ForexMorningTrade System

[swordfish]

Hi. On the 24th I had one trade on IBFX and ended at breakeven. My trade on forex.com lost 9 pips. I noticed on IBFX the profit at one point was 29 pip and on forex.com 28 pips. Is the BE of 24 pips after the spread? For example if the spread was five pips for both brokers then the reason why forex.com did not stop loss at breakeven is because 28 pips - 5 pips is 23 pips, therefore the BE 24 was not hit and the TSL of 40 took control. Does this sound correct? Thanks. Jeff

You are probably correct. You need to find a broker that offers smaller spreads. Try Iamfx.com

 

[red_dates]

Does Oanda have a trailing stop option? If so you could set trailing stop to +24. Your results will be different, but it will reduce your drawdown and give you a few small wins as well as smaller losses.

bluedancer,

I think your suggestion will be the best way for me to set the breakeven on oanda platform. Currently, I may have to move my stoploss manually to breakeven if I were to use the best settings( TP = 80, SL = 40, BE = 24, TS = 40).

 

[speedport]

I´m wondering why markfric isn´t using his recommend settings with BE set to 24pips instead he uses the old settings with 40 pips SL and 40 pips TP ?????

 

[Kinger]

I suggest removing the FMT indicator from the chart and just have the EA on it. Also if you have the indicator set on a bunch of charts remove it. Not the cci and mom, just the fmt Ind. It uses up lots of space and could slow your platform and miss the trade if it moves fast.

What FMT indicator is there? am I missing something !!!????

The cci and momentum indicators won’t make a blind bit of difference on the chart for speed of execution.
We’re talking about a trade that has 15 minute window to take, the issue will be down to re-quotes I’m afraid.
It’s possible to be re-quoted 10 times in a row with a time gap of 15 seconds between each server event, so not sure when this ea gives up, might be after the first re-quote.

Having said that, mine works everytime on Alpari :-0
MT4's a funny bugger especially, if you have rebooted your machine over a few days or so.

 

[Kinger]

I´m wondering why markfric isn´t using his recommend settings with BE set to 24pips instead he uses the old settings with 40 pips SL and 40 pips TP ?????

because is works ....

 

[Smiffy42]

For me, its the original set up only.
40TP-40SL.

I have seen perfectly good systems get altered, added to, and settings get changed until they are almost unrecognizable.
Then what happens?

It gets slated for not working

I know that its human nature to try and improve things and get the best out of them, and if you make an adjustment that works then i'm happy for you.

However, please remember that what works for YOU, may not work for someone else.

Its all down to your personal style of trading.

I would like to strongly urge anybody new to trading to stick to 40/40 for now, as i'm sure we have a great little system here that works just fine

I will be testing different set ups that get posted here, but only testing.
When it come to live trading, as i said, for me its 40TP and 40SL.

Now its time to shut my big mouth and go shopping!

Have a great weekend everybody, see you all Monday

 

[bluedancer]

I know that its human nature to try and improve things and get the best out of them, and if you make an adjustment that works then i'm happy for you.

However, please remember that what works for YOU, may not work for someone else.

Its all down to your personal style of trading.

I would like to strongly urge anybody new to trading to stick to 40/40 for now, as i'm sure we have a great little system here that works just fine

I will be testing different set ups that get posted here, but only testing.
When it come to live trading, as i said, for me its 40TP and 40SL.

Hi Smiffy,

Why would you strongly urge anybody new to do just 40/40? Each person, new or seasoned can look at the potential and results in Mark's manual and judge the performance. Each person also can do their own strategy test with Mt4, and figure out what to do. Why not urge everyone to do their own backtesting, look through all the attached files on this forum, and understand what exactly this trading system can do, and how the EA works, and then choose their personal way to trade it? Trade and learn, learn and trade, and have fun!

Regardless, the key is to use an exact system routinely.

 

[Fabius]

oops, like a donkey hahaha

:?: :|

 

[bluedancer]

I´m wondering why markfric isn´t using his recommend settings with BE set to 24pips instead he uses the old settings with 40 pips SL and 40 pips TP ?????

hmm maybe to show the basic system and we can see how our personal settings compare. Otherwise he would have to post 3 or 4 different potential results for each trade. That may get confusing. For me it helps me to see if I am doing better or worse than the basic settings. Honestly all this discussion and his approach helps me to trust the EA and the progression and potential. I think it is better to post the basic results rather than the advanced results, since a lot of people are using a variation of the advanced settings.

 

[hammy66]

Yes, well stated bluedancer !
He is producing a journal to show the consistancy of the original FMT system with his EA and if he keeps changing the settings then the results would be skewd. Eventually he may start a new journal with optimized settings, however maybe these original settings are the best ? I have tried a few different scenerios and other pairs, but none have done better than Mark's original system and settings, I'm thinking of just going back to trading his original system only ?

cheers !

 

[nurei]

I´m wondering why markfric isn´t using his recommend settings with BE set to 24pips instead he uses the old settings with 40 pips SL and 40 pips TP ?????

That is interesting. Does he not trust it because it is a new setting and have not been tested in real time and real trading.

 

[zorba_g]

Sorry if I've missed it but has Mark stopped posting his updates here?

 

[bcole077]

Sorry if I've missed it but has Mark stopped posting his updates here?

Mark is posting results at this website
http://www.forexmorningtrade.com/trading-journal/september-2010/

 

[Fabius]

Goodwhatever everybody,
I decided to let the new EA work on its own (I just check that it takes the trade if there are the needed conditions and it pretends not to realize it :whistling).
After that I let it do its work.
Since Mark put his imprimatur on it, for me it's enough to trust it .

 

[suresh3101]

Hii guys..
Good to see a trade happening today..
heading north...
hope we have a profitable week ahead..
cheers!!

Long trade at 1.5824..
P.S A resistance is at 1.5841.. will the price break above??

 

[Fabius]

Hi everybody,
long at 1.5825?
Or since it's Monday, are you going to stay out?

 

[GilR]

Its quiet here today

 

[Mario Loops]

Goodwhatever everybody,
I decided to let the new EA work on its own (I just check that it takes the trade if there are the needed conditions and it pretends not to realize it :whistling).
After that I let it do its work.
Since Mark put his imprimatur on it, for me it's enough to trust it .

Good morning mate

 

[Mario Loops]

Its quiet here today

Good afternoon Gil

 

[Fabius]

GM Mario