Jacko's Forex House of Pleasure and Pain

I was going through you post and thought this information would be useful for you and others. Try www.4shared.com (http://www.4shared.com) website. This website is free and you can search books by author name or book name. I have downloaded atleast dozen books in pdf format free of cost, which if I bought would have cost me lot of money.

I hope this helps.

Thanks,

Alifari

Low, did you get my email...?

All 1035 pages....and I thought I was going to print myself a copy...LOL.

Thx Jpnek

FXtrader29, I'm assuming you used microsoft excel for your spreadsheet and were trying to determine average amount of pips gained vs. loss, average time in hours for those gains, if the AH was used and probability of success. Is this correct? Any other suggestions in what to use in my spreadsheet?
Thanks for your input....

[quote=kenkomo;2904376]I want to say thank you for your openness and sharing. Most traders would have tried to keep this for themselves only. In a market as big as forex, us lttle guys will never change the market so it is tops when we see something or someone who can help us being shared here. I have decided that I want to get serious about my trading so I am sending jacko an email to find out if he will let me join the group.[/quote]

You won't regret that. It was the most important and best decision I have made all year. His experience and mentoring is fabulous.

[quote=jamiewhite;2910483] Hey Jamie-

How has your trading approach differed since joining the group? Just curious what current/former turtles think about it.

Thanks,
-G

[quote=G550;2911066] It is a much more relaxed way to trade. I am not gambling on too many trades any more.
I am more sniper-like now on my trading. Before I was going out with a machine gun and hoping to hit enough targets to be profitable.
Jacko is an experienced and winning trader. We can see that in his trading results from as far back as Oct 2007. And his live trading results when he was posting live at DailyFX are well above the average trader.
Last week was amazing to watch him nail the different turns to within 2 pip accuracy. And he was picking the turns when thee market was over 150 pips away. AMAZING. I can't think of anywhere else where I can get training like I am getting from him. No IB will give me a job without experience, and I want to only trade with a winner trader anyway.

[quote=jamiewhite;2911099] Thanks for the response, Jamie. Sounds like Jacko has many satisfied turtles. Best of luck!

-G

[quote=jamiewhite;2911099] My experience with Jacko's group is the same. I am trading and winning pips a lot better than I was. He is a mega trader but he is willing to answer everything I ask and his trading blog which explains all his trades is incredible. He explains why he will take the trade position and at what price, then he discusses the trade while it is happening and then he explains why and at what price he is taking the exit.
His knowledge is phenomenal but his training is made simple so that we can understand what he is thinking and doing. He is an amazing trader.

[quote=teddybearhug;2911213] Thanks for the feedback, Teddybear. How long has Jacko been your mentor? How long did it take you to put his training into practice and do so with success?

Good call LVG, but what about this one compared?

As I consider myself a Jacko's turtle too (although trading more strategies), I would point out that the biggest difference is in market rhythm feeling of all turtles since joining the group ...and in my case more patience. I don't know how its possible, maybe it's just watching this guy's trading time schedule during the day, I did realize how can this heavily improve my results.

Update.

How do you guys set the number of periods to view on a chart? I'm using IBFX (MT4 platform). I know CTRL Y will display the period separators but I'm not sure how to set specific number of periods. Also, if you're looking at an H4 chart, does that mean each period is one bar?

Thanks.

something tells me jacko is long eur/usd...

300 candles on a H4 chart. Not sure how many periods that equals, but you should be able to convert it

300 bars on your 4 h or any chart is 300 bars of that time frame,so yes each bar is a 4h bar on 1h its 300 1h bars

Ok, so 300 bars is considered a "period". Got it.

Thanks.

I literally spent two months reading this entire thread (well, until the point where things went haywire and 90% of the posts were some kind of infighting of some sort).

I have numerous thoughts about all this, and I wish I had written them all down. None of this is meant as criticism, it's just how I see things. Full disclosure is that I am a relative newbie to Forex (half a year trading) but I am not a newbie to investing and financial markets.

1) First and foremost, whatever one thinks of every detail of Jacko's method, a huge debt of gratitude goes out from me to him for sharing his thoughts. I am not trading his method specifically, but have incorporated many aspects of his thought process and wisdom into my own strategy. But it is a strategy borne of what I saw in this thread. He also responded to a couple e-mails of mine promptly, even though I am not in his groups. I appreciate his willingness to share his knowledge.

2) That said, as a newbie who wants to learn, there isn't really anything much more annoying than posts that just say "Jacko's great!" and really kiss patootie without adding anything else to the conversation. In no way is this meant to imply that platitudes are inappropriate. But why would someone post 100 times nothing more than "Jacko's the man" or "I am becoming an awesome trader!" It seemed to be part of the devolution of this thread.

3) I can completely see why people are concerned about the direction of the thread, and obviously things went off track. Interestingly enough to me, I thought that there was as much fault in stifling good conversation with adherents to Jacko's system. Anything outside of eurusd is out of bounds because Jacko doesn't trade it, for example. I'll come back to this in a bit.

4) This thread quite plainly stopped being what it was intended to be as soon as Jacko took on the paid groups. It is what it is. It wasn't troubling to me that someone makes the decision to put his energies there as opposed to posting here. He owes us nothing. What I found a bit disconcerting is that suddenly, not only was Jacko much less forthcoming with new insights into the market fundamentals and chart set-ups, but his "turtles" actually started chastising other turtles for sharing any insight that was learned with the group. That, to me, saw the end of the benefit of continuing to read the thread. Yes, I understand that the basics of the thread are all in the first few pages, but there was still value in the comments. It's just too bad things went that direction.

5) I noticed that way too many people seemed to be essentially scalping the eurusd market. It wasn't 5-minute or 15-minute scalping, but every time there was a drop of 50 pips we had people jumping in.


My conclusions:

There is a difference between Jacko's method/system/strategy and its application. Many here have quashed otherwise good discussion on the system and how it could be applied in different ways simply because someone looked to apply it in a different way than Jacko. That is unfortunate. I never saw a single post where Jacko himself said that we should quash this kind of dicsussion. Others did that on his behalf, as police of the thread. Many times there were good reasons (introducing indicators) although that seemed to go overboard at times when the indicator presented was simply meant to assist in looking at a chart but was not being used as any kind of trading trigger.

Jacko's method is simple: Trade with the trend, trade on dips, use round numbers, use a trailing stop, use the anti-hedging strategy.

How Jacko has chosen to apply this method is to trade only eurusd (but you could use other pairs). He has chosen a 100 pip trailing stop (used to be 50). He uses only one, long-term trend. He uses a 50-pip drop to initiate AH.


I have been trading his method now for a couple months. My return to date is nearly 80%. But I apply his method differently:

1) I trade ALL currencies. At some point I'll weed out least performers. Why do I do this? Exactly to avoid overtrading! As opposed to feeling like I need to jump into the eurusd market when I shouldn't, I set up EVERY chart at an optimum entry point based on my chart analysis. I may trade a given currency only once a month, but I'm almost always in a couple positions. I can be very selective. And yes, the currencies are correlated, but they are not 100% correlated. So I don't put all my eggs into the eurusd basket. I'm at least somewhat diversified. I can afford to keep money management at 3% or less per trade and still be in multiple positions occasionally without being overextended.

2) However, I use round numbers to determine entries, as well as trend lines. But I will look to both major and minor trend lines. So, I will go short and then long, alternatively. I play AH both ways. But I am still playing the trend. Just not as conservatively as Jacko is. But the concept of the method is retained. I don't draw any trend lines on any time frame shorter than H4, so they are still longer-term trend lines.

3) I base my trailing stop and lot size on ATR(30)/2, which corresponds well with eurusd between 50 and 100 depending on market volatility. But I use a trailing stop from pip one.


I don't outline this to in any way suggest this is the way everyone should trade. It is to explain that I think one can think outside the box a bit and apply Jacko's general methodology in different specific ways and still be successful. Now, long-term will this work? I don't know. Maybe not. But for now it's doing well.


That said, there are some issues. The major one is that I work full time and cannot monitor my trades at work. My worst losses are due to LIMIT orders (catching a falling knife). Even trying to be conservative and pick the best stops can have drawbacks.

What I'd love is to find someone who is interested in working on an EA with me. Let me be clear that the EA would not analyze the chart or compromise the general method. It would use my own analysis and manually selected "trigger" levels to start gauging the price to initiate a STOP order as opposed to a LIMIT order. I can then get in with the trend direction. Unfortunately, MT4 doesn't have conditional orders that allows me to do that from the platform.

Anyone interested?


And this is my one post at explaining my deviations from Jacko's specific application. If people disagree with me that this is valid discussion point, then I will respect that and limit any future discussion to the specific method AND its application.

If anyone wants to discuss my method further, see where my journal is online where I showed trades in real time, and discuss creation of an EA, I'd be happy to discuss when I have time. geezep at yahoo dot com.

like alot of what you have said in your post,and agree with most of it.you can use the method on other pairs cable,and been having ago with cad also which has been doing well,i think you will find someone elsewere on ff to help with your ea,i dont use them myself.good luck with what you are doing.