and a buy, clearly!!! Well done!
and a buy, clearly!!! Well done!
rburke1963
Junior member
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Very frustrating week for me. I use the EA to trade because I cant stay up to monitor the trade. Taken out again at BE. Missed target by 1 pip . The only win that I would have had on Monday the EA never took the trade. I think my MT4 platform froze up so it wasnt the EA's fault. Sometimes I feel I am doomed as a trader.
bluedancer
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Never DOOMED! but because you can't be there to trade maybe lower your TP. I think Suresh always goes for 40SL and 30TP, that may change your attitude. It is a little more difficult letting the EA do the trade because all the backtesting shows it is good over the long haul, but you need to take an average per month, or see how it performs over 2 months. So it requires PATIENCE to be un-doomed! If you change the SL and TP you obviously won't duplicate the EA, but if you trade by risk and increase/decrease lot size with each win /loss you will find a few more wins of fewer pips may give you a bit more confidence in the system.
This is the psychological aspect of trading they talk so much about. I started in January using a different system which started great and with so much confidence i mucked about and managed to just stay with my original bank rather than gaining! I pulled myself together and stopped all that and then it hit a bad patch and i lost all my confidence and tried to intervene to stop the losses - i managed to stop the gains as well.. so read a lot, made another big mistake and decided to stop for a month (August). Started again in September with strict instructions to stay with my decided system.. well i almost manage it.
My belief is that you will win some by using the EA and lose some by using the EA. I trade manually and am frustrated by the trades i would had won if i had the time and confidence to set up the EA. Today having the EA brought a loss. I havent been able to trade due to a bad back and not being able to get out of bed in time (UK resident). So i missed out on a loss yesterday and the win i would have had by manually trading today. It's swings and roundabouts but you do have to stick in there. Look at the record and work out how many no trade and losses that must include.
I am still down from my original bank but slowly creeping back up.. three steps forward and two back.
This is the talking to I give myself most days!!!!
Same thing happened here missed the 40 profit by one Pip, this is extremely frustrating and seems to happen quite a lot I know that in the back testing the 40/40 seems to come out best but it's very difficult to tell your brain that when you see it miss off by one Pip so often.
Tenapenny
Experienced member
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It can be frustrating seeing lost pips and thinking "what if...". Long term, FMT may be profitable in certain market conditions but if you are new to trading, don't get impatient. Treat FMT as one gun in your armoury, try other strategies till you find out what type of trading is comfortable for you. Once you have that armoury stocked and primed you will trade with far more confidence and success.
bluedancer
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I have found a quite a few errors with each back test I have done. You have to set the EA to trade in a way that is comfortable for you if you had a ton of money on the line. Depending on the backtesting IMHO is not the best approach for individual trading styles. If you do and you get frustrated you will make mistakes with live trade adjustments. In my experience 40 pip breakout is an almost perfect target for the G/U at this time of day. However if I consider what my first forex teacher taught me: take your target and add or subtract 5 pips, you will realize that the proper target is actually not an exact price but a range, because usually there are many stops and pending trades sitting at technical levels, and all of those exist in a range, the meeting of this variety of technical targets is called confluence. Some days it will be 45-50 pips and some days it will be 35 pips, because whether we like it or not, our ideal entry is also in a range, or confluence of technicals.
bluedancer
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haha I almost took a second trade back at the opening price! here is where a move to BE prevented a win... ok enough conjecture..... off to bed in beautiful Vancouver!
Ok, I set the TP to 30 on both EA's. one closed out automatically at TP. The other continued the trade to +60 pips. I closed that one manually. Don't get me wrong I love the 60 pip profit. But why didn' it close the trade automatically?
Having a moment here, need some help. My settings are 40 SL/30 TP/24 BE. The EA took a Buy, CCI just over the line (probably wouldn't have taken the trade is I was up). The trade went down 29 pips and then started to rise, but I got stopped out with -4 pips. Can anyone explain how this happens?
supertrader05
Junior member
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Hello All,
I got FMT early this week and have been using a manual entry. I'm using a spreadbetting company and so do not have MT4...so I'm using the charts from dailyfx.com, which I find are pretty good. The momentum indictaor moves about around 0, instead of 100.
Yesterday, 6th Oct is down as a long trade in Mark Fric's journal, but I had CCI= 52, MOM = -0.0008 (probably equivalent to 99.9992), so MOM would have been below 100, which would have been a no trade.
Was it a close call yesterday for people using MT4? Nearly a no trade, because the MOM indicator at the beginning of the 06:30 candle was below 100?
Thanks in advance
Francis
I got FMT early this week and have been using a manual entry. I'm using a spreadbetting company and so do not have MT4...so I'm using the charts from dailyfx.com, which I find are pretty good. The momentum indictaor moves about around 0, instead of 100.
Yesterday, 6th Oct is down as a long trade in Mark Fric's journal, but I had CCI= 52, MOM = -0.0008 (probably equivalent to 99.9992), so MOM would have been below 100, which would have been a no trade.
Was it a close call yesterday for people using MT4? Nearly a no trade, because the MOM indicator at the beginning of the 06:30 candle was below 100?
Thanks in advance
Francis
You got bad slippage..
megamuel
Experienced member
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To anyone who lets the EA trade automatically - how are your results going for this year? Are they the same as shown in the results on the forexmorningtrade website? I notice many months have only 80pips profit. If each day trades for 40TP and 40SL then this is not really a great winning ratio.... Maybe this is why so many people are changing the settings?
Smiffy42
Junior member
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Hi Francis,
It was a close call on FXRO MT4 yesterday.
I am also on spreads, but with IGindex.
I use MT4 for charts and IG for live trades, as there is never more than a couple of pips difference between them.
I have a deal ticket open and ready to go, and when the charts give me the correct signal i simply hit buy/sell.
Maybe worth trying...i works well for me.
Cheers,
Paul.
Well, I have only been trading with the FMT EA for 5 weeks but I have profits of 244 pips in that time. To me that's pretty damn good !!..
I use TP=30, SL=40, BE=20, TS=0
