ForexMorningTrade System

[peter5433]

I was never going to post on this thread because the messages come too thick and fast to keep up, but when I saw this comment I figured I had to say something. In my book, as soon as I think I found the Holy Grail, a little voice tells me to look closer, because actually there's no Holy Grail, just like there's no leprechauns or pots of gold at the end of the rainbow.

I can't deny that FMT as a system is currently so hot you could fry an egg on it, but it's not always like that, and even in these hot phases you get big sudden drawdowns. Look at the equity curves (for 100,000 without compounding).

I'm absolutely not saying don't trade FMT, I'm just saying, there's no guarantee on that $48,000.

Agreed although I would add that any system which is profitable over even one year is worth looking at - many barely last a few months. There should be no issue providing you risk a set amount of your risk capital per trade, such as 2%, and don't get drawn into to betting your savings away if things turn downward. I would also try to trade several systems together and try not to rely on any one. This is a great system at the moment ,made even better using a VPS (CNS) and tight fixed spread broker (SLSB in the UK), with the additional b/e feature - all of which help to limit losses.

 

[yesbee1]

Hi Hammy,
In my backtesting EU didn't show consistent results no matter which time and tp/sl I tried. Thanks.

FMT today:

GU hit TP=30 (for the week 2 TP, 1 SL, +20 pips)

EU,NYopen hit SL=40 (EU,NYopen was a losing week for me, 3 SLs)

better luck next week !

 

[Dubai]

I'm doing 33TP , 40 SL +my broker spread of 4 pips so 44 SL

I'm getting braver. I first started with 27 TP and worked my way up as of late the market is most always reaching 40 pips. I always go back in back-testing where many times the market only went to 27-30 pips positive before retracing so kind of like seeing more wins at a lower TP. Just MHO

You're paying 4 pips spread for GBPUSD! Change broker ASAP.

 

[tkbieber]

You're paying 4 pips spread for GBPUSD! Change broker ASAP.

FXDD is variable up to 4, TDFX is 5.

 

[jonesrp]

Evil buggers...and fellow New Zealanders as well...

 

[jonesrp]

Sorry about that mysterious post...I was replying to Tenappenny`s post about my broker spread of 4 pips.As Tenappenny said, they can charge what they like. I may change to 44 Sl, but I am already on 32 Tp and I would be skewing the system RR a bit. It`s Saturday afternoon here and I might pop down to the pub. Good luck next week to everyone.

 

[Dubai]

FXDD is variable up to 4, TDFX is 5.

I could list at least a dozen brokers offering less than 4.

Why not move to a broker who actually offers a reasonable spread instead of being ripped off?

 

[jrcollins2009]

I could list at least a dozen brokers offering less than 4.

Why not move to a broker who actually offers a reasonable spread instead of being ripped off?

Can you name some who will accept US clients?

 

[PipZombie]

Thanks for the comments about the trading in December.
From my experience, the latter half of December hadn't been ideal for trading for some systems. I don't know if it applies to FMT, but I think I will stop trading with FMT around 15 December to be on the safe side. If January is safe as tkbieber said, I may start trading earlier in Jan.

Adamus,
thank you for your input. Actually, the performance before 2007 had been weighing on my mind. I have trust in FMT for now, but I will be cautious not to overtrust it and perform backtesting now and then to check for the change in the market.

This article reinforces your comments. I agree with you.

http://electronicfuturestrader.com/2010/11/14/trading-smarter-not-harder-2011/

 

[tkbieber]

This article reinforces your comments. I agree with you.

http://electronicfuturestrader.com/2010/11/14/trading-smarter-not-harder-2011/

I like it. Thanks for the link.

 

[hammy66]

FXDD is variable up to 4, TDFX is 5.

tadawulFX (TDFX) has fixed spread of 4 with mini acct. fixed spread of 3 with std. acct.

..:|:cheesy:

 

[JohnnyBme]

This article reinforces your comments. I agree with you.

http://electronicfuturestrader.com/2010/11/14/trading-smarter-not-harder-2011/

Do a commodities futures trader's recommendations apply to Forex?:?:

 

[Raggy1988]

tadawulFX (TDFX) has fixed spread of 4 with mini acct. fixed spread of 3 with std. acct.

..:|:cheesy:

Use tadawulfx, they are also eligble at http://www.cashbackforex.com/?aid=11982

You get 0.8 pips back for a round traded lot

 

[nubchai]

This article reinforces your comments. I agree with you.

http://electronicfuturestrader.com/2010/11/14/trading-smarter-not-harder-2011/

Really good article. I also agree with it.

Sandy

 

[ttmax]

is no one trading tonight?????

 

[trader578]

is no one trading tonight?????

There is still 45 mins until trading time.

 

[ttmax]

true but usually there is still some talk before the trade

 

[trader578]

true but usually there is still some talk before the trade

Everyone is still hung over after the weekend.

 

[tkbieber]

WE have a buy going on the Extended. Time for bed.

 

[fedex90]

WE have a buy going on the Extended. Time for bed.

Tk, does your Extended version use BE point sometimes?