ForexMorningTrade System

lumbco said:
I have followed your lead and cut out the 06:00 and 06:45 trades and have introduced a small variation.

WISE has observed that a differential for buy and sell trades could realise more profits. I have demo'd this and he appears to be correct

My grateful acknowledgment to you Wiseambitions.

Starting Monday my demo trades will split each remaining time of 06:15 and 06:30 into two parts, my standard risk for shorts and a reduced risk for longs.

Thanks again for your research.
Click to expand...

Yes, several of us have been working on the bias towards shorts. My personal belief is that GBP is largely influenced by risk aversion, and that frequently it retreats faster than it surges. Mark says he has been aware of this bias which can be observed as far back in time (eg 10 years) as you care to look.

I'm also interested in the observation that 06.15 as well as 06.30 can be a good entry time to trade.

A development on this could (for manual trading) also be to watch a short time chart (maybe 1 2 or 5 minute) and to use parabolic SAR to try and catch turning points. But there's still nothing wrong with going by the clock.

Has anyone else noticed strong movement in the price around 06.50? Usually in the same direction as FMT. I have named this player Mr 10 to 7, but we don't know who it is, maybe it could be a huge financial institution, but someone is certainly pushing the price 10 minutes before Europe opens. As Hammy66 says, 06.45 seems a little too late to enter a trade for optimum benefit.

There's a great deal of knowledge being built up within this forum; we know more than we did 6 months ago, and if we can put this to useful effect then it will help our success.
 
Here this is what he say in the email about EA Updates :
-----------------------------------------------
EA Updates
-----------------------------------------------

I recently updated both EA versions (Turbo and FMT). There are NO new features
added, the updates were only about stability. Turbo Morning Trade EA should now
be more reliable when closing the first part of the trade at the first profit.

If you don't have any problems with the EAs, it is not necessary to upgrade.
Otherwise you can download the EAs from our members area as usual.
 
lumbco said:
I have been following your multiple trades using a demo account, I can confirm that my results are identical to yours.

I have followed your lead and cut out the 06:00 and 06:45 trades and have introduced a small variation.

WISE has observed that a differential for buy and sell trades could realise more profits. I have demo'd this and he appears to be correct

My grateful acknowledgment to you Wiseambitions.

Starting Monday my demo trades will split each remaining time of 06:15 and 06:30 into two parts, my standard risk for shorts and a reduced risk for longs.

Once proven I intend to go live.

Thanks again for your research.
Click to expand...

Hi Lumbco,

Are you manually changing your risks before each trade because I don't see any parameter that lets you go only short or only long.

Thanks.
 
pipette2010 said:
Hi Lumbco,

Are you manually changing your risks before each trade because I don't see any parameter that lets you go only short or only long.

Thanks.
Click to expand...
I use the FMT 4.3 EA, here is what you do:

Set up 4 charts, two for each start time, that is 06:15 and 06:30 if you use the Hammy66 broker. In my case the start times are 07:15 and 07:30 as I am in the UK and I use Alpari UK.
I have set up my demo account with about the same dummy funding as I will use for my live trades with 1.5 lots for a short trade and 1.2 lots for a long trade.
Using the 7:15 start as an example press F7 on one of the chart pair and then select the common tab. Set POSITIONS for "only long". I then set lots= 1.2.
Press F7 on the other chart pair and set POSITIONS to "only short". I then set lots=1.5
The settings are 55, 30, 15, 5 and don't forget to set a different magic number for each chart.
I have also set up a separate demo account for the Turbo 1.3 version using identical settings so that I can make a valid comparison.

Hope this helps and good luck
 
lumbco said:
I use the FMT 4.3 EA, here is what you do:

Set up 4 charts, two for each start time, that is 06:15 and 06:30 if you use the Hammy66 broker. In my case the start times are 07:15 and 07:30 as I am in the UK and I use Alpari UK.
I have set up my demo account with about the same dummy funding as I will use for my live trades with 1.5 lots for a short trade and 1.2 lots for a long trade.
Using the 7:15 start as an example press F7 on one of the chart pair and then select the common tab. Set POSITIONS for "only long". I then set lots= 1.2.
Press F7 on the other chart pair and set POSITIONS to "only short". I then set lots=1.5
The settings are 55, 30, 15, 5 and don't forget to set a different magic number for each chart.
I have also set up a separate demo account for the Turbo 1.3 version using identical settings so that I can make a valid comparison.

Hope this helps and good luck
Click to expand...

If I may suggest in your settings either go 55-30-15 or 55-30-20-5 because you need more room to hit the TP before hitting BE or BE+5. With your settings 55-30-15-5 you will get stopped out at +5 pips on some trades that should get you TP=30 pips.

cheers !..:D
 
lumbco said:
I use the FMT 4.3 EA, here is what you do:

Set up 4 charts, two for each start time, that is 06:15 and 06:30 if you use the Hammy66 broker. In my case the start times are 07:15 and 07:30 as I am in the UK and I use Alpari UK.
I have set up my demo account with about the same dummy funding as I will use for my live trades with 1.5 lots for a short trade and 1.2 lots for a long trade.
Using the 7:15 start as an example press F7 on one of the chart pair and then select the common tab. Set POSITIONS for "only long". I then set lots= 1.2.
Press F7 on the other chart pair and set POSITIONS to "only short". I then set lots=1.5
The settings are 55, 30, 15, 5 and don't forget to set a different magic number for each chart.
I have also set up a separate demo account for the Turbo 1.3 version using identical settings so that I can make a valid comparison.

Hope this helps and good luck
Click to expand...

Yes, that helps a lot. Thank you!
 
Lumbco - way to go - lots of testing then go live!

As Always - good research and good luck..

Sure - a million here and a million there.. pretty soon you're talking real money...
 
Stats for 02-23-2011



Live Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Long/Profit, +35.0, Stats since 11-08-2010: Total= -87.0
6:30 UK Time, IBFX......., Long/Profit, +35.0, Stats since 01-04-2010: Total= +85.8



Demo Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Long/Profit, +35.1, Stats since 02-01-2011: Total= +156.8
6:30 UK Time, FXCM......, Long/Profit, +35.3, Stats since 02-01-2011: Total= +232.7
6:30 UK Time, Alpari(US), Long/Profit, +35.1, Stats since 02-01-2011: Total= +194.3
6:30 UK Time, FXDD......, Long/Profit, +35.1, Stats since 02-01-2011: Total= +160.8

FMT 4.2, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., Long/Profit, +30.3, Stats since 01-20-2011: Total= +191.6



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker
 
Last edited:
Good Morning,

I am trying to figure out what to do with the monthly profits from FOREX trading (nice problem to have!) and I was wondering if the following is recommmended?

50% of profits trasferred to separate bank account.
50% of profits left in FOREX account to ensure account grows.

I know if I leave 100% in the FOREX account this will of course grow the account quickest, but then I worry about a computer problem or mistake in entering figures wiping out the account having earned nothing from it!

If anyone is willing to share their money manangement strategies, I would be interested to hear what you are doing.

Cheers,

Phiilp.
 
Your plan is a good plan. I personally am compounding mine right now. I would think a lot would depends on if you want to continue trading at the current rate of if you want to increase it, also how much you trust your broker and the size of your current acct.
 
Stats for 02-24-2011



Live Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Short/Profit, +35.0, Stats since 11-08-2010: Total= -52.0
6:30 UK Time, IBFX......., Short/Profit, +35.3, Stats since 01-04-2010: Total= +121.1



Demo Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Short/Profit, +34.4, Stats since 02-01-2011: Total= +191.2
6:30 UK Time, FXCM......, Short/Profit, +35.2, Stats since 02-01-2011: Total= +267.9
6:30 UK Time, Alpari(US), Short/Profit, +35.0, Stats since 02-01-2011: Total= +229.3
6:30 UK Time, FXDD......, Short/Profit, +37.2, Stats since 02-01-2011: Total= +198.0

FMT 4.2, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., Short/Profit, +30.4, Stats since 01-20-2011: Total= +222.0



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker
 
Stats for 02-25-2011



Live Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, No Trade, 0.0, Stats since 11-08-2010: Total= -52.0
6:30 UK Time, IBFX......., No Trade, 0.0, Stats since 01-04-2010: Total= +121.1



Demo Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., No Trade, 0.0, Stats since 02-01-2011: Total= +191.2
6:30 UK Time, FXCM......, No Trade, 0.0, Stats since 02-01-2011: Total= +267.9
6:30 UK Time, Alpari(US), No Trade, 0.0, Stats since 02-01-2011: Total= +229.3
6:30 UK Time, FXDD......, No Trade, 0.0, Stats since 02-01-2011: Total= +198.0

FMT 4.2, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., No Trade, 0.0, Stats since 01-20-2011: Total= +222.0



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker
 
Must be a record - in and out in 20 mins on 2 candles!! on my demo account- didn't pull the trigger quick enough on my IG account so didn't trade live today, a bit of a pain doing it manually, so have set up a Smart Live Spread account that the FMT EA works on - tested it this morning and works OK but will have to work the lots out, as they are smaller than I would use (0.5 on a 10 000 account only made 17.75 with standard 35 pips profit this morning) - any thoughts from others using SL appreciated.

Chris
 
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