Scotty2Cues
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Learning lots and lovin it! Started with Trader_dantes thread and from there found J16 thread. Just now found jacko thread. Which to use?
James16 v Jacko
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shadowninja
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http://www.googlefight.com/index.php?lang=en_GB&word1=Jacko&word2=James16
I think James16 is more "technical" than Jacko. Jacko tends to keep things simple: trendlines, 50% fib levels, fundamentals and he only trades euro. So, I suspect Jacko gets far less signals/entries/reasons to trade. It's a good start, however.
You should also look out for Oscar: http://www.youtube.com/user/futuresanalysts
Similar style to Jacko but more intraday stuff and a little bit more technical plus trades more instruments.
Who is cooler? Well, I hear Jacko puts on multi-lot trades and goes out shopping with his wife.
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superspurs
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hey shadow,you gotta do TE v RE,made me smile
shadowninja
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Te? Re?
Scotty2Cues
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http://www.googlefight.com/index.php?lang=en_GB&word1=Jacko&word2=James16
I think James16 is more "technical" than Jacko. Jacko tends to keep things simple: trendlines, 50% fib levels, fundamentals and he only trades euro. So, I suspect Jacko gets far less signals/entries/reasons to trade. It's a good start, however.
You should also look out for Oscar: http://www.youtube.com/user/futuresanalysts
Similar style to Jacko but more intraday stuff and a little bit more technical plus trades more instruments.
Who is cooler? Well, I hear Jacko puts on multi-lot trades and goes out shopping with his wife.
Dont be silly! Its NOT a fair fight because of Michael Jackson
approximately how many trades with Jackos system a month (depends on number of markets I know)
Ill take a look- thanks!
shadowninja
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No need to pay anyone for info... it's all on the net.
superspurs
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the expert v rathcoole
shadowninja
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Ah.
B
Black Swan
For those who want to check out/need a link to Jacko's thread...
Jacko's Forex House of Pleasure and Pain
Hello,
I have received a very small number of PMs and emails regarding how I trade.
Also a number of people were saying that my posts were all over the forum and that it would be nice if they were all put in one area,so I will try to consolidate everything into one rather condensed thread.
__________________
http://waynejacksonfx.blogspot.com
http://www.forexfactory.com/showthread.php?t=27286
Jacko's Forex House of Pleasure and Pain
Hello,
I have received a very small number of PMs and emails regarding how I trade.
Also a number of people were saying that my posts were all over the forum and that it would be nice if they were all put in one area,so I will try to consolidate everything into one rather condensed thread.
__________________
http://waynejacksonfx.blogspot.com
http://www.forexfactory.com/showthread.php?t=27286
B
Black Swan
BTW, I likes this, couldn't agree more ;
Why do I trade Forex?
Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.
There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs
2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)
3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory
4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.
5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."
6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.
7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.
8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)
I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.
And did I mention that it was exciting and fun????
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
What are the disadvantages of this "business" of trading Forex?
For me there are none. I am old (early 50s), retired, financially well-off and experienced (20+years) in trading shares property and commodities. I have also had much experience in business (haing sold two businesses for substantial amounts of money) Even though I trade large volumes, the financial risk at the margin is relatively small. Also, I have had extraordinarily good luck in this market and have made a significant sum of money in the last twelve months ( so I am now playing with the Forex casino's money).
For many of you, the situation may be different. You are probably young, working, keen to make a lot of money and inexperienced. That is a dangerous combination.
Most young traders here all suffer from the basic same problems.
1.There is a tendency for newbies to "PANIC" when the market goes a little against them This is due to:
a. Probably scared to lose money
b. Probably undercapitalised
c. New to industry....therefore probably uncertain about your own abilities
d. Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
e. Probably inexperienced in business and investment from a practical aspect
f. Probably unsure who to talk to for guidance
2. The second problem is that they are all looking for the "Holy Grail" There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS ! However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.
3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.
4. stop thinking that you have to "outsmart" the market. You don't have to..this business is very easy if you leave your brain at the door....just follow the trend = follow the money =going with the flow = barking with the big dogs. Stop thinking that "it can't be that easy".......it is!!!
5, you have to detach yourself emotionally from the money...that is the hard part...stop seeing it as money, and look at it as numbers. Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money
6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!
Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts). Most people are trading for the adrenaline rush rather than the boring concept of just maximising profits.
;Why do I trade Forex?
Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.
There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs
2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)
3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory
4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.
5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."
6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.
7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.
8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)
I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.
And did I mention that it was exciting and fun????
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
What are the disadvantages of this "business" of trading Forex?
For me there are none. I am old (early 50s), retired, financially well-off and experienced (20+years) in trading shares property and commodities. I have also had much experience in business (haing sold two businesses for substantial amounts of money) Even though I trade large volumes, the financial risk at the margin is relatively small. Also, I have had extraordinarily good luck in this market and have made a significant sum of money in the last twelve months ( so I am now playing with the Forex casino's money).
For many of you, the situation may be different. You are probably young, working, keen to make a lot of money and inexperienced. That is a dangerous combination.
Most young traders here all suffer from the basic same problems.
1.There is a tendency for newbies to "PANIC" when the market goes a little against them This is due to:
a. Probably scared to lose money
b. Probably undercapitalised
c. New to industry....therefore probably uncertain about your own abilities
d. Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
e. Probably inexperienced in business and investment from a practical aspect
f. Probably unsure who to talk to for guidance
2. The second problem is that they are all looking for the "Holy Grail" There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS ! However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.
3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.
4. stop thinking that you have to "outsmart" the market. You don't have to..this business is very easy if you leave your brain at the door....just follow the trend = follow the money =going with the flow = barking with the big dogs. Stop thinking that "it can't be that easy".......it is!!!
5, you have to detach yourself emotionally from the money...that is the hard part...stop seeing it as money, and look at it as numbers. Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money
6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!
Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts). Most people are trading for the adrenaline rush rather than the boring concept of just maximising profits.
Scotty2Cues
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If it really is as simple as J16 (methods) and Jacko make out, why isnt everyone doing it?
shadowninja
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Lack of discipline.
Scotty2Cues
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I presume using Jackos method a large account is needed to get any decent profit? Does he mention % proft per month - cant find it yet
Scotty2Cues
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I know its a typical newbie question but I have no idea. I read 10% is the norm, I read 25% is possible and I read some manage 50%. (Ive even read 100%) Is 25% a month possible following J16's ( or jacko) basic and patient techniques (approx 5-8 trades a month)
shadowninja
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Well, if you go all in on the first trade, you'll rape the market. 500% per week on average.
Or be raped. Court attendance with IG Index (rightly) demanding £100k.
He doesn't talk about money management, really, IIRC, as that is down to using common sense. And how "trendy" the market is in a given month. No setup, no trade.
Or be raped. Court attendance with IG Index (rightly) demanding £100k.
He doesn't talk about money management, really, IIRC, as that is down to using common sense. And how "trendy" the market is in a given month. No setup, no trade.
elitejets
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I would recommend both those threads for trading price action at support and resistance.
J16 is excellent technically but I don't like the money management, Risk:Reward aspect.
Jacko is excellent at both but only trades EURUSD.
I personally learned to trade daily/weekly timeframes from "Strat's Long Term Stress Free Trading"
which is trading daily/weekly candles
I also really like Clockwork's "Silent Service Method" which is similar setups but entries on lower time frames.
Neither of these really cover money management though.
J16 is excellent technically but I don't like the money management, Risk:Reward aspect.
Jacko is excellent at both but only trades EURUSD.
I personally learned to trade daily/weekly timeframes from "Strat's Long Term Stress Free Trading"
which is trading daily/weekly candles
I also really like Clockwork's "Silent Service Method" which is similar setups but entries on lower time frames.
Neither of these really cover money management though.
Tenapenny
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Depends what you mean by a large account. Also, he only trades EUR/USD in a trend and uses his "anti-hedging strategy" so you could use it possibly on smaller time-frames than he does. I've no doubt that he's very good at what he does though.
Scotty2Cues
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he mentions $5000 account not big enough for his strategy
