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Forex Mentors - The Best Investment You Can Make?

  • #521
  • Sep 2, 2009 10:15am Sep 2, 2009 10:15am
Quoting birdt
I don't quite know how it fits into this though.

Well worth reading Taleb's books.
Thanks for the explanation and the reading recommendation. I'm not sure how it fitted into the discussion either...

daytrading, I don't disagree with your analysis of the front page to his blog... Its not the best advertisement for a professional service. However, the content lives up to expectations (I already knew what to expect, I suppose). I find value in it anyway and is a compliment to my current trading methods rather than the core.
  • #522
  • Sep 2, 2009 10:22am Sep 2, 2009 10:22am
Quoting Limstylz
Thanks for the explanation and the reading recommendation. I'm not sure how it fitted into the discussion either...

daytrading, I don't disagree with your analysis of the front page to his blog... Its not the best advertisement for a professional service. However, the content lives up to expectations (I already knew what to expect, I suppose). I find value in it anyway and is a compliment to my current trading methods rather than the core.
Well, I am pleased for you - really.

One could always argue for the point of rather being positively surprised from what doesn't look 'pristine' in a business sense, than getting ripped off completely by a shiny and polished scam.

Good luck in your trading efforts.

regards
daytrading
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  • #523
  • Sep 2, 2009 11:50am Sep 2, 2009 11:50am
Quoting Limstylz
PipMutt, I have no conflict with you about your views as I share most of them. Do not denigrate yourself by replying to those who do not share them and wish to cause an argument at every benign post.
Hi Limstylz

Probably good advice, but some of the nonsense posted around these forums is just too tempting to ignore sometimes!

I'm having difficulty getting enthusiastic or seeing justification for anyone to pay $700 a year (as if one year wouldn't be enough!) for just about the oldest and most basic strategy in the book, it's like packaging "Buy Low, Sell High" and then marketing it as "a very unusual and rarely used strategy"!

I mean come on......trade in the direction of the major trend using a 50% retracement, and bank your profits. No, really!

And how do you determine a trend and it's direction? Well like this of course......

"1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP."

"2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN."


....and then this gem of trading wisdom.....


"When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!"


If people are actually buying this stuff then I'm in the wrong game, I'll just plagiarize some other well-worn strategies, punt them out as innovative and ground-breaking, and then tell everyone I'm the greatest trader since The Boy Plunger and the Oracle of Omaha rolled into one!

Excuse my sarcasm but this really is surreal!
  • #524
  • Sep 2, 2009 11:56am Sep 2, 2009 11:56am
Great post's DT, as interesting to read as ever.
Living the adventure in my head.
  • #525
  • Sep 2, 2009 12:06pm Sep 2, 2009 12:06pm
Quoting pipmutt
Hi Limstylz

Probably good advice, but some of the nonsense posted around these forums is just too tempting to ignore sometimes!

I'm having difficulty getting enthusiastic or seeing justification for anyone to pay $700 a year (as if one year wouldn't be enough!) for just about the oldest and most basic strategy in the book, it's like packaging "Buy Low, Sell High" and then marketing it as "a very unusual and rarely used strategy"!

I mean come on......trade in the direction of the major trend using a 50% retracement, and bank your...
Well, its about time this inefficiency dried up. Im guessing jacko has made enough cash for effort involved by now. 100members x $700 = $70k, and im guessing there are many more than 100 members.

The more I think about it, the more I wish I had done it. What you recon pipmutt? Fancy goin' in t biz 2geva? lol.
Living the adventure in my head.
  • #526
  • Sep 2, 2009 12:14pm Sep 2, 2009 12:14pm
PipMutt,

I see where you are coming from. However, when I forked out the funds, it was an informed decision (shouldn't all choices be informed?) and I knew I wasn't getting anything new or anything I didn't already know. I also knew that if the worst came to the worst, I could easily make my $700 back again (well at worst, 2 days worth of trading conservatively).

Rather, I wanted to shadow a supposedly successful trader to understand his processes and what his daily setup entails.

Is it worth the money? Well, one of his trade calls has already paid his fee. Does he tell us anything that you can't find either on his thread or on other threads here? Probably not. Can I trade without him? Absolutely and was doing so before handing over my money.

I guess value is what you perceive it to be. It probably won't be of any value to you as you are looking at it for just the info it contains, whereas I am looking at it from the perspective of knowing who some of the other successful market participants are and understanding them. YOU might be able to absorb this through a book or a forum... I, however need to experience it first hand. Lets just say it was something I needed to do.

That said, it's not for everyone. Certainly not for those who will blindly follow everything that is told to them. Neither is it for those who are set in their trading ways.

Like I said in my previous posts, I don't think it should be called a mentorship program. I think of it more as a shadow service. Perhaps that's where your issue lies?
  • #527
  • Sep 2, 2009 12:16pm Sep 2, 2009 12:16pm
In fairness, if people are making more than the $700, or not losing more than $700, due to Jacko then he is offering a valuable service. I know some people who have taken his signals, and for the most part they were delighted with them. So let's not be too hasty in dismissing it altogether. The point of the thread was whether employing a mentor was a good investment. The dispute arose over how the term mentor was defined. I personally don't consider the service that Jacko offers to be mentorship by my definition, but if I was after trading signals then I might be tempted.
  • #528
  • Sep 2, 2009 12:17pm Sep 2, 2009 12:17pm
Quoting Leonlorenzo
Well, its about time this inefficiency dried up. Im guessing jacko has made enough cash for effort involved by now. 100members x $700 = $70k, and im guessing there are many more than 100 members.

The more I think about it, the more I wish I had done it. What you recon pipmutt? Fancy goin' in t biz 2geva? lol.
I'm on it, I've got my 6 year old building the website right now!

500 members, 700 bucks, it's bound to take them at least a couple of years to grasp the concept (especially if we chuck in a few long words!) so that's 100k for you and....ummm....errrr....3 plus 2 carry 1 add 4.....yep, quite a lot for me!
  • #529
  • Sep 2, 2009 12:26pm Sep 2, 2009 12:26pm
Quoting birdt
The dispute arose over how the term mentor was defined. I personally don't consider the service that Jacko offers to be mentorship by my definition, but if I was after trading signals then I might be tempted.
Is having a mentor a good investment? Yes, if you can find one...

Is Jacko a mentor? Not by my definition either...
  • #530
  • Edited 12:50pm Sep 2, 2009 12:27pm | Edited 12:50pm
Quoting Limstylz
PipMutt,

I see where you are coming from. However, when I forked out the funds, it was an informed decision
Right, and you sound like you're a sensible person with a handle on trading, and well funded. You made an informed decision and had an idea of what you were likely to get for your money, and you had your own motives for joining. That's absolutely fine, I did a similar thing when I was in retail, I went to work in a well-known department store and earned buttons so I could see how the pros did it (mind you I don't think I would have gone to the local corner shop).

Now compare yourself to the average newbie, and especially to the average subscriber to these types of 'programs' (using some of the posts here as a yardstick). It's a whole different world of people, no comparison.


Edit.....I just read your edit, yes I guess that's where my problem is, all the bull in the pitch. He's doesn't need all that fluff, he could offer a signal service, $60 per month, a week free trial to allow people to make sure he's real.....job done! He'd get more subscribers if he's any good (fewer people are prepared to pay $700 up front for an unknown), heck I might even join myself if he's sending out SMS, then I really could trade from anywhere, I'd be on the beach every day.....if we had one, and some sun!


-
  • #531
  • Sep 2, 2009 12:31pm Sep 2, 2009 12:31pm
Quoting birdt
In fairness, if people are making more than the $700, or not losing more than $700, due to Jacko then he is offering a valuable service....
I agree 100%, if he's sending out profitable signals in real time then he's a rarity in this business and it's worth $700 per year.

Signal service, fine. Mentor and trading guru, no, going by what I've read so far.
  • #532
  • Sep 2, 2009 12:32pm Sep 2, 2009 12:32pm
Quoting pipmutt
"a very unusual and rarely used strategy"!

Maybe I was mistaken, but I took Jacko's use of this phrase, which a couple of people seem to have accepted at face value, as being ironic.

I understood him to be implying that his approach - trend trading - was utilised by those who moved the markets, and that that was why it worked.
  • #533
  • Sep 2, 2009 2:33pm Sep 2, 2009 2:33pm
Quoting slackjaw
Maybe I was mistaken, but I took Jacko's use of this phrase, which a couple of people seem to have accepted at face value, as being ironic.

I understood him to be implying that his approach - trend trading - was utilised by those who moved the markets, and that that was why it worked.

Irony or not, he's selling it!

If he's focussing on what the "big players" are using then it's interesting that he totally disregards MA's by saying "I do NOT use any moving averages (or any other of the fancy measures). They are historical numbers!!! ". Obviously he's never heard of a 100 and 200-day moving average or a Golden Cross, and their significance to technical analysts worldwide.

Sorry, every time I read that page I notice something else!
  • #534
  • Sep 2, 2009 2:38pm Sep 2, 2009 2:38pm
Pipmutt, by whatever definition you give him, he's just a successful trader who's prepared to show people how he does it, and explain his decision making process.

At the risk of repeating Daytrading, Jacko's actual system has zero expectancy in itself, and it's just a framework to hang his considerable discretion on. I should know. I joined with just a handful of traders back in 2007 for a year, and while I'm no longer a member, I don't regret it for a minute. Did I make money over that period? On recollection, I lost around 30% by year end. Were his trades accurate, called before time and profitable? Yes, very. Go figure.

It was there I learnt that discipline (discipline - not profitability) is simply a function of your belief in the system. And if it that system is based on discretion - especially if it's not your discretion - that's where the problems begin. Noone in their right mind is going to share a successful mechanical system, or a price inefficiency that's repeatable and provable, so the only mentors/traders/anyone who's prepared to reveal what they do are those who's entire profitability depend on their judgement and learning that is tricky. That's why there are no shortcuts in trading. I never understood it when I first started, but boy, do I now.

As for the dozens of newbies rushing to his defence, I agree that's probably not a good advert. But there's a simple reason for it. He's a nice bloke, he does what he says, he's got some interesting views and an impressive previous career. I'm guessing he's kept that secret for a reason, but if you do your due diligence and find out, you'll understand.

And finally - the thing about the trend trading. It's just a joke. Jeeeez!
  • #535
  • Sep 2, 2009 3:07pm Sep 2, 2009 3:07pm
Quoting triphop

And finally - the thing about the trend trading. It's just a joke. Jeeeez!

Seriously? I missed it, are you sure it was meant as a joke? Oh well, no worries.

Ok, I know I've been giving the guy a hard time but can you really blame me? He might be a nice guy, I don't even know him, it was just all the incessant showboating which I felt needed balancing out a bit!

'Interesting views', yep, we can certainly agree on that one!
  • #536
  • Edited 3:57pm Sep 2, 2009 3:34pm | Edited 3:57pm
Quoting triphop
Pipmutt, by whatever definition you give him, he's just a successful trader who's prepared to show people how he does it, and explain his decision making process.

At the risk of repeating Daytrading, Jacko's actual system has zero expectancy in itself, and it's just a framework to hang his considerable discretion on. I should know. I...

Thanks for that. It's cleared a lot up.

In fact, your post is probably the ideal epitaph for this thread ...
  • #537
  • Sep 2, 2009 4:34pm Sep 2, 2009 4:34pm
amen.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #538
  • Sep 2, 2009 4:45pm Sep 2, 2009 4:45pm
RIP
  • #539
  • Edited Sep 3, 2009 12:26am Sep 2, 2009 11:55pm | Edited Sep 3, 2009 12:26am
The questions that anyone who was looking for a mentor would ask.

This post is to counter 154 posts in this thread by jealous troll who is trying to ruin a respected trader's reputation by lies and innuendo.

Has the trader proven himself to be a profitable trader in real time live trading on a public forum where there were no edits allowed and every trade was scrutinised

http://www.forexfactory.com/showpost.php?p=1431044&postcount=85


Has the trader continued to be profitable from that time on?
After becoming a member of his group,I researched and spreadsheeted EVERY trade and recommendation in his blog.
He is profitable on EVERY time period from the start of his mentoring group to today.
He started his group in October 2007

From Oct 2007 to today, he is vastly profitable
From 18 months ago to today, he is vastly profitable
From 12 months ago to today, he is vastly profitable
From 6 months ago to today, he is vastly profitable
From 3 months ago to today, he is vastly profitable
From 2months ago to today, he is vastly profitable
From 1 month ago to today, he is vastly profitable
From 2 weeks ago to today, he is vastly profitable
From 1 week ago to today, he is vastly profitable

And that profit has been seen and verified in real life by each member of his group
http://www.forexfactory.com/showpost...&postcount=472


Has the trader been a good mentor
I have had mentors in my other CPA business and I have found Jacko to be an intelligent and experienced mentor

Have I learned from the mentor how to trade on my own
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 pick the turning points from an expert and am almost able to match every one of his calls now.

http://www.forexfactory.com/showpost...&postcount=300



Have I made money from being mentored by the trader? And has it been worth the cost for the mentoring?
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=72 03

Then I made a whole lot more
http://www.forexfactory.com/showpost.php?p=2733559&postcount=75 76
http://www.forexfactory.com/showpost.php?p=2802516&postcount=81 46
http://www.forexfactory.com/showpost.php?p=2864083&postcount=84 66
http://www.forexfactory.com/showpost.php?p=2867692&postcount=84 70

I am fast tracking my learning of this forex caper with a true professional.



Has anyone verified the trader trading in person?
http://www.forexfactory.com/showthread.php?t=13081


Footnote
This post is to counter 154 posts by jealous troll who is trying to ruin a respected trader's reputation by lies and innuendo.
  • #540
  • Sep 3, 2009 1:42am Sep 3, 2009 1:42am
By the looks of it, you should rather be fast-tracking your ability to construct sentences as well as your grammar.

Btw, if the original period stated (from Oct.07 until today) was profitable, doesn't that include all the other time periods mentioned (3 month ago, 2 month ago, etc.)?

I think you might just like writing a lot....and 'spread-sheeting', hahaha.

You have indeed proven to be a great 'mouth-extension' for the man.

Sorry, fxtrader29 - that post of yours is so petty, I simply couldn't resist to comment. Believe me, it is usually not in my nature to unload sarcasm onto helpless footsoldiers - so, please accept my sincere apologies for this uncontrolled outburst.

I am glad you're a happy trader now.

regards
daytrading
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