ForexMorningTrade System

[Kinger]

For those that don't know, Good Friday is not a Bank Holiday in the US. So volume should pick up soon. Personally, I think the US banks like to start trading at 3am ET (8am UK time).

You think? at that time .. the UK is the biggest player (within reason), and they're off playing golf. So the fmt method built around these players 'will not work' as the table players have changed. I put that in quotes as sometimes it does, but putting probabilities’ on your side which is what this is all about … for me .. I’d stay out.

 

[ffchaci]

Hey guys, just a question about the EA.
I have set it up and its works ticketiddy bo on my laptop but when I leave for work I switch my laptop off. My TPs and SLs obviously still work but moves to BE and ADD pips don't. To rectify this I know I can subscribe to a VPS but whilst my trading account is still small I wanted to try to avoid this.
Today I set up FMT on a downloaded SLM MT4 platform on my work computer. I have installed the EAs as well but switched off live trading so I don't get double trades. Now the question.....
If I switch my laptop on at home at 6:15 and a trade opens, can I then switch the laptop off, go to work, switch that MT4 platform on, switch the EAs to live trade, and then have them move the BEs etc? (that's if the price hadn't already made the move. A risk I'll take).
Hope that made at least a little sense!!?
Cheers

 

[RobM.]

Hey guys, just a question about the EA.
I have set it up and its works ticketiddy bo on my laptop but when I leave for work I switch my laptop off. My TPs and SLs obviously still work but moves to BE and ADD pips don't. To rectify this I know I can subscribe to a VPS but whilst my trading account is still small I wanted to try to avoid this.
Today I set up FMT on a downloaded SLM MT4 platform on my work computer. I have installed the EAs as well but switched off live trading so I don't get double trades. Now the question.....
If I switch my laptop on at home at 6:15 and a trade opens, can I then switch the laptop off, go to work, switch that MT4 platform on, switch the EAs to live trade, and then have them move the BEs etc? (that's if the price hadn't already made the move. A risk I'll take).
Hope that made at least a little sense!!?
Cheers

Yes!

 

[PONKO]

Hi ffchci:
If you are planning to do that, do not forget to put the same magic numbers in laptop and at work PC. This way you will be shure your magic number will take action aver the open orders tickets....
I hope you cn see this mesage.
Any way, try to avoid trading this morning as other traders say in this forum.
Best
PONKO

 

[RedGuerrilla]

Trading during the holiday season is always risky.. an article about it and leaving trading until May!
http://www.makemesomemoney.co.uk/2011/04/23/why-i-never-trade-forexduring-the-holidays/

Thanks bottomdollar for that great article . . .

 

[RedGuerrilla]

Stats for 04-22-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., Sell/Loss...., -46.0, Stats since 11-08-2010: Total= +126.0
6:15 UK Time, IBFX.........., Sell/Loss...., -46.0, Stats since 01-04-2011: Total= +320.3
6:15 UK Time, PFG Best......, Sell/Loss...., -48.5, Stats since 03-01-2011: Total= +98.7



Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, Sell/Loss...., -45.9, Stats since 02-01-2011: Total= +420.2
6:15 UK Time, FXCM.........., Sell/Loss...., -45.1, Stats since 02-01-2011: Total= +449.7
6:15 UK Time, Alpari(US)...., Sell/Loss...., -45.5, Stats since 02-01-2011: Total= +411.3
6:15 UK Time, FXDD.........., Sell/Loss...., -46.5, Stats since 02-01-2011: Total= +336.7



Notes:

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



Comments:


It's looking like Kinger was have been right.
April is starting to look bad.
Maybe we need to include these rules in our FMT trading.

Five Never Trade Kinger Rules:
1) Never trade April and August.
2) Never trade bank holidays in the UK or US.
3) Never trade the week leading up to Christmas.
4) Never trade the week between Christmas and New Year.
5) Never trade the first week in January.


Using Mark's trading data, results for 'Never Trade Days' so far. . .

 

[wiseambitions]

FXDD @ 06.15 no trade - very borderline signals today.

I'm glad it justified the public holiday, Friday was a good day to stay away too (by choice)

Enjoy your day folks and let's hope for normal success to be restored with effect from tomorrow

 

[podberry]

Morning All - I'm not trading on my live account, however I'm long on Oanda (Demo). Must say I agree 100 % with Kingers Rules, as indicators fail to provide legitimate signals in low liquidity times.

 

[biggreycat]

Stats for 04-22-2011

Comments:

It's looking like Kinger was have been right.
April is starting to look bad.
Maybe we need to include these rules in our FMT trading.

Five Never Trade Kinger Rules:
1) Never trade April and August.
2) Never trade bank holidays in the UK or US.
3) Never trade the week leading up to Christmas.
4) Never trade the week between Christmas and New Year.
5) Never trade the first week in January.


Results for 'Never Trade Days' so far . . .

Well it would seem that every 4 mths (Apr, Aug, Dec) periods are tough periods to trade in general, besides the bank holidays.
On the flip side, perhaps we should crank up the lot sizes in the other months?

 

[chrisheath]

I know volume doesn't mean too much in forex, BUT, have a peak at the FMT chart, go to the hourly chart and add "Volumes". (Low volume means that 'normal' TA won't act as normal.)

If you see what I see, you can imagine why its best to stay away on UK Bank Holidays. Watch out for the rest of this week too, as already suggested.

Good luck if you're in today!

Chris

 

[Jashfx]

Stats for 04-22-2011




It's looking like Kinger was have been right.
April is starting to look bad.
Maybe we need to include these rules in our FMT trading.

Five Never Trade Kinger Rules:
1) Never trade April and August.
2) Never trade bank holidays in the UK or US.
3) Never trade the week leading up to Christmas.
4) Never trade the week between Christmas and New Year.
5) Never trade the first week in January.

Five Never Trade Kinger Rules:
1) Never trade April and August. ( Findings of trading during this month by Kinger were based on the 40/40, No BE strategy which did not produce good results this year April either. However, FMT did seem to pick the correct direction almost all the time and we have only seen one loss in April (excluding Bank Holidays). Im more inclined to think a reduced TP of 30 pips during this time is a better option. I think we would of had 6 or 7 winners with a 30 pip TP this month instead of 35. Again with the new BE rules implemented, and not 40/40, August could be another month where it could be a good idea to change TP to 30 pips instead of 35/40).
2) Never trade bank holidays in the UK or US. (Agree)
3) Never trade the week leading up to Christmas. (Agree)
4) Never trade the week between Christmas and New Year. (Agree)
5) Never trade the first week in January (Agree).

 

[ffchaci]

Hi ffchci:
If you are planning to do that, do not forget to put the same magic numbers in laptop and at work PC. This way you will be shure your magic number will take action aver the open orders tickets....
I hope you cn see this mesage.
Any way, try to avoid trading this morning as other traders say in this forum.
Best
PONKO

Thank you Ponko and Rob.M. I will give it a try tomorrow as like a lot of guys on here, I stayed out today and Friday. The rest of April I have traded 40sl, 10tp and fmt with reduced tp of 30 with good effect.

 

[Tbird]

How we feeling tomorrow, its not good tuesday or some bull is it?

 

[RobM.]

How we feeling tomorrow, its not good tuesday or some bull is it?

Ha! I've just realised your joke...!

It isn't 'Good Tuesday', but it might be!

I'm following rule #1; Manage Risk. So, I'm reducing TP for these next few days as I'm not a trader and can't evaluate the Market in any other informed way.... (Yet...:smart

 

[hammy66]

FMT for me this morning, (45-35-25-5), Forex.Com-UK

6:15 start, No Trade
6:30 start, long signal, hit BE +5 pips
6:45 start, No Trade

total today +5 pips (half lots)

 

[beavis1122]

I'd like to let you know that one of my friends started a chat group on Skype dedicated to Forex Morning Trade. If you want to join, send him a skype message to fx.ron
Only for customers.

I'll be there online too from time to time, so we can commend the trades as they develop during the day.

Mark

Repost -

all members of FMT and TMT are welcomed to join the skype group

 

[joke]

Thank you Ponko and Rob.M. I will give it a try tomorrow as like a lot of guys on here, I stayed out today and Friday. The rest of April I have traded 40sl, 10tp and fmt with reduced tp of 30 with good effect.

I agree, I have also traded 40 sl, 10 tp, on 0630,0615, while doing 40sl,28tp on another at 0615, (thanks to Wise) and am up for the month. I think that doing this on April and August might be the way to adjust our settings for profit. I for one will keep these settings throughout the year, only adjusting the time to 0615 because of the increase in profitability. Otherwise I agree with the no trading on bank holidays and christmas, because of the past record.

 

[ewwisdom]

Wavespeak Market Take

The indices capped the week with another advancing session on Thursday before closing shop on
Friday for the Easter holiday. That ends an impressive week that started with a big down day before
the Bulls took control and turned it into a weekly gain of 1.5 to 2%. At week’s end, all indices are at or
very near multi-year highs. That alone is a bullish sign, but as discussed on Wednesday, there are much
more concrete reasons to expect higher prices ahead. Like I’ve said before, this expectation is not
based on what we’d like to happen or what we think should happen. It’s based strictly and solely on
the only sensible, objective way to label the Elliott Wave pattern. Some wave analysts may try to get
creative to justify their standard “the world is ending” forecast. But it’s been the same song for years.
If you want to make money in this game, shake any and all biases and just simply listen to what the
charts are saying. That’s what we’re doing here, and all signs continue to point north. In tonight’s
publication, we’ll show you why this is the only way to look at the pattern right now, and why you
need to be bullish on all time frames until something change.

 

[barebud]

Hey all... just some thoughts...

For some time now, there has been (and most likely will continue to be) great debate over "optimum" settings, and if FMT had it's day due to it's mediocre results this month with it's series of break evens and such.

If you do any amount of back testing (and forward testing) for any length of time, you will see that in the big scheme of things, these "months" are "normal" and are not ones to panic over. Like Kinger mentioned, just lower your risk or don't trade on Bank Holidays, April, August and Xmas. Then you won't be tempted to join the extreme emotional roller coasters while trading these times.

I'm a little surprised that Marc has adjusted settings (for trade time) due to the string of BE's that happened this month. I'll be staying with standard settings and will begin trading again in earnest the beginning of the month.

Good luck all !

 

[Doomberg]

Barebud... why would trading on April & August be a bad idea? Or is this just what happened last year...