ForexMorningTrade System

[wiseambitions]

Hi guys,
I've been reading the last few posts of this thread and I think there are some good ideas recently. Here is my elaboration of these ideas which I can confirm from backtesting seems to be profitable: Set up one GU chart for long trades only at 10tp 40sl, and another GU chart for short trades only at 40tp 40sl 24be. The short trades allow us to quickly recover from the poor R:R of the long trades, and the long trades give us reliable consistent profits when short trades are not available.
Cheers

Thanks, that is exactly where my own research has been taking me. The settings that are best for longs are worst for shorts and vice versa when you look at extremes, and our standard settings, without us having realised this before, are probably a fudge!

Mind you, the FMT recommended settings are very good and should not be discarded. I am still impressed how 40/40 has stood the test of time in many months. And probably the 1:1 r/r ratio is responsible for that.

 

[PipZombie]

What is important is live account forward results. We can tweak the settings all we want but what setting have we stuck with? Just land on settings you are comfortable with and stick to them. Switching back and forth will not lead to any direction. Your emotions will get in the way as well and you will intervine at times. I have been trading Live with FMT since 10/6/10 with standard settings with a small live account with 4% risk because I wanted to be agressive but practical with my trade size. During the first month I found myself intervining with taking profit manually etc, closing trades, not trading the signal some days because the way the charts looked etc....this is real trading. I no longer intervine with this account. I did not trade it from 12/14 to 1/17 as this time from my trading experience is not a good time to trade. I am happy to announce that the account is positive with 55% gains in the account. Beginning December 5th I began trading my large accounts with standard settings and have been happy with the results (i skipped 12/14 - 1/17 as well on the large accounts) with standard settings. I will measure success every three months to see howit is doing. My suggestion to you again, find settings you are comfortable with and stick to them. If you can't make up your mind, take the recommended settings.

 

[Pavil]

I agree with your opion. Since I resist the temptation to interfere, results are much better.

Plan your trades, trade your plan still wise words.

 

[JohnnyBme]

Friday morning 06.30 UK time
No signal here - very borderline, possibly looking bearish

40MA on 15m is flat. Confirms lack of trend

63hr EMA on 1 hr chart is below price which might be a bullish sign.

06.15 starters might have had a long signal, but the candle ended lower. After 06.30 now some retracement

Safest to obey the FMT rules

6:15 entry long +35:clap:

 

[wiseambitions]

What is important is live account forward results. We can tweak the settings all we want but what setting have we stuck with? Just land on settings you are comfortable with and stick to them. Switching back and forth will not lead to any direction. My suggestion to you again, find settings you are comfortable with and stick to them. If you can't make up your mind, take the recommended settings.

I'm not disagreeing. I decided on a plan which was to go for 28tp and 40sl. I had reasons for this - it was a compromise between FMT recommended setting of 35tp with the BE and 20 being the BE point, to avoid my need to reset to BE with brokers not using the MT4 platform. It has been a fantastic setting in the context of 6,12,24 and more months of backtesting and practical experience, however it's not doing very well right now. When it excels is on days when the gain is between 20 and 35 but doesn't hit 35 or 40. Often there have been one or more of such days in a month, and that's all it needs to be the winner, but funnily enough we've had many days since Jan 1st where the gain has been 15 to 25 before reversing. It will change, I know.

Perhaps my main message is to say that if you record which settings are doing well in any recent timeframe, some have a patch where they are top of the league and at the bottom. 40/40 happens to be a good all round setting which won't let you down, but if you want to do your own thing around that, I would say have some diversity, have a couple or three exit points, but stick with your decision. Privately some of the other members and I are making a lot of progress on this.


Amazing how several people on here the last 6 weeks who were saying FMT doesn't work any more have gone quiet!

 

[Icepop]

"My suggestion to you again, find settings you are comfortable with and stick to them. If you can't make up your mind, take the recommended settings."

"Amazing how several people on here the last 6 weeks who were saying FMT doesn't work any more have gone quiet! "

Very true PipZombie & Wiseambitions. Thanks for all the data and discussion you add to this blog!

 

[Jashfx]

Re: Buys v Sell Trades

Following on from conversation a couple days ago:

another factor to take into consideration with regards to Short Trades dropping faster then Long trades rising is:

What we witness on charts when executing a trade is the SELL PRICE. So what you see is pretty much where you get in when executing a Sell Trade. However when we buy one always has to account for the spread Which needs to be added to price we see on charts. Im not saying you dont have to account for spreads when selling but this is done when working out stops and not when placing orders.

So I conclude that psycholigically (when considering everyone in this $3 Trillion a day business) that more Traders would feel more comfortable placing short trades than Long trades cause of the added time it takes adding the spread (which vary for every currency pair) when calculating entry price. I would say that more trades are taken via pending orders when taking out lows for a Sell trade than taking out Highs for a buy trade.

Just another possible reason why Markets, (even Currency Pairs) may drop faster than they do rise!!

 

[oldie]

The manual sayes to set it at 2 hours.

Lady Forex

Importantly the EA will ONLY take a trade at the OPENING of the bar.
Cheers Oldie

 

[Liberator]

You are correct in what you are saying as to how the blue zone works but my manual does not state "this is purely for aesthetic purposes."
(However it is.)

COPIED FROM THE MANUAL:

No, the blue zone is used only to indicate the entry time. The end of the blue zone doesn’t mean anything; we run the trade until it hits either Profit or Stop loss.

Lady Forex

Thanks to both Lady Forex and Owl75. Good, I was worried about the EndTime without need. The blue bar's right hand edge serves only to prevent the chart turning completely blue, and so to permit tomorrow's bar to have a left hand edge.

 

[poppygirl]

My week's summary on alpari uk with ea: 2 wins, 2 no trades, 1 break even. +70 for the week.

 

[hammy66]

FMT for me today:

6:00 start, buy trade, hit TP +31 pips
6:15 start, buy trade, hit TP +31 pips
6:30 start, No Trade
6:45 start, No Trade

total profit today +62 pips.. ;D

Total profit for the week +42 pips , nice comeback from bad start

have a nice weekend !

 

[deserteagle]

Weekly update.

 

[michaelsa]

Weekly update.

Hi Deserteagle,

Great weekly analysis once again, thanks :clap:

I just had a look at what would happen if you made the TP for both 43 (leaving other parameters the same), then the sl40 tp43 be 20 does much better. Almost doubling its average weekly pips from 19 to 34, and reduces it losing weeks to only 1 week (from 5 losing weeks).

Just something to think about over the weekend.

M

 

[deserteagle]

Hi Deserteagle,

Great weekly analysis once again, thanks :clap:

I just had a look at what would happen if you made the TP for both 43 (leaving other parameters the same), then the sl40 tp43 be 20 does much better. Almost doubling its average weekly pips from 19 to 34, and reduces it losing weeks to only 1 week (from 5 losing weeks).

Just something to think about over the weekend.

M

Hi, I have seen in the sheet what you say:

Total pips of set1 = 522.6
Total pips of set2(TP43) = 334,4

As example, taking an account of 5000, the 2% per trade = 100
If you do money managing

Pip value set 1= 100/65 = 1,5384
Pip value set 2= 100/40 = 2,5

Profit set 1 = 1.5384 * 522.6 = 803.97
Profit set 2 = 2.5 * 334.4 = 836

Interesting information, thanks for sharing it!

 

[lumbco]

FMT for me today:

6:00 start, buy trade, hit TP +31 pips
6:15 start, buy trade, hit TP +31 pips
6:30 start, No Trade
6:45 start, No Trade

total profit today +62 pips.. ;D

Total profit for the week +42 pips , nice comeback from bad start

have a nice weekend !

I get confused on this thread about local time, GMT and broker time.
I use Alpari UK, and the FMT start time of 05:30 becomes 07:30 my broker time.
Are the times you quote, eg 06:30, your broker times? Does this translate to 07:30 Alpari UK time?
I am about to go live with your time settings

 

[Remraf]

I get confused on this thread about local time, GMT and broker time.
I use Alpari UK, and the FMT start time of 05:30 becomes 07:30 my broker time.
Are the times you quote, eg 06:30, your broker times? Does this translate to 07:30 Alpari UK time?
I am about to go live with your time settings

Hammy66 posted this 28th Jan (pg 734):

FMT for me today:

6:00 start, sell trade hit TP +20 pips (new settings, 40/20/15/0)
6:15 start, sell trade hit TP +26 pips (new settings, 50/25/20/5)
6:30 start, sell trade hit TP +31 pips (new settings, 50/30/20/5)

total profit today, +77 pips ..

nice way to end the week, good luck next week !..

I think these are GMT times. Not too sure if he's still using these settings, or if he's tweaked them, I'm sure he'll confirm all this when he's had breakfast! (he's in Canada)

 

[chrisheath]

I get confused on this thread about local time, GMT and broker time.
I use Alpari UK, and the FMT start time of 05:30 becomes 07:30 my broker time.
Are the times you quote, eg 06:30, your broker times? Does this translate to 07:30 Alpari UK time?
I am about to go live with your time settings

I use Alpari-UK. The standard time for FMT is 6:30 GMT. So if you live in UK, just check your time - 6:30. Alpari_UK are Central European time. So 6:30 GMT is 7:30 on your chart. A setting in FMT means you can alter the 'blue zone ' to be 7:30. Which means its easy to tell on the chart when the trade should start.
(You have to be careful entering the times and put 07:30 - otherwise it won't recognize it.)
Good luck!

 

[tkbieber]

I know it's been a while since I've posted. Life kind of got busy these last few weeks and FMT hasn't been performing as I'd like. I came up with some secret settings after hours and days of research and back testing. Using these settings, I've been trading on my live account for a month now and recently opened a demo account and made it public here. There isn't a lot of data yet because I just put it up this week but you can see the trend it will be taking for weeks. In the last 7 months of back-testing, I could find only 1 bad trade, (January 25) Otherwise, 99.9% win rate. With the risk setting I am using for my live account and this demo, I am getting about 50% gain per month. With compounding for the last 7 months, about 105% gain per month. If there is a loss, I still get about 20% gain for the month. So far so good.

 

[wiseambitions]

I know it's been a while since I've posted. Life kind of got busy these last few weeks and FMT hasn't been performing as I'd like. I came up with some secret settings after hours and days of research and back testing. Using these settings, I've been trading on my live account for a month now and recently opened a demo account and made it public here. There isn't a lot of data yet because I just put it up this week but you can see the trend it will be taking for weeks. In the last 7 months of back-testing, I could find only 1 bad trade, (January 25) Otherwise, 99.9% win rate. With the risk setting I am using for my live account and this demo, I am getting about 50% gain per month. With compounding for the last 7 months, about 105% gain per month. If there is a loss, I still get about 20% gain for the month. So far so good.

Looks positive
Is this a system which opens with FMT starting orders but with private exit settings, or is it something completely different?

 

[deserteagle]

I know it's been a while since I've posted. Life kind of got busy these last few weeks and FMT hasn't been performing as I'd like. I came up with some secret settings after hours and days of research and back testing. Using these settings, I've been trading on my live account for a month now and recently opened a demo account and made it public here. There isn't a lot of data yet because I just put it up this week but you can see the trend it will be taking for weeks. In the last 7 months of back-testing, I could find only 1 bad trade, (January 25) Otherwise, 99.9% win rate. With the risk setting I am using for my live account and this demo, I am getting about 50% gain per month. With compounding for the last 7 months, about 105% gain per month. If there is a loss, I still get about 20% gain for the month. So far so good.

Nice results, let me guess ... multiple opened orders with different TPs and an own trailing stop, but I can not explain to me the high wining rate. Anyway congratulations for your success.
Could you please give us more information?