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Jacko's Forex House of Pleasure and Pain

  • #12,621
  • Sep 14, 2010 6:25pm Sep 14, 2010 6:25pm
Sending tens or hundreds of thousands of dollars to a Hong Kong bank belonging an anoymous person on the internet who promises incredible return on your money. Never verify anything. Never meeting them. Sounds like most didn't even talk to him on the phone.

What could possibly go wrong!
  • #12,622
  • Sep 14, 2010 6:33pm Sep 14, 2010 6:33pm
Quoting cloggie
The power of FF at its finest, well done garrye, I have no vested interest in this other then continuing to highlight this issue for the "newer" traders among us.

All these signal services and offers of managing a person's money are useless, does one really think that a trader (loosely used) like Jacko out of the goodness of his heart could be bothered offering a signal service or managing other people's money if he could trade himself to any level of success?

If we continue to add "wayne jackson forex scam" in the title we can assure that...
Do you seriously believe that is his real name. LOL!
  • #12,623
  • Sep 14, 2010 6:36pm Sep 14, 2010 6:36pm
Quoting Pinbar
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.
Yea, nothing says tolerance and 'responsibility' like wishing you could shoot them. You are clearly on much higher moral ground.
  • #12,624
  • Sep 18, 2010 5:45pm Sep 18, 2010 5:45pm
I've been contemplating for some time whether or not to post here after what has transpired - deciding to wait a little longer every time hoping this situation was a huge misunderstanding.

It appears my hopes were in vain.

All I can stand by are my personal experiences with Jacko - and though I didn't follow his trades (or signals if one prefers), I usually found his insight on EUR/USD and economic affairs in general interesting and often spot on.

I defended him on more than one occasion, and in light of the developments here, it would appear that I was wrong - however - I do not regret having done so. At the time, I was truly convinced and really believed that Jacko was bonafide - this was always my basis for defending him. Again, his absence of contact and all the other bits and pieces add up to me being wrong. Coming to terms with the possibility that I had been standing up for a scammer was, and still is, very difficult. One of the things that I could not understand, and still can't come to terms with, was the plethora of newbies - registered in August 2010 - coming in with the artillery making claims they were scammed. Another reason for which I decided to wait a while.


I did not invest in the Fund but everyone in the blog knew about it (the Fund) - as they knew (had they read what he/she had posted) about the guaranteed return for the first year but at this point it's useless to even address an issue thats been flogged to death.

Why I didn't invest in the Fund? I didn't feel the need to - but after he posted his returns for the year - in excess of 42% - I started entertaining the possibility of diversifying a little bit. He had already stated that no new investors would be taken onboard - nevertheless. I still asked if I could do so - following the receipt of an audited report for me to look over. He replied simply confirming that all positions were closed.

I also checked his company and found that it was controlled by a Jackson Fortress in the BVI - where my due diligence (something I fear many didn't take even 5 minutes to do - and again - this was an individual I was convinced was bonafide) came to an end - as any further attempts to join the Fund. I still didn't think that he was a scam - only that he had set up a fairly strong asset protection plan. Given the amount of money he was supposedly pulling in I really didn't think doing so was an alarm bell - far from it.


Thus to those with whom I crossed swords - I recognize that you're views had far more merit than I was capable - or willing - to admit ( the idea of him being a scammer was unfathomable for me at the time) and thus I stand here having to admit that I was a .... sucker.


Live and Learn - I truly hope for a positive outcome to those that have suffered an economic loss by investing in the Fund.


Good trading.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #12,625
  • Edited 2:51pm Sep 19, 2010 2:32pm | Edited 2:51pm
Quoting coscorp
I've been contemplating for some time whether or not to post here after what has transpired - deciding to wait a little longer every time hoping this situation was a huge misunderstanding. ........
Cos, I'm relieved to hear that you didn't lose any money in the fund.

I definitely don't think of you as a sucker. Even though I never paid Jacko a dime, I likewise believed in him, primarily because his trading method (trade the direction of the longer TF trends; enter on pullbacks to 'obvious' S/R levels; lock in profits; etc) was so plausible. IMO that's as sound as anything else I've read at FF. If you're able to develop any of Jacko's ideas or techniques further yourself (e.g. the anti-hedge), and/or your trades were profitable while you were a member of the blog, then I guess you've received some value for your education money.

I became suspicious when I saw the posts of the OP (and at least 7 other posters, who in hindsight were either aliases or shills - none have posted since mid-May) aggressively promoting Jacko on the Forex Mentors thread, and then calling anybody who dared to raise the smallest question a 'troll'; and even more suspicious when I was banned from the thread.

It's possible that Jacko didn't start out as a scammer, based on the ideas presented here (http://www.forexfactory.com/showthread.php?p=4024473#post4024473). In the Forex Mentors thread, it was stated that Jacko's live account statements were viewable by members of his blog. I don't know if that was true, but I guess that any statements weren't independently verified. After reading this Jan 2007 post (http://www.forexfactory.com/showthread.php?p=190322#post190322), I'd always wondered if newbietrader101's identity was genuine. If 'he' was nothing more than an alias or shill for Jacko, then the scam has been ingeniously and painstakingly played out over a period of almost 4 years (newbietrader101's FF join date is Oct 2006). I'm merely speculating, of course, but it seems unlikely to me that a criminal would have that kind of patience. But having said that, the Forex Mentor thread - with its more obvious aliases/shills - was started 12 months before the 'sting' occurred.

Anyway, what I wanted to say was that I've always appreciated your honest answers to my questions. Take care, and good trading.

David
  • #12,626
  • Edited 3:03pm Sep 19, 2010 2:48pm | Edited 3:03pm
Quoting hanover
Cos, I'm relieved to hear that you didn't lose any money in the fund.

I definitely don't think of you as a sucker. Even though I never paid Jacko a dime, I likewise believed in him, primarily because his trading method (trade the direction of the longer TF trends; enter on pullbacks to 'obvious' S/R levels; lock in profits; etc) was so plausible. IMO that's as sound as anything else I've read at FF. If you're able to develop any of Jacko's ideas or techniques further yourself (e.g. the anti-hedge), and/or your trades were profitable while you...
Sorry to sound harsh but anyone dumb enough to send money to a hong kong bank (without the slightest bit of due dilligence) to some anonymous guy on the internet who promised incredible returns for some 'fund' deserves to lose their money. Financial darwinism at work.

Speaking of scams. A lot of the things you speak of are happening right now with J16 believers. The pay site. A few questionable cheerleaders starting threads. Believers calling critics trolls. Nobody ever met him. No evidence he makes a lot of money (except by charging on his pay site). Never posts live trades. Just sayin there are a LOT of parallels with J16.
  • #12,627
  • Sep 19, 2010 4:50pm Sep 19, 2010 4:50pm
Quoting thx1139
Speaking of scams. A lot of the things you speak of are happening right now with J16 believers. The pay site. A few questionable cheerleaders starting threads. Believers calling critics trolls. Nobody ever met him. No evidence he makes a lot of money (except by charging on his pay site). Never posts live trades. Just sayin there are a LOT of parallels with J16.
Re J16, I don't really care whether he makes more money from trading or education; or whatever his cheerleaders or critics might be saying. Talk is cheap, and in many cases tells more about personal attitudes and prejudices than anything else. For me, everything is an exercise in my own assessment of potential return, and known risk.

With J16, there's a free thread allowing me to evaluate his strategy for myself, and should I then decide to trial a month's mentorship, the maximum risk is $129. If I pick up one helpful idea or technique (which I did), that's value for money. An excellent R:R ratio.

As for investing (for example) $100k with a manager, especially one whom I've never personally met, and with no protective POA arrangement, that's $100k risk for zero guarantee of return.

Agreed, there may be parallels, but the R:R is massively different. It's up to the buyer to assess each product on its individual merits, and perform whatever due diligence he sees fit. Everything else being equal, some skepticism is definitely healthy, IMO.
  • #12,628
  • Sep 21, 2010 1:39am Sep 21, 2010 1:39am
David,

thank you - and I agree with your views.

This whole thing stinks from whichever side one looks at it - but until Jacko shows up and there is proof that funds were returned et al - then not much one can do if not conclude that he did go down the scam route in the end.

sad.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #12,629
  • Edited 11:23am Sep 21, 2010 9:47am | Edited 11:23am
Quoting coscorp
David,

thank you - and I agree with your views.

This whole thing stinks from whichever side one looks at it - but until Jacko shows up and there is proof that funds were returned et al - then not much one can do if not conclude that he did go down the scam route in the end.

sad.


You may as well keep waiting for Santa Claus with your milk and cookies. Your odds of him showing up are much better.
  • #12,630
  • Sep 21, 2010 10:20am Sep 21, 2010 10:20am
Wow this is still going?

Simple life lesson that has been passed down through the centuries in various ways and languages:

If it sounds too good to be true... it probably is.
  • #12,631
  • Sep 21, 2010 10:21am Sep 21, 2010 10:21am
Quoting hanover
Re J16, I don't really care whether he makes more money from trading or education; or whatever his cheerleaders or critics might be saying. Talk is cheap, and in many cases tells more about personal attitudes and prejudices than anything else. For me, everything is an exercise in my own assessment of potential return, and known risk.

With J16, there's a free thread allowing me to evaluate his strategy for myself, and should I then decide to trial a month's mentorship, the maximum risk is $129. If I pick up one helpful idea or technique (which...
I have an even better R:R ratio for that.

Pring's books free on the internet lol.

Yeah I like no risk trades word!
  • #12,632
  • Edited 11:50am Sep 21, 2010 11:34am | Edited 11:50am
Quoting Deusomega
I have an even better R:R ratio for that.

Pring's books free on the internet lol.

Yeah I like no risk trades word!
In all fairness, the J16 thread (repeat THREAD, not J16 himself) does refine Pring somewhat. Pring was mostly about trading the stock market although it's not much of a leap to adapt it to Forex.

J16 himself actually contributes surprisingly little to the value of that thread (repeat THREAD, not J16 himself). He talks about 'his' psychology and money management a lot. For me, his psychology and money management is of little use. His mantra that you MUST have a huge account is utter nonsense. For his style perhaps but it is not universally necessary. Also his psychology requirements are not the same as they are for me. Trading demo for months and months is not the best way to go for me. There is no emotion involved and emotion is the biggest factor for most. I need to be trading real money even if it is just pennies. Conversely, I don't feel like I need to trade large amounts of real money to get my psychology right. So that and many other things he talks about are of little use. As we all know, everyone is different and we all need to find our own style. For me, it's nothing like J16's style in terms of psychology and money management.

What I need are examples of real time trading which he does ZERO, ZIP, ZILCH so there is nothing there of any use to me. All he does is show historical examples showing where one could have entered and exited and why. This is absolutely useless when you can already see the candles that come afterwards. It's childs play for almost anyone to do it that way.
  • #12,633
  • Sep 21, 2010 11:35am Sep 21, 2010 11:35am
I was in Jacko's second group. I did not re-up and he gave me access to his blog but did not send out trading signals to me.

I have read a good part of this thread and must of missed it. Did anyone say they lost investment money? I presume some did but did not notice anyone on FF saying they lost money..

The last trades Jacko made, in my opinion, didn't follow his normal trading rules. If he made losing trades on purpose you can pocket that money.

If he ponzied this it was a very long play with alot of work.
  • #12,634
  • Sep 21, 2010 12:39pm Sep 21, 2010 12:39pm
@thx1139:

Some questions for you:

1. Is your skepticism directed solely toward J16, or anybody who profits from selling FX education? What about authors like Martin Pring, who profit from book sales?

2. How long did you trial Pring's/J16's entry setups for, and what kind of tests did you run, to satisfy yourself that they provide no kind of directional bias/edge?

3. Given that there are J16 subscribers who feel that they're receiving value for their money, do you have a problem with that? Do you believe that they are less knowledgeable than you are?

Quoting thx1139
.......there is nothing there of any use to me. All he does is show historical examples showing where one could have entered and exited and why. This is absolutely useless when you can already see the candles that come afterwards.
4. Every TA book that I've ever read shows historical examples, and the candles that follow. Is it your view that all technical books are "absolutely useless"?
  • #12,635
  • Sep 21, 2010 12:44pm Sep 21, 2010 12:44pm
Quoting Deusomega
Pring's books free on the internet lol.
Yes, of course. But surely you don't condone piracy? LOL.
  • #12,636
  • Sep 21, 2010 12:49pm Sep 21, 2010 12:49pm
Quoting hanover
@thx1139:

Some questions for you:

1. Is your skepticism directed solely toward J16, or anybody who profits from selling FX education? What about authors like Martin Pring, who profit from book sales?

2. How long did you trial Pring's/J16's entry setups for, and what kind of tests did you run, to satisfy yourself that they provide no kind of directional bias/edge?

3. Given that there are J16 subscribers who feel that they're receiving value for their money, do you have a problem with that? Do you believe that they are less...

Why would I waste my time answering rhetorical questions. Besides, you have missed my point entirely whether you realize it or not.

Re: #4, you can't be serious can you?
  • #12,637
  • Sep 21, 2010 1:01pm Sep 21, 2010 1:01pm
Quoting thx1139

Why would I waste my time answering rhetorical questions. Besides, you have missed my point entirely whether you realize it or not.

Re: #4, you can't be serious can you?
Well, the questions weren't intended as rhetorical.

However, I totally agree with you that J16 might not be for everybody - especially the MM/psych part - and that every person has to find an approach that suits them personally.

But if there are folk who believe they're receiving value for money, then I'd argue that for them J16 is a valid educational service, and hence Jim is a worthy recipient of their subscription money.

Of course I realize that the same material is available elsewhere for free, but if somebody prefers to pay for help to put it all together, then surely that's their choice?
  • #12,638
  • Sep 21, 2010 1:51pm Sep 21, 2010 1:51pm
Quoting generalz
I was in Jacko's second group. I did not re-up and he gave me access to his blog but did not send out trading signals to me.

I have read a good part of this thread and must of missed it. Did anyone say they lost investment money? I presume some did but did not notice anyone on FF saying they lost money..

The last trades Jacko made, in my opinion, didn't follow his normal trading rules. If he made losing trades on purpose you can pocket that money.

If he ponzied this it was a very long play with alot of work.
Can you explain what some of these last trades were? I don't think he set out to scam anyone in the beginning. He did in fact post live trades in real time early on which is a lot more than can be said for J16. There is nothing wrong with his methods although I never really bought into his anti-hedging strategy.

I just think he fell into one of many trader traps, started to lose money, and became desperate. This 'fund' of his was probably the point where he crossed that grey area between legit and scam.

I was never in any of his groups but I did get an invite not too long ago. Good thing I never did anything about it.
  • #12,639
  • Sep 21, 2010 2:42pm Sep 21, 2010 2:42pm
for ppl who got scammed..

tell the police to find the IP which this jackco guy is using on this FF forum , his email , his blog, his trading account..i am sure they can track down where he was/is , and who is he.
  • #12,640
  • Sep 21, 2010 2:56pm Sep 21, 2010 2:56pm
Quoting yster
for ppl who got scammed..

tell the police to find the IP which this jackco guy is using on this FF forum , his email , his blog, his trading account..i am sure they can track down where he was/is , and who is he.
You think nobody has thought of that yet? People are way ahead of you. The people who run this forum are cooperating as well as far as I know.
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