Yep Jacks stuff is really deep. Way over the heads of most people. No sense in even trying to understand all that mumbo jumbo when Trading for Dummies is only about $20.
Kiwi, says: "It only seems complicated to you folk because you're not intelligent enough to understand it. Any truly bright newbie who puts the effort in will master it and, over time, do extremely well." Kiwi, I just want to say that at one point i spent hours deciphering Jack's babble (yah, i did it, i hate to admit that) and you are right, if you spend a little time and energy you can indeed understand it. I found, sorry Jack, it's largely crap and way more complicated than trading needs to be. For example Jack went on for day's about "tomorrows paper today". And he babbled on endlessly re his three-bit, binary-count for price volume cycles. Yes, of course, there is something to that. Volume does tend to go up and then down. But look how rare it is that a stock actually cycles through, in order, all eight of Jack's binary-values (0-7). In fact i've never found a single example that did that, and yet Jack would have you believe that this is some sort of holy grail. His ideas about volume cycles and what he call's dry-up and the simple idea of looking at the rate of volume increase during early trading to try to predict where volume is headed is not such a bad idea, but 90% of his babble is just pure, well, babble. And one more thing, it would seem that there are those who claim to be Jack followers (Spyder something or other comes to mind) who are seemingly sincere. But if there are any disciples who are making money, i'll bet they have made many modifications to the "Jack Hersey System," and have essentially found there own way in the markets. You have to figure things out for yourself in the long run. There is no holy grail. Keep it Simple! Stick to the market internals, price-volume interaction, and perhaps one or two indicators (but they are not necessary), understand support and resistance, pivot points, and add in many hours of direct experience trading and you will make money. And if you are a partner in a major Wall Street Investment Bank that might also be helpful.
"Stick to the fundamentals. That's how IBM and Hilton were built. Good things sometimes take time." LOU MANNHEIM, Wall Street, the film.
I use a 34 ema and volume and draw trendlines here and there. I consistently make money. Some days more than others. I used to use a ton of indicators and at one time or another tried Jack Hershey, Woodies CCI, and some others. After 4 years of this and that I just use the old 34 ema and volume. Oh yeah, I read the tape like a book. That took me the longest to get good at. All in all, simple is better, Uncluttered screens are my preference. Anyone who keeps piling on indicators, and trying this and trying that, let me do you a favor. Learn the simple stuff I mentioned. I did it and it took me a long long time and lots of blown money to figure out that the more bells and whistles you have, the more noise it just makes. Good luck, ta1
I don't think I ever noticed before, but is that a mullet I see on JH? If so, I am never going to admit to anyone I read any of his posts. Yikes.
This guy does not look like someone who could make any money period. What in the world is wrong with you people who follow this jokers dribble everyday. Good luck listening to this character and actually gaining any knowledge to trade with.
Aaaahahahahaha Jack has a ponytail at his age... how perfect.. that completes the wanker image nicely Now I'm surprised he only lost 26% in that trading contest.. what a "machine"