ForexMorningTrade System

[wiseambitions]

I had reduced my TP targets for December to 30 and have taken profit, so am feeling happy to stick to my own rules, even if I misread the signs yesterday and had a bad day

good luck to all

 

[Jashfx]

Wont always work sometimes you get a better price being late.

Agreed,

but 80% of the time i get a better price taking into consideration where the market is in relation to 50ema, 100ema and 200ema. (on both the 5min and 15min chart). Im certainly not saying it always works, but has beenworking for me.

 

[Tenapenny]

Definately a combination of the turbo scanning different times, and also the Market shooting up pretty quickly at open of 06:30am candle so even the normal FMT today slipped a few pips tody. I would also say that Internet connection speed can play a role when market moves quick at that time, speed of computer etc as this all affects communication between broker.

Personally I prefer to enter manual trade and try enter about 1 minute or even 30seconds before opening of 06:30am candle. This prevents any usual slippage that may happen at open of 06:30am candle.

I would also say that correct entry is always opening candle + spread. So today correct entry should of been 1.5740 + your spread (suppose you can add an extra pip also) but generally nobody was able to get in at 1.5742/1.5743 today.

All brokers are not equal. Entered at 1.57422today.

 

[truly]

2% risk is per your account size. If you have a $10K account then 2% is $200 per trade/40 pip stoploss would equal $5 per pip or .5 of a standard lot. So when you trade at 2% you need to multiply .02 x your account size to see how much you should risk per trade then divide by your stoploss to get the lot size. Hope that helps.

Thanks PipZombie. Yeah I know how to work it out, it's just Mark isn't doing this at all with his results. His risk per trade doesn't change for 2 years, doesn't factor in the account growing. His stake at Jan 09 is $10 per pip, which means a risk of $400 per trade = a starting account of $20k. As far as I can see his stake never changes throughout the 2 years, so it has nothing to do with 2% MM. I ran a test using an arbitary starting account, and during those 2 years, using 2% MM, your account would approximately triple, not increase by a factor of about 37 as in Mark's table! It's misleading at best.

 

[Cobber]

Out for +40.

 

[Jashfx]

All brokers are not equal. Entered at 1.57422today.

Yes not all brokers are same and what i meant to say is that correct entry should be judged on what the opening candle is of YOUR BROKER + whatever your broker spread is.

So in your case you pretty much got the correct entry.

Nonethe less -- a winning trade for all today (going for 35 pips or less) :clap:

 

[Tenapenny]

+40

 

[wiseambitions]

Thanks PipZombie. Yeah I know how to work it out, it's just Mark isn't doing this at all with his results. His risk per trade doesn't change for 2 years, doesn't factor in the account growing. His stake at Jan 09 is $10 per pip, which means a risk of $400 per trade = a starting account of $20k. As far as I can see his stake never changes throughout the 2 years, so it has nothing to do with 2% MM. I ran a test using an arbitary starting account, and during those 2 years, using 2% MM, your account would approximately triple, not increase by a factor of about 37 as in Mark's table! It's misleading at best.

I think I can see where you are coming from, and believe his results page does involve a starting balance of 20k, to which approximately 30 has now been added. And that is at a risk of 2% per trade. He claims to have made (or simulated to have made) about 150 per cent return on that capital. However that's not by reinvesting the income, and I think for comparison purposes most people's equity curves would just relate to accumulated income, not to the rolling up of capital in compound growth.

And yes, if at 2 per cent risk let alone 5 per cent, over 2 years, with 3000 pips involved, an original investment of 10k or 20k kept strictly to FMT principles and rolled up over that time would be substantial by now. I have done my own calculations on this using recent history and if any one would like to discuss these they are welcome to private message me. But remember past performance doesn't guarantee future experience!

 

[Jashfx]

Fantastic little website for those that are unaware about it to help quickly calculating % risk.

www.forexcalc.com

 

[RedGuerrilla]

12-07-2010
FMT 4.1
Profit
+36 pips

Total: +81 pips - since 11-08-2010
Stats: 6 BE, 5 No Trades, 7 Profits, 4 Losses
Broker: FXSolutions - 4 decimal point charts
Settings: 40 SL, 20 BE, 35 TP

 

[nubchai]

+ 25

 

[JohnnyBme]

I tried doing the 50% TP @35, and letting the second TP go to 50, but when the EA attempted to place the order to close half the position at TP1, it attempted to do it to my FMT position running on the same account on a separate chart. It never attempted a close of half the TMT stake, instead closing the entire position at TP1.

 

[JustinSydney]

I tried doing the 50% TP @35, and letting the second TP go to 50, but when the EA attempted to place the order to close half the position at TP1, it attempted to do it to my FMT position running on the same account on a separate chart. It never attempted a close of half the TMT stake, instead closing the entire position at TP1.

Change the magic number on one of the EA's.

 

[peter5433]

No trade with TMT and ADR filter on SLSB which seems very odd..( Mark has recorded a win) - awaiting feedback from Mark..thinking of going back to FMT which was much simpler!

 

[Euro_d]

Change the magic number on one of the EA's.

Yes, was meaning to post this earlier.
It is vital that if you use same platform for both FMT / TMT then they MUST have different magic numbers or the EA's will get confused. Surprised Mark did not point this out, he normally is extremely thorough!

 

[mudder1310]

12/7
Both gbpusd and eurusd go long. Both tp at 40. Nice recover from yesterday. Alpari US.

 

[tkbieber]

I came within 1 pip of taking profit of 35 so retraced and hit my +7 pips stop.

Oh well.

Results here.

 

[Adamus]

12/7
Both gbpusd and eurusd go long. Both tp at 40. Nice recover from yesterday. Alpari US.

Are the rules for EUR/USD and GBP/JPY the same as for GBP/USD?

My own backtest results show that they don't have anything like the same performance.

 

[deserteagle]

Today +43 (TP 43, SL 65, BE 20)

Well..changing the discussion to other point...
Have some of you backtested the New York opening with the FMT ea?
I did it in GBPUSD by setting the entry time 1 hour and a half the NY opening, I have tried many different sets which were taken from the optimization processes. Many of them are profitable like the London opening, but the problem is the last months there are not benefits, profits and losses are similar.
Any other opinnion about this try?

 

[Deatil]

I came within 1 pip of taking profit of 35 so retraced and hit my +7 pips stop.

Oh well.

Results here.

If your talking about Zulu , you mean 'WE"" But"We" got the others