ForexMorningTrade System

[Icepop]

Thank you all..... now all set up.

This is a great community!

:clap:

 

[ffchaci]

FMT for me this morning : (55-35-25-5)

6:15 start, long signal, hit SL -55 pips
6:30 start, long signal, hit SL -55 pips
6:45 start, long signal, hit SL -55 pips

total today -165 pips ... it's been a good run, this was expected.

total for the week -58 pips.

Dito for today's results

 

[wiseambitions]

Hi Wiseambitions
Thanks for sharing the last 100 and the settings. It does seem the old 40/40 settings had performed the best while the current default settings with BE is making the system more conservative.
What does 800 pips translate to in terms of growth to your account per month?
Also for the settings above, did you only trade once per day at 630 .

biggreycat

ok with 800 pips, if you traded every day there was a signal, for the last 6 months, with 2% risk you'd have grown the account by about 45 per cent.

I only trade 06.30 UK time

It would not be my wish to undermine expert opinion on BE resetting. It makes for a smoother equity curve, but denies about as many wins as the losses it saves Or in recent experience it actually denies you more wins. That may not be a permanent outcome

 

[uberpips]

Anyone still in the trade with 40/35/20 settings ?

I got burnt again with Oanda. I'm changing my settings to 33 18 38.

 

[Flourish]

anyone using oanda mt4 or fxtrade? I am thinking of switching back to fxtrade instead. I could have moved my BE if I traded on fxtrade.

 

[biggreycat]

anyone got any views on strict 1:1 RR settings below, no BE? too wide, too narrow, too unrealistic?

SL/TP
30/30
35/35
40/40
45/45
55/55
35/70
35/45

 

[ffchaci]

Hi Wiseambitions
Thanks for sharing the last 100 and the settings. It does seem the old 40/40 settings had performed the best while the current default settings with BE is making the system more conservative.
What does 800 pips translate to in terms of growth to your account per month?
Also for the settings above, did you only trade once per day at 630 or did you have other timings as well? e.g. 615, 645 etc?
I'm toying with the idea of throwing the BE out the window and just going for 40/40 straight for a simple 1:1 RR and hopefully overall positive expectancy.

biggreycat

hi Biggreycat,
I think the main difference between the old and new rules is drawdown of your trading balance. I'm still trying to get my head around it. Maybe one of the more experienced guys could shed some light!?

Leo

 

[catfish911]

anyone got any views on strict 1:1 RR settings below, no BE? too wide, too narrow, too unrealistic?

SL/TP
30/30
35/35
40/40
45/45
55/55
35/70
35/45

Hi, I'd love to use 1:1RR and I know all the trading books and sages say this is a must for any system to be profitable, but in my data I found optimisation at TP37/SL48, as a 'one size' setting which made good returns over 2009/2010 and so far live over 2011. Reason seems to be in my experience of FMT that expecting over 40 pips favourable movement on M15 is often a big ask, and often an unfavourable move goes to 40 or just over before turning again, anything over 48 unfavourable and it seems to keep going and you would want to be out of the trade...
Plugging your numbers in:
SL/TP 2011 to date
30/30 +30 pips
35/35 +385 pips
40/40 +280 pips
45/45 +315 pips
55/55 + 55 pips
35/70 +420 pips
35/45 +315 pips

My setting of TP37/SL48 had generated around +664 pips so far. I used to use 30/48 but when you go through a rocky period with lower win rate like the start of this year there's just such a gap between wins and losses, which is also why I would not use a setting like 35/70. Hopefully you can see why something a bit under 1:1 (but not too far) works well.

Good luck with FMT and as always do your own research and backtesting til you feel you have a setting that works for you. Mark's setting has been proved to be a good one over the long term so if you are new I'd stick with that, it's proven to work well

 

[biggreycat]

hi catfish
thanks for sharing on the R/R topic, much appreciated.
interesting how 30/30 and 55/55 has almost broken even which seems to suggest that that's either too narrow or too wide at least these past 3 mths. i'm new to FMT (just took the plunge last wk even though i've been tracking this EA for 2 months) so keen to tweak things till i find something comfortable afterwhich i'd just leave it alone. Yr 37/48 seems to make alot of sense - that's why i asked here because even though this is a momentum EA there's as much movement that the market is willing to move around before other traders and their rules start reacting. most of Mark's 2009 and 2010 results were based off of 40/40 with positive results, so that tells me there's an edge here but i've been wondering why he decided to lower to 35/40 instead. im currently leaning towards 35/35 but was alittle concerned if the SL might be too tight. Abt yr note on unfavourable moves going past 40 before turning again, i wonder if there's anything to do with too many FMT traders with this SL, causing reversals

 

[stricky1967]

Hi, I'd love to use 1:1RR and I know all the trading books and sages say this is a must for any system to be profitable, but in my data I found optimisation at TP37/SL48, as a 'one size' setting which made good returns over 2009/2010 and so far live over 2011. Reason seems to be in my experience of FMT that expecting over 40 pips favourable movement on M15 is often a big ask, and often an unfavourable move goes to 40 or just over before turning again, anything over 48 unfavourable and it seems to keep going and you would want to be out of the trade...
Plugging your numbers in:
SL/TP 2011 to date
30/30 +30 pips
35/35 +385 pips
40/40 +280 pips
45/45 +315 pips
55/55 + 55 pips
35/70 +420 pips
35/45 +315 pips

My setting of TP37/SL48 had generated around +664 pips so far. I used to use 30/48 but when you go through a rocky period with lower win rate like the start of this year there's just such a gap between wins and losses, which is also why I would not use a setting like 35/70. Hopefully you can see why something a bit under 1:1 (but not too far) works well.

Good luck with FMT and as always do your own research and backtesting til you feel you have a setting that works for you. Mark's setting has been proved to be a good one over the long term so if you are new I'd stick with that, it's proven to work well

Guys when you do these quick backtests do you allow for the daylight saving adjustments too?

 

[wiseambitions]

I believe 30/30 doesn't leave the trade enough room to breathe

20tp/40sl happens to be the worst setting by a long mile in several combinations which I watch daily. And must say quite a lot about the problem of having an imbalanced R/R/R.

And there's something magical about 40/40. So much so that I also agree with those who wonder whether cutting the TP to 35 was such a great idea after all.

Shortly I propose to publish some results for the year to date. I am going to prove that despite all the sceptics the system is having an even better start than it did last year ! Guys, just ignore all those who come onto the forum talking about obscure reasons why FMT won't work any more. Keep at it, and I have a feeling there will be a meeting of the FMT millionaires before long!

 

[Bobcat1354]

I believe 30/30 doesn't leave the trade enough room to breathe

20tp/40sl happens to be the worst setting by a long mile in several combinations which I watch daily. And must say quite a lot about the problem of having an imbalanced R/R/R.

And there's something magical about 40/40. So much so that I also agree with those who wonder whether cutting the TP to 35 was such a great idea after all.

Shortly I propose to publish some results for the year to date. I am going to prove that despite all the sceptics the system is having an even better start than it did last year ! Guys, just ignore all those who come onto the forum talking about obscure reasons why FMT won't work any more. Keep at it, and I have a feeling there will be a meeting of the FMT millionaires before long!

Can I join your millionaire's club? :clap:

 

[Hittfeld]

Hi all,
no, I won`t further-super-over-optimize my 3 running FMT implementations. No, I won`t tweak my FNT. Yes, I would like to diversify, add a third bummer! Any recommendations for a nice complementary set `n forget system???

Thanks to all, thanks to Marc, Mark and Antonio

Hittfeld

 

[jaming]

ditto BE + commission for ecn broker.

day 2 since going live.

Anyone use cashbackforex? They supposedly refund you pips or commissions for each trade.

 

[wiseambitions]

Can I join your millionaire's club? :clap:

Of course. We shall plan a great party I assure you! Very exclusive too

 

[OWL75]

6:15 40SL/40TP -40
6:30 40SL/35TP/20BE/5BE+ -40

Good Run up til today. Still going to be a strong month. I was not liking the 5 of 6 candles leading up to today's trade, seemed like there was too much Asian movement, or more than there normally is.

 

[OWL75]

Starting with $500, with 5% risk/trade, how long until I can join the club?

 

[wiseambitions]

Starting with $500, with 5% risk/trade, how long until I can join the club?

My initial calculations say it would take you about 3 to 4 years, about 600 trades and about 6000 pips of net gain

But towards the end your stake would be too big surely for any broker? You'd probably move the world markets a few pips in the direction you try to open and close your trades. But I like the thought

Keep at it!

 

[OWL75]

Yeah, in realilty, I would begin to lower my risk/trade, probably begin to split the balances into more accounts, etc.

 

[wiseambitions]

Yeah, in realilty, I would begin to lower my risk/trade, probably begin to split the balances into more accounts, etc.

Leaving aside the big banks I wonder what is the biggest stake of any private trader??

My broker would limit me to 200 lots per trade, which would be for $2000 per pip
Maybe he could still cope with segmented trades of the same size separated by a little distance in time