shadowninja
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He goes direct, I expect. You could trade it on Alpari comfortably for about £100 deposit with suitable MM.
James16 v Jacko
- Thread starter Scotty2Cues
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shadowninja
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It's one where he talks about daily pinbars.
Scotty2Cues
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its the 'making money trading' thread in the 'first steps' forum
www.trade2win.com/boards/first-steps/26947-making-money-trading.html
B
Black Swan
hmm....where to start...? OK for one I don't entirely agree with his system/edge...he describes 4hr TFs as "noise"...er ok...
Secondly I have my own method of hedging which involves simple correlation over (up to) 9 pairs but more likely over the 7 most traded; take a butchers at this group of tables to understand where I'm coming from, correletion is one of the most important factors in making forex easier, particularly over longer term tfs, bookmark this site and study the tables...(God I'm in a generous mood today, must be the endorphins still going ballistic from my workout ) http://www.mataf.net/en/tools/correlation
Thirdly it's easy to get wrapped up in someone's successuful thread and hang on to their every word, as you progress you may disagree with certain aspects of others' methods, you should embrace that critical opinion divergence (no pun intended) as it means you have probably grown exponentially as an intelligent trader.
All 'tings considered though if you like the cut of his jib 700 dollars a year to trade with him is sweet FA...
FXTrend240
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imo best way to trade forex is swing trading: trend following fundamentally correct trends with S/R pullbacks as entry.
p.s. blackswan you ever seen how correlated USDCHF and EURUSD are? to the pip! intraday!
p.s. blackswan you ever seen how correlated USDCHF and EURUSD are? to the pip! intraday!
Scotty2Cues
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hmm....where to start...? OK for one I don't entirely agree with his system/edge...he describes 4hr TFs as "noise"...er ok...
http://www.mataf.net/en/tools/correlation
Thirdly it's easy to get wrapped up in someone's successuful thread and hang on to their every word, as you progress you may disagree with certain aspects of others' methods, you should embrace that critical opinion divergence (no pun intended) as it means you have probably grown exponentially as an intelligent trader.
All 'tings considered though if you like the cut of his jib 700 dollars a year to trade with him is sweet FA...
thanks! (and keep hitting the gym)
B
Black Swan
Of course, however, it depends on the TF and attempting to use one as the entry/exit signal for the other is fraught with danger...also, as we saw, on the afternoon of the 18th, the *opposite lock* can send the currency into a skid off the track and it can take a while for the universal clever/stupid balance to get back in line..
FXTrend240
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Any other markets you watch whilst intraday trading ?
B
Black Swan
only other saecurity I trade is daily US light crude...same longer term TF...gotta go want to watch Arsenal on telly go top of the league...
In terms of learning, there is plenty of good stuff on FF. In terms of "using" something, I think to be honest neither. I don't mean that they are not practical - I think a great deal of the J16 stuff, and from what I can gather Jacko has a legion of fans - but certainly the J16 stuff is very much a collection of ideas and tools that you can combine in some way that suits you. It is not a "system" or even a "method".
I have joined the private group, and whilst I agree with other posters that all the information you need is available for free on the internet, I have found it useful in working out how to assemble my own functioning method from the bits and pieces. It's a strange thing really, but for me the problem has been confidence and quality control (the two are of course related). The private group has been good in helping me iron out these small but nonetheless very damaging problems.
Anyway, the point of all this rambling is that the answer you want - a is better than b, or vice versa, cannot be given, because no-one knows. It depends on what works for you, and you have to discover that for yourself.
That being said, the J16 stuff (I'm not overly familiar with the Jacko stuff) is almost comically simple. All you really need to make it work is patience. In essence, it's just a way of holding you off until an absolute no-brainer trade comes along. These work a massive percentage of the time, and most of the J16 lot follow a policy of cutting down risk as soon as possible anyway, so done correctly it's a kind of low-risk (relatively speaking) way of trading that will see you taking very few trades and very few losses.
At least, that's how it apears to me. I'm aware of plenty of people doing it very differently, and they would doubtless say that what I put above is rubbish.
There are not many secrets in trading (at least nobody's told me any lol) but one thing that escapes a lot of people is that it is an activity just like any other. You have to find your own way of doing it, one that works for you and suits you personality. I used to think that this was total crap - give me the answer, I'll trade it and make a fortune. It doesn't work like that - something that makes one man millions can bankrupt the guy sitting next to him.
PS If I'm wrong, for God's sake do let me know
.j16 will definitely give you a good baseline to work off.. try it for 6 months and see how it goes.. there is no point rushing into this and i think i speak for most here when i say we have all been around the blocks .... its a part of the retail traders path
Scotty2Cues
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In terms of learning, there is plenty of good stuff on FF. In terms of "using" something, I think to be honest neither. I don't mean that they are not practical - I think a great deal of the J16 stuff, and from what I can gather Jacko has a legion of fans - but certainly the J16 stuff is very much a collection of ideas and tools that you can combine in some way that suits you. It is not a "system" or even a "method".
I have joined the private group, and whilst I agree with other posters that all the information you need is available for free on the internet, I have found it useful in working out how to assemble my own functioning method from the bits and pieces. It's a strange thing really, but for me the problem has been confidence and quality control (the two are of course related). The private group has been good in helping me iron out these small but nonetheless very damaging problems.
Anyway, the point of all this rambling is that the answer you want - a is better than b, or vice versa, cannot be given, because no-one knows. It depends on what works for you, and you have to discover that for yourself.
That being said, the J16 stuff (I'm not overly familiar with the Jacko stuff) is almost comically simple. All you really need to make it work is patience. In essence, it's just a way of holding you off until an absolute no-brainer trade comes along. These work a massive percentage of the time, and most of the J16 lot follow a policy of cutting down risk as soon as possible anyway, so done correctly it's a kind of low-risk (relatively speaking) way of trading that will see you taking very few trades and very few losses.
At least, that's how it apears to me. I'm aware of plenty of people doing it very differently, and they would doubtless say that what I put above is rubbish.
There are not many secrets in trading (at least nobody's told me any lol) but one thing that escapes a lot of people is that it is an activity just like any other. You have to find your own way of doing it, one that works for you and suits you personality. I used to think that this was total crap - give me the answer, I'll trade it and make a fortune. It doesn't work like that - something that makes one man millions can bankrupt the guy sitting next to him.
PS If I'm wrong, for God's sake do let me know
Thanks!
Been studying the J16 thread alot and thats how I will start. Seems so simple and looks like it has a high sucess rate, seems to easy really, but as a previous poster pointed out, it takes discipline. Hopefully will join the private group in the future. Still feel uneasy about this fib business though. If it works because its self fulfilling, how did it get started in the first place?
Still not sure whether to go spread betting or broker. I have forex real time pro and a pin bar I saw on usa/cad chart doesnt look like a pin bar on E Trades charts.
Also th SB company doesnt seem to use as many decimal points for pips on some pairs.
However, what is more important and exciting is that I knocked you off the shape game top spot
Don't worry too much about fibs - it's just one tool. Use them or not as you prefer.
It is more important (just my opinion) to be extremely selective when you are starting out. For example, this week I identified six trades only that were even remote possibilities. This was from scanning m15, m30 and h1 charts for seven pairs. Of these six, 5 would have been profitable, one would have been a full loss. Of the profitable ones, 3 should have produced a return in excess of 1 risk (using common management techniques on the forum), the others somewhat under half risk. Call it around 2.5 - 3 risk for the week.
Assume you trade 2% a time, and see what happens when you compound that over a couple of years.
All you need to do is be patient, only take the shockingly obvious trades, and wait.
Again, all just my opinion.
Finally, as far as this nonsense goes:
"However, what is more important and exciting is that I knocked you off the shape game top spot
"I will have my vengeance, in this life or the next.
Some good points made by maiden. Dont expect to just simply study each method and then go off and make millions.
IMO the main income for both j16 and jacko doesn't actually come from trading but from 'trading education'.
If you read Jackos starting statements, I think he is targeting lazy newbies who want everything put on a plate for them and he tells them everything they want to hear ie - about how easy it is, how you can make millions so easily, how you can wander off anywhere in the world and trade with your laptop and rake it in, how you just need to buy when price is going up and sell when down.
Obviously it can be made to be this simple but I think it takes a hell of a lot hard work, screentime, a lot of losses to make you realize what works and what doesn't work, and all the rest of it patience, discipline, control of emotions etc etc.
This thread makes very interesting reading re jacko -
http://www.forexfactory.com/showthread.php?t=187432
J16 teaches some good stuff but at the end of the day you need to do EVERYTHING yourself. Find out what sort of method and timeframes suit your personality, what are your biggest strengths, weaknesses etc.
You aint gonna simply get it by subscribing to someone who tells you everything you want to hear.
Once you have reached a stage where you have the right method, timeframes, rules in place that suit you, things will seem ever so simple, but getting to this stage is one of the hardest things you will do in life if you are serious about trading and expect plenty of blood, sweat and tears on the way there.
IMO the main income for both j16 and jacko doesn't actually come from trading but from 'trading education'.
If you read Jackos starting statements, I think he is targeting lazy newbies who want everything put on a plate for them and he tells them everything they want to hear ie - about how easy it is, how you can make millions so easily, how you can wander off anywhere in the world and trade with your laptop and rake it in, how you just need to buy when price is going up and sell when down.
Obviously it can be made to be this simple but I think it takes a hell of a lot hard work, screentime, a lot of losses to make you realize what works and what doesn't work, and all the rest of it patience, discipline, control of emotions etc etc.
This thread makes very interesting reading re jacko -
http://www.forexfactory.com/showthread.php?t=187432
J16 teaches some good stuff but at the end of the day you need to do EVERYTHING yourself. Find out what sort of method and timeframes suit your personality, what are your biggest strengths, weaknesses etc.
You aint gonna simply get it by subscribing to someone who tells you everything you want to hear.
Once you have reached a stage where you have the right method, timeframes, rules in place that suit you, things will seem ever so simple, but getting to this stage is one of the hardest things you will do in life if you are serious about trading and expect plenty of blood, sweat and tears on the way there.
FXTrend240
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i seriously agree with what you have said in this post, except for the bold text; J16 maybe i dunno but Jacko trades a crazy amount/pip, i'm not sure but i think i seen 1-2k per pip, so i doubt that he needs the revenue.I think it's not jacko's fault' newbies will naturally be drawn to 'easy' and love hear what they want to hear!
What i like most about jacko, and j16 to a certain extent, is that they bang into you over and over again that it's a business, an investment,revenue, costs and profit.
I agree with Jacko's method; i naturally started trend trading before i seen jacko's thread and i did well with my own little method.
Then i read his thread and i could hardly sleep! it's scary, all i could think of was 'it's easy, simple, leave your brain at the door' and i even began thinking about changing my stop losses to trailing and antihedging; these didn't suit me but i just thought ' this guy says it's easy, he has a formula and ima use it and make $$$'.
Of course it's not about that, i don't like trailing stop losses as much as jacko, and i don't agree with 'anti-hedging' (i think it's a way of 'fixing' the problems of just being wrong on entry and trailing stops being too close). So im sticking to my guns;buying on dips, selling rips to round numbers/trendlines but with my lovely volatility based stop losses
. However, i recall jacko saying the holy grail is 'you'. THAT i agree with. i want to bank pips and know 'i did this and i didn't follow someone else, i'm independent, i can think for myself, like a good trader'.
Scotty2Cues
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Well I joined Jackos group about 2 weeks ago, well worth the $700. At themo, I feel there is more than enough J16 stuff available in his thread. Those together should make lots of wonga
FXTrend240
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i was considering joining too but decided not to as i tihnk i'd feel a bit under pressure to change my ways; that said jacko's ways are profitable, plus his macroeconomic views are sweet too, in the end though i'm still trading the trend. good luck
.
DHB
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I'd say both and none, i.e., option c), the eclectic approach.
Read both threads. Next, develop a method that fits your personality. Does either J16 or Jacko fit your personality 100%? Great. Who knows, you might also be one of the lucky few who can buy ready-to-wear suits that fit as if they were bespoke.
However, chances are you find some useful bits in both methods and incorporate them, alongside other bits and pieces found elsewhere, into your own personal method of trading.
