips

Oh yea and trade with the trend
It's NOT GAMBLING when the odds are in your favor
  • #7,493
  • May 5, 2009 9:52pm May 5, 2009 9:52pm
I honestly have enjoyed the counsel given to Whiteflame. It's great to see people progress as traders and realize that they can, indeed, become successful at trading. It's also humbling to be around good people who are willing to share their knowledge.

I'm such a boob . . . I think I'll leave my computer and weep for a moment.
  • #7,494
  • Edited 11:00pm May 5, 2009 10:31pm | Edited 11:00pm
Quoting Pipped
Hi,

The Anti-Hedge should be placed once price has gone at least 50 pips past your TSL, [b]but only if your original trade fails....
Hai

Originally, I was short at 1.3300 with SL 1.3400. After price down to 1.3250, I moved my SL to 1.3300 and closed 1/3 of my order. I placed AH at 1.3300 after the price move upward beyond my SL to around 1.3380.

Looking to your advised, very clear that I was wrongly interpreted AH before. The important fact is that it should only be used to get me back into the market in the direction of the trend when the original trade fails. Well, I used to think that the BE was also a failure to me.

Correct me if I was wrong. From my understanding here, SL for AH would be 50 pips instead of 100 pips as to the original trade.

I will definitely follow your advised on using of AH in future. BTW, I am trailing the trade down from 1.3300 right now. . Nothing to proud of as you are right that is better to look on new set up rather than AH for my situation.

Thank you so much your advised.
  • #7,495
  • May 5, 2009 11:33pm May 5, 2009 11:33pm
Quoting IliaM

Im really having difficulty drwaing appropriate trend lines and when i do i second guess myself, sometimes i draw it and do not realize what im looking for and next thing u know the price drops 200 pips. is there any advice or reading you can point me to?


thanks
Hope this can help you.
Attached File(s)
File Type: pdf CURR - TDTL (currencytradermag) Sept 2006.pdf   388 KB | 882 downloads
File Type: pdf SMART INVESTOR - How-To-Draw-TrendLines (smart investor) May 2007.pdf   458 KB | 1,098 downloads
File Type: pdf TAS&C - Support and Resistance Precision (TAS&C).pdf   299 KB | 1,198 downloads
  • #7,496
  • May 6, 2009 12:17am May 6, 2009 12:17am
I would like to talk with someone that is trading jacko's trades for a good amount of time.. please PM me..

dont worry, its nothing bad.. just questions is all..
  • #7,497
  • May 6, 2009 1:27am May 6, 2009 1:27am
The more I read this thread, the more I get lost. This method looks simple initially but when getting down to trade more questions popped:

1). When drawing the .5 fib line, is it necessary to join up the most recent high and low? Can we choose any highs/lows prior so that it would intersect the trend line at an "comfortable" place (e.g. the intersection point not before current time, not too close and not too far away in the future from current price) (Must it intersect the trend line nicely?)

2). Sometimes it can be hard to determine the trend. What if I am looking at 200+ H4 bars and the left and right prices of my screen are roughly the same although price fluctuates wildly in between?

3). When we have determined the trend just by looking at the chart (comparing left and right five year old kid way), do we really need trend lines?

I think there are more questions but I can generate these for the time being...
  • #7,498
  • May 6, 2009 2:56am May 6, 2009 2:56am
Thanks username. All the information is very much appreciated.
  • #7,499
  • May 6, 2009 2:56am May 6, 2009 2:56am
Quoting anskaven
The more I read this thread, the more I get lost. This method looks simple initially but when getting down to trade more questions popped:
Hi,

let me see if I can be of any help...

Quoting anskaven
1). When drawing the .5 fib line, is it necessary to join up the most recent high and low? Can we choose any highs/lows prior so that it would intersect the trend line at an "comfortable" place (e.g. the intersection point not before current time, not too close and not too far away in the future from current price) (Must it intersect the trend line nicely?)
It depends on the timeframe (lowest Jacko uses is H4) you are trading and on what movement you are focusing on. Fibs - by definition - are calculated linking the HH to the LL - personally I use the HH and the LL I see on the time frame I'm using - be it H4 Daily or Weekly. Some like to concentrate on the last swing high and swing low - a times I will draw both just to see whether things lines up at a particular level giving me futher strength where it occurs

No, you should never try to adapt the TL's or S/R levels you are drawing in to fit what you want to see - that's suicide.

Quoting anskaven
2). Sometimes it can be hard to determine the trend. What if I am looking at 200+ H4 bars and the left and right prices of my screen are roughly the same although price fluctuates wildly in between?
Jacko uses 300 bars - a trend is usally clearly identifiable - otherwise it would be fairly safe to say price is ranging - in that case you need to see what level price is ranging to and from - called a channel - and take it from there. Specifically if price is reaching the top of the channel you would want to wait to see if it will break and how strongly, or if it will be rejected - at the same time you want to see how that level combines with the tl's you see, your . 50 fib and if you are at a round number level - or confluence for short. The stronger the confluence the higher the probability you will get a strong move.

Quoting anskaven
3). When we have determined the trend just by looking at the chart (comparing left and right five year old kid way), do we really need trend lines?
That's up to you I guess...but having it there can help tell you where price is compared to it just with a glance

Quoting anskaven
I think there are more questions but I can generate these for the time being...


Ask away...

Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,500
  • May 6, 2009 3:21am May 6, 2009 3:21am
Quoting nazeri1111
Hai

Originally, I was short at 1.3300 with SL 1.3400. After price down to 1.3250, I moved my SL to 1.3300 and closed 1/3 of my order. I placed AH at 1.3300 after the price move upward beyond my SL to around 1.3380.

Looking to your advised, very clear that I was wrongly interpreted AH before. The important fact is that it should only be used to get me back into the market in the direction of the trend when the original trade fails. Well, I used to think that the BE was also a failure to me.

Correct me if I was wrong. From my understanding...
You know I've been thinking about a situation like this one where one scales out of the trade.

Theoretically, having 2/3 of the trade still in play one could attempt to use the AH to recover the loss on that portion. Thus if you waited for the price to move at least 50 pips past your SL and then reentered in the same direction as your original trade you were correctly- inho - using the strategy. If it didn't work out, patience, and move on.

Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
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