traderathome
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Justin,
in your backtest did you consider the DST as brokers tend to change 2 twice a year.
I did make the changes. my profit was 10 pips. At about a 50 pip profit I wanted to manualy close the trade but did not. When it dropped back to a 10 pip profit the EA closed the trade. Live account with IBFX.
Please let me know how yours did...thanks
ComeBackJeffrey
Newbie
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1) I do have dual monitors, but I only have one live account at the moment, so I can watch the charts with one eye and surf the web with the other. Keeps me from getting bored.
2 & 3) My favorite timeframe has always been the daily, using a 8.3.3 stochastic and a 100 EMA. I can trade damn near any pair, I only need to check it once a day, and those trades can go from a few days to a couple of weeks.
4) The only tip I would give you is this: PATIENCE! Like these ridiculous bot ads that tell people they'll double their money every month. People get too fired up. FMT is a great system. Personally I think sticking to Marc's original strategy is prudent, but I take absolutely no issue with anyone here who is trying to apply it to other pairs. It's just not for me. I get the sense, and I could be wrong, that many of the people here are younger folks. I'm 54, and my mental timeframe for FMT is something like 5-7 years. So, for the younger people, don't try to get there too fast. Getting rich slowly means you get to walk around with a smile on your face for years to come...
Same here
I had 2 demo a/c's running at GOMARKETS and FXPRO and they both went to around 51 pips and then closed around 12 pips up. A little disappointing, I thought the tailling stop would offer a better result
rburke1963
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I am a bit confused as to whether I am using the newest EA . The only difference I see from my previous version is the ability to move your stop to break even at 24 pips profit. I see people speaking of using the EA with a trailing stop. My question is the trailing stop an option of the EA or are people letting the EA open the trade and then manually entering the trailing stop value?
traderathome
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trailing stop is a feature in the newest version by FMT you could go to his website forexmorningtrade member area and download the EA and extract to a new folder:cheesy:
I let it run for awhile. At one time it was down 28 pips a couple hours later it was + 58 pips. Not taking any more chances, I closed it manually with 58 pips
Two trades? wow,, don't know.
1) I do have dual monitors, but I only have one live account at the moment, so I can watch the charts with one eye and surf the web with the other. Keeps me from getting bored.
2 & 3) My favorite timeframe has always been the daily, using a 8.3.3 stochastic and a 100 EMA. I can trade damn near any pair, I only need to check it once a day, and those trades can go from a few days to a couple of weeks.
4) The only tip I would give you is this: PATIENCE! Like these ridiculous bot ads that tell people they'll double their money every month. People get too fired up. FMT is a great system. Personally I think sticking to Marc's original strategy is prudent, but I take absolutely no issue with anyone here who is trying to apply it to other pairs. It's just not for me. I get the sense, and I could be wrong, that many of the people here are younger folks. I'm 54, and my mental timeframe for FMT is something like 5-7 years. So, for the younger people, don't try to get there too fast. Getting rich slowly means you get to walk around with a smile on your face for years to come...
Thanks for your wise words. I agree with you, patience is the key and for me,, Proper leverage and Money Management. I feel very comfortable with a 10% risk per trade with FMT as it has such a small draw-down when a trade does go bad and I am only after 30 pips a trade, history says there has only been a max of 2 or 3 bad trades in a row. I'm excited to see my balance grow and compound. What will 2 years of compounding do to my balance.
P.S, I'm up 26% for the week. I'll keep you guys posted with gains, losses and settings I use.
I'm not too impressed with trailing stops for my trading. I haven't found very profitable in the long run. What I believe is better is setting up your trade or trades with TP and SL. You may want to consider aiming for maybe 50 or 60 pips but close out half your trade when 25-30 pips are reached, have your SL move to break-even at 25 and then try for the next TP target. You may want to move your SL as the market moves closer to your second target but not too tight or it can prematurely get stopped out,, or just leave SL to just above break even and let it ride, all or nothing. At least the trade is save with half your trade banking first target pips.
bluedancer
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Though I really respect your point of view, unless it is tested with this system it is unproven and just an idea to ponder. The new EA would allow you to set it up like you suggest and do a 2 year backtest minimum and see what your results are. Mark has a few backtests in the new manual with various settings. History shows that the 80 pip TP plus trailing stop, plus move to BE at 24pip actually has the best results. But it also shows that move to BE at 24 pips with 40/40 tp/sl has close to the same results. Move to BE at 24 pips does show a much steadier graph climb.
all good, more testing myself to doooooooo :smart:
Tenapenny
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Thanks for your wise words. I agree with you, patience is the key and for me,, Proper leverage and Money Management. I feel very comfortable with a 10% risk per trade with FMT as it has such a small draw-down when a trade does go bad and I am only after 30 pips a trade, history says there has only been a max of 2 or 3 bad trades in a row. I'm excited to see my balance grow and compound. What will 2 years of compounding do to my balance.
P.S, I'm up 26% for the week. I'll keep you guys posted with gains, losses and settings I use.
Please be careful risking 10% per trade. If you are comfortable with it, fine, but markets have a habit of changing and you could lose a lot very quickly. Personally, I only trade with money I can afford to lose so my family are not at risk (2% risk per trade for me).
I've seen it many times before when traders have a losing streak with a very large drawdown and the red mist descends. Common sense goes out the window. They have to get their money back and take crazy risks. Some even lose their houses over this.
I'm not saying you would be in this category, just be aware. The market doesn't care!
Attachments
It seems there is no trade today for MTF: oscillators on different side :|
Well...
I go back to bed
So long
Odd - the EA took a trade for me. Stopped at B/E using the new 'official' settings.
I was on IG myself but it's true that they meddle too much. I've been trying out SmartLive since they have MT4 and spreadbetting but they are a little sloppy. I enabled EAs on my account via their webpage but it turns out a person has to go and manually enable it, so you can go nuts checking why your EA doesn't work.
My 'main' account is FXCM UK ECN STP NDD PDQ TTFN or something. Basically all your trades are supposed to make it to the market and don't just get countered in house. Also they offer free VPS if you have over $5k in your account which is nice - it's hosted by someone else so the chance of them meddling is low. Also SmartLive don't have a mobile platform but FXCM offer one. Note that the FXCM account is a forex account not a spreadbetting account. They do offer spreadbetting but not via MT4 - I think it's only TS2.
Fabius
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Stopped at B/E means that you didn't lose a dime, correct?
That's the most important thing
LIQUIDKNUCKLES
Junior member
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Hey,
You know, with the trade manager v2-4 EA if you have a 40 pip stop and u set it so that when price moves 20 pips in your favor the stop moves to -20 does the stp STAY PUT at 40 pips and only moves when when price goes to 20 pips. Im asking this because the new trailing stp feature on the fmt isnt like this, its different than i expected.
AND ALSO, when i set up the trade manager v2-4 with the parameters that i want, would the glitch (it closing out a trade) occur?...when does the glitch occur?
It seems there is no trade today for MTF: oscillators on different side :|
Well...
I go back to bed
So long
I also had no trade today, but the momentum was coming down and just about to cross into negative territory. If you were at your computer you probably could have taken the trade. Stretching the rules a bit I know.
I am using Alpari(UK) perhaps when it is a borderline case that we get different readings from different Brokers.
