wiseambitions
Established member
- Messages
- 764
- Likes
- 7
Such a whopper of a drop, after bad news, that I wouldn't be surprised if our indicators still tell us to stay away again in the morning (there is a filter on FMT if one of the oscillators is too far from centre), currently it's way out of the acceptable zone, and whether it gets back into usual territory within the next 16 hours remains to be seen. I don't know what the ADR filter in TMT is all about either but I suppose it keeps you out for similar reasons
It was not before 06.45 that FMT issued any short signals, 06.15 was a long, 06.30 was no trade, and fortunately quite rightly so.
deserteagle
Active member
- Messages
- 205
- Likes
- 1
This brings me the idea to backtest the FMT by using less period into consideration. :whistling
wiseambitions
Established member
- Messages
- 764
- Likes
- 7
the short term SMA's (like 10 hours and 7.5 hours) were actually rising right until after usual FMT start times so they wouldn't have been a lot of good either. That in itself I find surprising bearing in mind surely that bad UK business figures should not have been such a big surprise given the Country was paralysed a couple weeks with snow.
This information you are giving means you are using FMT EA at different opening times and evaluating the results?
If so are you using the EA for in different chart (same currency of course) on the same broker?
Thanks for your input
Jakof, you can have 3 FMT charts on one broker account but change the magic numbers on each FMT EA so they trade independently of each other.
cheers !
busfarehome
Active member
- Messages
- 143
- Likes
- 2
I have not tried installing and using the EA yet as I am an early riser and get to the PC before 06:30 in the mornings.
I trade FMT live. Use a demo for everything else.
My live account only had about £65 left.
06:30 I got a no trade
06:45 I got a no trade
07:00 I got a sell short
Had to go out 09:30 to the dentist but to my surpise the trade was still open when I got back.
Got 198 pips, only at 34p a pip but it doubled my account.
Interesting post wiseambitions, I will keep my eye on it.
I trade FMT live. Use a demo for everything else.
My live account only had about £65 left.
06:30 I got a no trade
06:45 I got a no trade
07:00 I got a sell short
Had to go out 09:30 to the dentist but to my surpise the trade was still open when I got back.
Got 198 pips, only at 34p a pip but it doubled my account.
Interesting post wiseambitions, I will keep my eye on it.
Adamus
Experienced member
- Messages
- 1,898
- Likes
- 97
That's enough to induce a Pavlovian love for your dentist.
wiseambitions
Established member
- Messages
- 764
- Likes
- 7
I don't feel very comfortable about today's trade, but yes if you went long you would have been following the rules.
jacquespienaar
Junior member
- Messages
- 44
- Likes
- 0
Stoploss hit! GRRRRRRRRRRRRRRR
I have lost faith in FMT due to its failure to perform for the past several weeks. I am taking it off my live account indefinately, or at least until it starts making consistent profits on demo. Good luck to all sticking with it.
I think good decision, I also enough, can you advice a better tool to drain the market?
cheers
wiseambitions
Established member
- Messages
- 764
- Likes
- 7
We must have gone long right at a resistance point.
6 wins at 28TP 6 losses at 40 so far in January
Down 70 (because one day I got TP30 not 28)
Had I followed the recommended settings, 35TP, + B/E resetting @ 20 with the same starting orders I would have had 3 wins 4 losses and 5 break evens and been down 55.
6 wins at 28TP 6 losses at 40 so far in January
Down 70 (because one day I got TP30 not 28)
Had I followed the recommended settings, 35TP, + B/E resetting @ 20 with the same starting orders I would have had 3 wins 4 losses and 5 break evens and been down 55.
Jashfx
Active member
- Messages
- 231
- Likes
- 4
Grr --- another stop loss hit. Thats -105 pips for the month (which includes a friggin 10 pip slippage the other day when Market gapped).
Well I have good news for you ALL. Tommorrow will be a winner. WHY??
Cause will be on a plane tommorrow and invaribly this thing will win when im not trading it!!! LOL!!!
Well I have good news for you ALL. Tommorrow will be a winner. WHY??
Cause will be on a plane tommorrow and invaribly this thing will win when im not trading it!!! LOL!!!
Should we only stay in the trade for the first candle?
Should we only stay in the trade for the first candle?
Another loser today - real cash, not pennies.
Others have referred to the "FMT effect" - that is - the FMT fires a signal, say a Buy - and for a short period - e.g., the first 15 minutes - the trade goes in the correct direction.
Then, it turns against us. Yes, sometimes it eventually turns around and recovers. But
more often than not (?), once it goes bad, it stays bad until exit.
Here's the question - prior to releasing the FMT for sale, did Mark plotted the actual time that the signal called, lasts? Has he kept track of this since its release?
If not, can he / will he look back at actual trades - and reveal for example, that 70% of the time, the trade is successful but only in the first 15 minutes, but fails after that? If this is true, we have a potentially significant opportunity to reshape this EA - and avoid lots of losses - especially recently.
It would seem that the "breakout" orientation of this system mandates that it NOT depended upon unrelated factors to eventually turn the trade around from a loser to a winner. That is, if we hang in long enough, something will eventually go our way, whatever it is, whatever the cause, and fix a long trade. As opposed to knowing the "useful life" of the breakout call of the FMT.
My opinions - just my opinions (based upon my experience):
1. I would much rather stay in a trade for a shorter period of time and have a greater and more assured win rate, than stay in longer, incur more significant draw downs, etc. in the hopes that SOME trades may turn around and become profitable and/or land me a larger win now and then.
2. Steady wins (albeit potentially smaller) & little drawdowns make for a more comfortable ride - especially when you are trading for a living - and using meaningful amounts of money. If I am only trading a few pennies here and there, as sort of a hobby, it will cause me to take greater risks - and create a less-than-realistic mindset - and tolerate poor performance that I should otherwise never tolerate.
3. If however, I am "trading for a living" - the stakes and my mindset must be different.
Has anyone studied this in detail? Are there flaws in my thinking? Any other thoughts on this? Has this already been covered in this forum?
Time for an evaluation and guidance? Or do we wait it out? Any advice?
Should we only stay in the trade for the first candle?
Another loser today - real cash, not pennies.
Others have referred to the "FMT effect" - that is - the FMT fires a signal, say a Buy - and for a short period - e.g., the first 15 minutes - the trade goes in the correct direction.
Then, it turns against us. Yes, sometimes it eventually turns around and recovers. But
more often than not (?), once it goes bad, it stays bad until exit.
Here's the question - prior to releasing the FMT for sale, did Mark plotted the actual time that the signal called, lasts? Has he kept track of this since its release?
If not, can he / will he look back at actual trades - and reveal for example, that 70% of the time, the trade is successful but only in the first 15 minutes, but fails after that? If this is true, we have a potentially significant opportunity to reshape this EA - and avoid lots of losses - especially recently.
It would seem that the "breakout" orientation of this system mandates that it NOT depended upon unrelated factors to eventually turn the trade around from a loser to a winner. That is, if we hang in long enough, something will eventually go our way, whatever it is, whatever the cause, and fix a long trade. As opposed to knowing the "useful life" of the breakout call of the FMT.
My opinions - just my opinions (based upon my experience):
1. I would much rather stay in a trade for a shorter period of time and have a greater and more assured win rate, than stay in longer, incur more significant draw downs, etc. in the hopes that SOME trades may turn around and become profitable and/or land me a larger win now and then.
2. Steady wins (albeit potentially smaller) & little drawdowns make for a more comfortable ride - especially when you are trading for a living - and using meaningful amounts of money. If I am only trading a few pennies here and there, as sort of a hobby, it will cause me to take greater risks - and create a less-than-realistic mindset - and tolerate poor performance that I should otherwise never tolerate.
3. If however, I am "trading for a living" - the stakes and my mindset must be different.
Has anyone studied this in detail? Are there flaws in my thinking? Any other thoughts on this? Has this already been covered in this forum?
Time for an evaluation and guidance? Or do we wait it out? Any advice?
A mechanical system ignores any fundamental news. I have advocated taking every signal and trading by the rules but in this case I could not ignore the negative growth reported in the UK yesterday and the sell off.
Today's signal was based on an upwards retracement which generated a long signal. The bearish trend was still in tact.
I wouldnt give up on this system yet. If you are concerned reduce your lots. Every system will have poor patches.
Today's signal was based on an upwards retracement which generated a long signal. The bearish trend was still in tact.
I wouldnt give up on this system yet. If you are concerned reduce your lots. Every system will have poor patches.
