ForexMorningTrade System

[wiseambitions]

Has anyone done a chart of time and wins/losers? What I mean is how long to hold.
Someone was asking about exit strategy. I look at other charts as does Podberry.
What I am asking is something along the lines of if it has not hit TP by x hours after the trade, the percentage of winners then drops by so much percent.
Stats for 1 hour, 2 hours, 3 hours etc. To see where the most profit is made and where possibly the most loss happens. I.e. it goes well for so long and then moves back to SL.
It may be that someone holds this data already.

This would interest me too.
However instead of looking at time, I suggest the thing to look at might be whether or not FMT indicators cross the level lines and if it's best to get out as soon as they go the opposite side.
For example as we are right now 09.30 the lines would still say go short if we were starting at this time. For that reason I haven't been inclined to chicken out of the trade, although I have seen others say they are doing so. My rules are based on letting the trade run until whichever of TP or SL get touched first

 

[No1Trader]

This would interest me too.
However instead of looking at time, I suggest the thing to look at might be whether or not FMT indicators cross the level lines and if it's best to get out as soon as they go the opposite side.
For example as we are right now 09.30 the lines would still say go short if we were starting at this time. For that reason I haven't been inclined to chicken out of the trade, although I have seen others say they are doing so. My rules are based on letting the trade run until whichever of TP or SL get touched first

I came across this on the donna forex site.

I have not done any validation on the stats but it seems to be reasonably coherent.

http://www.mt4i.com/users/fmt-bfr/stats

 

[wiseambitions]

I came across this on the donna forex site.

I have not done any validation on the stats but it seems to be reasonably coherent.

http://www.mt4i.com/users/fmt-bfr/stats

Yes I look at that journal regularly also. It gives a lot of analysis for example how long trades run, results by Day of the Week, etc etc and I hope whoever links that with their EA keeps it going because it's an instant check as to whether my success is in line with what it should be

P.S. The pound doesn't seem to want to lie down this morning!

 

[Too Sexy]

Going north. I'm out

Nothing Like ending the week with a lose, and starting the week with another lose to get the blood boiling.

 

[kgk]

Nothing Like ending the week with a lose, and starting the week with another lose to get the blood boiling.

Shutting off FMT (live and demo) will check this forum from time to time and hope to restart one of these days. Losses are pretty demoralizing. I was running at less than one percent risk. Good luck to all.
Kgk

 

[michaelsa]

Shutting off FMT (live and demo) will check this forum from time to time and hope to restart one of these days. Losses are pretty demoralizing. I was running at less than one percent risk. Good luck to all.
Kgk

I am seriously thinking about doing the same, (may give it one more day )

I have given back most of my profit from when I started in Feb 2011, and it is now starting to hurt.

Good luck all.

 

[Remraf]

I am seriously thinking about doing the same, (may give it one more day )

I have given back most of my profit from when I started in Feb 2011, and it is now starting to hurt.

Good luck all.

I think FMT has the basis of something that works, but needs honing in a way that sees a greater success rate or an early exit strategy if it appears to be going wrong, even if on rare occassions it turns round just before the SL and goes to TP, I'm sure it is outweighed by the number of times that doesn't. I know how you feel, as I started at the same time live and have seen my early gains dissapear.

 

[WhoDares]

I’m surprised how much I have been attacked on here just because I will no slavishly let a position run to stop loss. I use other indicators during the day and if they say wrong direction, I am not chickening out, I am making a judgement call.
I know I won’t get it right every time and I might get out at a loss which then turns round and eventually makes a profit, but by then, I may have got back on board and made a much bigger profit.
I bought this as an add on, I have other fx interests using much more dynamic indicators during the day. FMT has a place, when it goes in the right direction ride the profit. But don’t sit there waiting for SL. It ruins your week trying to catch up.

 

[JOHNCO]

Very dissapointing. More losers than winners. I don't know if it's the world economy or what. But its getting harder to continue to follow the rules.

 

[Slurpeeforex]

June 20th

When I saw the price moving up and down all the time I lowered the risk a little... and it was a good move...

Fast FMT: +10

FMT: -31

EFMT: -31

Total: Fast FMT -40, FMT -97, EFMT -125

It starts to be a little frustrating...

 

[leoaloha]

Alpari(US) 6:15 Long @1.62257

 

[sapos]

I got a long signal @6:15 & 6:30. Gone long on AVA fx

 

[jonnymac]

Morning all long today fingers crossed lets hope its a good one

 

[RedGuerrilla]

Stats for 06-20-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., Short/Loss....., -46.0, Stats since 11-08-2010: Total= -113.0
6:15 UK Time, IBFX.........., Short/Loss....., -45.3, Stats since 01-04-2011: Total= +103.0
6:15 UK Time, PFG Best......, Short/Loss....., -45.0, Stats since 03-01-2011: Total= -138.4




Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, Short/Loss....., -45.3, Stats since 02-01-2011: Total= +277.5
6:15 UK Time, FXCM.........., Short/Loss....., -45.1, Stats since 02-01-2011: Total= +246.7
6:15 UK Time, Alpari(US)...., Short/Loss....., -45.1, Stats since 02-01-2011: Total= +249.8
6:15 UK Time, FXDD.........., Short/Loss....., -45.0, Stats since 02-01-2011: Total= +256.1



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker

 

[Euro_d]

Got the TP 10 on scalp,
Standard still running but set SL @ BE manually

So am in a worst case scenario of +10

 

[rjfilkins]

Got the TP 10 on scalp,
Standard still running but set SL @ BE manually

So am in a worst case scenario of +10

Me too, seemed the way to go but good luck all you +35-ers!

 

[wiseambitions]

Ever so sorry if I use the words "chickening out". What does matter is that we have our own plan and don't react to how we feel mid trade.
Yesterday someone suggested a test to do with the outcome if a certain amount of time has passed and FMT session is still going.
This is the principle of Forex Net Trap, a competitor system, where you are meant to force a close at about 8:30. This would be on the basis that the surge hasn't happened therefore to get out saves you from the trade going into a gamble
My proposition is that one researches various indicators which might be ones which suggest the trade is going to reverse. I'd think not only of the FMT indicators but one or two others, then if a pattern was observed and you believed in it then incorporate it into your trading plan. Only enact the forced exit if it's then in the plan.
Leading further from there of course we have the possible development of a reversal trade when those indicators signal to. However that also has to be part of the plan. I'm glad a buddy stopped me doing a revenge attack of this kind last week when it would have got me into trouble. Revenge trading to recover losses can be dangerous, I wonder how the name of competitor system "Rebellion" came about?
Good luck guys. I targeted 10 today and am out

 

[OWL75]

Out at +10. 2 more trades going.

 

[Euro_d]

Ever so sorry if I use the words "chickening out". What does matter is that we have our own plan and don't react to how we feel mid trade.
Yesterday someone suggested a test to do with the outcome if a certain amount of time has passed and FMT session is still going.
This is the principle of Forex Net Trap, a competitor system, where you are meant to force a close at about 8:30. This would be on the basis that the surge hasn't happened therefore to get out saves you from the trade going into a gamble
My proposition is that one researches various indicators which might be ones which suggest the trade is going to reverse. I'd think not only of the FMT indicators but one or two others, then if a pattern was observed and you believed in it then incorporate it into your trading plan. Only enact the forced exit if it's then in the plan.
Leading further from there of course we have the possible development of a reversal trade when those indicators signal to. However that also has to be part of the plan. I'm glad a buddy stopped me doing a revenge attack of this kind last week when it would have got me into trouble. Revenge trading to recover losses can be dangerous, I wonder how the name of competitor system "Rebellion" came about?
Good luck guys. I targeted 10 today and am out

Well put Sir,
Most definitely, one must have a plan, as all guru's state, know when / how to exit PRIOR to entering.

My plan recently has been exactly as I traded today: If I get the 10, then move the "standard" to BE and watch carefully.

I personally am not in favor of a time limited exit, but as we have debated previously, the longer the trade runs, the less validity the FMT signals have. Therefore, there needs to be a revised exit strategy, personally, I am a firm believer in signal exits, not time alone.

Regarding revenge attacks, this almost sounds like a Martingale tactic, in my humble opinion, this is an account killer!
Much better to take things easy and revise strategies until things become more stable with the UK open strategies, aka FMT.

Most certainly, chicken does not spring to mind, I would call it profit protection!

 

[PONKO]

I´m a Chicken profit protector to. +15pips today and out. I prefer to be a chicken profit portector and keep my money and my profits safely. I trade FMT with a lot of complements. 15min charts are scalping to me and if I do not see a safe continuation pattern I close the pos. We have a lot of trades to trade in 24 hrs and I prefer to keep a positive daily average of at least 0.5% or 1% if possible.