ForexMorningTrade System

[jimpees]

Totally agree and that is what I am doing.

Apologies to anyone whom I have offended!

i'm also doing the same.

and doubt anyones particularly offended, ive lost a lot of money on FMT and appreciated the making light of any other wise dire situation.

Jabu, have you thought about diversifying your EA portfolio?, i'm also running 4 EA's but they all kinda trade diff systems and times, the "idea" being they all dont go into drawdown at the same time. This I admit though, will only show to work with time.

 

[truly]

Bashing and badmouthing?! I haven't seen any of that at all. All I've seen is lighthearted banter. Another loss today and an effort to lighten the mood, that's all. Jeez...

 

[Cobber]

Can anyone provide the max drawdown (%) so far on this system? And what sort of drawdown the system is currently in?

 

[podberry]

Hey Ho - Smart Live Markets review is now available Scoot and others http://www.forexpeacearmy.com/public/review/www.smartlivemarkets.co.uk

 

[Latintrader72]

-45 pips

 

[jimmac7]

Me too, something a bit odd this morning, FMT indicates LONG but the EA has not triggered and sys NT at the bottom left. Have never seen this happen before

Happened to me yesterday. Indicators clearly showed a short trade, but signal was for no trade. Long candle filter???

 

[Bolkow]

Hi all, this is my first post here.

Just share my thoughts. I have been running 4 or 5 different EA's (including FMT), together with a day trading strategy for the past 8 months.

The strange thing is that until 4 weeks ago these EA's and the strategy were giving me a very nice profit.

The past 4 week things have really turned sour, the EA's are eating away at this 8 month profit. The manual strategy with indicators has fallen flat on its face.... To the point where I'm only running demo accounts until things improve...:?:

B...

 

[Icepop]

Trading is all about accepting the drawdowns but compounding your capital. The statistics are clear from FMT, it is overall a winning system. Members such as Wiseambitions spend a lot of time puitting statistics together for the benefit of us all. If you want a system on a win, win basis then it would be advisable to put your money into a bank or buy premium bonds.

 

[Big L]

I thought the whole point of traders using this system is the fact that it can take away some of the emotion??????? At the moment the is too much emotions running wild and putting the system down

were currently getting a few losses (only a few) but this was to be expected, currently for May my account is only down 2 % as 1 day last week and today o dodnt trade because of GBP news. Im still doing the original setting but on 6.15am so im only -40 pips for May so far with 8 trading days left.

By my calculation all other traders should be only 6% down (that 3 losses overall) or a maximum of 15% down if you use 5%.

These figures are not that bad so im not sure what all the panic is about and im pretty sure that the forum was not set up for new traders to bad mouth the system, so maybe the New Traders that cant take it should stop trading the system and get your money back before your 60 days is up. Then they can use the money to buy a book on money management

Happy Trading

Big L

 

[wiseambitions]

It seems to be a case of 'Which set loses me the least' instead of wins me the most this month.

Of the last 10 trades: (ignoring LCF)
43/65/BE@20 -196
28/40 no BE -196
35/40/BE+5@25 -190
35/40/BE@20 -170
40/40 no BE -160 (this is still doing better than FMT2 and 3 sets)
20/40 no BE -160
10/40 no BE -150
38/38/BE+7@27 -142

====================================================================

I have been doing a bit of comparison with iforex.bg who give out trading signals at just after 5 30 every morning. Usually they predict the same direction as FMT but they also give out signals every day even if FMT says no trade. I am unable to say their signals are often different from ours and they haven't got it any less wrong than us (But if you study their charts you will only confuse yourselves, and you'd need to go to peacearmy to find out what everyone says about them!)

 

[jimpees]

Hi all, this is my first post here.

Just share my thoughts. I have been running 4 or 5 different EA's (including FMT), together with a day trading strategy for the past 8 months.

The strange thing is that until 4 weeks ago these EA's and the strategy were giving me a very nice profit.

The past 4 week things have really turned sour, the EA's are eating away at this 8 month profit. The manual strategy with indicators has fallen flat on its face.... To the point where I'm only running demo accounts until things improve...:?:

B...

hey mate, welcome to the forum and thanks for your post, its particularly relevant to me.. i'll PM you though so as not to send this further off topic than it normally goes!

 

[andybissell]

Can anyone provide the max drawdown (%) so far on this system? And what sort of drawdown the system is currently in?

I am currently -19% having originally traded at 4% risk. Since the SL change and since losing (I can't lower my £pp below £1) I am now risking about 5.5% tomorrow. If I lose tomorrow I think I'm done with FMT.
Traded since mid March, Avoided the end of April....Would of been a lot worse had I traded the end of April!

 

[JCondor]

I thought the whole point of traders using this system is the fact that it can take away some of the emotion??????? At the moment the is too much emotions running wild and putting the system down

were currently getting a few losses (only a few) but this was to be expected, currently for May my account is only down 2 % as 1 day last week and today o dodnt trade because of GBP news. Im still doing the original setting but on 6.15am so im only -40 pips for May so far with 8 trading days left.

By my calculation all other traders should be only 6% down (that 3 losses overall) or a maximum of 15% down if you use 5%.

These figures are not that bad so im not sure what all the panic is about and im pretty sure that the forum was not set up for new traders to bad mouth the system, so maybe the New Traders that cant take it should stop trading the system and get your money back before your 60 days is up. Then they can use the money to buy a book on money management

Happy Trading

Big L

Many thanks BigL, wise words!!

On the subject of using an economic calendar, do you have a suggestion. I am currently using www.dailyfx.com/calendar/ which I note is really interesting as indeed today the news from the BofE was downbeat and this was reflected well before the announcement at 8.30 with the trade dropping (selling) like a stone, certainly not as the indicators suggested with a long.

It may be that for the next couple of weeks I will take your advice as the EA works on indicators whereas I feel at the moment the trade each morning is more heavily reliant on the news, here and now, eg big announcements!

Anyone else share my thoughts?

Condorman

 

[andybissell]

At the risk of causing controversy.....

I think Mark Fric has a very good business model....Back test and back test until you find a set of parameters that have previously worked, never trade it yourself but post its results until you get a system that appears to be working on the forward testing, then sell it! I bet he has made a huge chunk of money from all the people buying into it (including me) but I bet he has posted other systems that have failed - perhaps under a different alias. Try it yourself...


I'll give you my system for free but keep in mind that it hasn't been back tested and I have only used it a couple of times (both of which won so it is 100% atm);

Await news.....place 2 orders 15-20 pips above (buy order) and below (sell order) the current price. When the news hits, if it is big news and if it is unexpected then price will change pretty quick. You will have enough time to close both orders and lose nothing if it is 'expected' news results. Ideally you would want to reduce your position as price drops/climbs to avoid being stung with the inevitable retracement, so for example 20pips at £3 per pip, then 20 at £2 per pip and 10 at £1 per pip....this might be difficult when it really bombs in one direction but it will only be good for you if it does.... I've seen 100+ pip movements on 1 piece of news. Trailing stops can be used to really rake in the big winners.

 

[hammy66]

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

6:15 start, No Trade
6:30 start, No Trade
6:45 start, long signal, hit SL -23 pips (half lots)

total today, -23 pips..

total this week -186 pips.

 

[tkbieber]

Agree to an extent. What I'm trying to hammer home is manage your trading. It may or may not have lost it's edge but if you sensibly manage your risk then you should have low drawdowns. Still in profit for the year thank you very much!

I have warned in the past I have seen up to 5 or 6 bad trades in a row with this system that was around Feb or Mar of 2010 so it's all about proper MM. I don't think there is any fundamental change, just the nature of the beast. Take the lows with the highs.

 

[Euro_d]

I'll give you my system for free but keep in mind that it hasn't been back tested and I have only used it a couple of times (both of which won so it is 100% atm);

Await news.....place 2 orders 15-20 pips above (buy order) and below (sell order) the current price. When the news hits, if it is big news and if it is unexpected then price will change pretty quick. You will have enough time to close both orders and lose nothing if it is 'expected' news results. Ideally you would want to reduce your position as price drops/climbs to avoid being stung with the inevitable retracement, so for example 20pips at £3 per pip, then 20 at £2 per pip and 10 at £1 per pip....this might be difficult when it really bombs in one direction but it will only be good for you if it does.... I've seen 100+ pip movements on 1 piece of news. Trailing stops can be used to really rake in the big winners.

I used to do pretty well that a few years ago and believe that an EA was written that was designed for NFP news. Might work for UK news.
Will do bit of Googleing to see if I can find it!

 

[busfarehome]

Nice system andybissel, you should charge fror that

tkbieber, after reading your blog I have been trialing a Hotforex demo, same as the other MT4 brokers, spreadbet companies but Hotforex spreads are higher 2.2 on G/U 2.5 on U/C 3 E/C 5 A/C all of which I trade many times each day so it adds up.
Thinkforex have better spreads and they are ECN too, it should not be an excuse to widen spreads IMO.

 

[coral]

Good day all. No trade today

 

[wiseambitions]

I have warned in the past I have seen up to 5 or 6 bad trades in a row with this system that was around Feb or Mar of 2010 so it's all about proper MM. I don't think there is any fundamental change, just the nature of the beast. Take the lows with the highs.

I didn't find Feb and March 2010 so bad in my careful research, but August between 5th and 12th I think in the case of 40tp/40sl there were 5 consecutive losses getting to the stage where only 2 in the previous 10 were winners. Then as we may remember well between 15th and 28th December there were 7 consecutive losses, meaning only 2 in 10 rolling trades were right

At this moment, for 40/40 in the last 10 trades ignoring LCF and BE we are at a winning rate of 3 in 10

Yet 2240 net positive pips in the last 250 trades !

I can only think the conditions which cause even 10tp not to be achieved (and 10 is almost noise) are temporary and in a couple more months we'll forget what the worry was about.