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  • #441
  • Aug 31, 2009 12:19pm Aug 31, 2009 12:19pm
Quoting coscorp
Again I don't see blatant inaccuracy - as the actual quotes themselves stem from personal experience and it isn't necessary for everyone's views to coincide regarding the market and how to trade it. In your experience the statements (taken in their correct context) don't hold true as much as they do in his - fair enough - but from there to blatant inaccuracy....bit of a leap imho.
I don't believe those statements would hold true for any broadly experienced trader regardless of their own trading strategy, they wouldn't even think these things let alone say them.

We're doing ok so far but maybe we've gone too fast, let's recap and see if/where we disagree....

1. "When you trade with the trend, even if you make a mistake, the market will get you out of your problem" - We've already agreed this statement isn't true, there is nothing to reliably say the market will get you out of a problem.

8. "when the market comes back, as it invariably does" - We've already agreed this statement isn't true, there is nothing to reliably say the market will come back.

3. "the shorter the time period, the more you are gambling and punting on tiny movements" - We've already agreed no-one has the monopoly on profitable trading strategies and that shorter time frames are tradeable and that traders do trade them profitably.

9. "Less than 4 hours tends to be "noise" rather than a "trend" - Same as 3 above.
  • #442
  • Edited 1:22pm Aug 31, 2009 1:03pm | Edited 1:22pm
Quoting pipmutt
I don't believe those statements would hold true for any broadly experienced trader regardless of their own trading strategy, they wouldn't even think these things let alone say them.
That's your opinion and your entitled to it - mine differs somewhat.

Quoting pipmutt
doing ok so far but maybe we've gone too fast, let's recap and see if/where we disagree....
Quoting pipmutt;3008939. [COLOR=Blue
"When you trade with the trend, even if you make a mistake, the market will get you out of your problem" [/color]- We've already agreed this statement isn't true, there is nothing to reliably say the market will get you out of a problem.
I don't recall agreeing to anything like that - what I did say is that a trend can reverse however the higher the tf the more time it will take to do so offering time to make evasive/corrective action if not the tsl will do it's job and protect some profits. You even conceded your dog could trade given certain conditions. Oh and if you have a 100% reliable strategy to trade or predict any kind of market please share it.

Quoting pipmutt;3008939. [COLOR=Blue
"when the market comes back, as it invariably does"[/color] - We've already agreed this statement isn't true, there is nothing to reliably say the market will come back.
No - what I recall was that time is the key factor - as markets are historically cyclical - how much time it takes is another issue which imho also ties into one's preferred timeframe. Patience is after all a key element in being a position trader. Sometimes it won't pay off if not after quite a while others it will much sooner. If ultimately it doesn't within our preferred time frame then amen - after all losses are part of the equation.

Quoting pipmutt;3008939. [COLOR=Blue
"the shorter the time period, the more you are gambling and punting on tiny movements"[/color] - We've already agreed no-one has the monopoly on profitable trading strategies and that shorter time frames are tradeable and that traders do trade them profitably.
I don't see anything to the contrary - like I said earlier, what i see is the contention that smaller tf's carry a far greater risk reward - thus the analogy to gambling

Quoting pipmutt;3008939. [COLOR=Blue
"Less than 4 hours tends to be "noise" rather than a "trend"[/color] - Same as 3 above.
Same for me.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #443
  • Edited 3:07pm Aug 31, 2009 2:29pm | Edited 3:07pm
Quoting coscorp
That's your opinion and your entitled to it - mine differs somewhat.



I don't recall agreeing to anything like that - what I did say is that a trend can reverse however the higher the tf the more time it will take to do so offering time to make evasive/corrective action if not the tsl will do it's job and protect some profits. You even conceded your dog could trade given certain conditions. Oh and if you have a 100% reliable strategy to trade or predict any kind of market please share it.

No - what I recall was that time is the key factor...
A trend can reverse, quite right, the time frame is irrelevant. The point is that you can't rely on the market to get you out of a 'problem', in fact you shouldn't even have got yourself into a problem in the first place. The statement "When you trade with the trend, even if you make a mistake, the market will get you out of your problem" is therefore incorrect, misleading, and as others have mentioned can actually be quite dangerous. No experienced trader would make a statement like that.

The market might be cyclical but just as you say, there's no telling when it will come back to your breakeven or into profit. Most novice traders don't trade long term investment, they trade short term speculative moves. If they allow a trade to substantially go against them on the understanding that the market invariably comes back then they're usually so relieved if it does that they exit with little or no profit, we've probably all done it at some time in our trading career. It's uncontrolled, stressful, risk:reward is out the wazoo, capital is unproductively tied up, carry costs can mount up, and there's a risk of margin call. Trading in the belief that the market invariably comes back is dangerous and so telling a novice "when the market comes back, as it invariably does" is misleading and dangerous, it might not come back for months or even years. No experienced trader would make a statement like that.

Shorter time frames can actually carry less overall risk. Regardless, risk is risk, whether on a longer time frame or a shorter one a risk of 1% is a risk of 1%. Trade set-ups on all time frames can have just as much probability of success. Longer time frames do not necessarily mean greater probability of success, in fact some traders believe trades on shorter time frames are a more productive and effective use of capital, are less susceptible to fundamentals, rely less on overall market sentiment, and are less influenced by a change in longer term trend. As other have mentioned, no-one has the monopoly on profitable trading strategies, to suggest otherwise is naive and demonstrates a lack of broad market experience. That covers 3 and 9.


None of this is based on personal opinion or limited to preferred trading strategy, it's all fact.


-
  • #444
  • Aug 31, 2009 3:34pm Aug 31, 2009 3:34pm
Quoting pipmutt
A trend can reverse, quite right, the time frame is irrelevant.
I disagree - a trend reversal for someone trading off a monthly chart is quite different from someone trading off an H1. The person trading off the monthly has far more time to "see" that something may be occurring thus taking the appropriate steps to protect himself and gains made - given his entry was correct in the first place.

Quoting pipmutt
is that you can't rely on the market to get you out of a 'problem', in fact you shouldn't even have got yourself into a problem in the first place.
I agree however no one is infallible and if the overall analysis of market direction was correct the market will eventually take you into profit - provided your stop loss is large enough to sustain the contrarian movement on your chosen TF. I think everyone has gotten into trades that have then turned against them but their sl were large enough and their overall analysis correct to allow them to ride out the contrarian move and eventually close at a profit.

Quoting pipmutt
The statement "When you trade with the trend, even if you make a mistake, the market will get you out of your problem" is therefore incorrect, misleading, and as others have mentioned can actually be quite dangerous. No experienced trader would make a statement like that.
On being incorrect and misleading I don't agree for the reasons I've already stated. On being dangerous, I contend that trading 1 min - 5 min tf's can be
even more dangerous to one's account - providing the major trend has been correctly identified and a proper risk managment system has been implemented and followed.

Quoting pipmutt
market might be cyclical but just as you say, there's no telling when it will come back to your breakeven or into profit. Most novice traders don't trade long term investment, they trade short term speculative moves
Which is another ball park altogether as the term trend as intended by Jacko is not even in the dictionary for that kind of trader. So there is no connection as far as I can see.

Quoting pipmutt
they allow a trade to substantially go against them on the understanding that the market invariably comes back then they're usually so relieved if it does that they exit with little or no profit, we've probably all done it at some time in our trading career
again as you said - they are trading short term speculative moves not position trading thus I can't see them having anything more than a 30 pip sl - if that - as the SL and it's sizing is relative to the TF being traded. I've never seen 100 pips sl's from someone trading off 5 min charts. Regarding exiting with little or no profit - I would contend we've wandered into trading psychology which is yet again another ballpark.

Quoting pipmutt
It's uncontrolled, stressful, the risk:reward is out the wazoo, capital is unproductively tied up, carry costs can mount up, and there's a risk of margin call.
The definition gambling as per Jacko's view seems to fit your description quite well....

Quoting pipmutt
the belief that the market invariably comes back is dangerous and so telling a novice "when the market comes back, as it invariably does" is misleading, it might not come back for months or even years. No experienced trader would make a statement like that.
I don't see him making references to how long it may take....I've recovered losses from last year just from waiting....it's a matter of perspective and what type of personality each one has. Patience also plays a key role - but I think I already said that.


Quoting pipmutt
time frames can actually carry less overall risk. Regardless, risk is risk, whether on a longer time frame or a shorter one a risk of 1% is a risk of 1%. Trade set-ups on all time frames can have just as much probability of success. Longer time frames do not necessarily mean greater probability of success, in fact some traders believe trades on shorter time frames are a more productive and effective use of capital, are less susceptible to fundamentals, rely less on overall market sentiment, and are less influenced by a change in longer...
Whoever suggested that trading off lower tf's can't be profitable albeit as per your own statement above there is a stronger possibility that one can encounter more stress and the like trading them. Quite simply - lower TF's don't rock Jacko's boat - I think he is entitled to that at the very least.


Quoting pipmutt
of this is based on personal opinion or trading strategy, it's all fact.
-
As are my answers.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #445
  • Aug 31, 2009 5:05pm Aug 31, 2009 5:05pm
Time frame and trend is all relevant, a reversal is a reversal regardless of time frame, if anything shorter time frames can often indicate an imminent trend reversal of the longer term trend.

You either plan the trade and trade the plan, or you don't. There should be no such thing as a 'problem' which a trader needs to rely on the market to get them out of. If a trader makes a 'mistake' then it's obviously unplanned and any analysis is going to be severely biased. Having said that, an experienced trader can sometimes trade out of a loss but it's certainly not something to advise a novice to do.

Shorter time frames are no more 'dangerous' than longer time frames, as explained risk is risk, and as I mentioned before shorter time frames can actually carry less overall risk if anything.


........some other stuff which I didn't really follow.....


If you've recovered losses from last year "just from waiting" then either you planned the trades that way or you're not trading to a plan. For example if your trade started on an H4 time frame and ended up being traded on a weekly or monthly then you probably need to review your strategy and perhaps your discipline.

Jacko frequently claims trading off shorter time frames and scalping isn't profitable, his statements 3 and 9 are in a similar vein. As far as stress goes, it has nothing to do with the time frame traded. I'm really not interested in what rocks anyone's boat, we're discussing statements he made which are quite clearly inaccurate and misleading and demonstrate a lack of broad market knowledge and experience.

It appears you've been indoctrinated with a kind of tunnel vision way of thinking, you need to broaden your view and look at things more objectively. I understand your loyalty and it's commendable, but it's misplaced which you'll realize once you become more experienced.

I think we're straying off the subject slightly and I believe we've covered those statements, shall we move on or would you like to discuss them further?
  • #446
  • Aug 31, 2009 7:56pm Aug 31, 2009 7:56pm
Pipmutt,

You are a troll
You are being deceptive and misleading in all your posts.
You have NOT proven anything and you have not dismantled any of the statements by Jacko.
What you have proven with all your posts here is that you are a troll with a perverted agenda against one of the most respected members on this forum.
As a member of his group, I can tell you straight from the heart: You are not in his league.

He is a big and amazingly consistently profitable trader and he has helped each of us in the group to make big profits and learn to be successful traders.

You on the other hand , spend all day here posting petty and downright dishonest posts disrespecting the man.
You are a petty troll. Nothing more. You have become what you probably said you never would be: A TROLL ON A FORUM
  • #447
  • Aug 31, 2009 9:41pm Aug 31, 2009 9:41pm
Quoting teddybearhug
Pipmutt,

He is a big and amazingly consistently profitable trader and he has helped each of us in the group to make big profits and learn to be successful traders.
Have you any Proof to support that statement ? All of you turtles do is keep repeating the same phrases over and over again ... don`t you people realise how pathetically weak your rethoric has become ?
The worst thing I can be is the same as everybody else. I hate that.
  • #448
  • Aug 31, 2009 10:02pm Aug 31, 2009 10:02pm
Quoting GubyIQ
Have you any Proof to support that statement ? ?
Yes, every day in my trading account.

Quote
All of you turtles do is keep repeating the same phrases over and over again ...
Because we are ALL making money with Jacko and learning how to trade from a professional

Quote
don`t you people realise how pathetically weak your rethoric has become?
Trolls are pathetic, winning traders are NEVER pathetic
  • #449
  • Edited 1:54am Sep 1, 2009 1:36am | Edited 1:54am
I used to think that Jacko is legit.
Still think that his methodes have merit.
But reading thru this thread, I am amazed at his turtles.

1.This thread appears to be a marketing tool for Jacko.
(if it is, not very good one)
2. Main argument from Jacko camp, to anyone who is not in agreement with them "YOU ARE A TROLL!!!"

Not that I agree with all pipmutt"s comments.

Whenever arguments deteriorate to emotional appeals, it tells me sides are not seeing reality objectively.

I used to contemplate joining his group. But have to say, that I'm turned off now.
  • #450
  • Sep 1, 2009 2:07am Sep 1, 2009 2:07am
As I understand it, the point of this thread was to throw open the question of whether a mentor is worth paying for, in general terms; and maybe, because fxtrader29 was enthusiastic about having him as his mentor, whether Jacko was worth it, in particular. Personally, I think Jacko's quotes, as listed by Pipnutt, are largely irrelevant, as pointers to whether or not he would be good in the role of mentor. Even if they were important, the only thing we can say with certainty is that they represent Jacko's view of the trading world. It's crucial to understand that that view is Jacko's, not Pipnutt's, nor anyone else's. That view is what informs Jacko's trading approach. It is that approach, not the belief system underlining it, that is important.

The key considerations, for me, if I was considering joining Jacko's group, or any other group, wouldn't be whether the teacher's views of how the market operated appeared watertight, according to my beliefs, but whether the teacher:

1. Was consistently profitable.
2. Had a replicable 'map' of market behaviour.
3. Could teach others to read that map.
4. Could teach others to make profitable decisions from what they read.

I've taken the trouble to read some of Jacko's posts in his own thread, and those from a few of his group. It appears he is profitable. Of course, there's no actual proof; but as I don't believe fxtrader29 started this thread for the sole reason of gaining Jacko new recruits, I'm inclined to accept his word, and that of others, on the matter.

Clearly, Jacko has a replicable map of market behaviour, even if it appears to consist of little more than a couple of trendlines, one retracement line, and an understanding of the trend. It seems he is able to teach others to read his map, and trade profitably from it, according to members of his group. What is less clear is whether he has managed to teach others to draw their own maps, read from them, and then trade from them, without his input. Since his entries and exits appear to be discretionary, perhaps that is a problem area.

Of course, there is another issue, which I'm sure neither Jacko nor anyone else can teach, and that is having the courage to trade what you see, when you see it, and accept the outcome graciously. However, that sort of courage can certainly be learned. There's a difference between learning something and being taught it, though. You can be told any number of times what to do, yet still not do it.

In the light of that, whether or not Jacko's quotes tie in with someone else's belief system seems relatively trivial.

As a non member of his group, that's all the speculation I want to make.
  • #451
  • Sep 1, 2009 2:49am Sep 1, 2009 2:49am
Quoting slackjaw
As I understand it, the point of this thread was to throw open the question of whether a mentor is worth paying for, in general terms; and maybe, because fxtrader29 was enthusiastic about having him as his mentor, whether Jacko was worth it, in particular. Personally, I think Jacko's quotes, as listed by Pipnutt, are largely irrelevant, as pointers to whether or not he would be good in the role of mentor. Even if they were important, the only thing we can say with certainty is that they represent Jacko's view of the trading world. It's crucial to...

Thanks for your input slapjaw, however I remember you saying in your other post that you are "not a member of Jacko's group. I'm not even an experienced forex trader.", I think that is relevant.

Like I say, if it's a strategy and a signal service someone is buying then $700 per year seems fairly competitive if it's consistently profitable and scaleable. Having said that, there are plenty of free systems and strategies available around the net, as well as ongoing advice and discussion on how to trade them.

As far as being a mentor goes, a mentor is generally accepted as someone who has broad knowledge and experience in his particular field of expertise. A mentor usually works with a student on a one-on-one basis for very good reason, we don't all have the same strengths and weaknesses or even natural aptitude for the task at hand. The question 'is a mentor a good investment', in my opinion the answer is definitely yes, as long as they really are a menor and not just a system or signal vendor, there's an important distinction between the two!

I have no idea whether Jacko is consistently profitable or not, and to a certain extent it's irrelevant in this context. The points (statements) Jacko made speak volumes about his lack of broader market knowledge and experience, which in my opinion makes him unsuitable as a mentor for the reasons stated.
  • #452
  • Sep 1, 2009 3:01am Sep 1, 2009 3:01am
Quoting pipmutt
Time frame and trend is all relevant, a reversal is a reversal regardless of time frame, if anything shorter time frames can often indicate an imminent trend reversal of the longer term trend.
Precisely - thus the trader on the higher tf has all the time he needs to make a decision on what to do with his trade without sacrificing too much - if any profit he has already made.

Quoting pipmutt
either plan the trade and trade the plan, or you don't. There should be no such thing as a 'problem' which a trader needs to rely on the market to get them out of. If a trader makes a 'mistake' then it's obviously unplanned and any analysis is going to be severely biased. Having said that, an experienced trader can sometimes trade out of a loss but it's certainly not something to advise a novice to do.
You've never had a trade go against you albeit everything indicated your original direction was correct? Where is the word advice in jacko's statements? His is a general statement which holds true - providing you've correctly identified market direction - if you get stopped out do to an unexpected move you have a chance to recover or reduce your loss because yoiu correctly identified market direction originally.

Quoting pipmutt
time frames are no more 'dangerous' than longer time frames, as explained risk is risk, and as I mentioned before shorter time frames can actually carry less overall risk if anything.
Shorter time frames bring higher frequency of trades thus one's inerent risk of getting a trade wrong increase because of the increased time he is in the market.



Quoting pipmutt
.......some other stuff which I didn't really follow.....


If you've recovered losses from last year "just from waiting" then either you planned the trades that way or you're not trading to a plan. For example if your trade started on an H4 time frame and ended up being traded on a weekly or monthly then you probably need to review your strategy and perhaps your discipline.
Quite the contrary - TF was the same - quite simply I have a log of all my trades, the good and especially, the bad. Like i said it was just matter of waiting - all according to my general plan.

Quoting pipmutt
Jacko frequently claims trading off shorter time frames and scalping isn't profitable, his statements 3 and 9 are in a similar vein.
True - so do (the way i interpret them) J16, Strat, BRV, Philip Nell, Clockwork and the list can go on....they also are not experienced traders?

Quoting pipmutt
far as stress goes, it has nothing to do with the time frame traded. I'm really not interested in what rocks anyone's boat, we're discussing statements he made which are quite clearly inaccurate and misleading and demonstrate a lack of broad market knowledge and experience.
It doesn't? Thus someone trading M1 will have the same amount of possible signals from the market as someone trading H4 or D1 - leaving aside the wild swings? My personal experience tell me they are 2 VERY different ball parks.


Quoting pipmutt
appears you've been indoctrinated with a kind of tunnel vision way of thinking, you need to broaden your view and look at things more objectively. I understand your loyalty and it's commendable, but it's misplaced which you'll realize once you become more experienced.
LOL - my views are extremely broad ( i wouldn't be debating with you if they weren't) However if your idea of broad is trading of M1 (been there done that) and using a 100 pip sl (the 1% risk part) to boot I'm quite happy where I am thanks.

Not a matter of loyalty at all - and I have countered your convictions with solid and objective arguments.

One never stops learning as I always say - however considering I make my living from FX I'm quite happy with my path thus far, thanks.


Quoting pipmutt
think we're straying off the subject slightly and I believe we've covered those statements, shall we move on or would you like to discuss them further?
We can move on at your leisure.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #453
  • Sep 1, 2009 3:11am Sep 1, 2009 3:11am
Quoting slackjaw
As I understand it, the point of this thread was to throw open the question of whether a mentor is worth paying for, in general terms; and maybe, because fxtrader29 was enthusiastic about having him as his mentor, whether Jacko was worth it, in particular. Personally, I think Jacko's quotes, as listed by Pipnutt, are largely irrelevant, as pointers to whether or not he would be good in the role of mentor. Even if they were important, the only thing we can say with certainty is that they represent Jacko's view of the trading world. It's crucial to...
Very well said.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #454
  • Sep 1, 2009 3:15am Sep 1, 2009 3:15am
Quoting pipmutt
Thanks for your input slapjaw, however I remember you saying in your other post that you are "not a member of Jacko's group. I'm not even an experienced forex trader.", I think that is relevant.

Like I say, if it's a strategy and a signal service someone is buying then $700 per year seems fairly competitive if it's consistently profitable and scaleable. Having said that, there are plenty of free systems and strategies available around the net, as well as ongoing advice and discussion on how to trade them.

As far as being a mentor...

Just 2 things out of all that - if a person isn't knowleadgable and experienced what are the chances of him being consistently profitable - all the more so in a market like FX?

I contend the 2 go hand in hand. Without experience and market knowledge consistent profitability simply isn't possible.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #455
  • Sep 1, 2009 3:47am Sep 1, 2009 3:47am
Quoting coscorp
Just 2 things out of all that - if a person isn't knowleadgable and experienced what are the chances of him being consistently profitable - all the more so in a market like FX?

I contend the 2 go hand in hand. Without experience and market knowledge consistent profitability simply isn't possible.
That's not strictly true, broad market knowledge and experience isn't a prerequisite to being consistently profitable, a trader can actually know very little about the market and still be profitable. Likewise a system seller only needs to have knowledge of his own particular system and how to apply it effectively, and then to pass that system and knowledge on to others. He can afford to have a narrow view because his system doesn't require him to have a wider view.

Now if you look at Jacko's quotes you can clearly see he has a narrow view, which goes some way to explaining his statements like:

"the shorter the time period, the more you are gambling and punting on tiny movements"

"You have NO chance trying to trade the news"

"Less than 4 hours tends to be "noise" rather than a "trend"

If he had a broader experience rather than just experience of his own trading methods then he would know that it's quite possible to profitably trade short term, scalp, trade news, and a host of other ways. As I keep saying, no-one has the monopoly on ways to trade profitably, to suggest otherwise is naive and conceited.

Regardless of which approach a trader uses, statements like the following are inaccurate and misleading, no matter how anyone tries to justify them with spin there's not an experienced trader on this planet who would agree with them, or even think them let alone say them out loud because they simply don't make sense....

"When you trade with the trend, even if you make a mistake, the market will get you out of your problem"

"when the market comes back, as it invariably does"
  • #456
  • Sep 1, 2009 4:33am Sep 1, 2009 4:33am
"thus the trader on the higher tf has all the time he needs to make a decision on what to do with his trade without sacrificing too much" - Sure, market volatility is more 'smoothed' and less apparent on a longer time frame, however some traders are nimble and quick witted enough to exploit short term moves, they thrive on volatility, I do.

"Shorter time frames bring higher frequency of trades thus one's inerent risk of getting a trade wrong increase because of the increased time he is in the market". - that's a one sided view, as I mentioned before there are other things to take into consideration such as trades on shorter time frames are a more productive and effective use of capital, are less susceptible to fundamentals, rely less on overall market sentiment, and are less influenced by a change in longer term trend. Every method has it pros and cons but there's no need to limit potential and trade one method exclusively, be adaptable and creative! Risk is all relative, it's actually possible to have less risk in a shorter time frame, in any event there's certainly no need to have more than you would have by trading longer time frames.

"It doesn't? Thus someone trading M1 will have the same amount of possible signals from the market as someone trading H4 or D1" - it sounds like you're associating stress with the number of trades someone takes! Stress has nothing to do with the volume of trades a trader makes, it's the way they trade which affects stress levels.

"One never stops learning as I always say - however considering I make my living from FX I'm quite happy with my path thus far, thanks." - That's excellent, but you need to understand that others are equally happy with the way they trade, there isn't just one exclusive way to trade profitably you know. Your way works for you, other people's way works for them, it's all good
  • #457
  • Sep 1, 2009 4:45am Sep 1, 2009 4:45am
Quoting pipmutt
As far as being a mentor goes, a mentor is generally accepted as someone who has broad knowledge and experience in his particular field of expertise.
Is there any restriction on how narrow a 'particular field of expertise' can be, for a mentor to have a 'broad knowledge and experience' of it?

As I understand it, Jacko's particular field of expertise is limited to one market in one time frame, using a minimum of indicators, capitalising on recognisable behaviour patterns. Presumably, all his pronouncements, including his quotes, reflect this. If I was prepared to similarly narrow my horizons, I wouldn't be that bothered about gaining an understanding of other markets, other time frames or other approaches; I would rather concentrate on what I was being taught, so long as I was confident it would be profitable.
  • #458
  • Sep 1, 2009 5:03am Sep 1, 2009 5:03am
Quoting pipmutt
"thus the trader on the higher tf has all the time he needs to make a decision on what to do with his trade without sacrificing too much" - Sure, market volatility is more 'smoothed' and less apparent on a longer time frame, however some traders are nimble and quick witted enough to exploit short term moves, they thrive on volatility, I do.
Good for you - however just as you stated there are more ways than one to skin a... banana ( I love animals )

Quoting pipmutt
[i]COLOR=Blue]"Shorter time frames bring higher frequency of trades thus one's inerent risk of getting a trade wrong increase because of the increased time he is in the market". - that's a one sided view, as I mentioned before there are other things to take into consideration such as trades on shorter time frames are a more productive and effective use of capital, are less susceptible to fundamentals, rely less on overall market sentiment, and are less influenced by a change in longer term trend. Every method has it...
Again - simply a matter of personal opinion in many case regarding their productivity vs possible reward.

Quoting pipmutt
COLOR=Blue]"It doesn't? Thus someone trading M1 will have the same amount of possible signals from the market as someone trading H4 or D1"[/color] - it sounds like you're associating stress with the number of trades someone takes! Stress has nothing to do with the volume of trades a trader makes, it's the way they trade which affects stress levels.

I contend that someone sitting in front of the screens 8 - 12 - 14 hours a day always on his toes for the next possible move will have a different stress level from one that only looks...
Wherever did I say I didn't understand? I've said it many times - different strokes for different folks - we are all different and have to find what works for us as individuals - providing we can attain the profitability (or returns) we seek.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #459
  • Sep 1, 2009 5:05am Sep 1, 2009 5:05am
Jacko uses a TREND FOLLOWING method on the daily time frame (currently dropped down to 4H). Everything is relative to that.

If one does not understand the style of trading TREND FOLLOWING is then I highly suggest they look it up. It is not for everyone. Each person needs to find a method that suits their personality and psychological profile.

There are many ways to trade and why someone that scalps the 5 minute chart would take offense to someone's opinion about it (on their own thread) is beyond me.

If you are comfortable with your method, trade it. If you are new and don't know what method is right for you, read about different ones and try them out for awhile (on DEMO). See what you like and don't like.

Also, Forex Factory has great reputation and a great community of folks (except pipmutt). (Prior to this commercial forum beta thing) Jacko was allowed a very long time ago to stay while others were banned. Obviously people at FF believe he provides value. Do you people really believe FF would allow someone on here who wasn't legit? Think about that for a minute.

If you are going to say, why should I believe FF is legit? Well then I'd say ask yourself why are you even here.

It's healthy to be skeptical and do some homework and it's okay to be critical of someone, but it absolutely is NOT okay to slander someone and make up lies and outrageous claims (like pipmutt has done much earlier in the thread). Attacking someone just because they trade different from you is pretty futile, but hey, whatever floats some peoples boats.

If TREND FOLLOWING interest you, if higher time frames interests you, then there are several methods on FF you can look at all for FREE. If you want a more one on one type mentoring, then research that.

And for full disclosure I getting mentoring from Jacko and James16. I'm very happy with both.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #460
  • Sep 1, 2009 5:15am Sep 1, 2009 5:15am
Quoting slackjaw
Is there any restriction on how narrow a 'particular field of expertise' can be, for a mentor to have a 'broad knowledge and experience' of it?

As I understand it, Jacko's particular field of expertise is limited to one market in one time frame, using a minimum of indicators, capitalising on recognisable behaviour patterns. Presumably, all his pronouncements, including his quotes, reflect this. If I was prepared to similarly narrow my horizons, I wouldn't be that bothered about gaining an understanding of other markets, other time frames or other...
A very good point, I suppose it depends on how much a trader is prepared to be restricted in his trading. For me one pair, one time frame, one strategy would restrict potential productivity too much, there are so many trading opportunities it seems a shame to limit oneself to just one approach. On top of that is the fact that market dynamics change, a strategy which is profitable today may not be tomorrow and without broad market knowledge and experience it's more difficult to adapt accordingly.

That's for a system seller though, for a broader market and trading mentor (as opposed to a mentor in one very specific narrow area of trading) I think it's important that he has a very broad knowledge of the market as trading isn't one-size-fits-all, trading can be a very personal thing and approaches are often tailor made to suit personality.

Some of his quotes/statements simply don't fit with any trading wisdom, narrow or broad based.
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