ForexMorningTrade System

[scfahy]

Hello
This is my First post, and have enjoyed reading all the comments up to now.
Im running the EA for FMT for the first time this week. I was using Richard Hills Forex Net Trap System the past year and was un about 25% up to October, but have dropped back recently to about 18% profit on my initial investment. Some of this was down to mistaked on my part, when your reading the Chart at 06:15am GMT before placing trade at 630am. Im going to stop using the Net Trap system at the end of the year, as it doesnt suit me having to manually place trades, and then move Stop Loss to BE whileon the Train heading to work.

Is anyone using any other Expert Advisor System for MT4 that theyve been using for a year or more, that trades at different timeframes throughout the day on different Currency pairs or Equities.
Id just like to run another System on an EA in conjunction with FMT.
thanks
Steve.

 

[Latintrader72]

hi,
Monday 35 pips
Tuesday -40
Wednesday non trade
Thursday-40
Friday 0

-45 pips total for me

 

[Adamus]

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

From my backtesting on disktrading.com data, going back to 2004 which was went FMT started being profitable, there were 3 good Decembers making +$1,700 and 3 bad -$3,700. For me, that's not enough stats to be significant.

Look at the monthly PnL bar chart from 1998 up to July this year (last month shown). Those 2 red bars at the furthest right are December and January - the axis labels are up the creek.

 

[felixmsr]

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

Are you running 2 copies at the same time with these different settings? 50SL is pretty risky isn't it?

 

[fluegel]

Are you running 2 copies at the same time with these different settings? 50SL is pretty risky isn't it?

Yes, I'm running these 2 instances at the same time on the same account. So if SL is hit, loss will be 50 + 50 = 100 pips! But the amount of pips itself is not risky. It depends on the lot size. You just have to adjust the lot size so that 100-pip loss will be 2% of the capital.

With my settings, the risk/reward ratio is much worse than Mark's recommendation. But with deeper SL, the win/loss ratio is improved and covers the increase in loss per trade. It's just a personal preference which settings you choose.

 

[tkbieber]

Had a BE and a win for 35 pips. :clap: Results here.

 

[buddhi]

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....

hello,

what is this "extended" version? have i missed something or is it the august 2010 version?

and, for Fluegl - what post number has the settings you are using?

thanks!

 

[Deatil]

hello,

what is this "extended" version? have i missed something or is it the august 2010 version?

and, for Fluegl - what post number has the settings you are using?

thanks!

Did you even bother to invest at least 1 hr of your time when coming here to read this thread?

I can tell you did not because as “Hot” of a topic as the “extended” subject has been you would have read many recent posting about it within the last 2 days. Same goes for the setting you are asking for.

So invest some time and do a “little” home work and you will find your simple answers.

Here a Hint: Post 4074 start there

 

[tkbieber]

What a week. With all the loss and break even's, I came out ahead by .2% and a whopping 18 pips for the week. Basically, flat-lined. Oh well, not bad for a Thanks giving week.

Better pips next week.

Have a great weekend.

 

[pseudo straddle]

What a week. With all the loss and break even's, I came out ahead by .2% and a whopping 18 pips for the week. Basically, flat-lined. Oh well, not bad for a Thanks giving week.

Better pips next week.

Have a great weekend.

A week of flat-lining!

What about 5 months?

If you were able to use the system from August 2009, you would have been treading water more or less, for the next 5 months.

 

[tkbieber]

A week of flat-lining!

What about 5 months?

If you were able to use the system from August 2009, you would have been treading water more or less, for the next 5 months.

Oh, yes I know. This system is good over a long period of time and can't look at a week or even a month or 3 months. Even back in Jan - March was a slow time,,, lots of break evens for these months with little pip gains.

 

[truly]

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!

Hi fuzzywun, do you use IG? I do but the indicators used for FMT show different readings to MetaTrader, any idea why? One is similar but one is way out sometimes.

 

[wildcat1]

It is just recently that Mark started using the Break Even strategy in his results. November's results were much better not going to B/E. It is certainly easier trading with the B/E option(emotionally) but maybe not the most profitable?

 

[PipZombie]

Pipzombie. I think I read a couple of pages back that you used to be a trading apprentice. How do you get in to a position like this? What country was this in?

A trading apprentice is process where by you are put in a trading group with several other student traders all trading the same strategies. You trade as a group and make trade decisons together then you are separated and trade separately. You are then tested on each strategy provided to show that you can trade them profitably. I then had to trade for 90 days with all the strategies given to me and show a profit at the end of the period. You then open a small live account and trade another 90 days showing that you can still make a profit on a live account. You then pass your apprenticeship and a fully trained trader. I did this in the U.S. but there were students all over the world.

 

[wiseambitions]

It is just recently that Mark started using the Break Even strategy in his results. November's results were much better not going to B/E. It is certainly easier trading with the B/E option(emotionally) but maybe not the most profitable?

Such decisions are personal
These are my observations:

4 November. Many got kicked out at B/E but Marc stayed in the trade because his broker's price didn't quite trigger things. He went on to take TP, the others didn't

11,16,25 November. B/E saved many members suffering SL

8,12,26 November, After setting to B/E and stopping them out on retracement the market improved to the target profit which was denied such followers.

At the moment there is no clear winner.

 

[MHK]

Such decisions are personal
These are my observations:

4 November. Many got kicked out at B/E but Marc stayed in the trade because his broker's price didn't quite trigger things. He went on to take TP, the others didn't

11,16,25 November. B/E saved many members suffering SL

8,12,26 November, After setting to B/E the market turned to profit which was denied such followers.

At the moment it there is no clear winner.

Mark even discloses, which broker he uses!(PFG Best)

There is never something wrong to pick one of the best, instead of a crappy bucket shop.

On a sidenote, i am trading in australia with GoMarkets and have equally good results.

MHK

 

[Icepop]

I agree with you wiseambitions,

"At the moment it there is no clear winner"

Having thought long and hard about this I am going to stick with a 30 TP and a 40 SL. I will put the trade on and check it later in the day.

 

[kgk]

Mark even discloses, which broker he uses!(PFG Best)

There is never something wrong to pick one of the best, instead of a crappy bucket shop.

On a sidenote, i am trading in australia with GoMarkets and have equally good results.

MHK

Hi MKK - does GoMarkets allow US customers ? If so, are they apply they subject to the NFA regulations ? (1:50 leverage, no hedging etc?)

Thanks.
kgk

 

[Ducky]

Hi MKK - does GoMarkets allow US customers ? If so, are they apply they subject to the NFA regulations ? (1:50 leverage, no hedging etc?)

Thanks.
kgk

I had an account with GoMarkets. They closed all USA customer accounts unless you have a $Million or so, or manage that much.

 

[F-razor2]

According to my backtest the EA was not successful during December 2009