ForexMorningTrade System

[FXCO]

FMT is the best.

I agree I haven't come across anything better either but still am open to having other systems.

 

[jaming]

Hello fellow escapees!

My first week live results (pips):
3/28/2011 +38
3/29/2011 BE
3/30/2011 +35
3/31/2011 +33 pips

Not too shabby!

Good timing too, since my soon-to-be x-employer has made announcements about moving "resources overseas to India" !

happy trading...

 

[TheRichOne]

Hi All!

I have just started using FMT on my live account in April. I didn't test it in demo account, just straight to live but with very small lot.

From what I have read in this forum, everyone seems to worship FMT. I hope this will last and not something like FAPTurbo season. Forex market will eliminate the low quality products very soon.

 

[wiseambitions]

Hi All!

I have just started using FMT on my live account in April. I didn't test it in demo account, just straight to live but with very small lot.

From what I have read in this forum, everyone seems to worship FMT. I hope this will last and not something like FAPTurbo season. Forex market will eliminate the low quality products very soon.

There seems to be quite a spate the last few weeks of new members, more than usual. Perhaps advertising has stepped up a gear or FMT has had good publicity?

I am only partially interested in other systems, but I didn't know that perhaps FAP Turbo has had its moment of glory and has gone into a quiet phase. A lot of those robots also like Megadroid trade the eurodollar, and at a different time, and presumably that currency pair goes through periods of behaving different as well

Looks like a short again today, but 20 more mins to go. Good luck guys

 

[TheRichOne]

Maybe someone has asked this before but because I am still new so I am going to ask.

What is the average amount of time FMT keeps a trade open?

 

[wiseambitions]

Maybe someone has asked this before but because I am still new so I am going to ask.

What is the average amount of time FMT keeps a trade open?

The answer to that one depends on the TP you aim for. The bigger the TP the longer it takes.

But with the example of 35TP, and 06.30 start. You are likely to hit TP or SL by 08.30 two times in three. It is possible for a trade to bob around all day, particularly if you don't reset BE, and I've had one or two in 6 months carry on past midnight. But that's only 1 or 2 per cent of the time. I have a theory that if a trade hasn't closed out within about 2 hours it is dubious whether the entry signal was a strong FMT trend identification. You're left then into the mercy of the markets, and it can be dangerous around 09.30 if it's time for the release of economic news. I have heard of a competitor system where there is a rule you have to manually close out any open trade after a couple hours. But it has never been suggested with FMT, and you do still have the 50:50 chance it will end up in your favour even if it turns into a bit of a gamble

 

[podberry]

Top of the morning all - Short Oanda

 

[michaelsa]

Morning All,

I'll get this going

Short FXDD Live EA

M

Edit- Morning Podberry, you just beat me to it

 

[andybissell]

short @ 1.6122.

I was wondering how people use the s/l t/p guides? Do you take the spread into account so that your net profit would be 35 pips and net loss 40 pips or do you set it for a 35 or 40 pip movement from current price?
Personally I have a 3 pip spread so I set my trade to a 37 pip movement stop loss and 38 for the limit, giving net results of -40/+35 respectively.

Also, where can I get a better spread at this time of the morning whilst still spreadbetting as opposed to buying lots?

Thanks.
Andy

 

[deserteagle]

I keep getting banned from this forum. It is not because I am doing anything unethical. Admin said it may have something to do with their security settings. Does anyone else have this problem? Does anyone have any suggestions as to anything I can do to keep this from happening. I am using Windows XP.

Hi Lady, that does not happen to me, maybe registering a new account could be a solution. Cheers.

 

[michaelsa]

short @ 1.6122.

I was wondering how people use the s/l t/p guides? Do you take the spread into account so that your net profit would be 35 pips and net loss 40 pips or do you set it for a 35 or 40 pip movement from current price?
Personally I have a 3 pip spread so I set my trade to a 37 pip movement stop loss and 38 for the limit, giving net results of -40/+35 respectively.

Also, where can I get a better spread at this time of the morning whilst still spreadbetting as opposed to buying lots?

Thanks.
Andy

Morning Andy,

Here is my 2 cents worth

Perhaps more knowledgeable members could also help out.

I use the standard settings (TP35, SL40, BE20). As far as I am aware that means my net P/L per trade would be TP35, SL40, and BE00 (give or take a bit for slippage)

As far as I understand it-
The price you see on your screen is the bid price i.e. the price the broker is buying from you (your sell price).
They then add on their spread and have an ask price (generally not shown on the screen) i.e. the price the broker is selling to you (your buy price).

So when you buy, you are paying the ask price (which is always higher than the bid price due to the spread), and when you close your position/or sell it back to the broker you receive the bid price. (opposite for sell)

So, whether you are buying/selling the broker always takes their spread upfront.

Hope that helps, and more importantly hope I got it right.

M

Edit- Reading it over, I think I got ask/bid the wrong way round

 

[Lady Forex]

Hi Lady, that does not happen to me, maybe registering a new account could be a solution. Cheers.

Thank you, it's worth a try.

Lady Forex

 

[eddie69]

with 3 pip spread your trade has to go to 38 for tp and 43 for sl.

 

[andybissell]

Thanks Michael. I understand the spread/buy/sell/current price etc... I was just really wondering how people used the guide of 35tp 40sl.

 

[andybissell]

with 3 pip spread your trade has to go to 38 for tp and 43 for sl.

I wish it was 43 for s/l!!

 

[Remraf]

Very much a sideways day so far - could be a long morining!

 

[andybissell]

could be a very quick BE.....

 

[Remraf]

Blimey! - no sooner posted and a spike hits my BE!!

 

[podberry]

Blimey! - no sooner posted and a spike hits my BE!!

Hit Break even ? You can't be using standards settings surely, it's miles away

 

[Jashfx]

with 3 pip spread your trade has to go to 38 for tp and 43 for sl.

If you are in a sell -- price needs to go 35 pips + your Spread to hit TP (ie price you see on chart + spread)

In a buy -- price needs to go your spread distance + your 35 pips to hit TP (ie: will take you out at the price you SEE on your chart).