ForexMorningTrade System

tkbieber said:
That's correct and I understand. However, some people (like me. :LOL:) like higher winning percentages.

I will experiment further and also probably use regular strategy on one broker and run the other strategy on another broker. I'll compare after 12 months and see which turn out more favorable.

BTW, I have really enjoyed every ones comments. We are all in this together and we can learn from others. Have a great weekend and hope we have better results next week. :)
Click to expand...

Hiya, yes we are all in this together, and I like the idea of comparing the winnings after a long run (eg 12 months).

It is of considerable effect

1) what a difference of one pip with your own broker can do on a day (eg if you miss 35TP by 1, and suffer 40 SL or BE, and another member adds 35 to his total).
Or
2) when one member with slight differences in broker data gets 'no trade' when others might even get a winning trade (and others even get a trade in the other direction - it happens)
or
3) timing differences and better or worse opening prices
or
4) adjustments to TP, SL, BE which the individual chooses to make

Therefore meaningful analysis probably involves 200 trades and 12 months.

I'd be interested to know for sure what the 'official' 2010 result was for Net Trap, I did see a reference the other day to a gain of 423 to the start of December which looked like about 25% of Mark's total, and yet the starting orders aren't said to be very different - it's largely due to the small % of winning trades at the recommended TP settings.
 
Last edited:
OK I sorted that one out. Another newbie question - I am going to use SLM SB with the EA. Since this is equivalent of £1 per lot - should I set the lot size on the EA to 1 and the money management to false?

Anyone using same setup?
 
obviously going to give it a go first with the SLM SB Demo account + EA - so I will work it out - but I thought someone might be using SB like me and have been through the lot=£1 business.

I assume that (since SLM SB 1lot=£1) the MM feature will not work?
 
magicdogsbrain said:
OK I sorted that one out. Another newbie question - I am going to use SLM SB with the EA. Since this is equivalent of £1 per lot - should I set the lot size on the EA to 1 and the money management to false?

Anyone using same setup?
Click to expand...

Sorry, can't help you there as I use US $ but for me, I would just try setting it to what you think on your demo. If it ends up trading 10 times more than you want, then you know to leverage at .1 instead of 1.0. By brain is US dollars only and it took me weeks before I wasn't confused as to what 1.0, .1 and .01 actually meant in terms of money. :LOL:
Now at least I know if I trade 10.00 a pip and I get 35 pips, I just made a ton of US dough. :cheesy:
 
magicdogsbrain said:
obviously going to give it a go first with the SLM SB Demo account + EA - so I will work it out - but I thought someone might be using SB like me and have been through the lot=£1 business.

I assume that (since SLM SB 1lot=£1) the MM feature will not work?
Click to expand...

When you attach the EA to the chart you can change the lot size to suit, 1=£1, 0.1=10p etc. Don't forget to tick "Allow live trading" under the "Common" tab otherwise it wont take a trade if one is indicated.
 
Tenapenny - what about the money management feature. Do I need to disable this and have a fixed lot size? I assume the answer is yet because surely the EA assumes 1 lot is $10 so 2% risk would end up being only 0.2% risk. Is my thinking correct?
 
magicdogsbrain said:
Tenapenny - what about the money management feature. Do I need to disable this and have a fixed lot size? I assume the answer is yet because surely the EA assumes 1 lot is $10 so 2% risk would end up being only 0.2% risk. Is my thinking correct?
Click to expand...

I don't use the MM feature but SLM SB account is set at 1 lot = £1, see here http://www.smartlivemarkets.co.uk/pages/spread-betting/spread-betting-MT4.aspx so just put in manually what you risk is when the EA box appears, e.g. £1000 account @ 2% = £20, if stop is 40 pips then input 0.5 lot =50p per pip.
 
Weekly update of the comparison of my set against the standard set. This week there were not results, it was a 0 pip week.
 

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Icepop said:
Hi Guys

Thanks for the stats and support- yes I need to let it run as you all have said.
Click to expand...

Let it run and watch your MM. Not all of us traded the last 2 weeks in December and I am back from holiday now and will start again on Monday night my time .
I started in October and have done just fine. Don`t forget that we are generally all getting the same results and this system gets around 70% wins .
How much you want to risk is up to you. I use a NZ broker and fixed risk of 5% but I have opened another live account with Smart Live because I find spread betting a bit simpler to manage.I have MM off and a fixed lot size ( 2 lots per $1000) which I will increase (or decrease ) monthly.
Best of luck and don`t make the mistake of pulling out and trying the `next best thing`.
This is a pretty steady system, and if you can trade it manually ( I used to, but we got a free Ea ) then it`s a great introduction to trading for anyone.
 
2 Lots per 1K is way too much unless you can easily add more money if need be. You need to be prepared for 6 losses in a row. I am not saying we will have them but that is what you need to prepare for.

Lady Forex
 
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