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Jacko's Forex House of Pleasure and Pain

  • #10,641
  • Mar 28, 2010 2:27pm Mar 28, 2010 2:27pm
i want to know whether the group is not just an expensive signal service, i actually want to learn how to be a good trader and learn to trade well, i don;t want to just follow jacko's calls.

I want to come out of the group being able to trade full time, trade by myself independently.

Can anyone enlighten me more on this?
  • #10,642
  • Mar 29, 2010 4:51am Mar 29, 2010 4:51am
Quoting TGpop
i want to know whether the group is not just an expensive signal service, i actually want to learn how to be a good trader and learn to trade well, i don;t want to just follow jacko's calls.

I want to come out of the group being able to trade full time, trade by myself independently.

Can anyone enlighten me more on this?

He states here http://waynejacksonfx.blogspot.com (http://waynejacksonfx.blogspot.com/):

What I am offering is:
1. Instant notification of all trades (all notification by SMS to personal cell-phones).
2. Daily educational discussion of my reasons for “taking the trade” and up coming trades on a private website.

3. Followed by educational discussion of trading techniques including questions and answers from group members on a private website,.
4. I also attempt to answer all one on one emails from the group members within 24 hours (except on weekends)
5. In addition, you will have access to ALL the past information since the first group was formed, including selected questions from traders in the group.


*This will be of educational value because it allows you to see the exact time of the decision and you can then verify the time against my weekly educational discussions.


The cost of this “educational training” is USD$700 for a 12 month period (This fee is to ensure that only traders who are serious about trading are involved). Also, this covers the cost of international SMS messages for one year. NOTE: The total cost for the full 12 months is USD$700...that is less than $2 per day.

  • #10,643
  • Mar 29, 2010 4:56am Mar 29, 2010 4:56am
Quoting TGpop
i want to know whether the group is not just an expensive signal service, i actually want to learn how to be a good trader and learn to trade well, i don;t want to just follow jacko's calls.

I want to come out of the group being able to trade full time, trade by myself independently.

Can anyone enlighten me more on this?

Only you can make this happen
  • #10,644
  • Mar 29, 2010 8:56am Mar 29, 2010 8:56am
Quoting TGpop
i want to know whether the group is not just an expensive signal service, i actually want to learn how to be a good trader and learn to trade well, i don;t want to just follow jacko's calls.

I want to come out of the group being able to trade full time, trade by myself independently.

Can anyone enlighten me more on this?

I don't normally reply to posts such as this but I thought that I would this time.

I was a member of Jacko's Private Group for a year. I did not re-new my membership. I can hear the roar already but first read an excerpt from the email that I sent Wayne when I decided not to renew.

Wayne,

I wanted to thank you for allowing me the privilege of being a member of your group. I believe it to be one of the best investments that i have made in a while. During the year, I have learned a lot of valuable lessons from you. Chief among them have been discipline and patience. Your adherence to your trading plan and your recognition of digressions from it has been very helpful in keeping me on track. I only used one signal from you throughout the year as i thought it was a quick way to pay for the subscription fee. At the beginning of the year I had planned on using your service as a signal service. Though this would have worked very well for me in 2009 I decided against it after some tough soul searching. I did not want to copy what you were doing, rather I wanted to anticipate what you would be doing. That attempt met with many wrong roads and digressions but in the end success. I did not trade EU live in 2009 as i did not want to be influenced by your successful year. i realize how weird that sounds as i re-read that statement. I did trade other pairs throughout the year and finally met with consistent success after emulating your thought process.

i now trade other timeframes and pairs and other methods besides trendline trading. I have learned that there are numerous successful methods to trade Forex and that the most important ingredient is the Trader, not the method. I am happy with my chosen path and my modicum of success to date. i thank you for being a major part in shaping me as a trader. i thank you for allowing me to see the thought process of a large scale successful trader. It was insightful and educational. Though I did not email you often, the responses that you provided to other traders and your idea to post the Q&A to your blog has been very beneficial to me.

I am now at the stage of my career as a trader that i must venture off on my own. Over the past year, my guiding light has been a question that i kept in the back of my head -- "What would Wayne do here?" I now need to replace that with-- "What will I do here?" Then and only then can I say that I am a trader. So, the next stage of my journey must be alone.

I thank you for getting me to the place where I can continue alone. Will i take missteps and wrong paths at times. Off course I will, but i must make those mistakes alone and those missteps will be rarer and smaller due to your influence.

Once again, i thank you. I will not be renewing my subscription in the new year.

So, becoming a member of Jacko's Group can make you what you want it to make you. You can become a successful signal follower or you can become a successful trader. He provides you with the tools to do so and it is only up to you to do something about. For me, it was great. i miss his blog but I can still hear his words every time I take a trade.
  • #10,645
  • Mar 29, 2010 9:01am Mar 29, 2010 9:01am
Hi all. I'm learning Jacko's approach which seems to suit my trading style very well. A few questions if I may -

Can someone confirm that Jacko changed from 50 to 100 pip trailing stop?

Does the trailing stop only kick in when break-even is reached or does it start immediately price begins to move in our favour? For example I set e.g. a 50 trailing stop and by the time I'm 30 pips in profit my trailing stop is only 20 pips behind my entry - is that the correct approach or should I wait for break even and then initiate the trailing stop?

I'm reading through the whole thread slowly but can anyone tell me have there been any other modifications other than changing the stop to 100 pips?

Finally - is this method still being used only with EUR/USD?

Thanks for your patience...

Cheers, G
When in doubt, sit on your hands...
  • #10,646
  • Mar 29, 2010 10:05am Mar 29, 2010 10:05am
Quoting gododdin
Hi all. I'm learning Jacko's approach which seems to suit my trading style very well. A few questions if I may -

Can someone confirm that Jacko changed from 50 to 100 pip trailing stop?

Does the trailing stop only kick in when break-even is reached or does it start immediately price begins to move in our favour? For example I set e.g. a 50 trailing stop and by the time I'm 30 pips in profit my trailing stop is only 20 pips behind my entry - is that the correct approach or should I wait for break even and then initiate the trailing...
The stop size changed back in 2008 (I think!) to 100 pips... although as volatility calms I believe Jacko is reducing it, but I can't tell you what he currently uses as I am not a private member.

This is the last public post from Jacko that I can find on it: http://www.forexfactory.com/showpost.php?p=3246066&postcount=9880

Cheers,

Dan
  • #10,647
  • Mar 29, 2010 11:06am Mar 29, 2010 11:06am
StopLoss moves to breakeven as soon as possible.
Partial profit better than partial loss.

Regards
Ogeid

Quoting gododdin
Hi all. I'm learning Jacko's approach which seems to suit my trading style very well. A few questions if I may -

Cheers, G
  • #10,648
  • Mar 29, 2010 2:18pm Mar 29, 2010 2:18pm
Quoting ogeid
StopLoss moves to breakeven as soon as possible.
Partial profit better than partial loss.

Regards
Ogeid
Really?? I've never heard this before as Jacko style trade management. I take it you are part of the private group?

Is this the way Jacko does things these days?
  • #10,649
  • Mar 29, 2010 3:04pm Mar 29, 2010 3:04pm
Hi Dan,

I do not want to discuss Jacko' s startegy in public. I hope you understand. Please PM me on the subject.
Regards
Ogeid

Quoting DanUK
Really?? I've never heard this before as Jacko style trade management. I take it you are part of the private group?

Is this the way Jacko does things these days?
  • #10,650
  • Mar 29, 2010 3:54pm Mar 29, 2010 3:54pm
Dan - not the norm to my knowledge though he has on a couple of occasions in the past


so no i wouldn't define it Jacko style.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #10,651
  • Mar 29, 2010 10:39pm Mar 29, 2010 10:39pm
Quoting DanUK
Really?? I've never heard this before as Jacko style trade management. I take it you are part of the private group?

Is this the way Jacko does things these days?
hi dan he does not move to b/e or take p/profit ive discussed it with him and his reason r.r on the trade which is down to the trader i take ogeid stance and take profits you can always enter again one thing jacko is looking at is his stop which next month im going to change the stats i have from my own trades show me the r.r is greater and i would have added more and not had one loss.thats freaky next month is going to be a big test for me as also im going to increase lot size again from the compounding im still on the daily and will let you know how it pans out one golden nugget i would like to share i got email from one of the guys in the group who changed his s/l and had 100% win rate on all jackos trades( trend) i think jackos going to have a big year and i hope everyone else does too
student
  • #10,652
  • Mar 30, 2010 2:04am Mar 30, 2010 2:04am
Quoting garrye
i would like to share i got email from one of the guys in the group who changed his s/l and had 100% win rate on all jackos trades( trend) i think jackos going to have a big year and i hope everyone else does too
Hi Garry,

I am not sure I correctly unserstood your message.

What kind of change produce a succesful win rate. Increase or decrease the SL size with respet to the standard 100 pips?

I only joined the group recently but in his last trades I believe he was pretty quick in moving the SL to breakeven, may be also because of high volatility market. Again just my thoughts and as said I prefer a BE than a small loss.

Cheers
  • #10,653
  • Mar 30, 2010 4:21am Mar 30, 2010 4:21am
It is not Jacko's current methodology to move stops to B/E or to take
partial profits.
  • #10,654
  • Mar 30, 2010 6:14am Mar 30, 2010 6:14am
Quoting ogeid
Hi Garry,

I am not sure I correctly unserstood your message.

What kind of change produce a succesful win rate. Increase or decrease the SL size with respet to the standard 100 pips?

I only joined the group recently but in his last trades I believe he was pretty quick in moving the SL to breakeven, may be also because of high volatility market. Again just my thoughts and as said I prefer a BE than a small loss.

Cheers
it would be to increase the stop on the daily t/f but % is still only 2% of equity for the trade which personally i will move up to 4% on my own account as im finding the e/u so easy to trade the last 4 month,pleased you have your own mind reguarding b/e im sure you will do well
student
  • #10,655
  • Mar 31, 2010 9:53pm Mar 31, 2010 9:53pm
a valauble thread, this thread
  • #10,656
  • Apr 1, 2010 6:37am Apr 1, 2010 6:37am
Am part of the private group and this is a new style for me.....................never seen it never read about it................with the kind of retracements we seeing currently...........do you really want to move SL to BE.........ASAP...........if this is your style..........patiently wait for the frustrations to start building...................this "PARTIAL" word.............in FX.......hope you know what you doing....................

Quoting ogeid
StopLoss moves to breakeven as soon as possible.
Partial profit better than partial loss.

Regards
Ogeid
  • #10,657
  • Apr 1, 2010 8:08am Apr 1, 2010 8:08am
Quoting Danku
Am part of the private group and this is a new style for me.....................never seen it never read about it................with the kind of retracements we seeing currently...........do you really want to move SL to BE.........ASAP...........if this is your style..........patiently wait for the frustrations to start building...................this "PARTIAL" word.............in FX.......hope you know what you doing....................
I believe I did not express myself correctly. I will quote a old message from quite a wisdom person at FF to better explain what I ment.

http://www.forexfactory.com/showpost.php?p=3434791&postcount=10391

Cheers
  • #10,658
  • Apr 1, 2010 8:27am Apr 1, 2010 8:27am
I have enough respect and admiration for James16.......but do not get me wrong, i am just trying to get you to avoid something i did in the past and regretted it.........what i am basically saying having read a good number of posts/pages on the Jacko Private Forum is....................this style is new to me and if you will be taking partial profits, will you also be taking partial losses.......Also, the post was done in 2005, do you expect it to still be valid?................cheers and happy easter holidays


Quoting ogeid
I believe I did not express myself correctly. I will quote a old message from quite a wisdom person at FF to better explain what I ment.

http://www.forexfactory.com/showpost.php?p=3434791&postcount=10391

Cheers
  • #10,659
  • Apr 1, 2010 11:51am Apr 1, 2010 11:51am
Hi Ogeid,
Read the posts in the Private forum and you will not see any mention of
moving SL to BE, or taking partial profits.
Regards.
  • #10,660
  • Apr 1, 2010 1:41pm Apr 1, 2010 1:41pm
Quoting fenlander
Hi Ogeid,
Read the posts in the Private forum and you will not see any mention of
moving SL to BE, or taking partial profits.
Regards.
Not true, he does at times move SL to BE before the TSL would. Although I've never seen him take partial profits.
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