Jacko's Forex House of Pleasure and Pain | Page 641 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #12,801
  • Oct 19, 2010 4:54am Oct 19, 2010 4:54am
Quoting Unbeleevable

You then end up doing something really foolish and unbleevable, like banning the people who are actually a help to traders, while allowing people like Jack'O, to run unfettered with the wind, while doing as much damage along the way as possible.
You are assuming that the puropse of FF (or any other trading forum) is to help educate traders. Nothing could be further than the truth.

Forums exist to perpetuate misinformation (and in the very worst cases, they exist with the sole intention of defrauding their membership). Those running and moderating them have their own adgenda. Their membership base is an asset to be exploited, and they need to protect that position at any cost.

The likes of Jacko, J16, Strat etc are guarenteed to generate traffic. Thats far more important than integrity.

Those who get ripped off by these charlatans inevitably would become someone else's victim somewhere along the line, they need to learn from experience and they might as well be ripped off by FF as anyone else.
  • #12,802
  • Oct 19, 2010 2:41pm Oct 19, 2010 2:41pm
Quoting smjones
I completely agree here. fxbillie, obviously you did not take the time to read that thread at DailyFX, or you would have seen this 7signal claimed to own a fighter jet and was going to go and take out Jacko.
Privately owned L-39's, which, if memory serves, is what 7th has claimed to own, number in the thousands, so it wouldn't be unheard of. John Travolta has a f*%king Boeing 727 parked in his front yard and nobody goes nuts over that.
  • #12,803
  • Oct 19, 2010 5:47pm Oct 19, 2010 5:47pm
Razzle,

Masterpiece post my friend. Thumbs up.

___________________
  • #12,804
  • Oct 21, 2010 5:28am Oct 21, 2010 5:28am
Quoting Unbeleevable
Each time I'd start sharing my ideas, the online trading "police" automatically declared that something was "being sold." "What are you selling?" "What's for sale?" "What are you Vending here on this forum?" When not once, had anything ever been offered to them. It was like people drink the koolaid, long before any koolaid is even offered - amazing! No one ever offers them anything - ever, yet they just "KNOW" that something is for sale - rather than actually READING the posts AS THEY ARE WRITTEN.
Where have you shared your ideas? Do you have a link?
  • #12,805
  • Oct 22, 2010 9:30am Oct 22, 2010 9:30am
Hi there,

just stumbled over this thread. I don't know what exactly happened here but I remember having read about this at elitetrader a few months ago in a thread that got deleted again and again. There have been quite a few traders who have been very critical about this...and I think if you pay attention to some points you can avoid most scams pretty easily.

I've seen tons of scams in the last couple of years in this business and it's sad. But since I've started doing FX-ATM (http://www.fx-atm.com) (see my thread (http://www.forexfactory.com/showthread.php?t=261208)) and started to do private tutoring I also noticed that many people who start out trading, and especially in Forex, for some reason seem to really want to be deluded. This might sound tough and by no means does this justify any scam out there, but it's a fact. And I think it's true that one of the reasons there are so many scams out there offering their crap is that there's a huge demand for that. Maybe the reason for this is that it allows people to dream...instead of facing and dealing with the facts (often not only the facts regarding trading but their life in general).

I regulary get emails from traders asking if they can make a living with a $1000 account, if it's possible to make 100% profits each month consistently etc. Or traders that are extremely disappointed when I tell them that I'm happy with 20-50% profits per year.

In other words I think there's a big problem with wrong expectations that ultimately have to lead to problems.

Anyway my alarm bells would ring if a "successfull trader" who offers some service:

- Just shows charts with setups where X happened but without specific entry/exit prices...and/or always after the fact. (I'd love to be able to trade historical charts...if you find a way to do that please please let me know!
- Never shows an account statement or some other proof that he's trading, even if you ask for it.
- Claims he's making 100% each month (why does he need your money then?)
- Shows strategies and stuff that simply don't make any sense

Hope this helps some of you. And most importantly, get your expectations right. To do this it might help you to have a look at what the professionals performance per year looks like, just check out http://www.barclayhedge.com/research/indices/cta/sub/curr.html.

Now if you think you can do 1000 times better than those guys who are professionals that have teams of programers, analysts and many other experts working for them...good luck

Happy Trading,

Marco
  • #12,806
  • Oct 23, 2010 7:13am Oct 23, 2010 7:13am
Quoting Marco Mayer
Hi there,

just stumbled over this thread. I don't know what exactly happened here but I remember having read about this at elitetrader a few months ago in a thread that got deleted again and again. There have been quite a few traders who have been very critical about this...and I think if you pay attention to some points you can avoid most scams pretty easily.

I've seen tons of scams in the last couple of years in this business and it's sad. But since I've started doing FX-ATM (http://www.fx-atm.com) (see [url="http://www.forexfactory.com/showthread.php?t=261208"]my...
As per your quote above; Why do you need other people money if you claim to trade successfully? Are you finding it challenging to sustain a living on your current trading results? If you need extra funds, why don't you just increase your position size.
  • #12,807
  • Oct 23, 2010 9:19am Oct 23, 2010 9:19am
feb618,
I agree with that. After the Jacko situation who is going to sign on with another offering their skills? Well someone will I'm sure.

I have never understood why traders with supposedly great trading skills want to always sell something to someone. If you are willing to share thats great, but selling your skills. I have been trading for well over 20 yrs & I have seen all types of scams......they come & they go. I will say Jacko had me impressed to the point of trying what he posted in the first 10 pages of his thread, but something just didn't seem right. Oh, the method worked for awhile, but it is NOT WITHOUT flaws.

When I first ventured into Forex from trading stocks by the NASDAQ craze in the 80's I invested a small some of funds into some one on one training that for the most part was a waste of my time & funds as I was only taught about EMA & Fibs & we alll know there is way more to trading any market than the use these two.

To the NEW TRADERS..... be very careful who you trust in this business as it is littered with scams & scamsters just waiting to show you the latest trick......all for a fee of course.

TOO THOSE OFFERING TO SELL YOUR SKILLS........If YOU are that good & YOU WANT TO HELP.....trade your funds & share for free with those new to the business your skills. YOU can afford to do this if YOU are truely a good profitable trader.

MARCO MAYER.....I AM NOT POINTING A FINGER @ YOU, but this does apply to YOU. You mentioned Joe Ross....he is a standup guy that has shared much valuable trading information for free across many forums & I too use some of his teachings & shared skills. It is kind of ironic that YOU show UP just as Jacko takes off.

THESE ARE JUST MY UNHUMBLED VIEWS & NOTHING MORE.

NEW TRADERS YOU HAVE BEEN WARNED, CONTINUED @ YOUR OWN RISK.
________________________
  • #12,808
  • Oct 23, 2010 1:31pm Oct 23, 2010 1:31pm
Quoting fib618
As per your quote above; Why do you need other people money if you claim to trade successfully? Are you finding it challenging to sustain a living on your current trading results? If you need extra funds, why don't you just increase your position size.
Hi Fib,

I trade successfully yes. And while my account size is what most people would consider "mid size" it's simply not big enough yet to pay for everything I like to spend money on. It's that simple. So I keep on increasing my account size, keeping all the profits in the account and speed that process up by offering services like FX-ATM.

Why not just increase position size? I'm not happy with big drawdowns and so I don't risk more than 2% on a trade most of the time. It's called risk management and it's what makes me feel comfortable and relaxed when trading. I wouldn't feel good risking 10% on a single trade because I never know if it's gonna be a winner or not...and when I'm not comfortable with my trading I'll mess it all up.

Happy Trading,

Marco
  • #12,809
  • Oct 23, 2010 1:52pm Oct 23, 2010 1:52pm
Quoting acetrader
MARCO MAYER.....I AM NOT POINTING A FINGER @ YOU, but this does apply to YOU. You mentioned Joe Ross....he is a standup guy that has shared much valuable trading information for free across many forums & I too use some of his teachings & shared skills. It is kind of ironic that YOU show UP just as Jacko takes off.
Hi Ace,

I'm doing what I'm doing and I've got nothing to hide. I don't trade million-lots like Jacko or other guys here claim to do. Otherwise I probably wouldn't be here. I'm here to offer my service to others. Period. And I do that to increase my account size. Most of the money I make with fx-atm and other stuff I offer go into my trading accounts. That's how it is and I see nothing wrong with it. I'm also doing a lot of things for free like the webinars I give or emails I answer etc. And I enjoy doing that stuff for free. Seriously. But I also have business reasons for it and I don't see anything wrong with that. Otherwise I'd probably spend my time doing other things...but I don't really see this as hard work, I do enjoy it to some extend.

I'd be much more suspicous if a successfull trader comes here who claims to make tons of money trading and then offers his almost free service because he's a nice guy etc etc. Seriously...I know that's what people love to hear, the saint who comes to help the poor guys out. But in the trading business? I don't know...I yet have to meet someone who does

In other words I'm no saint, but I'm also not a crook claiming things that are not true. I'm trading, and I'm trading myself what I'm offering and doing so successfully with a medium sized account. In other words I'm "putting the money where your mouth is". But if you're looking for a guy trading with millions of dollars and at the same time spends his spare free time in public trading forums giving his "edge" away for free (well almost for free, for some stuff you have to pay but that's just to cover costs, I swear!)...I won't be able to answer that kind of expectations.

Happy Trading,

Marco
  • #12,810
  • Oct 23, 2010 8:21pm Oct 23, 2010 8:21pm
Quote
As per your quote above; Why do you need other people money if you claim to trade successfully? Are you finding it challenging to sustain a living on your current trading results? If you need extra funds, why don't you just increase your position size.
First off, I have to defend Marco as I am in a similar situation as he is in as my personal trading account is not substantial enough to comfortably pay for the things I need or want (yet). The only reason most people trade for others is because technology make's it's easy. I trade a PAMM account where I make trades on one account with profits divided between all investors. It's like you're trading by yourself with the added benefit of additional profits from multiple investors. It's the same concept as every fund manager in America performs on a daily basis. I can bring in additional income and grow my accounts and not have to do anything extra to accommodate my investors.
  • #12,811
  • Oct 24, 2010 6:34am Oct 24, 2010 6:34am
Welcome to Jail, Jacko !

http://www.mediaroots.org/uploads/images/jail.jpg
Trading Forever !!!
  • #12,812
  • Oct 24, 2010 7:21am Oct 24, 2010 7:21am
Marco Mayer/

If you do what you say & truely provide honest help to traders, I say more power to you & a tip of the traders hat to you. I admire you efforts & wish you much success.

mer071898/

It is good to see you join in. I have read some of your shared info over the yrs & must say it is impressive. Maybe we can swap ideas by phone or email. I am not trying to cause Marco any undue trouble, but I have seen trader/trainers come & go over the yrs & when most go they go under ground & I am just warning the new traders to beware & investigate before they invest. Thanks for your input as it is respected.

Marco........you have every right to be here & post what you have to offer & I do admire that. I wish you the best.

______________________________
  • #12,813
  • Oct 24, 2010 8:41am Oct 24, 2010 8:41am
Quoting mer071898
First off, I have to defend Marco as I am in a similar situation as he is in as my personal trading account is not substantial enough to comfortably pay for the things I need or want (yet). The only reason most people trade for others is because technology make's it's easy. I trade a PAMM account where I make trades on one account with profits divided between all investors. It's like you're trading by yourself with the added benefit of additional profits from multiple investors. It's the same concept as every fund manager in America performs on...
Well it looks to me that you are trading money for others therefore you need to be a commercial member
  • #12,814
  • Oct 24, 2010 7:30pm Oct 24, 2010 7:30pm
Quote
Well it looks to me that you are trading money for others therefore you need to be a commercial member
I am not required to be (because I do not solicit or advertise my services in my threads or signature), nor do I have any desire at this time to be a commercial member. Respectfully, you may want to read up on the site's rules before you attempt to tell others what they "need" to be.
  • #12,815
  • Oct 24, 2010 7:46pm Oct 24, 2010 7:46pm
Maybe this is what wwwin was referring to:

" If you make money by servicing Forex traders in any way, shape, or form. " This is from Rule # 3. FF.
Hej.
  • #12,816
  • Oct 24, 2010 9:03pm Oct 24, 2010 9:03pm
I've already conferred with Twee a long time ago and he said that he does not consider me as a commercial member and that is all that matters to me.
  • #12,817
  • Oct 24, 2010 10:51pm Oct 24, 2010 10:51pm
Fair enough. I was merely pointing out the rule which I thought wwwin was referring to. No harm intended.
Hej.
  • #12,818
  • Oct 25, 2010 1:20am Oct 25, 2010 1:20am
No problem, Twee has a difficult enough job as it is with the trolls and generally will not go to overboard unless the poster has obvious violations like links in their signatures or they blatantly promotes their services. If he had to police the whole site for every commercial violation, he'd have to get rid of at least a 1/3 of the members here, including a lot of senior members.
  • #12,819
  • Oct 25, 2010 1:52am Oct 25, 2010 1:52am
Quoting mer071898
If he had to police the whole site for every commercial violation, he'd have to get rid of at least a 1/3 of the members here, including a lot of senior members.
Agreed. Not sure if I count as 'senior' (I've been posting here since 2007) but on the basis of rule #3 ("If you make money by servicing Forex traders in any way, shape, or form, or have any commercial agenda whatsoever........") I should have been axed a long time ago.

IMO the rules are in need of an overhaul. All three rules are frequently violated in one one way of another, without penalty. Ironically, there's no rule explicitly stating that using multiple usernames is an infringement, and yet that's probably the surest way to get yourself banned.
  • #12,820
  • Oct 25, 2010 6:18am Oct 25, 2010 6:18am
Quoting hanover
Agreed. Not sure if I count as 'senior' (I've been posting here since 2007) but on the basis of rule #3 ("If you make money by servicing Forex traders in any way, shape, or form, or have any commercial agenda whatsoever........") I should have been axed a long time ago.
IIRC you where at one time classified as a commercial member (as you quite rightly should be !)

The problem that I see is that members such as yourself, who try to be genuinely helpfull, whilst also promoting their own services, get restricted to posting in the commercial section cess pit if they're upfront and honest.

Its a bizarre situation, we have genuinely helpful members prevented from taking place in wider discussions, whilst decietful members who set out to defraud dont disclose their adgenda and are free to post. Then we have a bunch of guys in the middle who most people know are pursuing a commercial adgenda, but twee turns a blind eye (occassionally with disasterous consequences)

what a mess !
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