ForexMorningTrade System

[shoot2scoot]

Hi,

After getting into the trade according to the new rules and after 25 pips plus the EA set SL 5 pips above the entry price. And then came this down candle and I got stopped out 10 pips below the entry price, i.e. I got 5 pips minus instead of having +5. Is it normal?

3PO

3PO, one further consideration is the time it takes your machine to communicate with your broker! If prices are moving fast and your internet connection is not fantastic at that moment and your broker is not nearby, it could mean the difference of several points. This is one advantage of a VPS that Mark recommends. I have noticed that I get great entry prices and closes because my VPS is not only very, very, fast it is physically just around the corner from my broker's server (however this only applies to automated actions not any that you manually try to enter/close).

Good Luck

Chris

 

[barebud]

3PO, one further consideration is the time it takes your machine to communicate with your broker! If prices are moving fast and your internet connection is not fantastic at that moment and your broker is not nearby, it could mean the difference of several points. This is one advantage of a VPS that Mark recommends. I have noticed that I get great entry prices and closes because my VPS is not only very, very, fast it is physically just around the corner from my broker's server (however this only applies to automated actions not any that you manually try to enter/close).

Good Luck

Chris

What VPS do you use Chris?

 

[mgarry]

FMT for me this morning, (45-35-25-5), Forex.Com-UK

6:15 start, long signal, hit BE +5 pips
6:30 start, long signal, hit BE +5 pips
6:45 start, long signal, hit TP +35 pips

total today +45 pips

weekly total +149 pips

good to see 6:45 make a difference !

cheers !

Well done Hammy66

I am using you and Marks settings @6:15 only and again it missed take profit by 1pips taken out and B/E +5. Mark mentioned in a recent email that considering all the recent B/E trade that it was acceptable to reduce TP to 30 and SL to 35 which sounded like a good idea. I am just wondering why he isn't using these settings and why increase the S/L to 45 when this hasn't been the issue. Are these results based on the last 2 years and if they are maybe it's wise to give more credence to recent data? I know i should be asking Mark I will also send him a email too.

Something I have notice is that Wednesday is the worse performing day and is best to be avoided or reduce risk

M

 

[wiseambitions]

3PO, one further consideration is the time it takes your machine to communicate with your broker! If prices are moving fast and your internet connection is not fantastic at that moment and your broker is not nearby, it could mean the difference of several points. This is one advantage of a VPS that Mark recommends. I have noticed that I get great entry prices and closes because my VPS is not only very, very, fast it is physically just around the corner from my broker's server (however this only applies to automated actions not any that you manually try to enter/close).

Good Luck

Chris

If one has set stops and limits not as hidden, then they'd be already known to the broker irrespective of the speed of your own connection or if it even fails. Therefore any slippage would be due delays within the IT within the brokerage and the world's forex networks as a whole

If however the exits are 'hidden' then the broker does not know where you want to get out of the trade, and this adds to the delay in data either through your own internet connection or from the VPS.

I understand, but I may be wrong, that stop points which are not hidden would (depending if the broker trades against you or is ECN) be posted as buy or sell orders and would probably be the ones to get closed out the first with the smallest amount, if any, of slippage. Those that are hidden just join the queue when the action all happens and there is no guarantee what price you're going to get, and you don't know what it was until several seconds later

 

[Jashfx]

Chaps is any one going to trade on the day of the royal wedding? Sorry if this has already been spoken of...

I would personally not recommend trading the bank holidays with the 35/40 TP target.

Interestingly though, the 10/40 combination has won on every bank/public (UK or US) Holiday this year where there were trades. Last year it won on almost every public holiday as well (except over the easter weekend and Christmas).

Im not actually surprised that they end up being a winner cause markets dont usually move much on these days and usually chops up and down before picking a direction (if it actually picks one at all), so going after your 10 pips is a lot safer than going after your 35/40 pips.

 

[hammy66]

Well done Hammy66

I am using you and Marks settings @6:15 only and again it missed take profit by 1pips taken out and B/E +5. Mark mentioned in a recent email that considering all the recent B/E trade that it was acceptable to reduce TP to 30 and SL to 35 which sounded like a good idea. I am just wondering why he isn't using these settings and why increase the S/L to 45 when this hasn't been the issue. Are these results based on the last 2 years and if they are maybe it's wise to give more credence to recent data? I know i should be asking Mark I will also send him a email too.

Something I have notice is that Wednesday is the worse performing day and is best to be avoided or reduce risk

M

I think if you look at FMT over the last 6 months, all days are pretty much the same, I don't think there is really one "bad" day.

I think Mark changed to 45-35-25-5 because these settings were getting better results than his default settings. The BE=25 instead of 20 keeps the trade from too early setting the SL where it gets hit for BE on reversal. Once it hits the 25, it's only 10 more pips to hit the TP=35. Today this didn't quite happen except on the 6:45 entry time. The SL=45 just gives the trade a little more room to reverse and only costs 5 more pips if hit. These 5 pips are made up when BE+5 pips are hit , like today., +5 pips feels better than zero..

cheers !

 

[wiseambitions]

I want to personally recommend that every follower of the FMT system spares the time to watch this speech at least once. There are four sequences. The last two minutes of clip 4 are particularly hilarious.

http://www.youtube.com/watch?v=z4TUgIx60PE&feature=related

A couple messages come over loud and clear

1) A very successful strategy might have a win rate of no more than 63%. That happens to be about par for FMT standard settings.

2) The best traders know they've won the game before they even start. Again I think that is just so true, if you follow the rules in the knowledge your settings are going to give a fairly constant win ratio in the long term.

3) Best traders also know that losing is part of the game. The rallying cry of a failing trader is "I will get out when I'm even".

You'll learn a lot from this lecture I assure you

 

[Euro_d]

Very good point re news!
In theory FMT ignores the news impact but....

I use http://www.forexfactory.com/calendar.php
Dont forget to set the clock!

Better luck tomorrow but watch news and trade accordingly.

 

[lumbco]

Since there are so many bank holidays before the end of the month here in the UK, this is the first time ever that I have wished for fewer !

All those golden trading opportunities lost !

I think that I need to be careful and not get too greedy.

FMT

 

[RobM.]

I want to personally recommend that every follower of the FMT system spares the time to watch this speech at least once. There are four sequences. The last two minutes of clip 4 are particularly hilarious.

http://www.youtube.com/watch?v=z4TUgIx60PE&feature=related

A couple messages come over loud and clear

1) A very successful strategy might have a win rate of no more than 63%. That happens to be about par for FMT standard settings.

2) The best traders know they've won the game before they even start. Again I think that is just so true, if you follow the rules in the knowledge your settings are going to give a fairly constant win ratio in the long term.

3) Best traders also know that losing is part of the game. The rallying cry of a failing trader is "I will get out when I'm even".

You'll learn a lot from this lecture I assure you

Hi Wise

What's the link to that You Tube clip, please? I see it on my iphone but not on PC but can't connect regardless...

Rob

 

[podberry]

Since there are so many bank holidays before the end of the month here in the UK, this is the first time ever that I have wished for fewer !

All those golden trading opportunities lost !

I think that I need to be careful and not get too greedy.

FMT

Hey, lumbco, don't feel alone. I've been thinking along your lines for the last week, strange how we can't wait for the next trade, think I may still trade but maybe risking around 1% per trade next week and on the wedding day.
Just enough to keep away the withdrawal symptoms - Also after 2nd May it's all guns blazing for at least 3 months until August holidays - Great

 

[3PO]

If one has set stops and limits not as hidden, then they'd be already known to the broker irrespective of the speed of your own connection or if it even fails. Therefore any slippage would be due delays within the IT within the brokerage and the world's forex networks as a whole

If however the exits are 'hidden' then the broker does not know where you want to get out of the trade, and this adds to the delay in data either through your own internet connection or from the VPS.

I understand, but I may be wrong, that stop points which are not hidden would (depending if the broker trades against you or is ECN) be posted as buy or sell orders and would probably be the ones to get closed out the first with the smallest amount, if any, of slippage. Those that are hidden just join the queue when the action all happens and there is no guarantee what price you're going to get, and you don't know what it was until several seconds later

I contacted my broker and they answered that during this rapid fall that was the best available price. I know -5 pips are not the world but +5 would have been better By the way I have broadband internet conection so it can not be a problem.

As of the Bak Holidays I will not trade on Good Friday and on Eastern Monday because in most of the countries involved in forex market have Bank Holiday on these days. The day of the Royal Wedding still remains a question to me

3PO

 

[Jashfx]

Hey, lumbco, don't feel alone. I've been thinking along your lines for the last week, strange how we can't wait for the next trade, think I may still trade but maybe risking around 1% per trade next week and on the wedding day.
Just enough to keep away the withdrawal symptoms - Also after 2nd May it's all guns blazing for at least 3 months until August holidays - Great

Yeah --- Hopefully from May we will stop seeing these 34.5 pip moves :cheesy:

 

[Harlin]

I have used Alpari US Live since mid-February. No problems.

Thank you.

 

[turboonostrilvision]

hi ,
does any of you trade fmt on mobile device (blacberry ) ?
I am looking for broker/application to trade it on mobile phone

 

[mcclaine]

I contacted my broker and they answered that during this rapid fall that was the best available price. I know -5 pips are not the world but +5 would have been better By the way I have broadband internet conection so it can not be a problem.

As of the Bak Holidays I will not trade on Good Friday and on Eastern Monday because in most of the countries involved in forex market have Bank Holiday on these days. The day of the Royal Wedding still remains a question to me

3PO

Hi 3PO,

Which broker do you use?

thanks,

mcclaine

 

[mcclaine]

Hi, was this above 200 and below minus 200? Also, where did you get the 200 figure from, I could not find it anywhere in the manual. Is this from personal experience?

new purchaser of the system and catching up on the thread so many questions....

many thanks.

Hi Wiseambitions,

You probably missed this one in the flurry of posts this thread has seen. Would be grateful for your response.

thanks,

mcclaine

 

[Brokerthanthou]

can anyone help out? my results are bland . I have been trading Alpari UK
on a $1000 demo account since March 25th and have a total profit of $11.

Am I set up right? I am in Ottawa, Canada, which is the EST time zone, which is a five hour time difference from UK. I have my trading hour
set at 7:30.

after trying the default settings, then another set, and now this:

my settings are now:
brokerstoplosspips 55
brokerprofittargetpips 55
hiddenstoplosspips 65
hiddenprofittargetpips 43
breakevenatpipsprofit 20
breakevenaddpips 0
trailingstoppips 0
lots 0.1
usemoneymanagement true
lotsdecimals 2
riskinpercent 4
maximumlots 0.5

Are these settings good or bad?

would any of you be caught dead doing this?
any suggestions?

 

[OWL75]

I will be trading any and all mornings that market is open. FMT doesn't know it is or is not a holiday for anyone. It only knows what the indicators tell it. And if the indicators, which ARE a reflection of current market conditions, say yes no or maybe, then I follow the rules.

Also, I only observe forward testing, and FMT has only been on the market since Sept 2010.

If you feel you need to step back on certain days, then your risk per trade is too high.

 

[podberry]

Hi Brokerthanthou, with those settings that is why you are 'Broker than thou' - Why are you trying to re-invent the wheel. If you change the settings to the new version, Hammy's, you should see a dramatic increase in your profitability. I'm not being rude but am amazed at your settings, - Sorry but you are setting yourself up for disaster, no wonder you are at £11 profit. I'm not prepared to help you if you are not reading the posts and adhering to your email from Mark by using the recommended settings. Sorry