ForexMorningTrade System

[jimmc]

Yes hence the smiley face. Thanks for the one and only suggestion though.
Got it sorted now, 2 reasons stopping it trade, tricky but got there in the end.

Now I am going to let it run on my old PC without interfering with 35 TP 40 SL.
Is it best to have no breakeven?

It's just my preference, but at 20 I set breakeven to +5. You miss out on some bigger wins, but when it loses at least you make something.

I haven't had a losing day for 18 days, apart from when the SLM platform stopped working and the EA couldn't move the SL - that should have been a +5. 4 have been no trades, 7 to take profit, and 7 stopped at +5. (Of those 7, 3 would have made full profit, and 4 would have lost the full amount.) That's a very small sample and you should do your own research, but it's a result pattern I can live with

 

[barebud]

For those of you/us who are trading with live accounts, what are your various opinions as to what acceptable drawdown limits would be? Not just with FMT but with any system? I'm talking live accounts, not demos or backtesting....

 

[coral]

For those of you/us who are trading with live accounts, what are your various opinions as to what acceptable drawdown limits would be? Not just with FMT but with any system? I'm talking live accounts, not demos or backtesting....

Hello barebud;

I could not put it any better than post 8095 on page 1012 by Pipzombie.

I wish you success

 

[barebud]

I have/had a 25% figure in mind for FMT but have read lots of comments in other forums that this is excessively high for any system... got me second guessing it a bit...

 

[kgk]

It's just my preference, but at 20 I set breakeven to +5. You miss out on some bigger wins, but when it loses at least you make something.

I haven't had a losing day for 18 days, apart from when the SLM platform stopped working and the EA couldn't move the SL - that should have been a +5. 4 have been no trades, 7 to take profit, and 7 stopped at +5. (Of those 7, 3 would have made full profit, and 4 would have lost the full amount.) That's a very small sample and you should do your own research, but it's a result pattern I can live with

Hi. how do u set it BE to +5 when u are into 20 pips into profit? is there a setting? I agree with ur idea of getting something back from the market. thanks

 

[tkbieber]

For those of you/us who are trading with live accounts, what are your various opinions as to what acceptable drawdown limits would be? Not just with FMT but with any system? I'm talking live accounts, not demos or backtesting....

I personally risk 18-20% per trade because I am that confident of my trades.

 

[jimmc]

Hi. how do u set it BE to +5 when u are into 20 pips into profit? is there a setting? I agree with ur idea of getting something back from the market. thanks

Yes there are settings for both of these. I'm not at my trading PC ATM so can't look them up, but check the manual - it's quite simple.

 

[kgk]

Yes there are settings for both of these. I'm not at my trading PC ATM so can't look them up, but check the manual - it's quite simple.

will do.. appreciate your quick response. Thanks.

kgk

 

[Remraf]

I personally risk 18-20% per trade because I am that confident of my trades.

Sorry, but for a sensible long term strategy which standard FMT is, this risk/trade is for gambling money, unlikely to be sustainable in the long term - just my opinion, but good luck with it!

 

[barebud]

From 01-01-2009 to present, 15% risk runs an 80% maximal drawdown...

 

[wiseambitions]

I personally risk 18-20% per trade because I am that confident of my trades.

I endorse this, with one or two provisos, eg staying away or reducing the risk around Christmas.

But it's not for the faint hearted, nor for someone who might have to explain drawdown to the wife!

I am confident in FMT all the time the rules are adhered to, and due to my careful testing as to how it would have behaved over the last 4 years.

 

[PipZombie]

I have a theory, well it's actually real evidence, that if you keep tinkering with your settings you'll come out far worse than just for staying constant with a reasonable set for a long time.
Someone I speak to frequently has changed his TP and SL every couple of weeks since October and wonders why his account isn't growing. Most of the sensible sets have given you 500 to 900 points in the same period!

I have live account I have traded according to the settings Mark has provided since the beginning. 40/40 to the now 40/35/20 and the account is up 91% risking 4% per trade and compounding. Total of 91 trades I have taken with the FMT. I need 2 more net wins to celebrate the 100% gain mark. Patience and discipline. Forex is certainly not a get rich quick process, especially using the FMT but it is a get rich quicker process if you stick to the rules and don't tinker as you have said. Chose a path and stay on it.

 

[uberpips]

An alternative suggestion would be to download a 2nd Platform of the same BROKER
Just remember to name the Path a different name Ie:
Meta Trader - Alpari Uk and then the next :
Meta Trader - Alpari UK (1) -- or something like that. Then open one chart in each platform and attach EA to each chart -- this should work -- without having go change magic numbers.

I just heard back from Mark and his suggestion is the same.

 

[Remraf]

I endorse this, with one or two provisos...................... nor for someone who might have to explain drawdown to the wife!

Count me in there!

 

[coral]

I have/had a 25% figure in mind for FMT but have read lots of comments in other forums that this is excessively high for any system... got me second guessing it a bit...

Yes there are probably as many opinions as there are traders. But here's my own take on it.

In manually looking back over two-plus years at all the trades (392), I see two occasions where Marc's current settings, which I trade, took four consecutive losers (April 2010 and Dec 2010). I would not trade the Xmas period, so I would discard that, and I would not worry too much about the 4 losers. Trading 4% risk, four consec losers on the mm setting takes my account down 15.5% while the lot sizes decrease on each trade. Not a huge drawdown, and historical data is far from perfect anyway. A fifth consec loser would sound an alarm, with my account down 19%, and with a sixth, would be down over 22%, where I would stop, re-evaluate, and make decisions.

I use consecutive losses as a more vivid example only. A similar % drop on a more gradual curve would cause the same concerns.

I've settled on the 4% because of the "four-loser" scenario, and it seems to fit well. At 5% risk I'm already down 22% with five losers, and that's a bit tight for me personally.

This is just my own insanity at work, but it works for me.

I would appreciate more inputs/opinions on the subject also.

 

[JustinSydney]

Does anyone know how to continue trading FMT using the currenex platform as I have been advised to do so. Does the currenex platform accept EA's and what format do they need to be in?

 

[barebud]

Yes there are probably as many opinions as there are traders. But here's my own take on it.

In manually looking back over two-plus years at all the trades (392), I see two occasions where Marc's current settings, which I trade, took four consecutive losers (April 2010 and Dec 2010). I would not trade the Xmas period, so I would discard that, and I would not worry too much about the 4 losers. Trading 4% risk, four consec losers on the mm setting takes my account down 15.5% while the lot sizes decrease on each trade. Not a huge drawdown, and historical data is far from perfect anyway. A fifth consec loser would sound an alarm, with my account down 19%, and with a sixth, would be down over 22%, where I would stop, re-evaluate, and make decisions.

I use consecutive losses as a more vivid example only. A similar % drop on a more gradual curve would cause the same concerns.

I've settled on the 4% because of the "four-loser" scenario, and it seems to fit well. At 5% I'm already at 22% with five losers, and that's a bit tight for me personally.

This is just my own insanity at work, but it works for me.

I would appreciate more inputs/opinions on the subject also.

Good ideas... thanks for you input... I realize there will be many different opinions on the topic, that's what I was hoping for... the more opinions the better!

 

[uberpips]

Yes there are probably as many opinions as there are traders. But here's my own take on it.

In manually looking back over two-plus years at all the trades (392), I see two occasions where Marc's current settings, which I trade, took four consecutive losers (April 2010 and Dec 2010). I would not trade the Xmas period, so I would discard that, and I would not worry too much about the 4 losers. Trading 4% risk, four consec losers on the mm setting takes my account down 15.5% while the lot sizes decrease on each trade. Not a huge drawdown, and historical data is far from perfect anyway. A fifth consec loser would sound an alarm, with my account down 19%, and with a sixth, would be down over 22%, where I would stop, re-evaluate, and make decisions.

I use consecutive losses as a more vivid example only. A similar % drop on a more gradual curve would cause the same concerns.

I've settled on the 4% because of the "four-loser" scenario, and it seems to fit well. At 5% I'm already at 22% with five losers, and that's a bit tight for me personally.

This is just my own insanity at work, but it works for me.

I would appreciate more inputs/opinions on the subject also.

4% works for me when I get up to that. I am scaling in for the first month.

 

[coral]

Does anyone know how to continue trading FMT using the currenex platform as I have been advised to do so. Does the currenex platform accept EA's and what format do they need to be in?

Hello Justin.

You may get a better response in the morning when more people are online, but to narrow your search, you are looking for brokers on currenex who offer MT4 platforms. The EA will only work on MT4 (and eventually on MT5), since it is the only program that will work it, to my knowledge. Sorry I can't help more than that. Good luck.

 

[tkbieber]

Sorry, but for a sensible long term strategy which standard FMT is, this risk/trade is for gambling money, unlikely to be sustainable in the long term - just my opinion, but good luck with it!

Now I didn't say standard FMT system, but the question was ANY system, and the system I use has been about 98% accurate, not 70% like FMT is. Oh no, I would never risk more then 5% with FMT because I know in the past there has been around 6 loosing trades in a row and that would just wipe me out with high risk.