ForexMorningTrade System

Deatil said:
What would happen to users when the day comes that after you suffer just one lose using 1 lot and the system lost 880USD on one trade.

And on the next trade the system "martin gales" up 5x larger the next trade and starts with 5 lots and the day comes when that also loses? now in this example the account just lost another 4,400USD.

Which would wipe out about 4% of your capital in just one trade.

Never mind the fact that the sales page and video make claim that is does not use a "martin gale" when trading.

I wonder what they would call after a loss use 5x larger trade on the next trade. Again another scam!
Click to expand...

"Supposedly" that has never happened in all the back-testing he has done but I so understand the possibility.
 
tkbieber said:
"Supposedly" that has never happened in all the back-testing he has done but I so understand the possibility.
Click to expand...

Is it possible that he cherry picks his accounts for his ads? He wouldn't be the first Forex marketer to hide the flameouts.
 
Re: GPS

tkbieber said:
Except, (from history) every time there is a 88 pip loss the EA immediately takes 19 pips X 5=95 or 95 pips so it's ahead again right after the loss. You just need to plan for small risk and make sure not to get margined out by having at least 1:100 or better yet more like 1:200.

I admit not a huge winner but I have it running on my live account with very small risk so hey, a few extra dollars every day is better then nothing.;)
Click to expand...

I strongly advise taking a close look at the trades. When I backtested GPS:

(1) on Oct. 12 on EURUSD it came within 1 pip of blowing up: it hit the -88 pips, went short and only touched the short target price (+19 at 1.3776 at 09:50) before reversing and going long again. This is on GPS's own tracking statement.

(2) on Nov. 12 it DID blow up the account - after hitting the -88 pips and then going short, PA didn't go south long enough to 19 pips before heading north again and never looked back. What makes this of special concern is that GPS doesn't show taking a trade on Nov. 12 on its tracking statement, but when I backtested the robot, it did trade on this day!
 
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For the most part are people in here pleased with FMT or is it too soon to tell? I am a new member and have not went live yet.
 
expips said:
Sounds good!:)
Could you share what % of your account you risk on each trade?
Click to expand...

Well that depends on the mood I am in. :LOL: Actually I've been risking about 7% but then I think of the DD's in the past where there were 5-7 bad days in a row, then I didn't like the idea of risking 7%. I'm now down to about 4% but I have other systems on the same account so I "spread the wealth". Many pros would say risk 3% per trade and you will be happier in the end. That's probably where I am headed. ;)
 
tkbieber said:
Well that depends on the mood I am in. :LOL: Actually I've been risking about 7% but then I think of the DD's in the past where there were 5-7 bad days in a row, then I didn't like the idea of risking 7%. I'm now down to about 4% but I have other systems on the same account so I "spread the wealth".
Click to expand...

Hi,

Would you mind sharing what other EAs do you use on the same account and would you recommend them ?

Thanks in advance
 
antonio2010 said:
Looking now to this morning trade, first ind was positive on SLM at 6.30 and second ind negative, but the EA make a short trade. How is it possible?
May be the indicators were different at 6.30 am and now (9.30 am)?
Any other person have a short this morning on SLM with EA?
AM
Click to expand...

Hello Antonio,

I was watching the trade yesterday (trading manually) on Metatrader. At 06:30 exactly, both indicators were negative, for a short trade and the FMT (text) instruction also gave a short trade. However, a few minutes later when the indicators updated, one was above and the other below the line, indicating a no trade.

Therefore at 06:30, it was a genuine (but marginal) trade, but by 06:44 (at the bar close) it had very much turned into a no trade.

Hope this helps!

Philip.
 
Just a quick thought - has anyone made a rule to trade FMT only when the FMT indicated trade is in the same direction of the longer term trend (lets say taken from the H4 scale.) I'd be interested to hear from anyone who has done analysis on this. I guess you would have a lot fewer trades, but more successes? Any thoughts?

Philip.
 
Euro_d said:
I took the short for another loss. I think those that observed that the day was probably too volatile to trade sensibly were very wise.
With money management, and a bit more predictably in the markets, hopefully things will improve!

The system is sound, but agree that patience is needed! If it is any consolation, one of my other systems was also indicating a strong short, as were basics.
Tomorrow is another day!
Click to expand...

I have not been trading FMT since 12/14. I plan to resume 1/10/11. This is just a conservative plan that I haver personally for this type of strategy. I want to make sure that most of the traders are back in the market when I use this system.
 
'Live' Accounts:

01-04-2011, FMT 4.2, Short/Loss, FXSolutions, 1.5454, 1.5495, -41.0
My stats since 11-08-2010: 8 No Trades, 9 Break Evens, 14 Losses, 11 Profits, Total: -189 pips
Pips include slippage, using standard settings: 40 SL, 20 BE, 35 TP

01-04-2011, FMT 4.2, Short/Loss, IBFX, 1.54594, 1.54997, -40.3
My stats since 01-04-2010: 0 No Trades, 0 Break Evens, 1 Loss, 0 Profits, Total: -40.3 pips
Pips include slippage, using standard settings: 40 SL, 20 BE, 35 TP




Demo Accounts:

Short/Loss at non-dealing desk brokers:

PFG Best, 1.54591, 1.54991, -40.0
MB Trading, 1.54601, 1.55020, -41.9
Alpari(US), 1.54599, 1.55001, -40.2
FXCM, 1.54595, 1.55002, -40.7
FOREX.com, 1.54595, 1.54995, -40.0
FXDD, 1.54592, 1.54994, -40.2
 
expips said:
Sounds good!:)
Could you share what % of your account you risk on each trade?
Click to expand...

I risk 2% each trade then compound the trade size base on the account balance every thirty days. When I do this I only raise the lot size, I never lower it. So it is like a high water mark so to speak rule for me to raise the lot trade size. It is never below 2% but it can at times be slightly greater than 2% if I get a drawdown just after rasing the lot size. I do not use the money management feature of the EA. Once I have raised the trade size in lot size I do not ever lower it. Hope this helps.
 
phn73 said:
Therefore at 06:30, it was a genuine (but marginal) trade, but by 06:44 (at the bar close) it had very much turned into a no trade.
Philip.
Click to expand...


I thought you had to look at the close of the 6.15 bar to ascertain whether it is a trade and enter at open of 6.30 bar if so.
 
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