Jack Crooks

This is a discussion on Jack Crooks within the General Trading Chat forums, part of the Reception category; Has anyone used Jack Crooks System? I've read about his credentials and he sounds legitimate, but his service is $2500. ...

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Old Aug 24, 2008, 2:34pm   #1
 
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Jack Crooks

Has anyone used Jack Crooks System? I've read about his credentials and he sounds legitimate, but his service is $2500. 00 I'm a newbie and maybe a bit gullible, but I don't want to spend a ton of time researching. I'm reading about a lot of people on here losing money. I haven't read about those who are doing well or how long and how much money they went through before they started making a good return on their investment. Any insight or experiences with Jack Crooks program would be appreciated!
thanks,
Janie
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Old Aug 25, 2008, 1:27pm   #2
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I've read some articles Crooks has written on the forex market and strategies for trades - though nothing specifically from his "System". To say that I've been totally unimpressed is being very kind.

If, as you say, you don't want to spend time researching, I suggest you turn your attentions somewhere away from trading. Failure to put in the work learning about things is a virtual gurantee of flushing your money away. Even if it's your intention to get strategy recommendations from someone else, you need to know enough to 1) know if that person is credible and 2) know if their particular methodology suits your needs.
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Old Aug 25, 2008, 2:17pm   #3
 
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Learning Forex

janieg started this thread Thanks for your reply John. I know what you're saying and I know I need to educate myself. I could probably consistently spend 1-2 hours per day researching. Is that sufficient or does trading on forex require something akin to a full work week? Why are there no books on Forex trading at Barnes and Noble or Books A Million? Has forex trading just recently been opened to the common man? I've been researching on the net trying to find a way to learn it. What do you suggest for someone who's green??
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Old Aug 25, 2008, 3:19pm   #4
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Retail forex has been readily available for nearly a decade now. There are loads of books on the subject. Do a search on Amazon or the B&N website and you'll probably be overwhelmed by the options. Some are better than others, of course. There are threads here in this forum which discuss good ones.

As for research time, 1-2 hours a day is fine. Only you can determine the timeframe you should be operating in. Day or full-time trading is for some, but not for most. Part-time trading is perfectly acceptable and can be just as profitable.
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Old Oct 29, 2008, 3:36pm   #5
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Quote:
Originally Posted by janieg View Post
Has anyone used Jack Crooks System? I've read about his credentials and he sounds legitimate, but his service is $2500. 00 I'm a newbie and maybe a bit gullible, but I don't want to spend a ton of time researching. I'm reading about a lot of people on here losing money. I haven't read about those who are doing well or how long and how much money they went through before they started making a good return on their investment. Any insight or experiences with Jack Crooks program would be appreciated!
thanks,
Janie
I have been using Jack Crooks' World Currency Options service since July. This is a much safer way to get involved in foreign exchange trading than Forex because, with options, you can never lose more than the cost of the option.

To date I have completed 23 trades. My account is up more than 150%. 69.6% of the trades have been profitable, with a profit/loss ratio of 4.9. The average holding period was 25 days. The average gain was 89% (the highest 277%), the average loss was 56.3%.

As with any trading, risk management is key. These options are not highly liquid, so I do not reccommend using stop loss orders. Control your risk by not investing more than about 10% of your account value in any one trade. (You can expect to have 0-3 trades open at a time) This will limit your losses to 5% or so of your account so you do not get blown out if it gets choppy.

I couldn't me more satisfied with this service. Highly recommended!
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Old Oct 29, 2008, 4:45pm   #6
 
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I couldn't me more satisfied with this service. Highly recommended!
Spot the freudian slip
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Old Oct 29, 2008, 5:48pm   #7
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No slip, just an answer to the original poster's question. The only answer so far, by the way, because none of the other replys are from someone who has actually used the the service in question.
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Old Oct 29, 2008, 5:54pm   #8
 
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Quote:
Originally Posted by janieg View Post
Has anyone used Jack Crooks System? I've read about his credentials and he sounds legitimate, but his service is $2500. 00 I'm a newbie and maybe a bit gullible, but I don't want to spend a ton of time researching. I'm reading about a lot of people on here losing money. I haven't read about those who are doing well or how long and how much money they went through before they started making a good return on their investment. Any insight or experiences with Jack Crooks program would be appreciated!
thanks,
Janie
? $2,500
I don't get it, is the joke on me?
Go to 'classic fx' in 'forex recommendations'.
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Old Oct 29, 2008, 6:10pm   #9
 
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Got to agree with Rody - there's no shortcut in this game and even if you attend his course you will still need to work and practise what he's taught you.

Anyway would you really hand over $2,500 to a Crooks?
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Old Nov 7, 2008, 2:13am   #10
 
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I would highly recommend Rob Booker if you are a beginner. His alert service is $49 per month and the man is a high powered winning machine. You can also pay $1,000 for a lifetime membership to his 1-on-1 training where you will get daily chart school webinars.

Not sure about Jack Crooks, although somehow I must have subscribed to his FX University Daily emails. Pretty good read. Don't know what you'll get for $2,500 but I bet it isn't any better than what you get for half of that with Rob Booker.

Forex
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Old Nov 9, 2008, 5:08pm   #11
 
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why don't you watch the trading videos on youtube ......much cheaper and you don't even have to do any reading.
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Old Nov 11, 2008, 10:29pm   #12
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PLEASE save yourself the money...go and buy some good books and if you *really* must pay someone $2,500 then learn from the books first, so you understand the basics then find a real live FX trader in your area who has been sucessful...offer him a consulting rate of $100/hour to help you. I guarantee this approach will get you more results than someone selling a "system" for $2,500 !!!
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Old Nov 30, 2008, 4:34am   #13
 
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Jack Cook or Rob Booker for a Newbie

Quote:
Originally Posted by JTM View Post
I have been using Jack Crooks' World Currency Options service since July. This is a much safer way to get involved in foreign exchange trading than Forex because, with options, you can never lose more than the cost of the option.

To date I have completed 23 trades. My account is up more than 150%. 69.6% of the trades have been profitable, with a profit/loss ratio of 4.9. The average holding period was 25 days. The average gain was 89% (the highest 277%), the average loss was 56.3%.

As with any trading, risk management is key. These options are not highly liquid, so I do not reccommend using stop loss orders. Control your risk by not investing more than about 10% of your account value in any one trade. (You can expect to have 0-3 trades open at a time) This will limit your losses to 5% or so of your account so you do not get blown out if it gets choppy.

I couldn't me more satisfied with this service. Highly recommended!
Hi JTM I just got on this website b/c I was trying to decide if I should invest the $2500 in Jack Crooks service. I am really wet behind the ears. I don't know a pip from a pop...and I see some other post that recommend Rob Booker's service ..but if I understand you correctly you think that the options are better at managing your loss. So the question is if you are just starting out and know very little would you recommend Jack Crook's service rather than Rob Booker's service? thanks Caroline
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Old Nov 30, 2008, 6:18am   #14
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Hi JTM I just got on this website b/c I was trying to decide if I should invest the $2500 in Jack Crooks service. I am really wet behind the ears. I don't know a pip from a pop...and I see some other post that recommend Rob Booker's service ..but if I understand you correctly you think that the options are better at managing your loss. So the question is if you are just starting out and know very little would you recommend Jack Crook's service rather than Rob Booker's service? thanks Caroline
I can't comment on Rob Booker as I have no experience or knowledge of him or what he offers. I can only speak to Jack Crook's service, specifically "World Currency Options". (He has other services as well: "The Money Trader" and "Exotic FX Alert". Both of these are FOREX trading services.)

I suggest the World Currency Options ("WCO") as a way to get started in Foreign Exchange Trading. This service trades foreign exchange options (puts and calls on currency pairs) on the Philadelphia Stock Exchange.

First, let me clarify something. Jack doesn't sell "systems", he sells trade recommendations. He tells you what to buy and, most importantly, when to take your profit (or loss). Of course you are free to make the trade or not, determine the appropriate position size, close the position at any time, etc.

There are several advantages to the options approach for beginners. First, it does not require a FOREX account. These options can be traded in any brokerage account approved for equity options.

Secondly, unlike FOREX trading, the risk is clearly defined. You can not lose more than the price of the option plus commission. In the last five months about a third of my trades have resulted in a loss, averaging about 48% of the investment. In other words, I recovered on average 525 of the premium paid.

Thirdly, Jack does an excellent job of explaining his reasoning for the trade and provides charts etc. This is very helpful in developing an understanding of foreign exchange markets, and will be really helpful if you decide to open a FOREX account at a later time.

WCO provides a way to experience foreign exchange trading at relatively low risk. It will give you the opportunity to get some experience and make some money. The majority of new traders on FOREX fail. There is no system that will work over time because the markets change. There is no substitute for knowledge and experience, and in the FOREX market, that can take years and more money than you think to develop.

Happy trading!
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Old Dec 6, 2008, 6:37am   #15
 
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Jack Crooks' "World Currency Alert" recommendations is only $295/yr + free "World Currency Alert Startup Manual". World Currency Alert
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