ForexMorningTrade System

[wiseambitions]

On backtest I would see the system go sideways for a month or two and then have large number of wins. September was great , October ok, November not so good, so we are ready for a good month or two soon. This is the problem with an EA or any system... you are not sure at what point in the cycle of winning and losing streaks you start trading it at....

Exactly.... My experience in life has often been that victory comes just after you have got to a stage of seriously considering quitting. I bet millions of people cashed in their premium bonds just before they would have had a winning number. Let's gauge the success of the system on medium term performance rather than short sprints.

I have started keeping a log of the number of winning trades in the previous 5, 10, 15, 25, 50, 75 and 100 days. It should be sufficient to show up sticky patches, and in the last 6 months the system would have had a couple. Nearly all of the month of August was a point in question. But as the poster has just said it then went on to have a couple really good months. Hopefully we will be able to look back on this being a similar experience in a healthy way of making some wealth.

 

[fluegel]

fluegel,

Are you using Fxpro for live trade?

Yes, it's live!

 

[Flourish]

Hope next week will be good for all of us who trade with FMT.

 

[JohnnyBme]

B/e

 

[BorisViven]

On backtest I would see the system go sideways for a month or two and then have large number of wins. September was great , October ok, November not so good, so we are ready for a good month or two soon. This is the problem with an EA or any system... you are not sure at what point in the cycle of winning and losing streaks you start trading it at....

Totally agree with you Bluedancer !

And question for everybody, for christmas holidays when do you strop trading with FMT (if you stop...). Anybody have results of this period last year ?
Thanks.

dom

 

[RedGuerrilla]

FMT 4.1 went Short
BE

Total: +15 pips since 11-07-2010
Stats: 5 BE, 3 No Trades, 4 Gainers, 3 Losers
Broker: FXSolutions

 

[wiseambitions]

Totally agree with you Bluedancer !

And question for everybody, for christmas holidays when do you strop trading with FMT (if you stop...). Anybody have results of this period last year ?
Thanks.

dom

I think we'd have to ask Mark for his backtests on a daily basis for December 09. It certainly was a bad month, but in my observation this could have been due to lack of volatility in the week before and the week after 25th.

The rules of the system would say trade every day we get a signal, but I have a feeling the markets won't be favourable in the same time periods again this year, and it may pay to take a break

 

[fluegel]

I am wondering if this system has had it's day now??

No, I don't think so. Attached is my results with FMT for these 2 months. The results were quite positive as you can see, though my settings are a little different from Mark's.

I'm not going to say my settings are the best. It just means that they were suited to the market for these weeks. I'm sure there will be days when Mark's settings perform better. Anyway, I'm confident that FMT still has an edge and is the best system I've ever used.

 

[fluegel]

Results for this week:
40TP-50SL-25BE: 40, 40, No trade, BE, BE (82 pips in total)
25TP-50SL-no BE: 25, 25, No trade, 25, 25 (100 pips in total)

 

[pseudo straddle]

I think we'd have to ask Mark for his backtests on a daily basis for December 09. It certainly was a bad month, but in my observation this could have been due to lack of volatility in the week before and the week after 25th.

Possibly - but has anyone with the necessary data, checked previous Decembers?

 

[fuzzywun]

fluegl, can I ask if those results are theoretical, or actually achieved in live trading? They are interesting numbers....!

 

[Euro_d]

Ah well, another BE, no big deal as it could have been a loss!

We are down 4 on the week. All systems suffer but it most certainly, as has been stated, that the system has NOT run out of steam.
There is no holy grail and FMT so far, is around 70% success rate which is very good.
I for one will stick with it.
Good weekend to all

 

[wiseambitions]

Possibly - but has anyone with the necessary data, checked previous Decembers?

I don't believe the FMT was promoted on sale until this August, Mark's journal only started from then, and Alpari data on his website only goes back to May.

You can get previous prices by the tick, going back ever such a long time from http://www.forexrate.co.uk/forexhistoricaldata.php

but the £ may be quoted in $ rather than the $ in £ so you may have to invert the numbers.

All you can do from that is try and look at the daily ranges, and volatility. I would expect the range narrows nearer to Christmas vacations

 

[fluegel]

fluegl, can I ask if those results are theoretical, or actually achieved in live trading? They are interesting numbers....!

These results are from my live account with FxPro.

I admit that I was lucky these two weeks, but I was also confident that my settings would perform well from the backtest result.
I'm using my settings at my own risk based on my own backtesting. I strongly recommend that you do your own backtesting using your broker's data if you consider changing settings from those recommended by Mark.

Happy trading

 

[fuzzywun]

Thanks Fluegl, I have only been eith FMT a couple of weeks, and fmt EXTENDED for a few days, and am well content to leave the settings as "out of the box" for now, but statistics interest me....

 

[fuzzywun]

What encourages me is that the results Marc puts up are identical to the ones I am getting with IGindex. So many vendors/systems there is quite a discrepancy!

 

[wiseambitions]

stayed in the trade and took a win, 37 pips feeling a bit better now!

I think it's still sinking further too

 

[LEEDAMIANS]

Target hit +38
1 week 3 Tp , 1Sl 1Be

 

[fluegel]

wow congrats you two! :clap:

 

[LEEDAMIANS]

Many thanks Fluegel.
Happy with the FMT as this is my first week

Not so happy with my own trading as overall I am down 26 pips

Going to try to rectify that today so I am at least BE or a little up

Here is hoping lol