I can remember learning to drive a car when I was in high school. We were given a book on rules of the road and a book on driving defensively. I went to drivers ed for months and spent time in a simulator. I went out with my permit and drove with anyone who would escort me. I sweated a lot while driving and couldn't concentrate while the radio was on. I was scared most of the time but everyone told me "don't worry, it's easy" and they made it look easy. Eventually I got my license and was a danger to myself and others those first few months while I got the hang of things. Today, those days are long forgotten while I negotiate fast/slow/congested traffic effortlessly with the music on loud, sipping a drink or while talking on a cellphone (hands free, safety first of course). Driving is SO easy for me now. It's not too difficult for me to imagine looking at learning the "Jack Hershey" techniques in a similar way. I am a relative trading newbie. He's willing to escort and teach and I am gobbling this stuff up. Eventually, if the rocket technique itself doesn't work for me, I have already learned a lot of new jargon and info about ES, MACD, STOCH, Price/Volume etc. As far as I can tell, at no time has Jack tried to get any money out one person on ET. If he were trying to sell something, of course I can see the need for real proof of his earning statements. In the mean time, as long as he's willing to comment and answer questions, I'm willing to sift through 70 pages and more. By the way, can anyone tell me what is a C&R and how is it accomplished? Thanks to all
2 PROBLEMS GUYS, I have been following this thread since it started. I see 2 clear problems: 1) Some traders are not doing exactly what Jack has said to do. Slight changes can make big differences. TAMPA, you are NOT following Jack's system. You skip trades left and right and basically exit whenever you want. That is TOTALLY FINE, but you shouldn't claim you're trading Jack's system. DAWG, you're not trading Jack's way either. Where did the enter above highs/below lows come from? Again, this is totally fine, we don't all have to trade the same way. However, it needs to be understood that people are NOT following Jack's method completely. If without making adjustments to what jack has stated, the trading method is not profitable, we need to ask Jack why. 2) Jack does add more and more to a system, while making it seem like you can make money with just the initial elements. Like trendy pointed out above, first it was just stochastics and macd readings to enter. People traded that and it didn't work. Then he said use the MACD histogram to filter out trades. Then it was use the 1 min. chart, too. Now it includes channels and volume, etc. Jack, we need to know specifically what is needed to make money. If you can't make money trading just with stochastics and MACD histogram as you instructed, please state so. If it requires more than that, we need to know this. Why should anyone trade your way tomorrow if it's not going to work and next week you will say it didn't work because we need to add more elements to the system? I understand that it may take weeks or more to explain how you trade, but you should tell us to hold off on trading until you've stated everything that is required to make money. Sincerely, FRuiTY P.
Fruity, I don't think it's going to work for you. Everything you need to make money is posted in this thread. Clearly you doubt what Jack is passing along. That's cool - but don't blame Jack, it ain't his fault.
Yes, but if he needs weeks to elaborate on that completely, I have one problem with that which boils down to this: the longer you trade the simpler it should be for you. Jack is 70 years old. His systems are pretty complex for someone of his market experience. Moreover, they are getting ever more complex every day, as you noticed. When Jack is 75 and keeps progressing with complexity at the current pace it is quite likely that he will need 20 years to get his ideas across. I wish him well, but he may not be around when he is 95. So I would rather be pleased if he simplified his systems instead of complicating them. Otherwise we may never hear the last word from him, I am afraid.
tampa, Trade Jack's system based on what Jack has stated ONLY. Do not skip trades, do not exit when you feel like it. You haven't followed Jack's system according to what he said for one day! You are no one to say that what Jack has posted makes money. How can you make this statement when you don't even trade the way he said to? The people of this board are asking for specific rules for entering and exiting. If 10 people read what Jack says, the 10 people should get similar results. The results so far from the people who have traded Jack's way ARE NO WHERE NEAR CLOSE! TO PROVE MY POINT, TAMPA, LET'S COMPARE YOUR REAL TRADES WITH DAWG'S TOMORROW. THEY WILL BE APPLES AND ORANGES. F. P.
Fruity, this may come as a shock to you, but this is not a rigid method of trading. If that's what you are looking for, you are not going to find it. When you get what appears to be a signal, you must verify it with the price/volume action. The same is true for exits - price/volume action. Obviously, this is somewhat subjective. Learn to deal with it, or look elsewhere. Complain all you like, but Jack will not be posting a neat list of rules to make you filthy rich. This is not a system - it is a way of trading, a way of reading the market.
just want to be clear i always have said how i am trading jack's methods-break above/below. Why do i do this b/c to this day i am still not sure what 'the perfect entry' is... -are you supposed to wait for 5m to close? or -do you enter the moment (even if it mid-bar) you get a signal and then it reverses during the bar...what would you do then? -jack mentioned using the 1m to 'anticipate'...well if you have trouble with the 1min what do you do? -so i tried to remove any questions about the trend....i wait for the bar to close and buy the break bove/below...i have no idea why i would enter during the bar unless you were skillfull with the 1min (which i am not). do i think this alters the methodology-no. -again i don't think jack is trying to hand out a cut and dry system, he is trying to make everyone understand what makes up the elements of a potential trend/reversals/channels and enter accordingly. it is not black and white and that is what people have a problem with. -some people use 75/25 others use 80/20, yet both are part of the methodology but would yield differemt results. -another one is when stoch move slightly below 75, but forms what looks like pt 3 to make up a channel...do you exit or hold...i don't have a problem with this, but others do. -someone tell me EXACTLY what the beginner method is made up of(i know i couldn't)....and i don't think you need to....i think you choose what fits you and allows you to be successful...for me it was only a small tweak that allowed me to be more comfortable, but it hasn't changed the underlying principles that make it work in my opnion. others incorporate a few things into their current trading. -don't be lost in the details but identlify what it is telling you about the bigger pciture anyways my worthless 2 cents. good luck everyone.
well i believe tampa is trading using some tweaks suggested by jack...like using the 5-2-3 instead of the 14-1-3 and incorporating a MACD of +/- 1 to ensure a strong trend...so i wouldn't expect his trade to resemble mine at all....but that is ok and that is point. He takes what he needs of the overall larger methodology and makes it work for him.