ForexMorningTrade System

JahDave

Experienced member
1,563 28
aagarcia, after trading forex for nearly 7 years and trying nearly every system out there, I can assure you this system will work. If Mark touches it up with a tested trailing stop or stop adjustment that would be great. The beautiful thing about the GBP/USD is that it breaks out just before London open, and I have been trading it for 7 years. It has a variety of breakout patterns. If you don't trust what Mark has put together, do a bit of research on GBP/USD breakout trade systems. Most will only give you 15-20 pips and the ones that offer 30 pips don't trade very often. There will be plenty of trades to make this work. There are not too many systems that allow you to trade at the very same time every day! Try Elliott wave, then you will be happy to have something simple :cool:
bluedancer

I have worked hard for 3 years on Elliott Wave and Fibonacci because Elliott wave is based on Fibonacci. Although it is hard work: I have quadrupled my account in the last 3 months and quadrupled my account in the previous 3 months before that. So don't think that you can't be very successful if you will only work hard and trade your own system...............I get very tired of people telling me that I can't make it on my own when I am getting better results than they are getting and they are offering a paid system. Do the work for yourselves people and you can beat the results these people are charging you a lot of money for. Do the math. 90% of traders lose money........That means you have to be in the top ten percent to make money. I would venture to say that the top 10% THAT MAKE MONEY WORK THE HARDEST. I know that I work very hard and make money, but I only trade my own signals. And I don't sell anything.
 

glittle56

Newbie
2 0
Mark,

Another night of the EA not taking a trade. Even thought it hasn't hit 40 pips I'd still be in positive pips. I can't figure out why it won't take the trade. I'm pretty sure I have everything set correcly - Tools/Option/EA has everything checked off correctly, I checked the properties in the EA and they have everything checked as in Tools. My broker is at GMT so the EA is set to start trading at 5:30 and I have the ever popular Smiley Face staring at me (taunting me!). I only thing I can think of is if you have some type of moneymanagement built in. I'm trying live on a small micro account ( I don't like to trade demo - not realistic. I have about $100 in the account and I have the EA set at
.1 lots. Or maybe its the magic number, I didn't change it from the default 12345. Anything you can think of?

Mitch

Hi Mitchp,

With an account size of $100, you have your MM set at 0.1 This is a mini lot and = $1/pip. A stop loss of 40 pips will lose $40 That is a risk of 40% and your broker may not allow that trade because of the risk being too large.

First, check if your broker allows micro lots and if so, change MM to 0.01 or $0.10c /pip

Regards,

Graeme
 

JahDave

Experienced member
1,563 28
Hi Mitchp,

With an account size of $100, you have your MM set at 0.1 This is a mini lot and = $1/pip. A stop loss of 40 pips will lose $40 That is a risk of 40% and your broker may not allow that trade because of the risk being too large.

First, check if your broker allows micro lots and if so, change MM to 0.01 or $0.10c /pip

Regards,

Graeme

Oanda will take any size trade,,,,,,,,, even less than a mini lot.
 

markfric

Member
80 2
Y'know FMT, after d price turned around missing TP by 1 pip, i closed d trade at BE. Now looking at results of +40pips, d trade took about 8 HOURS TO BEAR FRUIT. Talk about STRESS / PATIENCE. Initially when price started to go to TP level, i tot i could recover my loss yesterday, but when it retraced sharply, i took it out at BE. Should i set TP to be lesser?

Maxmerlin: this is exactly what could happen by trailing SL or moving SL to BE. Sometimes you don't lose that much, but sometimes you also don't win that much.
Getting 1 pip close to profit target is just a bad luck, I saw it many times. I woudln't change the profit and target levels just because of one trade.

I'm currently testing the system with various trailing stops and exits, I'll let you all know when I'll find something useful.


I'm sorry, but this system does not look very impressive. :rolleyes:

160% in 19 months with conservative 2% risk of your account is very good result in my opinion. You cannot judge the system by one or two weeks, or one month only.
You can really make about 100-150 pips / month in average, which makes a really nice income.
 

John3344

Newbie
2 0
Mark,

You mention that 2% risk per trade is conservative. What would you consider a higher risk but still reasonable risk % for your method?

Thanks,

John
 

chihuahua

Newbie
1 0
I have worked hard for 3 years on Elliott Wave and Fibonacci because Elliott wave is based on Fibonacci. Although it is hard work: I have quadrupled my account in the last 3 months and quadrupled my account in the previous 3 months before that. So don't think that you can't be very successful if you will only work hard and trade your own system...............I get very tired of people telling me that I can't make it on my own when I am getting better results than they are getting and they are offering a paid system. Do the work for yourselves people and you can beat the results these people are charging you a lot of money for. Do the math. 90% of traders lose money........That means you have to be in the top ten percent to make money. I would venture to say that the top 10% THAT MAKE MONEY WORK THE HARDEST. I know that I work very hard and make money, but I only trade my own signals. And I don't sell anything.

The system earns 100-150 pips per month on average. That's plenty of profit to make a nice living in forex with correct money management. :) Paris
Good for you! But...

This is a nice solid system. Hard stops and take profits, fixed 2% risk/reward and drawdown, money management (compounding), and solid long term returns.

Discretion comes with experience, and your trading "personality", but I really like methods where I can place a trade and walk away... win or lose.

I do not agree that the only way to become one of the 10% of traders who turn a profit must "work hard" and develop their own system... YES, you must work hard and gain a solid education, BUT his logic is skewed, because in this case, you are indeed paying $ to Mark for his "method", but, it is he who has already done the "hard work", and you are benefitting from his knowledge, experience and testing.

I am very happy that I have a passive method here that allows me to use the EA and concentrate on my longer time frame methods which do not require me to get up at 1:15 EST (summer) to prepare to trade the London session (which I have done for years).

I genererally do not us Ea's, but in this case, the rules are based on the exact same entry/t/sl rules as the manual method which has proven to be profitable over the long term.

The only change I would suggest (for convenience) would be to have an option for the EA to automatically enter lot size based on equity (2% etc.), as currently this needs to be adjusted manually after every trade as your account goes up/down, which is no big deal at all (and of course, is dependent on your account balance and type mini/micro etc.)

So, "work hard", learn all you can, by all means develop your own methods based on your ever increasing knowledge, but at the same time, do not feel guilty for benefitting from Mark's hard work, if indeed, you are benefitting from 3+ years or research and analysis of "ELLIOT WAVE" THEORY, than you are actually benefitting from ELLIOT'S hard work... and you have just "tweaked" it... we all use various chart patterns, indicators etc. that were most likely developed by someone else, this doen not mean we are lazy, or destined to become one of the "90%"...

chi
 

Paris Hilton

Junior member
29 0
hey, posting from jail? They let you do that?! :p

anyways, i'm wondering on a 15k account at 5% risk -what's the max you can lose should you hit stop? Thanks!!!

$750.00
 

lotterbe

Junior member
45 0
No, but Russ Horn of the system Forex Rebellion has backtested this system, Forex Morning Trade, thoroughly and it's profitable in the long run. Paris

beware - Russ has his chart set up wrong. I''ve seen the video he's using for marketing and it's an hour out. Everyone should check their charts against Mark's to make sure it's correct, and then do their own backtesting.
 

joffie

Newbie
2 0
beware - Russ has his chart set up wrong. I''ve seen the video he's using for marketing and it's an hour out. Everyone should check their charts against Mark's to make sure it's correct, and then do their own backtesting.

I contacted Russ and told him that his charts where set 1 hour wrong, as from checking the GMT when trading, this was his reply

"To be 100% sure that I was usi8ng the right time to enter, I downloaded the MY4 charts from ODL, theirs is set to GMT, so 5.30 on their chart is 5.30 GMT."

joffie
 

lotterbe

Junior member
45 0
I contacted Russ and told him that his charts where set 1 hour wrong, as from checking the GMT when trading, this was his reply

"To be 100% sure that I was usi8ng the right time to enter, I downloaded the MY4 charts from ODL, theirs is set to GMT, so 5.30 on their chart is 5.30 GMT."

joffie

Many brokers adjust their server time to accomodate dalylight savings, so that they remain in sync with the banks. For example, Alpari UK set their server to 5:30 GMT in summer (northern hemisphere) and 6:30GMT in winter. This makes it convenient for traders trading the London session.

But not all brokers do that. Some brokers choose a GMT offset, such as GMT +2, and leave it at that setting for the entire year.

So you need to be sure what your broker does. If your broker adjusts for daylight savings, then you can set FMT to the same setting all year round. If not, FMT will need to be adjusted when daylight saving ends in Europe on hte last Sunday in October.

This issue may cause some people to have their charts set up wrongly.
 

fugly

Member
60 2
Maxmerlin: this is exactly what could happen by trailing SL or moving SL to BE. Sometimes you don't lose that much, but sometimes you also don't win that much.
Getting 1 pip close to profit target is just a bad luck, I saw it many times. I woudln't change the profit and target levels just because of one trade.

I'm currently testing the system with various trailing stops and exits, I'll let you all know when I'll find something useful.




160% in 19 months with conservative 2% risk of your account is very good result in my opinion. You cannot judge the system by one or two weeks, or one month only.
You can really make about 100-150 pips / month in average, which makes a really nice income.

when u got the 160% what was the max dd over this period of 19 months.

what were the results like if u risked 5% a trade?

thx
 
 
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