ForexMorningTrade System

bluedancer said:
I edited my previous post to explain.

I use the Steinitz Strength Meter, it came with his system that cost $180. The other ones I mentioned were all free. Not sure if it proper to give them away here. The strength meter does not give away any of Steinitz system and is probably a standard one.
Click to expand...

I actually have not used the Steinitz system for a while, BUT this has given me an idea to use it along with FMT. I am honestly getting pretty happy with this set of protocol. :):)
 
bluedancer said:
no the one i have is simpler for mt4, see previous post for file... however this one looks interesting indeed! Thanks!
Click to expand...

also, I am not sure the strength meter file I included on the previous post will actually work on an mt4 platform that does not have the Steinitz system on it. So take care in using it.
 
bluedancer said:
also, I am not sure the strength meter file I included on the previous post will actually work on an mt4 platform that does not have the Steinitz system on it. So take care in using it.
Click to expand...

Pro-traders.info sells other Steinitz systems at steep discounts. Worth buying? Forex Peace Army trashes them, but the Steinitz Fractal Breakout EA seems worth looking into.
 
PipZombie said:
That is what I came to belive as well but was not sure.
Click to expand...

yes, that is what i meant; price ignores the indicators with no chance to set the breakeven.

moving averages and most standard filters seem too crude for FMT, which is finely tuned for a specific time. FMT only works with momentum (i.e. volume and emotion), which december does not have. in fact, only one specific time of the day has enough momentum.

i've never had much success with currency meters/index - they look good and the theory sounds great, so you buy them - i have a few, but i've not found them useful for short-term trading. i will take another look. mataf.net (tools) has a free one.

i'm sure mark is using december to pressure test FMT. the goal is to avoid the immediate move in the wrong direction that escapes the breakeven fail-safe, while not missing too many good trades.

since FMT depends on momentum, two QQE indicators with of settings 5 and 60 might work; the QQE(5) signal should cross a 50 line.

i like the simplicity (and transparency) of FMT without extras. maybe the best filter is to stay out of the market for the holidays.
 
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Deatil said:
brucer said:
Deatil said:
From 21 of Dec to 29 of Dec have been nothing but losses, Which equals 6 losses. The loss yesterday was reported has -1, still a loss.

Today there was a Long trade trigger that did not get to break even and got stopped out , making 7 losses in a row.

Check the stats on the site.

http://www.forexmorningtrade.com/trading-journal/december-2010/
Click to expand...

Apologies, you're correct - I got a win on Alpari UK demo on 29th and didn't check Mark's stats. Hence my comment re: consecutive losses. There is a relevance to consecutive losses compared with net win/loss for any given time period. See my reply to PipZombie on this.

I think Mark's summing up for the month and year is right on.
tks and HNY.
Click to expand...
Click to expand...
 
PipZombie said:
I would not get hung up on the math of consecutive losses. It can be interpreted in many ways, what is a fact is that we have had 5 winners and 9 losses per Mark's log when Mark updates the trade log today for a 4 net loss drawdown for december. This is in line with last year. Most traders quit trading the week of December 13 and still had positive gains for the month. I turned off the FMT on my live account on 12/14 so I was up over 100 pips for december. If I had kept trading I would be down over 180 pips for the month.
Click to expand...
Re: the maths of consecutive losses, related to hit rate as you point out in another post, relevant in that the probability of another consecutive loss diminishes. But taken individually each has the same.
V. helpful account risk/money management methods, and psychology!
Thanks
 
bluedancer said:
I am using it as a signal. Some days I was lazy and set SL and TP with FMT rules and let it just go, ie to a loss. I tried 50p sl a few times as someone suggested that.

3 of the losses were genuine fmt losses. A few were fmt wins as well.

I am comparing to Mark's here:

Same as Mark: 8 days
3 wins, dec 2, 7, 10
1 no trade, dec 14
3 losses, dec 9, 15, 21

Different than Mark: 14 days
My wins: dec 1, 8 (mark BE) dec 17, 22, 23, 30 (mark lost) dec 6, (mark NT)
My BE dec 13 (mark NT)
My loss: dec 16 (mark NT)
My No Trade: dec 3, 20 (mark win) dec 24, 28 (mark lost) dec 29 (mark BE)

I had 10 wins, 1 BE, 6 no trades and 4 losses
Mark had 5 wins, 3 BE, 4 no trades and 9 losses(including today dec 30)

Basically I used the filters either to not trade or to take the opposite direction trade. The days of no trade I was there ready to trade, I did not just ignore the market. On the trades that I won and FMT lost, I stayed out of the trade to wait for filter confirmation and then I took the opposite direction trade.

The filters I use are pre-trade range, QW lines (which I can't explain). But other filters I use that I like are; Currency Strength Meter (from Steinitz), MACD Complete (from Vladimir), and HTID, Hama and GBP ultra (from I don't know who) These are visual filters, so a few minutes of looking at them can tell me whether to take the FMT trade or not.
Click to expand...

Thanks for your post. I also saw the indicators. I will evaluate and take a look at them. I believe this is the same strength meter that I have and use as well. I will be in touch. Thanks.
 
ihelfman said:
Pro-traders.info sells other Steinitz systems at steep discounts. Worth buying? Forex Peace Army trashes them, but the Steinitz Fractal Breakout EA seems worth looking into.
Click to expand...

I would not buy the EA myself. It is a trend following system, and best is to trade manual and follow the extra rules that Don teaches. I found too many losses on the bare system for the times of day I am free to trade. I did not like not knowing when a trade would show up and I prefer something routine, like fmt, or other London pre-market or 8am open trades.
 
buddhi said:
yes, that is what i meant; price ignores the indicators with no chance to set the breakeven.

moving averages and most standard filters seem too crude for FMT, which is finely tuned for a specific time. FMT only works with momentum (i.e. volume and emotion), which december does not have. in fact, only one specific time of the day has enough momentum.

i've never had much success with currency meters/index - they look good and the theory sounds great, so you buy them - i have a few, but i've not found them useful for short-term trading. i will take another look. mataf.net (tools) has a free one.

i'm sure mark is using december to pressure test FMT. the goal is to avoid the immediate move in the wrong direction that escapes the breakeven fail-safe, while not missing too many good trades.

since FMT depends on momentum, two QQE indicators with of settings 5 and 60 might work; the QQE(5) signal should cross a 50 line.

i like the simplicity (and transparency) of FMT without extras. maybe the best filter is to stay out of the market for the holidays.
Click to expand...


So far my strategy is to trade FMT during normal market conditions. So I do not trade FMT Mid Dec-1st Week of January. I will take a look at the qqe. I have that indicator as well.
 
I really hate to interrupt your conversation, I really do and I apolgize. But I've been looking all over the place for Marc's EA robot to download and I just can't seem to find it. Can you point it out to me. LOL.

As you can guess I'm new, and your conversation is intriguing but way over my head at this point. But these late nights are killing me as I am ill. Pretty please? Tell me where the *()&&() robot is? LOL.
 
maggieo said:
I really hate to interrupt your conversation, I really do and I apolgize. But I've been looking all over the place for Marc's EA robot to download and I just can't seem to find it. Can you point it out to me. LOL.

As you can guess I'm new, and your conversation is intriguing but way over my head at this point. But these late nights are killing me as I am ill. Pretty please? Tell me where the *()&&() robot is? LOL.
Click to expand...


If you bought the system, then you should have received an email with the download page and login credentials. If you did not receive it, go back to the official website and send an email to support and they will send it out promptly within 24 hours. The offical website is: http://www.forexmorningtrade.com
 
maggieo said:
I really hate to interrupt your conversation, I really do and I apolgize. But I've been looking all over the place for Marc's EA robot to download and I just can't seem to find it. Can you point it out to me. LOL.

As you can guess I'm new, and your conversation is intriguing but way over my head at this point. But these late nights are killing me as I am ill. Pretty please? Tell me where the *()&&() robot is? LOL.
Click to expand...

You log into the members area at

http://www.forexmorningtrade.com/ecg/securelogin.php

and there are the downloads for the system and the EA. You should have seen this if you are a paid member.
 
maggieo said:
First of all I am a paid member with Multiple Sclerosis and this affects my vision. I warmly thank you for the information without the sarcasm.
Click to expand...

What sarcasm????
I can detect sarcasm in your post but not in mine.
 
12-30-2010
FMT 4.1
Loss
-41 pip


My stats since 11-08-2010: 7 No Trades, 9 Break Evens, 13 Losses, 10 Profits, Total: -183 pips
Pips include slippage, using standard settings: 40 SL, 20 BE, 35 TP


Mark has stopped trading for the year.
I'm going to let my robot trade to the end.
Anything can happen. There are always unknowns operating at every moment which is unique.
Forex trading is a probability game, or a numbers game.
My expectations are in harmony with those possibilities.
If the variables used to define FMT's trading edge are present,
then every loss puts me closer to a win.
Two of the variables are momentum and timing.
There was a lot of momentum in the last half of December, but the timing was off.
The point is every December will be unique, but if you look at the yearly results,
you won't be disappointed . . .

Tracking Demo Accounts for 12-30-2010:

Long/Loss at non-dealing desk brokers:
PFG Best, 1.55223, 1.54829, -39.4
FXCM, 1.55227, 1.54830, -39.7
FOREX.com, 1.55231, 1.54830, -40.1
IBFX, 1.55232, 1.54831, -40.1
Alpari(US), 1.55224, 1.54822, -40.2
MB Trading, 1.55219, 1.54810, -40.9
FXDD, 1.55240, 1.54820, -42.0


Long/Loss at a 'Live' dealing desk broker:
FXSolutions, 1.5524, 1.5483, -41.0
 
buddhi said:
yes, that is what i meant; price ignores the indicators with no chance to set the breakeven.

moving averages and most standard filters seem too crude for FMT, which is finely tuned for a specific time. FMT only works with momentum (i.e. volume and emotion), which december does not have. in fact, only one specific time of the day has enough momentum.

i've never had much success with currency meters/index - they look good and the theory sounds great, so you buy them - i have a few, but i've not found them useful for short-term trading. i will take another look. mataf.net (tools) has a free one.

i'm sure mark is using december to pressure test FMT. the goal is to avoid the immediate move in the wrong direction that escapes the breakeven fail-safe, while not missing too many good trades.

since FMT depends on momentum, two QQE indicators with of settings 5 and 60 might work; the QQE(5) signal should cross a 50 line.

i like the simplicity (and transparency) of FMT without extras. maybe the best filter is to stay out of the market for the holidays.
Click to expand...

I did three month backtesting on the QQE. For the QQE had to be a buy i required the QQE to be above the signal line and both to be above 50 to take the trade (just the opposite for a sell). It did filter out the losses but it also filtered out winners. Since this is a 70/30 win rate strategy it in Oct and Nov filtered out more winners than losers so the results actually worsened. It did make december a 50/50 month..I would have to say that the QQE does have some merrit for december results but overall it will hurt a winning system. I will play around with more settings but I think the QQE is not the answer. The problem with the FMT has been those pretrade big moves that put the trade bias overbought or oversold so to speak. Any suggestions, maybe bluedancer can provide some insight to test an overbought or oversold filter. I don't like stochastics or RSI for this as it in my opinion only works well in ranging markets.
 
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maggieo said:
First of all I am a paid member with Multiple Sclerosis and this affects my vision. I warmly thank you for the information without the sarcasm.
Click to expand...

I don't think there was any intended sarasim. posts can be interpreted in many ways. The "should have" was ment to be instructional, that when you paid for the EA an email "should have" been sent to you with the login page and login credentials.:)
 
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