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  • #81
  • Aug 7, 2009 10:28am Aug 7, 2009 10:28am
Quoting fxtrader29
every thtread you go into you post a pile of shit and argue with every other posters.
Debate, discuss, argue, it's what forums are all about. You posted a question, I replied. It was obviously not the reply you wanted to hear but that's the risk you run when trying to promote a business on public forums.

I don't think it's a 'pile of shit' to point out the pros and cons of paying money to a commercial trader training course, and to point out the differences between them and a mentor.

Bottom line - if you ask a question don't be surprised if some of the responses are not what you wanted to hear
  • #82
  • Aug 7, 2009 10:43am Aug 7, 2009 10:43am
Quoting fxtrader29
This is a post that got me interested in Jacko's mentoring

http://www.forexfactory.com/showthread.php?t=13081
I also read this thread and Jacko's thread. I decided to join his group but finally, I am so disappointed and upset because I can't join. So bad luck I am.

Good to hear you and other can learn a lot from him.
  • #83
  • Aug 7, 2009 11:27am Aug 7, 2009 11:27am
Quoting mikkom
I'm a bit curious - why would a strategy that works on high lots be more inefficient with lower lots? I would assume it's vice versa unless you mean jackos orders move the market and that is a bit absurd.
Quoting mikkom
However you seem to be a little picky in what questions you answer and what you don't answer. I'm still curious why jackos method wouldn't work [better] on smaller trade sizes.
Sorry, it wasn't intentional, it got a bit busy round here!

I wasn't saying they would or wouldn't work any better or worse, I was just saying it brings even more into question whether his strategies would be equally effective or even suitable for someone trading micro lots with a dealing desk bucket shop.

I'm not sure why anyone needs to mention size when they talk about their trading performance anyway, it's really not relevant unless it's put into context. I guess trading 20m might impress some people but we all know there are far bigger fish in this market!
  • #84
  • Aug 7, 2009 12:09pm Aug 7, 2009 12:09pm
Quoting pipmutt
Sorry, it wasn't intentional, it got a bit busy round here!

I wasn't saying they would or wouldn't work any better or worse, I was just saying it brings even more into question whether his strategies would be equally effective or even suitable for someone trading micro lots with a dealing desk bucket shop.

I'm not sure why anyone needs to mention size when they talk about their trading performance anyway, it's really not relevant unless it's put into context. I guess trading 20m might impress some people but we all know there are...
Fair enough, I already deleted the post before you answered it, thanks for answer - I was just curious.

IMHO there shouldn't be any difference especially because as far as I know, he's not scalping but trading longer term. Few pips difference here and there shouldn't matter but I might understand what you are saying - is the percentage big enough for people who are not trading serious money. That's a good question that everyone should ask themselves of course.
  • #85
  • Aug 7, 2009 12:15pm Aug 7, 2009 12:15pm
Quoting pipmutt
Debate, discuss, argue, it's what forums are all about. You posted a question, I replied.
You slandered someone by saying they were not a real mentor and practicing an unethical business.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #86
  • Aug 7, 2009 12:21pm Aug 7, 2009 12:21pm
Quoting LasVahGoose
...practicing an unethical business....
lol, oh God, not that again! It's all in my replies in this thread if you need an explanation....

Anyway, have a nice weekend all
  • #87
  • Aug 7, 2009 5:54pm Aug 7, 2009 5:54pm
Quoting fxtrader29
I agreed to be mentored by Jacko because I wanted to become a better trader. I joined because he has PROVED to be a consistent winner over a long time. And I admit, I wanted his signals. Why not, I made all my joining fee back in my first week.
I won 10 times my joining fee in two weeks.
http://www.forexfactory.com/showpost.php?p=2697142&postcount=7203[font=Verdana][size=2]...

I agree a good mentor repays the cost of his educational and experience many times over. Congratulations on your trading fxtrader29. Is the 29 your age?
  • #88
  • Aug 7, 2009 7:11pm Aug 7, 2009 7:11pm
Great to hear about your success fxtrader. I have always been a fan of Jacko, his thread on here is a pure Gem.

I think a lot of people seem to forget that we all learn differently. I know that some people learn immediately from others, other people can be told 100 times and it does not sink in until they actually do it for themselves.

What works for you does not guarantee that it will work for everyone else. One of the most crucial elements for succeeding in anything is determining your own personal strengths and weaknesses. Accentuate your strengths and work on improving your weaknesses. Trading is certainly no exception to this rule.

"Accentuate the positives, eliminate the negatives and don't mess with Mr. in-between"

Just like the theoretical versus practical argument. There's no single correct method, it all depends on how you learn. I believe the topic is entitled "Adult Learning".

Theoretically, it's best to learn from others' mistakes and successes, but practically that may not be right course of action for you.
  • #89
  • Edited 8:55pm Aug 7, 2009 8:28pm | Edited 8:55pm
Quoting gbppip
What can a mentor teach you that you do not already know?

 

  1. Price either goes up or down.
  2. No one knows what will happen next.
  3. Keep losses small and let winners run.
  4. POSITION SIZE = RISK / STOP LOSS
  5. The reason you entered has no bearing on the outcome of your trade.
  6. You can control the size of your loss (skill) but you can't control the size of your win (luck).
  7. You need to know when to pick up your chips and cash them in.

You are talking about simple things that a trader needs to know to excel in the trading business, but who wish to do it? I think, majority of retail traders do not want to make rational decisions and accept outcome (gain and loss) gracefully like a Samurai warrior. Perhaps that might explain bucket shops and mentoring businesses. I would rather use coin-toss signals to trade, instead of accepting delusions of online mentors.

http://www.noogenesis.com/pineapple/..._elephant.html
No Fear, No Regrets A sense of purpose makes life meaningful
  • #90
  • Edited Aug 8, 2009 12:40am Aug 7, 2009 11:59pm | Edited Aug 8, 2009 12:40am
I don’t understand why everyone gets hot and bothered about employing a mentor.
Here in Australia, an accountant who wants to become a Certified Practising Accountant (CPA) is required by law to have a mentor so that junior members of the profession don’t continually make the same mistakes as previous professionals. The top lawyers in Australia do too. Most professions do. It is also the basis of master tradespeople employing apprentices.
I am a 29 yo (CPA) with a staff of 28 full time employees. My CPA mentor has saved me 100’s of thousands of dollars from not making mistakes and has shown me how to best develop and grow my business.
I quickly found out that the cost of the learning from the experience and wisdom of a mentor is chump change. The cost of not paying for anything and trying to learn every thing from scratch is paid for in making all the stupid newbie mistakes, which is a lot more expensive.
  • #91
  • Aug 8, 2009 12:35am Aug 8, 2009 12:35am
Quoting daringdave
I agree a good mentor repays the cost of his educational and experience many times over.
I agree too, a mentor can be invaluable!

But there are mentors and then there are people who put together a few half-baked ideas about the market, chuck a strategy together to trade it, tell everyone how successful they are and how much money they trade, package it all up and punt it to unsuspecting gullible newbs who don't know any different!

The first, invaluable. The second, worse than worthless!
  • #92
  • Aug 8, 2009 12:44am Aug 8, 2009 12:44am
Quoting fxtrader29
The cost of not paying for anything and trying to learn every thing from scratch is paid for in making all the stupid newbie mistakes, which is a lot more expensive.
Good Post.

A good mentor is worth every penny and is money well spent. Once the money starts rolling in, having a kick butt accountant on your side is a money well spent too. Get all the T's crosses and I's dotted.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #93
  • Aug 8, 2009 12:48am Aug 8, 2009 12:48am
Quoting pipmutt
I agree too, a mentor can be invaluable!

But there are mentors and then there are people who put together a few half-baked ideas about the market, chuck a strategy together to trade it, tell everyone how successful they are and how much money they trade, package it all up and punt it to unsuspecting gullible newbs who don't know any different!

The first, invaluable. The second, worse than worthless!
I don't understand why you have such a hatred for Jacko.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #94
  • Aug 8, 2009 12:51am Aug 8, 2009 12:51am
Quoting gbppip
What can a mentor teach you that you do not already know?

The answer to that question is : ALMOST EVERYTHING

I could have been tight-fisted with my money and decided NOT to pay for my University degree and the cost of having a mentor.
I could have decided to pay for nothing and learn everything about accountancy from the internet for free.
But do you think I would have two thriving accountancy businesses with 28 staff by the age of 30? I am not conceited enough to say that I could have done it on my own. I am forever indebted to my CPA mentors for sharing their wisdom and experience with me.

Likewise for trading. I could have leapt into trading with much gusto and traded like every other newbie. But I didn’t want to be in the 95% of traders who blow up their accounts. And as good fortune would have it, having Jacko for my mentor in this business have not only saved me thousands of dollars, but has already made me tens of thousands of dollars.
  • #95
  • Aug 8, 2009 12:54am Aug 8, 2009 12:54am
Quoting LasVahGoose
I don't understand why you have such a hatred for Jacko.
Because he is a loser trader who can't afford to join Jacko's group
  • #96
  • Aug 8, 2009 1:07am Aug 8, 2009 1:07am
Quoting LasVahGoose
I don't understand why you have such a hatred for Jacko.
I don't hate him, I don't even know him! I read through the first few posts of his thread though and I can't say I was too impressed by some of the obvious inaccuracies but that's another discussion altogether!

I think anyone with any common sense would naturally dislike people in the second catagory wouldn't they, are you saying you don't?

This thread isn't about one particular vendor though is it, I thought it was about mentors.
  • #97
  • Aug 8, 2009 1:13am Aug 8, 2009 1:13am
Quoting pipmutt
I don't hate him, I don't even know him! I read through the first few posts of his thread and I can't say I was too impressed by some of the obvious inaccuracies but that's another discussion altogether!
Don't hold back now, you've already crossed a line with people on this thread. Go all the way.

Quote
I think anyone with any common sense would naturally dislike people in the second catagory wouldn't they, are you saying you don't?
If you are speaking in 'GENERAL' & 'GENERIC' terms, I agree. BUT, you are taking shots at a specific person and have stirred up the hornets nest.

Quote
This thread isn't about one particular vendor though is it, I thought it was about mentors.

This is true, but you made it about a particular person and have upset many people.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #98
  • Aug 8, 2009 1:49am Aug 8, 2009 1:49am
Quoting LasVahGoose
Don't hold back now, you've already crossed a line with people on this thread. Go all the way.
I'm quite happy to reasonably debate the merits (or otherwise) of this or any other vendor's offering but I don't think this is the thread to do it in! Like I said before, I realize Jacko is something of a pied piper here, I imagine it would be pretty much impossible to have a reasonable discussion about the pros and cons of his ideas and strategies, I mean you only have to read some of the replies in this thread to see that it would probably end in mayhem!

I think we're all pretty much agreed that a mentor can be a great asset.....I guess the dilemma for a novice or inexperienced trader is being able to make the distinction between a truly experienced professional who could be suitable to mentor them, and a snake oil seller just out to take their money. It's not easy because some of these people are very adept at selling, it's their business, and they can appear very plausible.

Anyway are we done now because as I think you'll agree this is getting repetitive....
  • #99
  • Aug 8, 2009 2:52am Aug 8, 2009 2:52am
Quoting pipmutt
I'm quite happy to reasonably debate the merits (or otherwise) of this or any other vendor's offering but I don't think this is the thread to do it in! Like I said before, I realize Jacko is something of a pied piper here, I imagine it would be pretty much impossible to have a reasonable discussion about the pros and cons of his ideas and strategies, I mean you only have to read some of the replies in this thread to see that it would probably end in mayhem!
Not at all...it all depends on how you approach it. Slandering someone (defining Jacko a "vendor" is a form of slander though ever so subtle)isn't the best way to do so in my view...you don't agree with his trading strategies or something else? Tell us why and what you would do differently. Jacko has simply proven himself to many of us - not only as a trader/mentor - but most importantly as a person - try not to forget that


Quoting pipmutt
I think we're all pretty much agreed that a mentor can be a great asset.....I guess the dilemma for a novice or inexperienced trader is being able to make the distinction between a truly experienced professional who could be suitable to mentor them, and a snake oil seller just out to take their money. It's not easy because some of these people are very adept at selling, it's their business, and they can appear very plausible.
There you go again...therefore I will ask you directly - in which category do you place Jacko? If in the second (slandering him yet again) - based on what as you have repeatedly admitted you know very little of him, unless I misread and would be glad to stand corrected.

Quoting pipmutt
Anyway are we done now because as I think you'll agree this is getting repetitive....
At all...you threw the stone thus it is only correct you explain why - with VALID arguments - (not the "if I don't like the book I return it" kind to be clear)

Your ball.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #100
  • Aug 8, 2009 3:19am Aug 8, 2009 3:19am
My two cents: I’m talking about proper mentors, not those who slap up a paid chatroom, ebook sellers, signal providers, etc.

Mentors come in many forms. The bad ones outnumber the good, but that can be said of most services, trading related or otherwise. I believe a good mentor is priceless. I’ve had a couple mentors. One paid by way of buying a system with on-going unlimited support, the other paid in cash for one-on-one in person training with follow-up phone support. Both experiences were positive.

It doesn’t matter how small your account is. Certainly it’ll be hard to get your mentoring investment back while trading for pennies, but a good mentor can push you into profitability and give you the confidence to trade a larger account. When someone becomes profitable they should be resourceful enough to come up with a little money to fund an account just like they’d have to do in any other business. This is when you’ll see a return on your investment. Most of us have visions of self-employment. If self- employment is your goal, wether it’s trading, or landscaping, or selling hot dogs from a cart, you’ll need to come up with some $$$$.

People willing to mentor have their own agendas and it doesn’t always have to be cash. I personally know a few people on this forum who have mentored a few others simply because they wanted to. And for those who charge money; that’s no crime. The two people I’ve dealt with (paid) will answer any of my questions any time I want, even though it’s been a few years since I paid them.

The question is, what qualifies a mentor? To me, it’s several years of profitability, trading more than one way and more than one market. Why? Because someone could learn a single method that happened to work for a few years. Then if their method breaks, they are lost. Is that who you want for a mentor? A good mentor should be able to extract money from the market under a variety of conditions and economies. In other words, they should be seasoned--and I mean many seasons. Not everyone who has seen a little success is qualified to teach.

Also, I believe, a good mentor will discriminate. He/She won’t take just anyone’s money--not if they have the student’s well-being in mind. They’ll know that some students aren’t ready yet, and others may be be far enough along that the mentorship won’t benefit them. A good mentor will only want students that are teachable. You’ll want a mentor that is reasonably sure that they’ll see you through to some level of success. If a mentor is willingly taking hopeless students, it’s likely they’re unethical in all aspects of their business.

If you find an ethical, seasoned mentor, don’t try to figure out how long it will take to pay back the mentorship at a few pennies a pip. A good education might get you out of the “few pennies per pip” league. In a few years when you’re trading a few standard lots, the cost of your education will seem insignificant.

If you were trying to write horror stories and were on the threshold of success, but couldn’t quite cross it, what would a few days with Stephen King be worth?
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