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Jacko's Forex House of Pleasure and Pain

  • #12,881
  • Dec 14, 2010 5:52am Dec 14, 2010 5:52am
Quoting LasVahGoose
True, but retail traders are speculators (for the most part some are gamblers) and that is where it becomes a zero sum game.
I disagree... if the market was only made of 'pure' speculators, and moved only by them, then sure it would be a zero sum game. But it isn't (as no market is). It primarily exists because businesses and states do trade together and have to convert back the currencies brought abroad into their own local currency.
Even futures are not initially meant for speculation (they are tools to protect businesses against the risk of price fluctuation).
The speculator may be at one end of the trade, but often there is someone else at the other end.

If I buy EUR at 1.5 and it goes up and I sell at 1.52, you may say I'm a winner and the seller is a loser, but the seller may have bought at 1.48 (so he is also a winner) and the buyer may have no intention to sell afterwards (for instance if he just happens to get paid in USD but needs to convert them into EUR, his local currency...). Where is the zero sum game in this?
  • #12,882
  • Dec 14, 2010 11:12am Dec 14, 2010 11:12am
Quoting 61cygni
I disagree... if the market was only made of 'pure' speculators, and moved only by them, then sure it would be a zero sum game. But it isn't (as no market is). It primarily exists because businesses and states do trade together and have to convert back the currencies brought abroad into their own local currency.
Even futures are not initially meant for speculation (they are tools to protect businesses against the risk of price fluctuation).
The speculator may be at one end of the trade, but often there is someone else at the other end.

If...
You can do a million "what if" scenarios. Heck, someone had to sell to the buyer @ 1.48 so he could sell at 1.52, whose to say the person on the other side of that trade didn't lose. Blah Blah Blah. When it is all said and done it is zero sum. Hey, that rhymes!

If you're trying to argue that everyone can be winner in Forex, like the stock market, good luck with that.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #12,883
  • Dec 14, 2010 1:48pm Dec 14, 2010 1:48pm
Quoting hubbahubba
Sigh........It's not winners vs losers. That is a myth.

Forex exists because, for example, if a company in Singapore buys a Boeing airplane built in the US.....an exchange of currency needs to take place. GET IT?! I know all the so called experts around here (no shortage of them...lol) talk about zero sum win/lose blah blah....They don't know what they are talking about. Only a small part of the market is zero sum win/lose speculators. Most is real business being conducted by governments and large companies via commercial banks!
Wrong. Most positions in fx are speculative.
  • #12,884
  • Dec 15, 2010 1:15am Dec 15, 2010 1:15am
Quoting fxterrapin
Wrong. Most positions in fx are speculative.
LOL....if you say so.....sigh!
  • #12,885
  • Dec 15, 2010 1:32am Dec 15, 2010 1:32am
Quoting fxterrapin
Wrong. Most positions in fx are speculative.
Well then, we now know why 95% of traders are losers. LOL.
  • #12,886
  • Dec 15, 2010 1:39am Dec 15, 2010 1:39am
Quoting madmatz
Well, I just stumbled upon this thread. What a shame what happened here.

I don't plan to continue reading through this thread as I have read enough; however, if anyone has info on this Jacko character, or any of his cronies, I am willing to attempt to track down more info to help those seeking answers.

All I can promise is that I will make an earnest effort to track these people down if those with info provide it. This will obviously not be a priority for me but it will definitely go on my to-do list.

I have a good amount of prior work related...
All the SMS text messages came from this number.

+46737494533


Hope this helps
  • #12,887
  • Dec 15, 2010 4:47am Dec 15, 2010 4:47am
Quoting fxterrapin
Wrong. Most positions in fx are speculative.
Correct! $5 trillion is traded in foreign exchange markets daily. About 2% of these transactions relate to real goods and services, 98% being purely speculative.
  • #12,888
  • Dec 15, 2010 6:14am Dec 15, 2010 6:14am
Quoting Tenapenny
Correct! $5 trillion is traded in foreign exchange markets daily. About 2% of these transactions relate to real goods and services, 98% being purely speculative.
I have read different statistics but still most is speculative. It was ~60-70% if I remember correctly.
  • #12,889
  • Dec 15, 2010 2:33pm Dec 15, 2010 2:33pm
Quoting TJPLD
I have read different statistics but still most is speculative. It was ~60-70% if I remember correctly.
No it's 1 bazzillion % speculative. I know it's true because I read it on the internetz
  • #12,890
  • Dec 15, 2010 3:11pm Dec 15, 2010 3:11pm
Quoting hubbahubba
No it's 1 bazzillion % speculative. I know it's true because I read it on the internetz
Hiya Hubba,

Last I heard USD4 Trillion is traded daily on all FOREX markets. I have seen no numbers splitting Corporate Treasury and speculative activity.

Used to be that market activity was driven by interest rates and news that could effect them. Doesn't happen at present!

Lots of manipulation instead in my opinion.

It's BIG banks acting for BIG clients with BIG capital. They trickle just enough volume into the market to move the price the way they want it to go? Then, when demand is high they satisfy it with big volumes and turn a good profit. They win while high volumes drive prices the wrong way for the rest of us.

I think that's where a lot of high energy activity comes from.

News is little more than an excuse for directed activity and not necessarily in a rational direction.

And then there's July and December playing when the markets are thin. A good time for State manipulation to drive their currencies down to reduce debt servicing costs.

Or am I just being paranoid?

Andrew

PS Incidentally, our view of market conditions has led us to believe that spotting likely reversal levels in advance is the key to profitable trading today. Hence our FMRL service.
  • #12,891
  • Dec 16, 2010 4:52pm Dec 16, 2010 4:52pm
Quoting LasVahGoose
True, but retail traders are speculators (for the most part some are gamblers) and that is where it becomes a zero sum game.
Now you are just splitting hairs. In order for a currency exchange to take place a currency trade must take place and there is therefore some speculation at the transaction level as to exactly when that trade should take place. But it will take place regardless within a certain short term time frame.
  • #12,892
  • Dec 16, 2010 5:25pm Dec 16, 2010 5:25pm
Quoting hubbahubba
Now you are just splitting hairs. In order for a currency exchange to take place a currency trade must take place and there is therefore some speculation at the transaction level as to exactly when that trade should take place. But it will take place regardless within a certain short term time frame.
You believe what you want and I'll believe what I want. Forex is zero sum (technically negative sum when you include the spread). You want to believe that it is a positive sum game, go for it.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #12,893
  • Dec 17, 2010 8:38am Dec 17, 2010 8:38am
Quoting LasVahGoose
You believe what you want and I'll believe what I want. Forex is zero sum (technically negative sum when you include the spread). You want to believe that it is a positive sum game, go for it.
Given that some participants have unlimited funds and play forex for other reasons than profit (central banks), it could cause forex to be a positive sum game for the other players.
  • #12,894
  • Dec 23, 2010 5:28am Dec 23, 2010 5:28am
PinBar,

Nice of you to post that number, but it appears economics & trading 101 class is now in session & all students need to take their seats, or exit the classroom.

Just kidding.......that number could be a good starting point in locating the missing MASTER of this once high flying thread, but I suspect he will never be located. Everyone should keep an eye out for the next great book on how to trade, it just might be Jacko's latest work.

As an after thought it would be nice if some of Jacko's students would let everyone know how they are progressing in their trading since the Master has gone missing.

Those traders that lost money would be wise to hire a private investigations firm that has international connections, as law enforcement will consider this a very low priority case & will devote little time to it. Now had a big bank been involved they would be all over it. You know how it goes. Sad, but so true.

"Merry Christmas & A Happy New Year To All".

___________________________
  • #12,895
  • Dec 25, 2010 2:36pm Dec 25, 2010 2:36pm
Quoting acetrader
PinBar,

Nice of you to post that number, but it appears economics & trading 101 class is now in session & all students need to take their seats, or exit the classroom.

Just kidding.......that number could be a good starting point in locating the missing MASTER of this once high flying thread, but I suspect he will never be located. Everyone should keep an eye out for the next great book on how to trade, it just might be Jacko's latest work.

As an after thought it would be nice if some of Jacko's students would let everyone know how they are...

Good day to you. A number of years ago I used to read some posts on this thread.

From memory I sensed at the time Jacko was respected and was considered a guru of sorts. I was reading another thread and got linked here.

Not to waste much of your time I am curious to know what happened and I do not have the time to go back and follow the thread.

Perhaps a few sentences will do. I get the jist of what happened and it seems the rules were good but the Ruler was not.

I never followed Jacko nor was very interested. It seems he traded without using proper risk management.

I wish everyone on Forex Factory good trading success during 2011.

DISCIPLINE is a KEY to winning in Forex.
  • #12,896
  • Dec 25, 2010 3:54pm Dec 25, 2010 3:54pm
Quoting Forexpro30
Good day to you. A number of years ago I used to read some posts on this thread.

From memory I sensed at the time Jacko was respected and was considered a guru of sorts. I was reading another thread and got linked here.

Not to waste much of your time I am curious to know what happened and I do not have the time to go back and follow the thread.

Perhaps a few sentences will do. I get the jist of what happened and it seems the rules were good but the Ruler was not.

I never followed Jacko nor was very interested. It seems he traded without...
For some personal reasons I decided to go back and read this thread going back to June 2010.

I used to read some of Jacko's posts and saw how loyal and fierce his defenders were. It reminds me of the Madoff saga but of course at a bigger scale like say 65 Billion.

Madoff probably conned his sons ? Madoff sent out dummy statements for 14 years having not traded in that period.

Everyone is reponsible in this mess. Everyone. I am sorry to see the result however the lesson from all this is simple yet hard to follow.

Winners in life follow basic rules. There is no get rich formula without work.

We all have common sense to different degrees. Greed and wanting money and accepting the truth without seeing if it is really so because we want to so we can get rich is what all the cons know. They create an image. They tell a story. Other's join in singing their praises. Then it gets bigger and eventually it turns out bad.

Human Nature repeating itself just like on the charts.

I hope everyone has good fortune in 2011
  • #12,897
  • Dec 25, 2010 6:44pm Dec 25, 2010 6:44pm
Quoting Forexpro30
For some personal reasons I decided to go back and read this thread going back to June 2010.

I used to read some of Jacko's posts and saw how loyal and fierce his defenders were. It reminds me of the Madoff saga but of course at a bigger scale like say 65 Billion.

Madoff probably conned his sons ? Madoff sent out dummy statements for 14 years having not traded in that period.

Everyone is reponsible in this mess. Everyone. I am sorry to see the result however the lesson from all this is simple yet hard to follow.

Winners in life follow...
So tell us what happend? I'm also interested in the story but I don't have the time to search the threads.
Thanks !
The Mind creates reality.
  • #12,898
  • Dec 26, 2010 6:55am Dec 26, 2010 6:55am
Forexpro30,

Sorry for being slow to respond, but have been busy with family at Christmas time & have just dropped in this morining.

Your view of what happened with this thread & its master is most correct.
The first 10-12 pages spells out what Jacko said he was doing with his trading method & I can't say if he was trading as he described, but I can say I did give it a go as he described & it worked for me, but as with any method it is not a 100%. For about 2 months I traded using 2 lots as Jacko described on a live account & at the end of the 2 months the account was up from the opening balance. Did I have losers? Yes & these were from my mistakes such as not cutting the loss soon on one particular trade. This one trade account for 90% of the loss that I incurred during the 2 months I traded this method. I want go into more details about the other few losers there were, but they were minor ones.

After trading this method live for 2 months I just decided it was not for me for several reasons with one being I am more of a short term trend trader & this as you can see is clearly a longer term trend trading method. It was just not my cup of tea as the saying goes. Holding trades over night for the most part keeps me from sleeping well & with this method you will be holding some trades for days. Yes, I know if the trade direction is correct holding trades overnight should be NO problem, but things can happen overnight as you well know. Thats a topic for another thread.

In summary the method is clearly explained in the first 10 pages & anyone can give it a test & see for themselves if it works for them. If 10 traders give it a go probably only 1-2 will be successful with it. Some have said to me the method was sound, but its not for everyone & I agree. The same situation with the Richard Dennis Turtle Traders as not all could make a sound method work for them, but some because most successful.

The problem developed when some started joining the pay for view part of the thread. I DID NOT join this group, but did give it strong consideration. It would be nice to hear from some of those that did join, but that will probably not happen.

I hope this helps & these are just my views based on my results.

____________________________
  • #12,899
  • Dec 26, 2010 1:23pm Dec 26, 2010 1:23pm
Quoting Forexpro30
For some personal reasons I decided to go back and read this thread going back to June 2010.

I used to read some of Jacko's posts and saw how loyal and fierce his defenders were. It reminds me of the Madoff saga but of course at a bigger scale like say 65 Billion.

Madoff probably conned his sons ? Madoff sent out dummy statements for 14 years having not traded in that period.

Everyone is reponsible in this mess. Everyone. I am sorry to see the result however the lesson from all this is simple yet hard to follow.

Winners in life follow basic...
It never ended, just that all those lemmings are now fierce defenders of all things related to J16 thread and commercial website. There will always be an ample supply of these people. If there weren't we would not continue to have an email SPAM problem.
  • #12,900
  • Jan 3, 2011 1:44pm Jan 3, 2011 1:44pm
It is interesting that no one that was scammed has posted in a while. Perhaps Jacko delayed giving back funds, but did return them eventually...
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