Jacko's Forex House of Pleasure and Pain | Page 621 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #12,401
  • Aug 29, 2010 3:39pm Aug 29, 2010 3:39pm
is it fake on your chart?
can anyone else post a chart?
no didn't take that one because i was not stopped at 1,3300
so i didn't need to take AH
i would take that one without any problems if i had to
  • #12,402
  • Aug 29, 2010 3:57pm Aug 29, 2010 3:57pm
Quoting thorr
is it fake on your chart?
can anyone else post a chart?
no didn't take that one because i was not stopped at 1,3300
so i didn't need to take AH
i would take that one without any problems if i had to
it went to 1.3359 on the 5 pm hour eastern only and crashed the whole day
the highest on 6 pm hour is 1.3332, most brokers open 6 pm eastern sunday not 5 or earlier, that is the point the other poster was alluding to. That the trigger 1.3350 was never reached during regular trading hours.
I can't tell if it is fake or not w/o knowing if he had claimed not taking losing trades that would have been triggered in a similar fashion when the market was closed.
No matter what, it is a suspect trade. Never send SMS, claimed to have taken it 10 hours after the fact and when the trade was already up +75 pips
  • #12,403
  • Aug 29, 2010 4:04pm Aug 29, 2010 4:04pm
my broker is working since 4 minutes now so for me that was not fake one.
so i understand you could make that trade as well yes? or not?
  • #12,404
  • Edited 4:35pm Aug 29, 2010 4:16pm | Edited 4:35pm
Quoting thorr
my broker is working since 4 minutes now so for me that was not fake one.
so i understand you could make that trade as well yes? or not?
I could, but that does not mean anything. Was he also regularly taking losing trades triggered on the 5 pm hour on sundays eastern time or saying not taken cause not during regular hours. That is the issue. Cause over 3 or 4 years this issue would have come up many times befor, in particular with the anti-hedging strategy.
As the other poster said, he had the "attitude that he could cancel trades when the market was closed". That is a sure way to pad the results.
  • #12,405
  • Aug 29, 2010 4:29pm Aug 29, 2010 4:29pm
ok thanks wwwin
i got one more question because i do not know US law.
is there something like privacy of correspondence in your law?
when you send a email to a person or a group of people and someone else who is not a receiver of your email is reading it, is it something that may cause some problems to that person or not?
  • #12,406
  • Aug 29, 2010 4:38pm Aug 29, 2010 4:38pm
Quoting thorr
ok thanks wwwin
i got one more question because i do not know US law.
is there something like privacy of correspondence in your law?
when you send a email to a person or a group of people and someone else who is not a receiver of your email is reading it, is it something that may cause some problems to that person or not?
Dont know, but it is common to see incriminating or embarrasing emails posted on the internet, so if you want it private dont email it unless you put some language not to disclose.
But I know what you are getting at, he ain't gonna sue anybody on any disclosure or anything else, then everyone would know where he is. Capice?
  • #12,407
  • Aug 29, 2010 4:44pm Aug 29, 2010 4:44pm
Quoting wwwin
Dont know, but it is common to see incriminating or embarrasing emails posted on the internet, so if you want it private dont email it unless you put some language not to disclose.
But I know what you are getting at, he ain't gonna sue anybody on any disclosure or anything else, then everyone would know where he is. Capice?
ok, thanks good night
  • #12,408
  • Aug 29, 2010 5:32pm Aug 29, 2010 5:32pm
Quoting billbss
The one I'm thinking of was posted here.
I saw it a few days ago.
I'll try to find it.
It was Newbietrader101. Thread has now been chucked in the recycle bin. He needed a fake username to say he had met him because he never met anyone else or was too busy to meet anyone.

http://www.forexfactory.com/showthread.php?t=13081
Nothing worth having is easy.
  • #12,409
  • Aug 29, 2010 5:34pm Aug 29, 2010 5:34pm
Quoting wwwin
I could, but that does not mean anything. Was he also regularly taking losing trades triggered on the 5 pm hour on sundays eastern time or saying not taken cause not during regular hours. That is the issue. Cause over 3 or 4 years this issue would have come up many times befor, in particular with the anti-hedging strategy.
As the other poster said, he had the "attitude that he could cancel trades when the market was closed". That is a sure way to pad the results.
He could have been trading with Oanda. Open all hours I'm not sure whether I believe he was trading though.
Nothing worth having is easy.
  • #12,410
  • Aug 29, 2010 5:39pm Aug 29, 2010 5:39pm
Quoting Patience
He could have been trading with Oanda. Open all hours I'm not sure whether I believe he was trading though.
I have my doubts that he was trading also. If he was, why not return the funds, there should be some funds available if he was legit and if the equity chart posted is accurate. I am sure most of the investors would be thrilled just to get something back, even if it is below break even.
  • #12,411
  • Aug 29, 2010 5:50pm Aug 29, 2010 5:50pm
Quoting wwwin
I have my doubts that he was trading also. If he was, why not return the funds, there should be some funds available if he was legit and if the equity chart posted is accurate. I am sure most of the investors would be thrilled just to get something back, even if it is below break even.
Well all I know is that there was no investing going on with the bloke that scammed my friend. I watched it all unfold and listened to all the lies over about 18 months. It turned out that the money was used to fund lavish foreign holidays, boxes at Wimbledon, flash house, two Ferraris, Aston Martin, Bentley blah, blah, blah .......

We used to wonder why the guy didn't leave the country. He was seriously beaten up a few times and family received death threats. The only difference to me, in this case, is that Jacko did it behind a computer.
Nothing worth having is easy.
  • #12,412
  • Aug 29, 2010 7:14pm Aug 29, 2010 7:14pm
Everyone has their own opinions about this mess, so I thought I would share mine:

Jacko said he did not have that many years experience trading currency, although he had many years trading futures. A friend of mine subscribed to his $700 service and allowed me to read the blog and the various emails that were sent. Since I don't trade the longer time frames, none of Jacko's information he put out was of much interest to me, but I did notice a couple of things. On the positive side, although his method was certainly not out-of-the-box thinking (it appeared to just be standard support/resistance with fibonacci levels), most of his posts did seem logical based on a trending market. Another was that when my friend would send an email asking for clarification and such, the emails were always answered in a timely manner...and there were many emails over the course of the first 6 months or so. On the negative side, I also noticed that it was not uncommon to have several trades in a row that was stopped out for a big loss, or when he made a profit, it was often when the stop loss was moved to break-even +5 pips. He did, however, have some good trade calls, as my friend made many profitable trades over the last 15 or so months, but he certainly didn't take every trade Jacko promoted, as it sometimes appeared Jacko was trading out of desperation to hit another home run (100+ pips).

Having said all that, my opinion (and I realize it means nothing to anyone but me) is that Jacko did not start out to be a scam, but after many large losses, it became more and more difficult to make the big money he was making a couple of years ago (mind you, all this is assuming what he was initially writing in his blog was correct, including trading 200 lots). And the $700 per year was what kept the operation afloat...get 100 new subscribers each month and that is $70K per month you have to stick in your trading account in hopes of making lots of money. Eventually, any subscribers that he had to the "fund" started asking for money, and while he was probably able to give several their money back because of the $700 per new subscriber, eventually his subscribers started drying up because of the obvious poor trading results and the negative publicity on the various forums. So some stall tactics were imployed until he could gather up the remaining refunds.

I think this is not a story about a con artist, but just about a guy that had some luck the first couple of years of trading (remember when he started he was trading shorter time frames) and when he tried it with more money (from other people), it didn't work as planned and just got out of hand. I think he will soon quietly pay off all those left from the fund and keep posting on his blog to meet the requirements of his $700 per year subscription so he doesn't have to pay any of those back.

I would consider the subscription to his blog at $700 per year not much different than buying a DVD course or going to a trading seminar...may or may not turn out to be worth it. But the people that put money into the fund I don't feel completed the due diligence needed prior to sending tens of thousands of dollars to be invested in a fund with a very short track record. Hopefully, they will get their money back eventually....heck, maybe they already have. There is no guarantee the posts on this thread are accurate when it comes to past fund participants, so we may never really know the whole truth.

But if people continue to obsess on all of this rather than concentrate on trading, there will be more lost than just the money from Jacko associates.

Just my 2 pips....
  • #12,413
  • Aug 29, 2010 8:39pm Aug 29, 2010 8:39pm
Quoting moneymaker2
Just my 2 pips....
Only a fool judges character by words. This is what fraudsters bank on.

Actions, repeated over time, when divergent from words, must take precedent.
  • #12,414
  • Aug 29, 2010 9:10pm Aug 29, 2010 9:10pm
Quoting Slack
Only a fool judges character by words. This is what fraudsters bank on.

Actions, repeated over time, when divergent from words, must take precedent.
And that is why I base my opinion on the actions of Jacko over the last several years rather than a desire to see only good or the need to see only bad.

I may be wrong...or I may be right. The reality is, in the big scheme of things, neither actually matter. I just think it healthy for a person to have an opinion, and, well..., this is mine.
  • #12,415
  • Aug 29, 2010 9:33pm Aug 29, 2010 9:33pm
Quoting dawsonsg
Sorry Rastaman, I don't believe you.

No one goes to see a lawyer for $700. Judge Judy would be your best bet.

So either you are an investor and wont admit you did your dough, or you haven't gone to see a lawyer at all.

My lawyer is a personal friend and I am currently in a court case with him against my former company.

Not that I care if you believe me or not.
Starting to see instead of just looking.
  • #12,416
  • Aug 29, 2010 10:20pm Aug 29, 2010 10:20pm
If not for the 30% yearly guarantee I might be swayed into believing that he did not start it out as Ponzi...but I just cannot reconcile that 30% yearly guanrantee with anything other than a fraud from the beginning. You have to be really dumb to guarantee that and I don't think from what I have seen that he is dumb, he might be a psychopath, but he is not dumb in my book.
http://www.arkancide.com/psychopathy.htm

Quoting moneymaker2
Everyone has their own opinions about this mess, so I thought I would share mine:

Jacko said he did not have that many years experience trading currency, although he had many years trading futures. A friend of mine subscribed to his $700 service and allowed me to read the blog and the various emails that were sent. Since I don't trade the longer time frames, none of Jacko's information he put out was of much interest to me, but I did notice a couple of things. On the positive side, although his method was certainly not out-of-the-box thinking...
  • #12,417
  • Aug 30, 2010 12:36am Aug 30, 2010 12:36am
Also starting to question whether Jacko ever traded....i was part of the US$700 but come to think of it..........no charts on the blog just posts saying am in at the following price with a 50pips S/L....blah blah blah and i will let my trades play themselves out...................is this enough evidence that this guy ever traded?

I got give it to guys like James16 and Clockwork, they post charts and explain why they are in on the trade......our so called Jacko did not even post a chart on the blog i paid for................after the fact..............am doubting he or is it she ever traded.....................ooohhh Lord my US$700............

Quoting wwwin
I have my doubts that he was trading also. If he was, why not return the funds, there should be some funds available if he was legit and if the equity chart posted is accurate. I am sure most of the investors would be thrilled just to get something back, even if it is below break even.
  • #12,418
  • Aug 30, 2010 1:56am Aug 30, 2010 1:56am
Quoting moneymaker2
most of his posts did seem logical based on a trending market. He did, however, have some good trade calls, as my friend made many profitable trades over the last 15 or so months, but he certainly didn't take every trade Jacko promoted, as it sometimes appeared Jacko was trading out of desperation to hit another home run (100+ pips).

.
Hey how do you know they were HIS trade calls in the first place? Maybe the original scam was to copy another persons signal calls and charge people for them as his own... This wouldnt be hard to do on large TF's.

Then when things maybe started going down hill in true scam artist style he decided to split witht the money

I should be a detective
Time hides Nothing
  • #12,419
  • Aug 30, 2010 2:39am Aug 30, 2010 2:39am
Lol, maybe he was scammed, so he copied the scam and do it.
  • #12,420
  • Aug 30, 2010 3:34am Aug 30, 2010 3:34am
If he puts a chart on the blog would that be enough evidence for you? Do u think James16 and Clockwork ever traded just becaouse they use charts in their blogs? Could be simmilar cases.



Quoting Danku
Also starting to question whether Jacko ever traded....i was part of the US$700 but come to think of it..........no charts on the blog just posts saying am in at the following price with a 50pips S/L....blah blah blah and i will let my trades play themselves out...................is this enough evidence that this guy ever traded?

I got give it to guys like James16 and Clockwork, they post charts and explain why they are in on the trade......our so called Jacko did not even post a chart on the blog i paid for................after the fact..............am...
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