Yes, take a teaspoon of something extra with your morning fix.
Yes, take a teaspoon of something extra with your morning fix.
catfish911
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I'd agree with that - makes sense to take advantage of past history which is based on actual results - longerterm
I got stopped out too at 15720 - but you know what, I don't mind, it's doing exactly what it should do according to the plan, which I know works over the longer term. So you can see it still as a succesful trade. I used to get really mad when I had a trade that hit SL, blame it on the brokers 'looking for my stop', etc etc, but I try to see winning and losing trades in a different way now.
I look at it like this - I want to use forex trading as a supplementary income, one that (I hope) in the future will allow me to make enough money trading to give up the 9 to 5. Let's say I was running a business on the side to make money, selling widgets, let's say I buy a widget for £30 and sell it for £50. When I sell one I receive £50 revenue - but then my cost of sales, to replace the sold one, is £30. So it is with forex - my sales revenue are the winning trades, my 'cost of sales' are the losing trades. The 'costs' of trading are the same in any business model that involves buying and selling pretty much anything. As long as my revenue exceeds my costs, then I am in profit and happy. So you can look on the losing trades as nothing more than the 'input' or purchase cost of running a business, they are part of running a business and entirely expected. If you owned a shop selling goods would you expect to buy your stock for nothing, or get mad when you found you had to pay out say 50% of your takings for them? I like forex trading to make money versus 'real' trading cos there's much less hassle, no shipping/selling/returns/marketing/ etc.
FMT with the settings as they are will provide profit each month, with very occasional exceptions (eg Dec-09), so personally I don't think fiddling with them or trying to out-think the market is a good idea. Just my thoughts, as they say good trading is 90% psychology so I just want to look at the losing trades in the same way as the winners, they're all just part of the business model.
I got stopped out too. After looking at the chart this morning I decided to reduce my pip value by 50%. The uptrend looked like it was turning a bit and I did see the pivot. I was hoping when London opened the momentum would kick it up but the chart did worry me.
There are going to be losses with this system. We're going for the overall long term win %. But this is a good reason to never over trade. Go wirh 1% or 2% per trade and the losses won't matter
There are going to be losses with this system. We're going for the overall long term win %. But this is a good reason to never over trade. Go wirh 1% or 2% per trade and the losses won't matter
jacktpickle
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Good post Catfish911
jacktpickle
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Having read through all 331 pages of this blog, i see some are trading other pairs. Could anyone tell me which other pairs, at which time, and whether you are entering the trades systematically or using discretion and deciding whether or not to enter the trade at the time.
I'd like to demo trade some other pairs, as the cable trade seems to performing well.
Many thanks,
Jack.
I'd like to demo trade some other pairs, as the cable trade seems to performing well.
Many thanks,
Jack.
Hi all,
GU just as expected caused the loss and then revved up its engines. But very nice post Catfish. Its what happens at the end of the year that matters anyway. I don't like loses but thats part of trading and when you have a winning EA overall then it should not matter. But EA's that actually are long term profitable are very few. So hopefully FMT will prove to be a longterm durability EA.
Like Jack, was wondering what success others are having with the New York open, and the exact time you are using. I am only trading London yet and GU live with default settings.
GU just as expected caused the loss and then revved up its engines. But very nice post Catfish. Its what happens at the end of the year that matters anyway. I don't like loses but thats part of trading and when you have a winning EA overall then it should not matter. But EA's that actually are long term profitable are very few. So hopefully FMT will prove to be a longterm durability EA.
Like Jack, was wondering what success others are having with the New York open, and the exact time you are using. I am only trading London yet and GU live with default settings.
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MrAndersson
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Hello, I'm new at FMT (been demo testing it, and moved to real yesterday - what a bad luck !).
I'm trying to grasp the contents of this forum, but some words I can't understand: GU, EU, GJ ??? Wht do they mean ? Thank you for your help.:?:
GU = GBPUSD pair EU = EURUSD pair GJ = GBPJPY pair
These are initials of the pairs being traded with FMT
MrAndersson
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Thank you for your help. I didnt know FMT was being used with those extra 2 pairs apart from GU. Have they proved to be profitable with FMT ? Thanks.
JustinSydney
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I too have been demo testing for a couple of months and finally went live yesterday. Otis a bit disheartening to start with a loss but I guess we've just got to keep our eyes on the bigger picture. This system wins overall even with a couple of losses each month. Good luck with your live trading. Hopefully it's up from here.
In my experience the GJ pair does well. EU seems to be less dependable but I have only traded this pair with FMT a handful of times. Maybe others are having better luck.
