ForexMorningTrade System

[bluedancer]

I wondered what would happen if I risked 5% compounded per trade over the past 2 years... Impressive - so I tried 10% - even better... Tried 20%... then at 50% it broke ...

Dean SA

Hi Dean,

it would be interesting to see if you tested the maximum an account could trade based on the leverage of that account. Even at 200:1 the maximum risk you could take would be 33%, as you need to consider how many lots you have to trade to achieve that risk. On a 100:1 leveraged account the maximum would be 20%.

 

[Dean31]

Hi Dean,

it would be interesting to see if you tested the maximum an account could trade based on the leverage of that account. Even at 200:1 the maximum risk you could take would be 33%, as you need to consider how many lots you have to trade to achieve that risk. On a 100:1 leveraged account the maximum would be 20%.

I find it incredble that you can risk 10% of your account with this system and it makes money... Basically that means you could make 10% growth on your 1st day of the month...
Don't think I"ll trade it at that rate - but it is interesting. I'll be comfortable at 5%.

Even at 20% risk the account grows - very impressive!

Dean SA

 

[bluedancer]

I'm the one who has been adding a 30 pip trailing stop to each trade after the EA kicks in, however with the NFP today I closed the trade early too, before the gbp news at 10:30 and took 26 pips profit instead of letting the trailer get hit. It's a brave chick who would leave the trade open for the NFP. But this EA CAN be left since the win ratio and history has included NFP.

 

[Dean31]

I'm the one who has been adding a 30 pip trailing stop to each trade after the EA kicks in, however with the NFP today I closed the trade early too, before the gbp news at 10:30 and took 26 pips profit instead of letting the trailer get hit. It's a brave chick who would leave the trade open for the NFP. But this EA CAN be left since the win ratio and history has included NFP.

Your trailing stop - when does it kick in? How has it performed? I was thinking of entering 2 positions when getting a signal. Close the 1st signal at 40 pips and let the second run...

 

[oldie]

I got only 37 pips today because I entered little late, and I used the SL and PT values from FxMorningTrade indicator which were computed from ideal entry. I could have it corrected to 40 pips, but I was simply lazy
Normally I trade it with EA, so I don't have slippage like this, but today I wanted to record the trade. I'll put the video to my website in the next few days.

I was one of those that hung onto this until after nfp & made my 40 pips but my question to you is would you normally allow the ea to trade on nfp days.
Cheers Peter

 

[traderathome]

My FMT did trade today TP 35 achieved

 

[hammy66]

I bought FMT yesterday, had my first trade this morning...+30 pips, I love it !!

I changed TP to 30 kept SL=40 because I noticed alot of times the spike doesn't quite get to 40 pips, then dives in opposite direction, so I'm quite happy with my 30 pips, it will close the trades more quickly...so far so good !!

cheers !

 

[bluedancer]

Your trailing stop - when does it kick in? How has it performed? I was thinking of entering 2 positions when getting a signal. Close the 1st signal at 40 pips and let the second run...

I only started last week on the Wednesday, and where the EA had one loss then a win to cancel it, then another win. My demo broker canceled my history for August before I could save it, but My trailing stop was hit on 2 of the trades, one that was a loser and one that was a winner. Overall I had about 8-9 more pips than the EA until yesterday. Today's would have hit the trailing stop at +7 pips instead of the +25 that I took.

On my manual trading I have not had one loss using this system. The only way I would have a loss would be if there was no decent positive movement and it went negative immediately. In my manual trading the stop loss is only for protection of capital, not the point at which my trading idea is wrong. This is one reason why this system works. A 40 pip stop allows enough room for some fluctuation, but protects capital primarily. Other systems have you set your stop outside of the point where the trading idea is incorrect. In my opinion that is just too subjective to be successful for high risk high return trading. 40 and 40 may seem simple, but with the way the GBP/usd behaves at this time of day, there are many reasons why it works and is not as simple as it looks.

 

[jrcollins2009]

I also held on thru the NFP and was rewarded with the full +40 pips. This is awesome!

 

[bluedancer]

Oh also, I did not set a second trade yet, with a trailing stop and a larger take profit. with the gbp/usd,for larger profits I think a larger trailing stop would be necessary. if I were to set a second trading and go for bigger profit I would probably move to BE instead of using a trailing stop. This part of trading is so subjective without extensive testing.

 

[jonjo]

Congrats, you've been brave to hold the position even after the big news of this morning and now you deserve your gain on NFP news!

I used to back horses...If the system is profitable overall you just have to accept the losses when they come. Ordinary businesses have bad weeks, they don't make profits every week. It is at the year end that counts.
When I first checked the trade I saw that it had missed the target by a couple of pips and negative, so just left it and then went back to check it and withing 30 secs of login back in it reached target.

 

[hammy66]

bluedancer,
I don't believe your demo broker cancelled your August account history ? Just open it , right click, then see menu to select "last month", "3 months" or "all history" and presto ! there you have it !

cheers !

 

[traderathome]

I bought FMT yesterday, had my first trade this morning...+30 pips, I love it !!

I changed TP to 30 kept SL=40 because I noticed alot of times the spike doesn't quite get to 40 pips, then dives in opposite direction, so I'm quite happy with my 30 pips, it will close the trades more quickly...so far so good !!

cheers !

:cheesy:mine is 35PT 40SL

 

[mitchp]

bluedancer,
I don't believe your demo broker cancelled your August account history ? Just open it , right click, then see menu to select "last month", "3 months" or "all history" and presto ! there you have it !

cheers !

Having the same trouble with the EA not taking good trades. Went to my log file and thee is nothing there. So when you say open it are you talking about the log file or should I go somewhere else?

Thanks

 

[JOHNCO]

I noticed there was no trade today. I was up at 08:30 when nothing happened. I was a little concerned because this is my second day of trading and the system did not come on and indicate "no trade". It just indicated Signal: not time for trade at 08:30. Is this normal? After reading through todays posts I saw trades were not taken for others. Did they get a signal indicating this? In light of this, They all said carry on. I would love to sit back and just let the system do it's thing. I'll be glad when trading this way becomes boring to me.

08:30 trading time GMT+3 is actually 01:30 Eastern Time, so when my trading time begins, almost everyone else is asleep. Interesting. Good:clover:

 

[JOHNCO]

bluedancer,
I don't believe your demo broker cancelled your August account history ? Just open it , right click, then see menu to select "last month", "3 months" or "all history" and presto ! there you have it !

cheers !

I had the same experience. I thought my history was lost. Thanks for the tip.

 

[mitchp]

I had the same experience. I thought my history was lost. Thanks for the tip.

JOHNCO,

where do you click, I can't figure this out!

Thanks
Mitch

 

[JOHNCO]

JOHNCO,

where do you click, I can't figure this out!

Thanks
Mitch

Go to your account history. Even though it's blank, right click on it, A dialog will say "all history or last 3 months" Just click one.

JOHNCO

 

[ComeBackJeffrey]

I bought FMT yesterday, had my first trade this morning...+30 pips, I love it !!

I changed TP to 30 kept SL=40 because I noticed alot of times the spike doesn't quite get to 40 pips, then dives in opposite direction, so I'm quite happy with my 30 pips, it will close the trades more quickly...so far so good !!

cheers !

I was very interested in your post, hammy, because I noticed the same thing. Or at least I thought I did. I set my TP/SL at 30 for both. Two good trades. Then I decided to do some backtesting on the MT4. The results (using 18 months of data) surprised even me. Starting with a 3000.00 deposit:

30 TP/30 SL: 59.36% winners (not bad; I've always considered 60% to be the magic number). Net profit: 1230.00

30/40: 68.49% (yikes!). Net profit: 1740.00

40/40: 68.63%. Net profit: 2200.00

And from 30/30 to 40/40 the equity curve gets smoother all the way.

Looks like Mark is right...

Throw in good money management on the way up, and this thing could be a rocket to Mars...

 

[mitchp]

Go to your account history. Even though it's blank, right click on it, A dialog will say "all history or last 3 months" Just click one.

JOHNCO

JOHNCO,

thanks for the response but what I'm looking for are my EA Logs. There is nothing in the Log file for the past few days - wanted to send it to MArk to see if he can figure out why my EA will not take trades.

Thanks
Mitch