ForexMorningTrade System

[kgk]

Hi Brokerthanthou, with those settings that is why you are 'Broker than thou' - Why are you trying to re-invent the wheel. If you change the settings to the new version, Hammy's, you should see a dramatic increase in your profitability. I'm not being rude but am amazed at your settings, - Sorry but you are setting yourself up for disaster, no wonder you are at £11 profit. I'm not prepared to help you if you are not reading the posts and adhering to your email from Mark by using the recommended settings. Sorry

"setting" yourself up for disaster - Nice PUN :clap:

 

[Harlin]

can anyone help out? my results are bland . I have been trading Alpari UK
on a $1000 demo account since March 25th and have a total profit of $11.

Am I set up right? I am in Ottawa, Canada, which is the EST time zone, which is a five hour time difference from UK. I have my trading hour
set at 7:30.

after trying the default settings, then another set, and now this:

my settings are now:
brokerstoplosspips 55
brokerprofittargetpips 55
hiddenstoplosspips 65
hiddenprofittargetpips 43
breakevenatpipsprofit 20
breakevenaddpips 0
trailingstoppips 0
lots 0.1
usemoneymanagement true
lotsdecimals 2
riskinpercent 4
maximumlots 0.5

Are these settings good or bad?

would any of you be caught dead doing this?
any suggestions?

I'm in the Eastern Time Zone and I have my hour set as 6:15. I use the standard settings that the owner sent in an e-mail, did you receive one?

 

[Harlin]

Edit: Nevermind, the time setting has to do with your broker, not local time. But, still, use the new settings from Mark.

 

[Brokerthanthou]

Hi Brokerthanthou, with those settings that is why you are 'Broker than thou' - Why are you trying to re-invent the wheel. If you change the settings to the new version, Hammy's, you should see a dramatic increase in your profitability. I'm not being rude but am amazed at your settings, - Sorry but you are setting yourself up for disaster, no wonder you are at £11 profit. I'm not prepared to help you if you are not reading the posts and adhering to your email from Mark by using the recommended settings. Sorry

I tried to copy Wiseambitions settings from his most successful set, but it doesn't seem to be working out.

I started out using the default settings from Mark, got impatient , and switched them once, with no results, before trying Wiseambitions settings;

you recommend Hammy's system of three trade times?
please help me set it up, and I promise not to touch it for
a month.

 

[jsintl]

I tried to copy Wiseambitions settings from his most successful set, but it doesn't seem to be working out.

I started out using the default settings from Mark, got impatient , and switched them once, with no results, before trying Wiseambitions settings;

you recommend Hammy's system of three trade times?
please help me set it up, and I promise not to touch it for
a month.

Your broker stop loss should be higher than your hidden stop loss. You will get stop out early when broker stop loss is less than your hidden stop loss.

 

[coral]

can anyone help out? my results are bland . I have been trading Alpari UK
on a $1000 demo account since March 25th and have a total profit of $11.

Am I set up right? I am in Ottawa, Canada, which is the EST time zone, which is a five hour time difference from UK. I have my trading hour
set at 7:30.

after trying the default settings, then another set, and now this:

my settings are now:
brokerstoplosspips 55
brokerprofittargetpips 55
hiddenstoplosspips 65
hiddenprofittargetpips 43
breakevenatpipsprofit 20
breakevenaddpips 0
trailingstoppips 0
lots 0.1
usemoneymanagement true
lotsdecimals 2
riskinpercent 4
maximumlots 0.5

Are these settings good or bad?

would any of you be caught dead doing this?
any suggestions?

Just a couple of observations on your issues. Firstly, it doesn't matter where you are located physicially. The importance of time is that your platform should be trading according to suggested FMT times, i.e. 6:15 or 6:30 UK, depending on your choice, or even 6:45 if that is your preference. Your question sort of implies that you have not understood the timing issue, and this is possibly why you are not getting any performance out of your settings.

Secondly, make sure that the broker stop and tp are bigger than (or the same as) your hidden tp and stops. When I have it the other way around, it seems to be causing problems during backtests, and it could be an issue with your performance also.

 

[coral]

Edit to my last: You have said that your platform is Alpari UK and that you trade at 7:30 platform time. That is correct. Good luck.

 

[Jashfx]

can anyone help out? my results are bland . I have been trading Alpari UK

my settings are now:
brokerstoplosspips 55 (keep the same)
brokerprofittargetpips 55 (keep the same)
hiddenstoplosspips 65 (change to 45)
hiddenprofittargetpips 43 (change to 35)
breakevenatpipsprofit 20 (change to 25)
breakevenaddpips 0 (change to 5)
trailingstoppips 0 (ignore -- so keep the same)
lots 0.1 (mm=true so does not matter what this is)
usemoneymanagement true (keep the same)
lotsdecimals 2 (keep the same)
riskinpercent 4 (risk whatever you want -- i dont advise higher than 4)
maximumlots 0.5 (this should be fine with only $1000 balance)

first of all You cannot have your hidden stop loss set higher than your broker stop loss. If that makes sense to you then as podberry said you heading for disaster. Anyway see above for changes to your settings . They are new. Stick to them and dont chop and change. You will not see consistant results if you change from one strategy to another. Trade the above throughout month of May and I can almost guarentee you, you will see +ve results).

Ok!!!!

 

[podberry]

I tried to copy Wiseambitions settings from his most successful set, but it doesn't seem to be working out.

I started out using the default settings from Mark, got impatient , and switched them once, with no results, before trying Wiseambitions settings;

you recommend Hammy's system of three trade times?
please help me set it up, and I promise not to touch it for
a month.

OK, I will help you, but going forward you will need to trade a fix set and not deviate from it - Chopping and changing is the worst thing you can do as it will minimize your profitability. So here we go.

1 - Set you trading hour correctly to 06H15 London time - not GMT - Read the manual
2 - Set both T/P to 35 pips
3 - Set both S/L's to 45 pips
4 - Set BreakEvenAtPipsProfit to 25
5 - Set BreakEvenAddPips to 5
6 - TrailingStopPips to 0
7 - Ignore Lots
8 - UseMoneyManagement - True
9 - LotDecimals - 2
10 - RiskInPercent - No more than 5
11 - MaximumLots - Set to 1 for now and reduce accordingly once you determine risk %

Trade only 06H15 London time for the month - You promised.

Don't be impatient - You will have plenty of trades.

Let us know at the end of May how profitable you have been,

All the best

 

[jimpees]

OK, I will help you, but going forward you will need to trade a fix set and not deviate from it - Chopping and changing is the worst thing you can do as it will minimize your profitability. So here we go.

1 - Set you trading hour correctly to 06H30 London time - not GMT - Read the manual
2 - Set both T/P to 35 pips
3 - Set both S/L's to 45 pips
4 - Set BreakEvenAtPipsProfit to 25
5 - Set BreakEvenAddPips to 5
6 - TrailingStopPips to 0
7 - Ignore Lots
8 - UseMoneyManagement - True
9 - LotDecimals - 2
10 - RiskInPercent - No more than 5
11 - MaximumLots - Set to 1 for now and reduce accordingly once you determine risk %

Trade only 06H15 London time for the month - You promised.

Don't be impatient - You will have plenty of trades.

Let us know at the end of May how profitable you have been,

All the best

podberry is a saint!

Thanks for the link to the jack schwager video, watching all 4 now. If anyone is seriously interested in being a full time professional trader this info is priceless, literally.

 

[RedGuerrilla]

I want to personally recommend that every follower of the FMT system spares the time to watch this speech at least once. There are four sequences. The last two minutes of clip 4 are particularly hilarious.

http://www.youtube.com/watch?v=z4TUgIx60PE&feature=related

A couple messages come over loud and clear

1) A very successful strategy might have a win rate of no more than 63%. That happens to be about par for FMT standard settings.

2) The best traders know they've won the game before they even start. Again I think that is just so true, if you follow the rules in the knowledge your settings are going to give a fairly constant win ratio in the long term.

3) Best traders also know that losing is part of the game. The rallying cry of a failing trader is "I will get out when I'm even".

You'll learn a lot from this lecture I assure you

Thanks for those videos wiseambitions, they're very good! It really made me think when Jack said that we as humans seek comfort, which is not good for trading. He said that trading systems are optimized mainly to increase comfort. A nice smooth upward chart is more comforting than a jagged one. But optimization eventually fails. Makes me think that the original FMT settings of 40 SL and 40 TP with no BE is probably the best setting after all. It was forward tested only 3 months before the settings were changed to 40 SL, 35 TP, 20 BE.

 

[Noltisy]

FMT for me this morning (55-35-25-5)

6:15 start, signal sell trade, hit TP +35 pips.
6:30 start, signal sell trade, hit BE +5 pips.
6:45 start, signal sell trade, hit TP +35 pips.

total today +75 pips..

weekly total +110 pips..

a good example today of the merit of 3 start times..

Hey Hammy66,

Thanks for all you do with this forum, but I have a question. You were being quite successful with 55 SL, but recently you changed to 45 SL per your posts. I know Marc recently changed to 45 from 40, but why did you change with so much success at 55SL?

Thanks in advance,

Noltisy

 

[Brokerthanthou]

OK, I will help you, but going forward you will need to trade a fix set and not deviate from it - Chopping and changing is the worst thing you can do as it will minimize your profitability. So here we go.

1 - Set you trading hour correctly to 06H15 London time - not GMT - Read the manual
2 - Set both T/P to 35 pips
3 - Set both S/L's to 45 pips
4 - Set BreakEvenAtPipsProfit to 25
5 - Set BreakEvenAddPips to 5
6 - TrailingStopPips to 0
7 - Ignore Lots
8 - UseMoneyManagement - True
9 - LotDecimals - 2
10 - RiskInPercent - No more than 5
11 - MaximumLots - Set to 1 for now and reduce accordingly once you determine risk %

Trade only 06H15 London time for the month - You promised.

Don't be impatient - You will have plenty of trades.

Let us know at the end of May how profitable you have been,

All the best

thank you so much for taking the time to do this. seriously,
I appreciate you and the others of course , for being so helpful
and kind spirited here. This is a supportive and classy bunch of people.
I wish you all happiness this summer. I will post the results and promise again not to switch the settings up.

 

[Brokerthanthou]

Edit to my last: You have said that your platform is Alpari UK and that you trade at 7:30 platform time. That is correct. Good luck.

thank you also for responding and helping

Podberry said 6:15 London time, so I wonder if I should reset
the EA for 6:15 or leave it at 7:30?

 

[3PO]

Hi 3PO,

Which broker do you use?

thanks,

mcclaine

tadawul FX, but up to now there was no problem.

3PO

 

[podberry]

thank you also for responding and helping

Podberry said 6:15 London time, so I wonder if I should reset
the EA for 6:15 or leave it at 7:30?

If you trading Alpari UK the setting is 07:15

 

[RedGuerrilla]

Stats for 04-20-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, 5 BE, 35 TP
6:15 UK Time, FXSolutions..., Long/Break Even...., +5.0, Stats since 11-08-2010: Total= +137.0
6:15 UK Time, IBFX.........., Long/Break Even...., +4.2, Stats since 01-04-2011: Total= +332.1
6:15 UK Time, PFG Best......, Long/Break Even...., +4.3, Stats since 03-01-2011: Total= +111.5



Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, 5 BE, 35 TP
6:15 UK Time, PFG Best......, Long/Break Even...., +5.0, Stats since 02-01-2011: Total= +430.9
6:15 UK Time, FXCM.........., Long/Break Even...., +5.0, Stats since 02-01-2011: Total= +459.9
6:15 UK Time, Alpari(US)...., Long/Break Even...., +5.0, Stats since 02-01-2011: Total= +421.7
6:15 UK Time, FXDD.........., Long/Break Even...., +5.0, Stats since 02-01-2011: Total= +346.6



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker

 

[Brokerthanthou]

If you trading Alpari UK the setting is 07:15

ok, thanks again, I hope to share some good news with you at the end of May. If not, I still thank you for trying to help.
I don't doubt that this will help a lot.

 

[podberry]

ok, thanks again, I hope to share some good news with you at the end of May. If not, I still thank you for trying to help.
I don't doubt that this will help a lot.

No Problem, all the best

 

[Brokerthanthou]

anyone seeing the message: "Error: cannot open trade, context is permanently busy" ?