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Attachments: Jacko's Forex House of Pleasure and Pain
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Jacko's Forex House of Pleasure and Pain

Why is this thread still alive ? Jacko and this whole thread needs to be in the trash !! Let it die.
Quoting greywolf238
Why is this thread still alive ? Jacko and this whole thread needs to be in the trash !! Let it die.
Normally I would agree. However, the need for cautionary tales still exists. Especially in the world of forex.
I disagree.......Let this thread stay as a warning to the new traders coming into the arena. Be careful who you trust & follow in this business.

There are many more Jacko's that have yet to be exposed.
Quoting FibbinArchie
So did Jacko ever resurface? Would be interesting to find out if he just plain scammed everyone and ran off to the Bahamas or if it was a case of him genuinely blowing up his fund...

I've heard of people going full tilt and losing a few million in a day before...

Anyone hear or know anything?
Don't know if anyone else noticed but his blog has been changed. http://waynejacksonfx.blogspot.com/

I only noticed because I was subscribed to the RSS feed and it popped up on Google Reader the other day. I think possibly the blog expired and somebody else has grabbed it but who knows.

There are affiliate banners on there so maybe worth investigating further.
Quoting acetrader
I disagree.......Let this thread stay as a warning to the new traders coming into the arena. Be careful who you trust & follow in this business.

There are many more Jacko's that have yet to be exposed.
As one of the naive people that lost 20k GBP I agree with acetrader... Read, Learn and be cautious... make sure that anywhere you put your money is backed by the financial services in act of at least one country. If in Europe look for EU backing too.

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
It has happedned before, and it will happen again.
The only money to be made in Forex is by cheating and scamming.
The Whales (big financial institutions) get most of the money by manipulating the market (stop grabber, wash & rinse). The brokers get some money also by cheating (stop hunting, requoting, widening spreads...). At this point 99% of the money that individuals like me an you have put in the market is gone. The 1% goes to people who sell EAs, PDF, Strategies and so on. Each day there are hundreds of suckers who have lost their investment and do not know what to do. Like addicts without drugs. They do not have the money to continue, but have the experience. They try to sell the experience that did not help them at the first place, to you, so that you can make money!! How clever or how stupid is that?
This is a zero sum market. Your chance to make money in this market is the chance of a cow who enters a slaughter house wishing to make a stew out of the butcher.
If you don't believe me - good for you - trade more.
If you believe me then do what I did. I like the rush of forex, so knowing that I will lose, I trade size 0.01 only. I still lose, but with dignity.


Quoting leņador
Oh no....donīt get me wrong... I did not mean that was FF fault at all, I am just surprise about this issue cos mostly people here are just trying to help each other...and getting ripped off like that because you trust people is nasty...

Hope it never happens again...
Indeed police dont seem to care
Quoting Bernard
It has happedned before, and it will happen again.
The only money to be made in Forex is by cheating and scamming.
The Whales (big financial institutions) get most of the money by manipulating the market (stop grabber, wash & rinse). The brokers get some money also by cheating (stop hunting, requoting, widening spreads...). At this point 99% of the money that individuals like me an you have put in the market is gone. The 1% goes to people who sell EAs, PDF, Strategies and so on. Each day there are hundreds of suckers who have lost their investment...
That's an awfully cynical view of trading...I know many individuals that are profitable traders, both retail and professional. Trading, as a whole, is a difficult proposition. Most people do not make it in this business and that is normally because they cannot hack it mentally. I'm not doubting that the game is rigged, but there is still room in the middle for the regular guy to make money.
You being a Serior Member of the forum, I assume that YOU are more than a "regular guy" who can make money in this market.
Would you be brave enough to show the audience your active LIVE account of the past 3 months?
Put your money where your mouth is and lets see how well a Senior Member has done. The account number, Read only password, and the server name is all you need to prove your point.
Otherwise it is fair to deduct that you are calling the gullible to the slaugher house.
I am very excited to see that.
Bernard



Quoting 1zach4
That's an awfully cynical view of trading...I know many individuals that are profitable traders, both retail and professional. Trading, as a whole, is a difficult proposition. Most people do not make it in this business and that is normally because they cannot hack it mentally. I'm not doubting that the game is rigged, but there is still room in the middle for the regular guy to make money.
Quoting meepatme
Indeed police dont seem to care
There is nothing plice can do because what the Whales (or elephants like central bank of swiss) do is not illegal. When I and you trade with size 0.5, 1, 2 or max 3 the market does not feel it. But when a whale sells EU at 1.4255 for example at size 800 and four them at the same time, then this shock wave takes the price within minutes to 1.4155 (for example).
Now the Whales buys back what it has sold 5 minutes ago at this lower price. Within minutes the price goes back to 1.4255 or even beyond.
End result: In about 5 minutes the whale has made 4x800x100 pips.
This is $3.2 Million dollars. In a zero sum market, how many suckers does it take to compensate for that $3.2 Million?
The big banks do this every hour and every day.
Was there anything illegal? To see a real example search Internet for Journey of IronMonkey (http://ironmonkeydid.blogspot.com/) wash and rinse.
One of the best pieces of advice I ever received in trading was "Only make changes to your system on a weekend."
Quoting jerryyap
------------------------------------------------------------------
To twentyquid and all followers of Jacko's techniques of anti-hedging and trend following:


I am a newbie and I have read over 60 of the posts in this thread and I must give thanks for bring me back to reality as some of the things he said is quite logical.

I have been trading on small time frame of 5 mins and even go down to 1min for past few months but found out it is not profitable. Day trading I believe now is for suckers. And many of us still believe in it because our stop...

How many hours have you spent watching charts and trading?
Day trading is ok when you are ready. For beginning I would not advise to trade form 5 min let along 1 min. Watching higher time frames and then acting on lower time frames is a different story.
Also, you need to know yourself. are you comfortable to sleep knowing that you have opened position?
Another advice is: choose just one instrument/ pair and trade only it.


For new trader I would advise to follow these 2 threads until you watch enough market to make your own conclusion. There is no however substitute for thousand and thousand hours of watching, thinking and trading. Practice makes perfect.

1. http://www.forexfactory.com/showthread.php?t=86429

2. http://www.forexfactory.com/showthread.php?t=98028

These 2 threads are good. Jacko is/ was trend follower and when there is no trend the pain begins. These 2 threads provide enough data to be profitable in any market conditions. But ultimatelly it is you who make decisions and tarde.
I've learned a lot from these guys too.

http://www.forexfactory.com/showthread.php?t=2331
Quoting RResiduals
I've learned a lot from these guys too.

http://www.forexfactory.com/showthread.php?t=2331
learning and earning two far apart,forget those systems sellers they dont trade and making money selling crap.
same as the jerk who started this thread.
jacko the scam becareful out there,most of the guys trying to trade that j16 are mirco merchants and will never make it.dont fall for it .good luck anyway
student
Quoting garrye
learning and earning two far apart,forget those systems sellers they dont trade and making money selling crap.
same as the jerk who started this thread.
jacko the scam becareful out there,most of the guys trying to trade that j16 are mirco merchants and will never make it.dont fall for it .good luck anyway

I think it is very true. The person whom James16 helps the most is himself.
Obviously there is merits to what he teaches but it is not a rocket science. It is obviously much easier to teach trading and collect money for subscriptions than to trade for money. In this respect James16 is much smarter than Jacko. Jacko is wanted man now but James16 is a respected guy who tends to make money in legal way.
isnt adding to a winning position one of the basics of trading? i have been long since 3670, an anti-hedge trade, added at 3800, and at 3900... the 3900 may potentially end up a losing trade, but it may end up being a big gainer if price continues on up? as long as the position you add doesnt turn your overall position into a loser, no reason not to do it that i can see.

as for "catching the falling knife"... its been about 50% for me, i prefer to buy when price is on the rise. but even on the few occasions that i have lost 50 pips on a trade, the anti-hedge gets the majority of it back.
Quoting shiko
I........ it is not a rocket science
You got it. It's not a rocket science and in fact has nothing to do with science. The only way you can master this market is to make the market turn your way, follow your dictation and always obey you. For this you need to learn Black Magic.
The Thief of Wall Street
One of the best pieces of advice I ever received in trading was "Only make changes to your system on a weekend."
i am sure from whatever hole jacko the wacko is hiding in...he be following this thread....he was always the son of perdition.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
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