ForexMorningTrade System

This is a discussion on ForexMorningTrade System within the Trading Systems forums, part of the Methods category; Originally Posted by Jashfx I honestly think therein lies the problem for many. I do not believe that FMT should ...

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Old Jun 9, 2011, 8:30am   #10977
 
RedGuerrilla's Avatar
Joined Nov 2010
re: ForexMorningTrade System

Quote:
Originally Posted by Jashfx View Post
I honestly think therein lies the problem for many. I do not believe that FMT should be traded on the same account as other systems you may be using to make those hard earned pips. FMT has good months and bad months and one will only get a feel for its return if its the only system traded on an account for and extended period of time.

Everyone has their own opinions but this is my advice to newbies and those trying to trade this in conjunction with other systems.

1) Do Not trade any other strategy with FMT on the same account
2) Decide on an amount you are prepared to lose with FMT
3) Open an account that is double what you are prepared to lose.
4) Trade 3-5% risk per trade.
5) 10 net losses or thereabouts (30% drawdown - 50% drawdown depending on your risk per trade) and call it quits.
6) Trade for 1 year at least before deciding whether it works or not. Ofcourse if NO.5 happens before then, then stop trading the system.
7) FMT cannot be judged on a daily or weekly basis. Its has to be judged over a period of time.
8) Follow the rules and trade it without emotion becasue the months that are good are really good and those that are not -- is not nearly as bad as months that are good (except for maybe December).

Since Starting with FMT
Sept 2010 + 12.7% return (trading at 2% risk)
Oct 2010 +10.75% return (trading at 2% risk)
Nov 2010 + 3.23% return (trading at 2% risk)
Dec 2010 + 1% return (trading at 2% risk until 17.12.2010)

Jan 2011 - 4.6 % return (trading at 3% risk per trade)
Feb 2011 +21.9% return (trading at 3 % risk)
Mar 2011 +19.9% retrun (trading at 3% risk)
Apr 2011 -6% return (trading at 3% risk)
May 2011 B/E (cause i traded day of long candle filter)

All trades taken with recommended settings and changed as FMT changed.
Broker used Alpari UK

Days I did not trade which may skew results for others were:
last 2 weeks of December (next year will include first week of Jan as well)
All Pulic Holidays (UK and USA)
April -- FMT was correct 90% of the time. The only problem was that over this period there just was not enough gas to take it to 35 pips. A pity cause it could of actually also been a very good month with about 7 or 8 trades going 30 but not 35 pips. 6:15 start time would have seen a +ve return with new FMT/Hammy settings

Be disciplined -- trade when there is a signal (except for days you choose as i have above), on an account only for FMT, with money you ARE PREPARED TO LOSE and come back in 1 year and then decide if it works or not.

For those of you who started trading this system after March, I do understand your frustration but Im sure there are many more good months to come.

Great post! Thanks.
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Old Jun 9, 2011, 8:31am   #10978
 
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Joined Aug 2010
re: ForexMorningTrade System

Quote:
Originally Posted by jonnymac View Post
We have a result today +35 tp that will do nicely
Love it +35 too
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Old Jun 9, 2011, 8:31am   #10979
 
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Joined Nov 2010
re: ForexMorningTrade System

Stats for 06-08-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., Short/Profit......, +36.0, Stats since 11-08-2010: Total= -71.0
6:15 UK Time, IBFX.........., Short/Profit......, +37.8, Stats since 01-04-2011: Total= +124.1
6:15 UK Time, PFG Best......, Short/Profit......, +34.8, Stats since 03-01-2011: Total= -39.6




Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, Short/Profit......, +34.8, Stats since 02-01-2011: Total= +327.6
6:15 UK Time, FXCM.........., Short/Profit......, +35.1, Stats since 02-01-2011: Total= +347.1
6:15 UK Time, Alpari(US)...., Short/Profit......, +35.1, Stats since 02-01-2011: Total= +299.5
6:15 UK Time, FXDD.........., Short/Profit......, +35.2, Stats since 02-01-2011: Total= +275.6



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker



Comments:

I like automated trading because I don't have to watch the graph or the news.
I don't watch the trades so that my emotions won't interfere with the system.
But I still have to make sure it's a good system.
In robotic or manual trading, it's all about probability trading.
FMT is a good long term system. It's a simple system with a good track record.
You need to have patience. Set your risk and stick to it.
Pro traders are patient and don't let their emotions, good or bad, affect their trading.
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Last edited by RedGuerrilla; Jun 9, 2011 at 7:23pm.
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Old Jun 9, 2011, 8:39am   #10980
Joined Oct 2010
Thumbs down re: ForexMorningTrade System

Quote:
Originally Posted by hlwatch View Post
LED Flashing Light Up Watch With Silicone Band

Perfect for anybody who wants a great watch that lights up like no other watch!

You are bidding on a LED Flashing Light Up Watch With SIlicone Band

The face is solid with clear framing to allow the watch to light up.

Any color is available. One size fits all. This watch is a must have. Fantastic LED color display!!!!!!

THIS WATCH IS FANTASIC FOR ANYBODY OF ANY AGE!
Will it bleep when it's a good time to trade?

I don't think you belong in this forum.
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Old Jun 9, 2011, 8:42am   #10981
Joined Oct 2010
re: ForexMorningTrade System

In my analysis we have had exactly 25 trades now since recommended settings were amended.

I am able to report accurately on the results with my own broker and charts (these results are liable to be different from yours!).

It goes without saying we have been in a sticky patch, however the results show up the latest setting in a very good light because the outcome was the lowest amount of loss:


FMT3 -75 pips
FMT2 -260 pips
FMT1 -280 pips

Credit to Hammy and to MF for his research and advice.
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Old Jun 9, 2011, 8:47am   #10982
 
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Joined Jan 2011
re: ForexMorningTrade System

+35 ;-)
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Old Jun 9, 2011, 10:37am   #10983
Joined Oct 2010
re: ForexMorningTrade System

Quote:
Originally Posted by jabu99 View Post
Love it +35 too Click the image to open in full size.
Same for me
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