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Jacko's Forex House of Pleasure and Pain

  • #9,561
  • Oct 12, 2009 9:12pm Oct 12, 2009 9:12pm
I am about halfway through reading this all thread. Fascinating trading system. The Anti Hedge tool is pure genius. It is something that is so simple, but is so clever. Big kudos and congratulations to jacko for sharing his system with every one. I don't know many other traders who would have done that. I can't wait to read the rest of the thread
  • #9,562
  • Oct 13, 2009 2:38am Oct 13, 2009 2:38am
Quoting zarraman
I am about halfway through reading this all thread. Fascinating trading system. The Anti Hedge tool is pure genius. It is something that is so simple, but is so clever. Big kudos and congratulations to jacko for sharing his system with every one. I don't know many other traders who would have done that. I can't wait to read the rest of the thread
The anti-hedge is, indeed, wonderful.
Keep in your mind at all times that, if you choose to trade against the trend, then you lose this excellent tool.
  • #9,563
  • Oct 13, 2009 6:19am Oct 13, 2009 6:19am
Quoting forexmick
Cable 150 and aussie 50 with fixed SLs. I am
trading on the 4H with them both
Hi forexmick,

Its interesting you mention about the stop sizes. Im also keeping an eye on NZD/USD and I was wondering if you do to since its very very alike the aud/usd?

If so, what size sl do you use on it? Im currently using 100pip fixed sl but im considering dropping it down to 50, specially since it moved slower than aud/usd...if that makes sense?

Just wondering what your thoughts would be on it.

cheers
  • #9,564
  • Oct 14, 2009 5:09am Oct 14, 2009 5:09am
Hi

With regard to trading other pairs - you could look at the ATR (Average True Range) over the last 10 or 14 periods and compare GBPUSD to EURUSD..

If I do that now on a daily chart - I get 120 pips EURUSD and 162 pips GBPUSD. So I would suggest a stop that is 162/120 = 1.33 times bigger on GBPUSD than EURUSD

So 133 pips might be suitable for GBPUSD

YMMV

cheers
  • #9,565
  • Oct 14, 2009 5:38am Oct 14, 2009 5:38am
For those considering trading GBPUSD and struggling with a SL for that pair you might want to follow DanUK's thread at http://www.forexfactory.com/showthread.php?t=143593

Lots of good information and good discussion over in that thread.

Good luck.
  • #9,566
  • Oct 14, 2009 10:08pm Oct 14, 2009 10:08pm
Hi all,

I've been following Jacko threads and admire his strategy and patience.
At this EUR strong uptrend since March/April are you guys riding this trend since then?
-Only you and your signal, stick to it. The rest are just noise-
  • #9,567
  • Oct 15, 2009 3:28am Oct 15, 2009 3:28am
Quoting nd41
Hi all,

I've been following Jacko threads and admire his strategy and patience.
At this EUR strong uptrend since March/April are you guys riding this trend since then?
Hi
You are right about the strong uptrend. However, due to the massive increase in volatility from last year onwards, the timeframe was switched from daily charts to 4 hour charts. This (unavoidable) change has resulted in a foggier perspective of the predominant trend for everybody. Every time you skip down a timeframe on your charts, you increase the amount of market noise.
So a slight dip on a strong uptrend on the dailies, can look suspiciously/possibly like a trend change on a lower time frame. Personally, I hate trading this system on the 4 hour charts, and, hopefully, the decrease in volatility will ensure a speedy resumption in trading off the dailies.
Cheers.
  • #9,568
  • Oct 15, 2009 12:36pm Oct 15, 2009 12:36pm
Quoting Interceptor
Hi
You are right about the strong uptrend. However, due to the massive increase in volatility from last year onwards, the timeframe was switched from daily charts to 4 hour charts. This (unavoidable) change has resulted in a foggier perspective of the predominant trend for everybody. Every time you skip down a timeframe on your charts, you increase the amount of market noise.
So a slight dip on a strong uptrend on the dailies, can look suspiciously/possibly like a trend change on a lower time frame. Personally, I hate trading this system on the...
Thank you to clarify this, I do really enjoy the simplicity of the concept.
It does seems too easy to be true, but the problem with many newbees, they like to see more colorful chart with complex indicators to show degree of ingenuity and creativity :nerd:.
-Only you and your signal, stick to it. The rest are just noise-
  • #9,569
  • Oct 15, 2009 5:28pm Oct 15, 2009 5:28pm
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.



  • #9,570
  • Oct 15, 2009 9:26pm Oct 15, 2009 9:26pm
Quoting garyfb
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.



While I am not in the group and do not trade pure Jacko methodology but I do follow this thread and Jacko's methodology is a major part of my trading style, and since July I have not has a losing trade and have increased my account 25%. I have had trades the have had minimal to no profit but not a loss.

I have had 9 trades during that time and have 1 current open trade, I use daily as my guide to trade, 50-100 TS as range or S/R dictates.

I can credit Jacko & James16 for a great base to make my own trading style that fits my work/play schedule. I can not tell you if you should join the group, that is a decision you have to make, but I can tell you that when you find how to make it work with your lifestyle, wow!
  • #9,571
  • Oct 15, 2009 9:26pm Oct 15, 2009 9:26pm
Quoting garyfb
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.
thats kinda hard to believe...

go long(of course itll correct soon perhaps round 1.53 but right now .... UP).
USD index falling like there is no bottom coz there isnt jejeje tihi...
gold has no roof.
the scarry CPI of .1%.
Bernanke-Geithner also known as GeiBern monster talking tough about growing inflation and already healed US eco yet keeps(the monster) undermining $.
look at the cheap treasuries nobody wants that ....ehm...paper.
its better to own firms then $ look at happy DOW (lets sell $ buy me some GOOG).
  • #9,572
  • Oct 15, 2009 10:33pm Oct 15, 2009 10:33pm
Quoting garyfb
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.



I AM in the group and can tell you...your "colleague" has mis-informed you.

If your thinking of joining? All I can say is... Wayne is a great mentor, Teacher,and trader.
  • #9,573
  • Oct 16, 2009 12:57am Oct 16, 2009 12:57am
Quoting Ninja
I AM in the group and can tell you...your "colleague" has mis-informed you.

If your thinking of joining? All I can say is... Wayne is a great mentor, Teacher,and trader.
We are in profit between August-October, negative between September-October.

I myself have been trading Jacko's method through october and have had my best month so far... go figure aye?

A side note: Wayne has answered every email I have ever sent him, he is never late to blog and always has something insightful to say.
  • #9,574
  • Oct 16, 2009 3:28am Oct 16, 2009 3:28am
Quoting garyfb
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.


the method is sound and if you want to know the insight of a good trader,join the group,if you just want the signals you might not find it worthwhile,it works on other pairs ,i trade cable also and have had some good trades on both pairs this last 3 months,go and have a look at danuk,s thread its like this thread used to be,in the end you know what you want,hope this helps
student
  • #9,575
  • Oct 16, 2009 4:00am Oct 16, 2009 4:00am
Quoting Pipscalibur
I myself have been trading Jacko's method through october and have had my best month so far... go figure aye?

A side note: Wayne has answered every email I have ever sent him, he is never late to blog and always has something insightful to say.
I totally agree
  • #9,576
  • Oct 16, 2009 5:51am Oct 16, 2009 5:51am
Quoting Ninja
I AM in the group and can tell you...your "colleague" has mis-informed you.

If your thinking of joining? All I can say is... Wayne is a great mentor, Teacher,and trader.
Jacko has been in big profits EVERY quarter for the last four YEARS. Including this last quarter.
And I double what Ninja says. Wayne is a great mentor, Teacher,and trader.
  • #9,577
  • Oct 16, 2009 6:34am Oct 16, 2009 6:34am
Quoting garyfb
Since Sep 01 the E/U has moved around 800 pips up, I know from a colleague who is in Jackos group that they have not made any gains only losses in this time.
Does anyone know any different? Please advise.


Hi garyfb
I am not normally a regular poster as most have far more to offer than I can. Perhaps this might be of use though.
I have been with the group for only about a month.
I started my forex life about a year ago after buying a course on 5 minute trading using macd indicators. It helped me 'discover' the forex market. It didnt work consistantly - obviously.
I was lucky enough to find the forex factory - and have been learning freely ever since. I have traded 5 minute charts, 1 hour charts, - based on some of the excellent info you can find on some of the threads.
I have found the stress of the short time frames too intense for me - even though I have had some success.
Recently I came accross Jacko's thread - liked what I had read - found out that it could work even for someone as useless as me - and is simple.
I jumped at the chance of getting further insights from the group - as for me - it gives the opportunity to see how a pro trader thinks and works the trades. As I sit at home on my own pc - I would never get the chance otherwise.
As to the decision to 'join' his group..this might be worth considering.
You need to decide on the time frame you want to trade and how patient you want to be.
It is no holy grail (I understand that we all want it though) and as a human being - even Mr Jackson gets it wrong occasionally.
As posted before - Jacko trades 200 contracts - maybe even more and perhaps only once a week or less ..But he is able to make very large profits with few trades - and is very selective.
(Even getting a 1 pip move at those levels would keep me happy.)
His trading mo certainly helps with learning to be patient..
If you dont have a large account (that includes me) then the tendancy is to want to perhaps trade more often and feel the need to make more pips to compensate for less leverage.
This is an area that I am looking to find a balance with at the moment.

You just need to decide if this approach fits in with how you want to trade and if you are able to mould it into your intended way of trading.
It is early days for me still - so far so good - and in the long term I am confident that I will improve with the extra guidance.
Hope this helps a bit with your decisions.
regards

P.s Apologies for the long post - noticed all this text clogging up the thread - I wont make a habit of it..
  • #9,578
  • Oct 16, 2009 11:16am Oct 16, 2009 11:16am
what can i say about jacko? i joined Early Sep and till now i learnt to be patient...

"The market will be there for the rest of your life ...." Quoted from Jacko
Trading Forever !!!
  • #9,579
  • Edited 1:32pm Oct 16, 2009 1:13pm | Edited 1:32pm
About my experiences with Jacko's group... (or rather, WHY I joined and why it's good for ME)

I've been studying since last December and started paper trading Jacko's method since March and put in 50k on a live account in July.

Recently, I've been having some issues with my trading mentality (chasing trades, taking revenge trades, going back and forth between different time frames, in general being impatient... always different when real money is involved lol) and decided I needed some more discipline. So I joined Jacko's group early this month to see what was going through the head of a full-time experienced trader and to compare his thought process to my own DURING A LIVE TRADE.

I think after I joined, he only did one trade. It turned out to be a loss. But from what I can see from his records so far, he had been making good profits this past quarter. He is only human, he is bound to make mistakes.

My point is, if you are thinking about joining his group, you have to realize it's not a trading signal service (as he stresses). I don't necessarily trade exactly his trades. For example, the counter trade he made a couple weeks back threw off a lot of people. However, he gave CLEAR reasons why he made that trade.

Also, it is true he missed out on the 150+ pip move this week and the 800 pip move before that. However, he still called it this week. He was ready to jump in but just pulled out on the trade because of some outside factors he mentioned afterward. However, I still made that trade (since he didn't give a clear reason why he was pulling out of the trade at the time, and I agreed with his analysis up to that point, I didn't feel comfortable ditching a trade because he suddenly pulled out without mentioning WHY - turned out to be a silly reason if you ask me... but like i said, he's only human) and came out happy with 100+ pips profit.

Like mentioned earlier by others he does trade LARGE amounts of contracts. So his style of trading (fewer trades) might not match up necessarily with what you want to do. For me, I am ready to move up to even larger account sizes once I feel more confident so I will probably be making fewer trades too and even now, the price I paid for admission to his group pays off in one (winning) trade... so it's a no brainer. And the ability to see his previous thought processes on his trades are priceless to me. But the best part for me is, if he and I both see eye to eye on a setup, it gives me immense confidence and his reasoning behind each trade is excellent. He is a very disciplined trader (by looking at his old records on his private group) and I have much to learn from him.

But then again, I've only recently joined so take it with a grain of salt lol
  • #9,580
  • Oct 16, 2009 3:28pm Oct 16, 2009 3:28pm
Quoting daringdave
Jacko has been in big profits EVERY quarter for the last four YEARS. Including this last quarter.
And I double what Ninja says. Wayne is a great mentor, Teacher,and trader.
When I joined wayne's group, I contacted this poster http://www.forexfactory.com/showpost.php?p=3011445&postcount=472
I have double checked all his figures against the blog and Jacko is a master class trader. Jacko is a big profitable trader. His profits in the last 12 months during the Great Financial Crisis are top class. When the rest of the investments like shares, property and other forex investments were melting down and losing by 30-50%, Jacko was scoring big sized profits. That is a true sign of a top class trader.
His trading style is not for everyone. If you are a scalper on the 5M charts, then that is not Jacko's style. If you are wanting a relaxed trading style with big profits, then Jacko is your man.
His trading record over four years and the enormous amount of profits he has made has made me confident about my trading and I know that trading is what I want to do as a career. This is a chance to see and learn from a real pro trader.
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