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Forex Mentors - The Best Investment You Can Make?

  • #181
  • Aug 13, 2009 7:30pm Aug 13, 2009 7:30pm
Quoting mikkom
I didn't say it's not important, I said it's obvious (= fractional risk).

I do use some variations myself and have tested many variations and sizing method. There simply isn't anything better.
Anything better than what, fixed sizing do you mean?
  • #182
  • Aug 13, 2009 7:33pm Aug 13, 2009 7:33pm
Quoting LasVahGoose
I'm not sure what you are asking.
You said "It makes more money then it loses? You have a strategy that puts the odds in your favor?" which is a bit of a blanket statement. I was just asking what you thought was the most important apsect of your system, ie predicting probable price direction, managing risk, managing the trade etc

It's ok, you obviously don't have to say if you don't want to
  • #183
  • Aug 13, 2009 8:29pm Aug 13, 2009 8:29pm
Quoting pipmutt
I was just asking what you thought was the most important apsect of your system,
Having an edge is the most important thing. It comes first, then once you have an edge you build on top of that with Risk/Money management and then your rules.

Quote
ie predicting probable price direction, managing risk, managing the trade

Can you give an example of predicting probable price direction? I'm not 100% sure what you mean by that.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #184
  • Aug 13, 2009 9:50pm Aug 13, 2009 9:50pm
Quoting hanover
. There's some good material on that topic by Rabid (posts #16 and #19) in this thread.
That is a great thread.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #185
  • Aug 14, 2009 12:32am Aug 14, 2009 12:32am
Quoting pipmutt
Anything better than what, fixed sizing do you mean?
Fixed risk.

This is wrong thread for this discussion so I'm not going to go further to this way. If you have better position sizing techniques than risk% then feel free to discuss about it at my thread (link below) - I'll then dissect your position sizing with all my systems and we'll see how it differs from r%.

http://www.forexfactory.com/t/167720...trading-1.html

ps. everyone, this thread should be about mentors, not systems - yes I'm guilty too.
  • #186
  • Aug 14, 2009 1:39am Aug 14, 2009 1:39am
Quoting pipmutt
I was thinking more in practical terms of what primarily makes a strategy profitable ie the analysis, money management, trade management etc
Shortly speaking: sound statistical edge.

If you have a dice with one side little heavier yu will have an edge. It will materialize over a SERIE of events.

So system - properly speaking is a set of rules applied "many times" and not the rules alone.

In single run the outcome is unknown. From this standpoint it is "wiser" to think that the market is random. You will never be attached to a single outcome.

Edge materializes over many runs.
  • #187
  • Aug 14, 2009 3:04am Aug 14, 2009 3:04am
Quoting pipmutt
Come on David, you're a smart guy, that's like saying there are only 7 colors because there are only 7 colors in the spectrum.

You've neatly listed basic aspects of trading and by process of elimination using an EA as reference have concluded that as everything else can be automated then the last remaining aspect must be the secret ingredient.....entry. Not exactly a scientific conclusion for someone who is usually so fastidious

I'm sure you already know there are literally hundreds of black boxes operating profitably in various markets,...
I stand by the points I made in my previous post. I think the reference to EAs is perfectly scientific.

But, to be fair, there are a million ways to potentially look at this. Our approaches are clearly different, so once again, let's just agree to disagree.

As has been pointed out, this thread is about mentors, so this is definitely my last post here. My apologies to everybody for my part in the hijacking.
  • #188
  • Aug 14, 2009 4:40am Aug 14, 2009 4:40am
I guess mikkom is right, the thread is supposed to be about mentors (or more accurately it started out as a promotion for a vendor on this site), so here's my final.....

LasVahGoose - "predicting probable price direction" pretty much means what it says, making a prediction about the direction price will probably go. Having an edge, making more money than you lose, and having the odds in your favor, are all vague and non-specific.

mikkom - there are more creative and flexible approaches to risk than fixed risk, particularly when it comes to compounding, some of the greats effectively used very innovative risk management to enhance returns.

hanover - I usually respect your opinion because I genuinely believe you're a smart guy but your reference to EA's is flawed and inconclusive, you yourself admit there a million ways to look at this. Add the fact that profitable automated systems already exist and your reasoning becomes even less logical. Dismissing other people's observations and opinions in favor of your own feeling of superior understanding and knowledge can only limit your potential.

institute - I agree, but that sound statistical edge can come from a variety of different things in my opinion, it doesn't have to come from entry alone as some people here have suggested, in fact poor entry is about the only thing which can be compensated for. As the market changes I don't think it's sufficient to apply the same set of rules repeatedly, they need to be flexible and adapt to market conditions.


Like I said before, debates like this are rarely conclusive, people make bold statements and then can't support their argument with reason and logic when challenged.
  • #189
  • Aug 14, 2009 5:08am Aug 14, 2009 5:08am
Quoting pipmutt
Like I said before, debates like this are rarely conclusive, people make bold statements and then can't support their argument with reason and logic when challenged.
This coming from a person that makes claims and can't present 1 fact. Interesting...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #190
  • Aug 14, 2009 5:20am Aug 14, 2009 5:20am
Quoting LasVahGoose
This coming from a person that makes claims and can't present 1 fact. Interesting...
If you're referring to the thread topic, and then the comparison and distinction between mentors and training course vendors then everything is in this thread, but please feel free to challenge as long as it's not vendor specific or something which has already been covered in previous replies
  • #191
  • Aug 14, 2009 7:55am Aug 14, 2009 7:55am
Quoting pipmutt
Like I said before, debates like this are rarely conclusive, people make bold statements and then can't support their argument with reason and logic when challenged.
I have come back to see that this thread has been hijacked and sidetracked. Having read the last set of pages, the arguments against mentoring are plain vague rambling opinions with no fact to support them. You have said that people can't support their arguments with reason and logic.
I can do better than that. I can give you INDISPUTABLE FACTS.

Quote
I am now being mentored by Jacko in this Forex business. I am trading from his signals and am being mentored by him. I agreed to being mentored by him because I wanted to be trained by an experienced and successful trader who can show that he has been consistently profitable over a long term period. Jacko has been a top line mentor to me and I can only say that I would not have been anywhere near as successful in trading without his mentoring

Here is my trading results since I started being mentored.
First two weeks
Quote
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...postcount=7203
...

Here are my later trades

http://www.forexfactory.com/showpost...postcount=7576
http://www.forexfactory.com/showpost...postcount=8146
http://www.forexfactory.com/showpost...postcount=8466
http://www.forexfactory.com/showpost...postcount=8470


And I have continued to make even bigger stacks of green after this by trading both jacko's trades and my own trades

And that, ladies and gentlemen, are the only facts I want to know.
  • #192
  • Aug 14, 2009 8:20am Aug 14, 2009 8:20am
Quoting fxtrader29

I can give you INDISPUTABLE FACTS.

Here is my trading results since I started being mentored.
Unsubstantiated retrospective historical results, you admitted yourself they were posted after the event, not worth the paper they're written on, they mean nothing, and are certainly not indisputable facts.
  • #193
  • Aug 14, 2009 8:26am Aug 14, 2009 8:26am
Quoting fxtrader29
They were posted here after the trade. But any member the Jacko group can see by checking Jacko's blog that i was using his targets that he posted BEFORE the trades.
Each member can check that.
  • #194
  • Aug 14, 2009 8:29am Aug 14, 2009 8:29am
Quoting coscorp
I can assure you Wayne posts his intended entries long before they happen usually...and then basically at the moment when he does take the trade...same thing with his exit..be it at profit or loss...!
from another member
  • #195
  • Aug 14, 2009 8:30am Aug 14, 2009 8:30am
Quoting coscorp
I truth be told...he has been correct many more times than not...he has an uncanny ability to predict where price will reverse and for how long it will go...and the time frame it will do so to boot!
and this
  • #196
  • Aug 14, 2009 8:31am Aug 14, 2009 8:31am
Already discussed, individual vendors results aren't relevant to the thread topic anyway, plus there's nothing to say you or anyone else took those trades apart from your word.

If you really have a need to demonstrate your trading prowess then doing it in real time is far more convincing than telling everyone what you did historically.

Didn't you know, everyone's a winner in hindsight
  • #197
  • Aug 14, 2009 8:36am Aug 14, 2009 8:36am
Quoting fxtrader29
and this
Hi FXT,

Do you actually feel you 'learn' from Wayne? It seems to me (from the outside) that his service is more geared towards signals, rather than allowing you to identify those signals/turning points etc for yourself.

Please don't take the above as a confrontational question, i have no axe to grind with Jacko or his members and i've no interest in petty criticism of one traders methods over another, i am more interested (in keeping with the original thread intention, i think) in the benefit you believe you get from having a mentor.

Dan
  • #198
  • Aug 14, 2009 7:51pm Aug 14, 2009 7:51pm
Quoting AstonDan
Hi FXT,

Do you actually feel you 'learn' from Wayne? It seems to me (from the outside) that his service is more geared towards signals, rather than allowing you to identify those signals/turning points etc for yourself.

Please don't take the above as a confrontational question, i have no axe to grind with Jacko or his members and i've no interest in petty criticism of one traders methods over another, i am more interested (in keeping with the original thread intention, i think) in the benefit you believe you get from having a mentor.

Dan
I have learned trend trading and Range trading from an expert.

I have watched him trading with his commentary on why he is going to buy or sell the Euro at a particular price price. He sets out all his reasons wanting to buy or sell at the price and his thoughts about the market. He then SMS text messages us about two hours before and again as the price is struck and the order is filled. I got the understanding part

I have watched him trade as the market moves either in his favour or against it and learned how NOT to panic and that the market moves in waves and not be scared out of a trade I got the patience part

I have watched him review his trades with cold review whether it is profitable (most of them) or loss (not that many). It gives a look at how to improve on it for next time I got the improvement part

I have had lots of questions and I have had all of my questions answered by him personally. I got the intensive learning part

I am trading more than he is, so he is not a signal service to me. But I do trade every one of his trades because his winning score rate is very high. But I have learned how to trade successfully in my own trades using his processes. I have learned how to be more patient in my trading and let the winners run longer. I got the profits part

I have learned how to pick the turning points from an expert and am almost able to match every one of his calls now. I am not 100% at it but I am a long way from where I was when I first joined. I got the better trader part.

And at a cost of less than $2 a day.
  • #199
  • Aug 14, 2009 9:41pm Aug 14, 2009 9:41pm
Seeing as fxtrader29 is touting for Jacko at every opportunity he gets....

Anyone considering paying $700 in advance for this training course should read the first page of his thread before parting with a cent, you should be able to spot the obvious errors and misleading information. Also take note of the time frame he trades, his stop loss, and his recommended level of trading equity, they might not be suitable for you.

Be aware there are very few real-time trades posted on that thread, in fact all fxtrader29's claimed results are posted with the benefit of hindsight, after the trades had happened.

There are a lot of sharks in this business so make sure you're going to get what you pay for, don't rely on what other people claim they've achieved, some of these people are consistently losing money despite what they tell you. Ask for a trial or a preview in real time before you pay anything, don't rely on past performance claims, genuine sellers will never object.

At the end of the day it's your money and it's up to you how you spend it, I'm just suggesting ways to help prevent being ripped off by unscrupulous vendors.
  • #200
  • Aug 14, 2009 9:47pm Aug 14, 2009 9:47pm
BUT you can have a head start with a mentor. I speak from experience. Unfortunately my experience is sans a mentor. Starting off in the Forex world without a mentor means that your education will be considerably more costly than those with a mentor.
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