Jacko's Forex House of Pleasure and Pain

yes, i feel bad too.
if i do nothing wrong, & gets falsely accused.... i'd feel bad too.
i hate that feeling. So i know how u feel Sir.
people are so insensitive.

Crab Mentality (http://en.wikipedia.org/wiki/Crab_mentality)
bad apples mixed in with good apples. (http://www.forexfactory.com/showpost.php?p=4004303&postcount=74136)... my apprehension a 1year+ ago

I think you were upset with that clown onlydragon and maybe rushed into this thread, but I don't think you have to defend yourself, or even respond to him. If I were you, I would ignore the clown.

right again but i have a problem. a problem ive had since birth.

im from texas.

people that grow up here just have a hard time running from a fight.

its the god honest truth win.

its caused me grief my entire life.

if im your friend i will die fighting by your side.

if im your enemy your in trouble unless youve come to play hardball.

i fight it all the time. at 50 it causes me sleepless nights.

i truly want to respond to meaness with kindness but my upbringing tells me its running.

i dont run from anything.

i know its stupid.

May be you are right duke!

Anyway, personally I don't let any other guy trade my money. If I have to lose, I will lose it myself. At least I will learn.

Its very hard to trust any person in real world. And this is online world.
Whatever be the issue, his posts were very wise and I learned a lot from his theories.

here's another guy babbling
http://www.forexfactory.com/showthread.php?t=254552

i know how Jim feels.
i think we have the same personality type: i get agitated when people speak ill of me... i dont take it sitting down.

remember Sir, this is the web. our personalities are unique.

Thank's, didn't see that thread. Geez what a wanker.

I don't consider it a problem at all, I consider more of a social conscience.

Some of these people can be so irresponsible, in their mud slinging, they deserve a good blasting http://www.clicksmilies.com/s1106/wa...smiley-021.gifto discourage them.

I know that there has been discussion about people losing their $$ via Jackos managed funds.

I decided earlier this year to pay the $700 to Jacko for 12 months in order to learn to trade his way and become a better trader.

Despite ripping other people off, and having a poor website/blog, and being personally dissapointed, Jacko was still providing what he promised ....... access into his trading, therefore there was nothing I could do.

Now that his blog is closed, he has failed to keep his end of the bargain in terms of the 12 months access, so, I am going to try to get my money back ..... I know.....fat chance, but I will try.

Contacting authorities here in Australia,......I think will be futile. Is there any other authority that may be contacted that may assist with this Jacko situation.

PS. For those that lost more than the $700 that I did, I feel for you.
PSS. I have learned a great lesson in this and business in general.
PSSS. I am not Jacko!!!

Try these guys '[email protected]'
https://complaint.ic3.gov/ctf.aspx



Duke

we were blessed

This is not a thread Jim needs to come into. This now is a scammer thread and how to avoid scammer. Being a big name in FF, Jim is of course a target. But by coming here, he just get unnecessary attacks.

Jim runs a coaching school on trading, he does not take people's money or savings. He charges a fee for coaching/tuitiion. It is fair and justified and done by people all over the world. There is no need to link him to Jacko. Given Jacko's intent to scam with years of planning, I doubt he would show his real identity to anybody. If Twee cannot identify him, no one on this forum should do any better.

My only advice to commercial service providers in general is to post live statements, even not personal statements, but statements of a small live account based on trades taken under the rules of the trading methods being promoted. This way, forum visitors can see for themselves whether trades are profitable consistently and at what market conditions (such as range or trending), and whether correct money management rules are followed (such as size of stops & risk/reward raito).

I agree jim has come in here and tried to help if anything..yet gets abuse..good people always get abuse for the wrong reason..anyways jim every1 u have helped only give u blessing plz remember that!


thanks buddy

I agree with you, and you'd need hard proof like with real funds

Thanking you!

Ezzy

I lost money too but got the lesson. Never trust the words only actions. I advice each trader commercial or not share his results via myfxbook.com or something like that if he is confident in his system. You may not show your statement or open positions, just trade performance. Accounts are approved at myfxbook.

And they are all virtually fake, I even flagged an Alpari account claiming 220 winners out of 223 , which is impossible.

Here is my post on the issue on myfxbook.com


http://www.myfxbook.com/members/boriskvc/boriskvc/19249

Of course it will be free, how could they charge you for editing an Excel spreadsheet after the event on MT4 server. The account is an obvious fake from Alpari, it is meant to generate the illusion that somebody out there generated 220 winners out of 223. This "Boris" person for example hasn't posted a single live real-time trade on his stocktwits.com account.

Gambling houses do the same, rig the machines so that the owners , brother's half sister "wins" a million dollars, draws in all the gamblers. The forex trading houses view their clients as naive simpletons for actually thinking they can beat the market. The lifespan of a retail forex trader like a gambler running through his last $50000 is around two years. During this time the increasingly frustrated trader attends Oliver Velez courses or listens to "legendary" trader Larry Williams who was fined by the NFA for fraudulent misrepresentation. He lost a couple of million in a fund he managed, which is why he turned to "teaching".

http://www.jurikres.com/snake/lawsuits.htm "...NFA fines Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted deceptive and unbalanced promotional material and disclosure statements. Details in William Gallacher's book Winner Take All.

Footnote -- In July 1988, the Larry Williams Financial Strategy Fund was launched, followed in March 1989 by the World Cup Championship Fund, managed by Larry Williams, Jake Bernstein and two others. The 1988 fund lost more than 50% of its clients' equity in barely one year, as reported in the October 1989 issue of Futures magazine. The 1989 fund also lost more than half of its original equity by May 1990. ..."

http://www.amazon.com/gp/product/1557385335 Winner Take All: A Top Commodity Trader Tells It Like It is [Hardcover]

With a penetrating intelligence and a sharp wit, Bill Gallacher dissects many of the industry's leading lights, exposing the frauds, deflating the pompous and poking fun at the seers who believe they can predict the future. Along the way, he demonstrates why most traders lose and, most importantly, what it takes to win.

Like me you might well be wondering why all these "competitive Retail Forex businesses" would want to get into the brokerage business in the first place. Helpfully Boston Technologies also provide an answer to that very question. If you download the "Detailed Business Plan Framework" from that page you will discover all sorts of interesting snippets of information about how forex brokers make money. Various business models are outlined. For "straight through processing" it seems as though:

http://trading-gurus.com/start-your-own-brokerage-for-dummies/ Rule of thumb calculations show that if [a customer] deposits $10,000 then the broker will make about $1000 in profit over a month if he is active. For an inactive trader he will make $100. In the "closed loop dealing desk" model however, the broker takes on more risk, but makes bigger profits: Most small retail customers have no experience and 95% of them WILL lose money. Here, most customers act like gamblers and your job is to act as the "house". This is a "non-recurring" customer model in that most customers lose their cash, and do not come back with additional investments. Ongoing customer acquisition is therefore very important. So there you have it. You now know how the over the counter brokers make their money from forex. The obvious question to ask next is how can you make money from forex?

Oliver Velez selectively picks only those stocks which so happen to match his trading theories, leaving out the losing trades. He is selling people a pipe dream and can't produce a real or demo trading statement from a reputable firm like mbtrading.com. Demo trading results are fine as long as the broker is reputable.

Then we have another set of vultures: Trading Psychologists. Imagine you are delusional thinking you are forex-wonderwomen and jump of your roof in red cape every morning , spraining your ankle. The more you trade , the more you lose. You can't sleep, your pulse racing. Trapped in your delusion you can't accept the obvious: The trading methods don't work. Like a Scientologist e-meter facilitator the "Trading Psychologist" swoops down on the hapless trader: "Stick to your methods!" Which is like a Psychologist telling somebody who thinks he is Harry Potter that he must twist his broom to the left a bit, maybe now you will get airborne. Everything but the truth is told, only 1% eventually make it in Forex and 99.99% of trading methods don't work as described in the thread "Technical analysis fallacy" on forexfactor.com. Fibonacci retracements, support and resistance lines, above 200ma or below, are all colorful hogwash on a chart.

Forex dealers are generating fake statements and using Myfxbook.com as an advertising platform to generate profit hallucinations , like gambling houses create the illusion that you could also strike the bigtime. Fact is that the eurusd follows a random walk, there are only a few individuals in this universe who can trade forex.

Closer inspection of the Alpari account revealed that "Boris" and his brother "Boomer" weren't scalping, they made 10, 15pips consistently. Given that the chances are something like 1 out of 10bil somebody could actually make 220 winning trades out of 223, we can only conclude that some "Gremlin" got hold of Alpari's server.

I have to disagree with you. I have used myfxbook & posted results on my journal page. Since the data has to be directly uploaded from my account I am not sure how I could fake it. I am not saying that someone could not - but I would not know how. And why would I bother? I mostly use myfxbook.com as a utility to follow my trade stats, which is easier than anything else I know of. I suppose I could upload the data (there's a lot of it since I usually have 30+ trades a day) into excel and manipulate the data myself. But myfxbook was there, so I have used that instead. I had thought at one time that my public results on myfxbook would be useful to show to prospective investors, but I don't think so - I will just have a local, independent accountant audit and verify my results. Credibility is worth the expense.

I agree there are some extreme high returns shown on some of the accounts there that you'd have to question. Then there are lots of xx% monthly returns shown that people might scoff at but that anybody who has worked at it knows are attainable.

If you think that movement of the E/U rate is a random walk then you have not looked into it enough. There are fundamental macro issues that effect movements in the rate and these can be exploited. There are empirical approaches (i.e., "technical analysis") that are consistently exploited with success on that pair by members of this forum and by many others I am sure. Put the two together with tight money management discipline and you can develop an edge.

Most people fail because of poor risk management. Most are undercapitalized so they never get the chance to survive and learn from their mistakes. If you say that there only "a few" traders that "can trade forex," then logically you admit that forex is tradeable, negating your assertions that all publicized account results may be faked and that rate movements are random.

I hate to burst your bubble, but he's right. Faking statements on myfxbook (or any other of the similar sites) really is childs play.

Grab a statment, edit the HTML, then upload it using a standard FTP package. It's laughably simple, I know at least one well established vendor who regularly does it.

A couple of these sites actually belong to existing trading forums, they couldnt give a dam about the abuse, its just an additional services to generate more traffic, ad revenue, and broker kick backs.

You dont seam to have a particularly good grasp of how this industry works

Random ? Far from it, what time frame are you trading ? It's only random if you trade anything less than the daily charts. Pull up a 300 period daily chart of the Euro and tell me if that's random.
I'm a long term trader, I keep stacking positions and hold them for months until the trend changes, then when the trend changes I do the same thing in the other direction, no fancy indicator, just what Jacko used, no need to make it more difficult.