ForexMorningTrade System

[Mario Loops]

LOL young kid or young lady, both are complements

LOL well im big 40 so i did not know best to be polite

 

[Fabius]

gbp usd I did manually and closed early

eur usd I let EA do it and put the stop at 40p, but is on my demo

gbp/jpy - I entered manually, I used the indicators, but also candle formation and entered after the shoot up and back down to the entry point that the FMT suggested at 5:30gmt. I entered at 6:20gmt.

I don't usually trade the gbp/jpy, but knowing it reacts after the gbp/usd sometimes and the setup was there I took the trade.

Wow! You really know the matter
:cheers:

 

[Mario Loops]

Wow! You really know the matter
:cheers:

Becareful Fab they can just as easyly lose

 

[Mario Loops]

Hope the gbp/usd makes new highs then some bad news take her down again

 

[bluedancer]

Be careful Fab they can just as easily lose

Yes, but we know we have to expect losses with the FMT. This is why we use stops.

 

[Fabius]

Becareful Fab they can just as easyly lose

I totally agree with you.
That's the reason why I risk no more than 5% in my trades and use a trailing stop to be free risk as soon as possible :innocent:

 

[Mario Loops]

I totally agree with you.
That's the reason why I risk no more than 5% in my trades and use a trailing stop to be free risk as soon as possible :innocent:

If you would like me to say good to that i will but the one thing ive learnt over the years in this game GREED IS A TERRIBLE THING........LOL

 

[Mario Loops]

Yes, but we know we have to expect losses with the FMT. This is why we use stops.

Not to be rude FMT is only for gbp/usd pair trading on gbp/jpy and eur/usd at only 5% per trade is over exposure i am not here to preach but i have blown 2 accounts to greed/or over exposure and its not nice,just becareful,do 2% risk -3 trades

 

[JRJ]

Not to be rude FMT is only for gbp/usd pair trading on gbp/jpy and eur/usd at only 5% per trade is over exposure i am not here to preach but i have blown 2 accounts to greed/or over exposure and its not nice,just becareful,do 2% risk -3 trades

could you explain that? How much do you think is over exposure? I have only traded the GBP/USD and am wondering if there is too much correlation to make adding the other two trades safe.
Thanks for your opinion

 

[Mario Loops]

could you explain that? How much do you think is over exposure? I have only traded the GBP/USD and am wondering if there is too much correlation to make adding the other two trades safe.
Thanks for your opinion

If your starting balance say is less than £2000.00 doing one trade at 5% risk is not the end of the world,if you lose 2grand life goes on,if your account is 10,000 doing 3 trades at 5% risk is not healthy do the maths

 

[Mario Loops]

If your starting balance say is less than £2000.00 doing one trade at 5% risk is not the end of the world,if you lose 2grand life goes on,if your account is 10,000 doing 3 trades at 5% risk is not healthy do the maths

Hey J how did you get on did you calculate your risk,do you understand what i meant

 

[JRJ]

No sorry, maths not my strong point. I stick to 2% risk and only do one trade...at the moment. I am using the forex net trap, very similar but it sounds as if it is less flexible. I do like the sound of this one, but use IG Inex spreadbetting, and do not fully understand what folks on here are doing in that respect. I am in the UK and so it is easier for me to be up and manually trading.
J

 

[Fabius]

If you would like me to say good to that i will but the one thing ive learnt over the years in this game GREED IS A TERRIBLE THING........LOL

Yup! That's the main reason why in this very moment I am not trading nor attempting to do it, but just watching the charts to study the market behaviour while I am sitting on my hands

 

[Mario Loops]

No sorry, maths not my strong point. I stick to 2% risk and only do one trade...at the moment. I am using the forex net trap, very similar but it sounds as if it is less flexible. I do like the sound of this one, but use IG Inex spreadbetting, and do not fully understand what folks on here are doing in that respect. I am in the UK and so it is easier for me to be up and manually trading.
J

Hi J sorry to bug you im in the UK too which is great for us,are you new to forex trading,the reason i ask is you mentioned IG Index if you are new your still under the radar and i suggest getting another broker,for IG trade against you, delay charts and even freeze your computor,i have heard a company called ETXcapital.com is good,i use FXCM which has no dealing desk,there are a lot of dodgy brokers out there becareful

 

[JRJ]

Hi J sorry to bug you im in the UK too which is great for us,are you new to forex trading,the reason i ask is you mentioned IG Index if you are new your still under the radar and i suggest getting another broker,for IG trade against you, delay charts and even freeze your computor,i have heard a company called ETXcapital.com is good,i use FXCM which has no dealing desk,there are a lot of dodgy brokers out there becareful

Oh! yes, pretty new (Jan this year). Computer froze this morning but still got 25 pips!!Often get slippage. I need to learn more. ETX not bad but you cant always get a trade price you want. Thanks for taking the time to warn me. Do you rate this system? At the mo i am aiming for 25 pips each day, but obviously there will be losing days too. Not many of those at the mo, though July and start of Aug was awful!!!
J

 

[Mario Loops]

Oh! yes, pretty new (Jan this year). Computer froze this morning but still got 25 pips!!Often get slippage. I need to learn more. ETX not bad but you cant always get a trade price you want. Thanks for taking the time to warn me. Do you rate this system? At the mo i am aiming for 25 pips each day, but obviously there will be losing days too. Not many of those at the mo, though July and start of Aug was awful!!!
J

What ever system you use will have a drawdown(lossing streak)this is why its so inportant not to risk more than you should,and when you get those good runs it will be ok and make up for losses (nothing is gauranted in this game)and change that broker you have only been there 6 months and there doing it already,try FXCM what a differance and it takes about 5days to get your money in your account

 

[LIQUIDKNUCKLES]

How do i set the trailing stop on the EA? When i put in "20" does that mean that price has to move 20pips in my favor for the trailing stop to move 20???

 

[JustinSydney]

I think it's better to use a broker that you trust. Then you know your stop and target are sitting safely on the server and will still execute if anything happens to your computer - eg power failure, internet service provider going down etc. I like to be able to walk away from my computer and know that everything is safe.

I use Go Markets Australia - they are an ECN broker with raw feeds from multiple banks, so their spreads are excellent. They don't charge commissions and make their money by adding a pip to the raw feed. You can have your funds in aud or usd (not sure about other base currencies). I've been with them since they started up a couple of years ago and they've always tried very hard to do the right thing by their clients. I've run different robots etc on their platform, and have never had any problems. They don't manipulate orders and their customer service and support is excellent. (ps I don't work for them - I'm just a genuinely happy customer!)

Lotterbe, you Australian?

 

[JustinSydney]

yes, isn't it great that Mark has added trailing stop feature to the EA! I didn't realise the new version had been released when I was writing about the money manager yesterday.

I have yet to try out the new EA, but currently I'm moving my stop to -20 at +20, then to b/e at +35. In my limited manual backtesting and the backtesting that cOpy has done, it seems better to give the trade plenty of room to get to target and not move the stop up too soon.

I haven't read Mark's new manual yet, but if he says moving to b/e is best, then that confirms my backtesting results too.

I think the system was only released today or yesterday. His backtests are to the 13th September but they show some pretty good results over a four year period. I have then done some backtests using the updated ea on the eurusd with best result moving sl to be at 15 pips, setting tp to 60 and trailing stop to 20 pips. I did my backtests over a 3 year period and on a $5k account nett profit was $11.8k not taking into compounding profits. This is one awesome system. I will post result of my backtests once I get to my computer. Currently on iPhone.

 

[JustinSydney]

For those interested in using FMT on EURUSD with the latest updated EA. I have done some backtesting with what I think are the best settings.

It is to be setup to trade on the London Close exactly 9 hrs after the FMT triggers on the London open using the GBPUSD. At GMT 17:30.

Best result I have are using a SL of 20 TP of 60, moving SL to B/E at 15 pips and using a trailing stop of 20 pips.

Using a 3 year backtest with a $5000 demo account balance with Lots set to 1.0 (This is a risk of 4% using SL 20) the account had a nett profit of $11844.70.

Results from a number of different backtests attached in PDF.