ForexMorningTrade System

[phn73]

I was looking and over the last few trades a SL / BE of 20/20 seems to work OK. Has anyone else tried this, or am I barking mad!

 

[Massagedoc]

I was looking and over the last few trades a SL / BE of 20/20 seems to work OK. Has anyone else tried this, or am I barking mad!

What looks good in short term hindsight, applied to future trades = a wiped out account.
Curve fitting is always a loser.

 

[PipZombie]

IBFX - No Trade
Forex.com - No Trade

 

[phn73]

I was thinking if you can win with 40 SL / BE then 20 SL / BE should do the same job, as you are acting on the same indicator and have a greater chance of success, as the trade doesn't have to go so far before you TP? Also if it goes wrong you lose less. If using Mark's break even system, once past 20 pips profit you move the SL to BE, which gives you a 20 pip SL at that time so I was thinking why not use it all the time?

 

[Massagedoc]

I was thinking if you can win with 40 SL / BE then 20 SL / BE should do the same job, as you are acting on the same indicator and have a greater chance of success, as the trade doesn't have to go so far before you TP? Also if it goes wrong you lose less. If using Mark's break even system, once past 20 pips profit you move the SL to BE, which gives you a 20 pip SL at that time so I was thinking why not use it all the time?

It can work if you can gut through 40% plus draw downs. I prefer less risk.

 

[wiseambitions]

I was thinking if you can win with 40 SL / BE then 20 SL / BE should do the same job, as you are acting on the same indicator and have a greater chance of success, as the trade doesn't have to go so far before you TP? Also if it goes wrong you lose less. If using Mark's break even system, once past 20 pips profit you move the SL to BE, which gives you a 20 pip SL at that time so I was thinking why not use it all the time?

Before using FMT which wasnt on sale until end August I used a similar strategy of trading in the mornings (buy if price is above the 60hr EMA, sell if it is under the EMA and look for a TP of 15 to 20, I did well out of it by setting a SL of about 30 because often the market has to breathe and you come out of it ok eventually, but if you come to a system like FMT you have to give the good expertise of the site developer a chance, and that was until October 40/40 and has now been revised to 35/40. I wonder how long he will leave that as the recommendation, however his successful results built up over 22 months were all at 40/40 so it works!

 

[Deatil]

Before using FMT which wasnt on sale until end August I used a similar strategy of trading in the mornings (buy if price is above the 60hr EMA, sell if it is under the EMA and look for a TP of 15 to 20, I did well out of it by setting a SL of about 30 because often the market has to breathe and you come out of it ok eventually, but if you come to a system like FMT you have to give the good expertise of the site developer a chance, and that was until October 40/40 and has now been revised to 35/40. I wonder how long he will leave that as the recommendation, however his successful results built up over 22 months were all at 40/40 so it works!

Let me throw out this question, If the FIRST FMT setting were correct 40/40 and were back tested according to Mark, then why have they been changed 2 times already in the last 6 (No B/E , then B/E with 35/40) months?

Could it be that some here found better setting and caused Mark's to take other look at his own setting. It would seem to be the fact, since when he released the FMT this was already deemed to be set to the best setting Mark came up with.

Really stop and think about what has changed in the last 6 months nothing , we still have the bad news we had during the Banking crisis. I think this thread has open up better settings and tested different pairs with good results .

If you were to take into account that Mark has already changes his settings. Then we could very well see new setting based on someone's back test listed here.

 

[wiseambitions]

Really stop and think about what has changed in the last 6 months nothing , we still have the bad news we had during the Banking crisis. I think this thread has open up better settings and tested different pairs with good results .

If you were to take into account that Mark has already changes his settings. Then we could very well see new setting based on someone's back test listed here.

I would not wish to disagree, but it would be nice to have settings which did not need adjustment unless it is obvious that market conditions have changed.

True enough I would rather have 80pc wins at 25 pips TP and 20pc of SL at 40 than 65pc wins at 35 pips and 35pc of SL at 40, and if there is evidence in a long period of time this kind of improvement is achievable then great.

 

[trader578]

Just a quick comment about trading holidays. I think most holidays are ok to trade, but now I think that US Thanksgiving, Black Friday and the week between Christmas and New Years are the only exceptions. This is the third year in a row that I have seen the markets go crazy on US Thanksgiving and Black Friday. The extreme market spikes are probably due to the low liquidity, which makes it easier for a few clowns to push the market very far in one direction or another. I think I was fortunate to get out with two break even trades on those days with FMT. I have learned my lesson and in the future I will not be trading US Thanksgiving, Black Friday and Dec 24 - Jan 2.
Hope this helps some of you.

 

[deserteagle]

Thanks for this info. I wonder if you considered the end of March/Oct summertime issue, which normally is not reflected in the data.

Thanks again

Hittfeld

Yes, the summer time has been considered in my tests, from January to October (included) profit has reached 160%, keeping the Max. DD at 10%. The maximum number of consecutive losses was 2.

I invite you to try these parameters (SL:65, TP:43, BE:20) in your tests, and then post the results, so we can discuss about them.

Regards.

 

[Hittfeld]

deserteagle,

WELL DONE!

Regards

Hittfeld

p.s. I`ll the ranks of you >90 % backtesters next week, when I have set up a new (actually old) machine just for backtesting.

 

[RedGuerrilla]

FMT 4.1 had No Trade
0 pips

Total: +15 pips since 11-07-2010
Stats: 5 BE, 4 No Trades, 4 Gainers, 3 Losers
Broker: FXSolutions

 

[deserteagle]

deserteagle,

WELL DONE!

Regards

Hittfeld

p.s. I`ll the ranks of you >90 % backtesters next week, when I have set up a new (actually old) machine just for backtesting.

Perfect!

I have setup the ea parameters with these new values in my micro account, then I will comment the results of this week.

 

[BorisViven]

Just a quick comment about trading holidays. I think most holidays are ok to trade, but now I think that US Thanksgiving, Black Friday and the week between Christmas and New Years are the only exceptions. This is the third year in a row that I have seen the markets go crazy on US Thanksgiving and Black Friday. The extreme market spikes are probably due to the low liquidity, which makes it easier for a few clowns to push the market very far in one direction or another. I think I was fortunate to get out with two break even trades on those days with FMT. I have learned my lesson and in the future I will not be trading US Thanksgiving, Black Friday and Dec 24 - Jan 2.
Hope this helps some of you.

trader 578,

Personnaly it helps me a lot, I hear so many things about holidays..
Thank you very much !
dom

 

[Smiffy42]

Before using FMT which wasnt on sale until end August I used a similar strategy of trading in the mornings (buy if price is above the 60hr EMA, sell if it is under the EMA and look for a TP of 15 to 20, I did well out of it by setting a SL of about 30 because often the market has to breathe and you come out of it ok eventually, but if you come to a system like FMT you have to give the good expertise of the site developer a chance, and that was until October 40/40 and has now been revised to 35/40. I wonder how long he will leave that as the recommendation, however his successful results built up over 22 months were all at 40/40 so it works!

Hello,
What time in the morning (UK), did you trade the 60 ema?
I would like to have a crack at it myself.
Regards,
Paul.

 

[Deatil]

Hello,
What time in the morning (UK), did you trade the 60 ema?
I would like to have a crack at it myself.
Regards,
Paul.

Good question ,and I am not trying to answer for wiseambitions,
But I think it has do do more with the time of the 60ema crossing by the PA, like today when it happen almost around the time the FMT trades if conditions had been met.

And maybe a close on a 5 or 15 min candle above the 60 ema, But you would have to keep a close eye on it like today when it reversed back down.

Just may idea ,but wiseambitions traded so I guess you have to wait for his answer.

 

[wiseambitions]

Hello,
What time in the morning (UK), did you trade the 60 ema?
I would like to have a crack at it myself.
Regards,
Paul.

Probably an hour earlier than the FMT system. I would say there are some days when FMT says do the opposite thing yet still turns out a profit, and FMT is probably right a few more times than just going by the simple EMA strategy.

I think EMA is good confirmation though that FMT is getting the direction of a trend right.

I am also interested in what Deatil just said about exiting, because I also happen to believe that there are days when it is ok to hang into a trade longer but you do have to watch it constantly. One exit system I have been working on involves drawing a 5 EMA on a 60 min chart (which would be same as 20EMA on a 15min chart), and another similar line, displaced by 3 (12 in 15m chart) points - using the MA shift function in MT4 indicators. If both lines are trending in the same direction, and parallel, it might be ok to let the trade run in the hope of greater gain, until they cross over. Using this idea it would for example be possible to have enjoyed quite a lot of the slide which the £ has experienced over the last week. Unfortunately I haven't had that success by adhering to FMT principles. And I live in hope that FMT will vindicate itself again in its former fashion.

My recommendation would be trust FMT a bit more than the EMA. It is generally right on trend direction more than 85% of the time, but unfortunately the full TP is not always achieved, and more good will come out of either 1) getting a better entry and 2) getting the right TP and SL settings.

 

[nubchai]

trader 578,

Personnaly it helps me a lot, I hear so many things about holidays..
Thank you very much !
dom

I didn't trade much of Thanksgiving week. I don't plan to trade the last 2 weeks in December (except on demo). And I may skip the firstweek in January.

Sandy

 

[Smiffy42]

Deatil...Wiseambitions, thank you both very much for your answers.

I have been using a 15 and a 50 ema, which seems to compliment FMT quite nicely.
Regards,
Paul.

 

[suresh3101]

FMT has been a good system always with different settings.. i usually prefer the 30 tp and 40 sl with 24be.. i dont have that much losing trades..

FMT has been just a supporting tool in my trade since i using the forex profit multiplier(FPM) by bill poulos launched a month ago.
when there is a signal in FMT, i jus cross check with FPM.. if it shows the same trend i just bag the pips..
i have never lost a trade in the past one month..
Ofcourse with FPM, i average 200pips everyday and some good days it may go to even 400pips..
FMT combined with FPM is a grand success..
But unfortunately, the FPM sale is closed.. i was lucky to get that one eventhough the price is much higher..but its worthy!!
Cheers..
Happy trading..