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Jacko's Forex House of Pleasure and Pain

  • #8,781
  • Aug 9, 2009 4:13pm Aug 9, 2009 4:13pm
Quoting garrye
have you been waiting,all week for your signal,and losing money if you didnt have the balls too trade,tradings trading,multible names your a joke with your post,rant and...
que?
If it's too good to be true, it probably is.
  • #8,782
  • Aug 9, 2009 11:06pm Aug 9, 2009 11:06pm
jpnek got respect for u mate,go back one page,and that troll who has multi names nett buffer,1st post.and his rant.coscorp im back down to earth,nearly,sorry for the confusion guys.
student
  • #8,783
  • Aug 9, 2009 11:25pm Aug 9, 2009 11:25pm
Thanks for the responses. After a few additional insights, including from a couple "Turtles," it sounds like the plan was not out of sorts, and that the main problem was NFP.

It was not a lack of patience for me getting in on NFP day. It, quite honestly, was simply me not paying attention to it at all. Probably shows my naivete at this point... But a 47 pip loss is a small price to pay for a learning experience. I will locate a schedule for those key news releases and make sure I avoid them in the future.

I do not wish to instigate any sort of clash between traders. I was not upset by being shown the potential errors of my ways. I was more put off by the patronizing way it was done. But there isn't much more to say on that one.

Now seems like a potentially good entry at 1.4200, but given the AH at 1.4279, I'll hang tight until then unless there is a further drop that provides a much better entry.
  • #8,784
  • Aug 9, 2009 11:45pm Aug 9, 2009 11:45pm
Since I now am trying to understand how to treat some of these major news items, it is my understanding that the AH is automatic. Suppose I'm a few pips from my AH entry an hour before the FOMC statement this coming Wednesday. Do you guys abandon the "AH is automatic" mentality? Or do you consider AH an extension of the previous trade and let it fill?

I realize that it's based on risk tolerance from trader to trader, but I'm asking more about the consistency of a particualr trader who otherwise avoids NFP and FOMC for new trades. Does that trader typically treat AH differently?

Just looking for some insights on your thought processes.
  • #8,785
  • Aug 10, 2009 1:08am Aug 10, 2009 1:08am
Quoting Joe T
Since I now am trying to understand how to treat some of these major news items, it is my understanding that the AH is automatic....
Hey Joe,

In 'trendier times' AH trades have worked great for me, minimizing any general account drawdowns. In 'consolidation times' however (as the one we've been through for the past couple of months), I'm being more selective with my AHs as I like being sure of the market direction before entering an AH in order to prevent -when possible- back to back losses.

Entering an AH right before any big news announcements is a NO-NO for me. Too risky for my taste.

My 0.02 pips.

Cheers,
  • #8,786
  • Aug 10, 2009 2:07am Aug 10, 2009 2:07am
Quoting Joe T
I will locate a schedule for those key news releases and make sure I avoid them in the future.
Hi Joe,
NFP day is quite easy to remember- First Friday=day oFF

Regards
  • #8,787
  • Aug 10, 2009 2:33am Aug 10, 2009 2:33am
Hello everyone, ive been reading this thread over the weekend and its really stirred my interest.

I have done some forex trading in the past with limited success but found it very hard around my demanding job but as I have recently been made redundant I have some time on my hands to evaluate an appropriate method of trading and this might fit the bill.

I am used to day trading (spreadbetting) with a stop loss of 1% of my trading bank.

I notice that this thread is discussing stakes and s/ls in the context of lots which is something i have heard about out but not used before.

I presume that the majority of traders here are US based as in the UK where I am based spreadbetting is more attractive due to the tax free status.

I assume majority of traders are outside the UK and using Retail Forex Brokers for this reason hence the lot based approach and therefore any profits are subject to tax.

I presume however, that Jackos' method (which i like the sound of) is suitable for spreadbetting?

ST

ps is Jacko still accepting new members
" Dont wait for your boat to come in ..... swim out and meet it"
  • #8,788
  • Aug 10, 2009 3:34am Aug 10, 2009 3:34am
Quoting speedtrip
Hello everyone, ive been reading this thread over the weekend and its really stirred my interest.
Great - welcome aboard.

Quoting speedtrip
I have done some forex trading in the past with limited success but found it very hard around my demanding job but as I have recently been made redundant I have some time on my hands to evaluate an appropriate method of trading and this might fit the bill.
Good - ask away.

Quoting speedtrip
I am used to day trading (spreadbetting) with a stop loss of 1% of my trading bank.
Thus 1% risk - on average most will use 2% but that is up to personal risk appetite/aversion.

Quoting speedtrip
I notice that this thread is discussing stakes and s/ls in the context of lots which is something i have heard about out but not used before.
The end result is the same. On average the maximum risk is 2% of the trading capital.

Quoting speedtrip
I presume that the majority of traders here are US based as in the UK where I am based spreadbetting is more attractive due to the tax free status.
Not necessarily - no taxes is nice.

Quoting speedtrip
I assume majority of traders are outside the UK and using Retail Forex Brokers for this reason hence the lot based approach and therefore any profits are subject to tax.
The lot based approach is simply the way sizing is calculated in FX (be it nano, micro, mini or standard) - you could even call them contracts - end result is the same. FX is taxed - because the UK legislators chose to...(maybe Soros' helped in that LOL)..there are countries where FX isn't taxed given accounts remain under a certain level.....

Quoting speedtrip
I presume however, that Jackos' method (which i like the sound of) is suitable for spreadbetting?
Given that FX and SB are similar in that you are trying to get on the right train and then get off when the train goes the other way...I don't see why not..but in the end the only way to find out is try and apply them - but I'd say it will work just fine .

Quoting speedtrip
ST

ps is Jacko still accepting new members
Have no idea - try writing and ask him directly.

Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,789
  • Aug 10, 2009 4:13am Aug 10, 2009 4:13am
Thank for your quick reply.

Just to check my understanding;

FX, are subject to tax in the UK, so as to miminise manipulation of money markets, where as "Spreadbetting", whether that be Currencies/Commodities/Indices are Tax Free in the UK.

I would guess that FX provides advantages in that "trading platforms" can offer more of a one stop shop for trading taking into costs/charting etc and as any profit/loss can be offset v other income. (ie professional investor)

If you are profitable for a SB point of view your profit is tax free but any losses/exp you incur cannot be offset against other earnings so more suitable if you have no other source of income that is taxable.

Cheers

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #8,790
  • Aug 10, 2009 4:37am Aug 10, 2009 4:37am
Coscorp, may seem like a silly questions but ....

Giving that Jackos' systems is trend based approach this will provide a number of opps for entry until that trend comes to an end

Along that journey, the market will retrace/correct offering new entry points above original entry but as support has moved up from point of original entry these are legit entries for new trades.

I guess that as your experience/confidence grows that your total overall postion increases, and this will depend on how much income you wish to withdraw, and how large a trading bank you hold.

For those with larger trading banks they are taking a longer trading view, looking to compound profits for captial growth, and then there as those who are perhaps trading 5-10 times a month for income or to increase their trading bank so that they can trade Jackos' method for greater captital growth.

Cheers

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #8,791
  • Aug 10, 2009 8:06am Aug 10, 2009 8:06am
Quoting Joe T
Thanks for the responses. After a few additional insights, including from a couple "Turtles," it sounds like the plan was not out of sorts, and that the main problem was NFP ......
Just in case the "in quotes" is directed at me - just look at post #6600 (http://www.forexfactory.com/showpost.php?p=2598643&postcount=6600).

I decided to not cloud the thread any further and not respond to the post #8774 (http://www.forexfactory.com/showpost.php?p=2940137&postcount=8774) The guy is banned now and obviously looking for trouble anyway with a single post.

I apologize to everyone here on the thread for I guess stirring things up. Not my intention, just trying to spare some folks the same type of pain/aggravation I went through when I started out.

Good luck Joe T - wish you the best.
  • #8,792
  • Aug 10, 2009 8:50am Aug 10, 2009 8:50am
Joe, set up your account to accept Private Messages.
  • #8,793
  • Aug 10, 2009 8:57am Aug 10, 2009 8:57am
Quoting speedtrip
Coscorp, may seem like a silly questions but ....
why??

Quoting speedtrip
Giving that Jackos' systems is trend based approach this will provide a number of opps for entry until that trend comes to an end
Yes...(leaving the tf aside) problem is understanding when the trend is over...

Quoting speedtrip
Along that journey, the market will retrace/correct offering new entry points above original entry but as support has moved up from point of original entry these are legit entries for new trades.
Correct.

Quoting speedtrip
I guess that as your experience/confidence grows that your total overall postion increases, and this will depend on how much income you wish to withdraw, and how large a trading bank you hold.
Correct though increasing ones' position really boils down to what each individual wants to achieve and their risk appettite/aversion. Some may never increase their position size - others, like Jacko did at the beginning of his coming into FX, may decide to increase in leaps and bounds in a very short period of time.

Quoting speedtrip
For those with larger trading banks they are taking a longer trading view, looking to compound profits for captial growth, and then there as those who are perhaps trading 5-10 times a month for income or to increase their trading bank so that they can trade Jackos' method for greater captital growth.
I would tend to agree.

Quoting speedtrip
Cheers

ST
Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,794
  • Aug 10, 2009 9:05am Aug 10, 2009 9:05am
on another note...anyone else get the impression our friend may be looking to come down the 14100 level (.50 fib on my h4)? I'm not entering a trade all the same as the amount of volume/momentum induces me to sit and wait...but was just wondering whether I was alone in this line of thinking. When (if) it does I'm ready to go long as soon as I have confirmation it will hold
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,795
  • Aug 10, 2009 9:20am Aug 10, 2009 9:20am
Quoting dwildes
Just in case the "in quotes" is directed at me - just look at post #6600 (http://www.forexfactory.com/showpost.php?p=2598643&postcount=6600).
There was nothing implied by use of the quotes. I simply wasn't positive that the title of "Turtle" was anything official. That's all.
  • #8,796
  • Edited 9:31am Aug 10, 2009 9:27am | Edited 9:31am
Quoting RickyRudy
Joe, set up your account to accept Private Messages.
Done.
  • #8,797
  • Aug 10, 2009 10:53am Aug 10, 2009 10:53am
Thanks for your reply.

Reading between the lines then, it seems likely that for a good number trading this method, unless they they heavlily capitalised like Jacko they are trading every few days with one trade open at a time.

Regards

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #8,798
  • Aug 10, 2009 11:00am Aug 10, 2009 11:00am
im back and refreshed.

did some adventerous things on the weekend, went rafting.

did some street performances

now im ready to take the next trade with a clear head.

Thank you for encouragement
  • #8,799
  • Aug 10, 2009 11:55am Aug 10, 2009 11:55am
OK, have a few questions around the chart analysis, so please bear with me.

I read through the thread over the weekend and my eyes are still bleeding

Seriously a couple of questions.

The trading I have been used to is based upon price action approaching "Round Numbers", "Pivot Points" S&R so I can see where Jacko is coming from.

However, this method does not use t/a and one does not trade from the chart, this is used to determine S&R if you are coming to market late but it is not used as a trading tool.

While i plotted pp, and the s&r and i could see the overall trend left to right I have never used fib tools or plotted trends onto charts.

I am currently using Metatrader 4 and have a weekly Euro/USD candlestick chart open and have found the fib and trending tools.

However, sitting here looking at it i realise I havent got a clue how to plot these indicators onto my chart. I have spent a lot googling but havent found a clear cut answer.

Anyone able to help me, things i do remember from the thread are that i need 350 candles and the trend line should be based on the lows.

Hopefully someone can educate me

Cheers

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #8,800
  • Aug 10, 2009 12:09pm Aug 10, 2009 12:09pm
anyone in live trade now
Allah has permitted trade and has forbidden interest [koran]
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