ForexMorningTrade System

[3PO]

Can never keep up with this thread !

Anyway, have you ever been in a long queue at the supermarket, then swapped queues for the smaller one only to find your now behind the old lady who wants to pay with coins and can’t see in her purse. Alas if you’d stuck to your original queue you would have been off back home by now.
Trading is the same, keep the same rules all year round. Don’t swap queues, you’ll get burnt.
Its strange how its easier to mess with the systems tp/sl’s etc .. than it is to let it be what it is.
What would have worked yesterday, I’ll do today…. well yesterday isn’t today, if you see what I mean.
The best settings aren’t always the best for all situations so go with the average.

April is a hard month for any system, it happens. But remember it should only mean a small negative number on your spread sheet for April nothing more.
If it means more to you than that your either risking to much or you’re not trading with the right attitude.
I’ve fortunately been able to remove a large portion of my account for personal use and still have a good amount left to build on again.
Only when I did this could I relax with my trading. Hopefully one day you’ll do the same.

May will be good, June and July very good (past performance in mind). Put your feet up and rest for August.
Probabilities/performance in the past with most systems will say keep out of August.
Try and see that as part of your plan, you don’t have to trade all the time, every day, if you think you do, again, you have the wrong attitude.

I know I’ll probably get a lot of slap from people regarding this but I’ve heard it time and time again from other traders.
It took me a couple of years before I accepted it.

I read somewhere on the thread about the main trend being up and we’re getting short signals and we should be ignoring them as the main trend it up.
Well, this method doesn’t trade the main trend, that’s why we ignore it. It doesn’t trade news either (to early) so I still trade those days.
So what is this method based on? It assumes the overnight push either long or short will continue (a short amount) when the markets open.
I won’t go into detail regarding indicators (for non members), but that’s what they measure.
We’re only looking for a fraction number of pips compared to an average daily move, so to be honest the be, and r/r ratio less than 1:1 in my mind just isn’t worth the stress. The original rules work and will continue to do so, maybe not optimised to some of the settings here but they are the ‘average’ settings, so will perform just as good over the long run.

Hope that helps someone

Again not on a soapbox, just trying to help. I see so many times newbies getting carried away with optimizations etc, and you miss the bigger picture. I know as I used to be that person too. Stick to your rules and keep going.

Thank You for your thoughts. Personally I have been learning trading for more than 3 years and I do feel that I am approaching the state of mind needed for trading. It was a great help for me reading the books "Trading in the Zone" (by Douglas) and "The Art of Trading" (by Schaefermeier) and the conclusion for me was, preserve the state of your own self-balance and to be conistent to your own rules. Because we are trading probabilities. Sorry I was off-topic.
3PO

 

[Kinger]

Thank You for your thoughts. Personally I have been learning trading for more than 3 years and I do feel that I am approaching the state of mind needed for trading. It was a great help for me reading the books "Trading in the Zone" (by Douglas) and "The Art of Trading" (by Schaefermeier) and the conclusion for me was, preserve the state of your own self-balance and to be conistent to your own rules. Because we are trading probabilities. Sorry I was off-topic.
3PO

Very good book.

Another one I'd recommend is "Its not what you think its how you think" by Larry Pesavento.

 

[chrisandrews12]

Can never keep up with this thread !

Anyway, have you ever been in a long queue at the supermarket, then swapped queues for the smaller one only to find your now behind the old lady who wants to pay with coins and can’t see in her purse. Alas if you’d stuck to your original queue you would have been off back home by now.
Trading is the same, keep the same rules all year round. Don’t swap queues, you’ll get burnt.
Its strange how its easier to mess with the systems tp/sl’s etc .. than it is to let it be what it is.
What would have worked yesterday, I’ll do today…. well yesterday isn’t today, if you see what I mean.
The best settings aren’t always the best for all situations so go with the average.

April is a hard month for any system, it happens. But remember it should only mean a small negative number on your spread sheet for April nothing more.
If it means more to you than that your either risking to much or you’re not trading with the right attitude.
I’ve fortunately been able to remove a large portion of my account for personal use and still have a good amount left to build on again.
Only when I did this could I relax with my trading. Hopefully one day you’ll do the same.

May will be good, June and July very good (past performance in mind). Put your feet up and rest for August.
Probabilities/performance in the past with most systems will say keep out of August.
Try and see that as part of your plan, you don’t have to trade all the time, every day, if you think you do, again, you have the wrong attitude.

I know I’ll probably get a lot of slap from people regarding this but I’ve heard it time and time again from other traders.
It took me a couple of years before I accepted it.

I read somewhere on the thread about the main trend being up and we’re getting short signals and we should be ignoring them as the main trend it up.
Well, this method doesn’t trade the main trend, that’s why we ignore it. It doesn’t trade news either (to early) so I still trade those days.
So what is this method based on? It assumes the overnight push either long or short will continue (a short amount) when the markets open.
I won’t go into detail regarding indicators (for non members), but that’s what they measure.
We’re only looking for a fraction number of pips compared to an average daily move, so to be honest the be, and r/r ratio less than 1:1 in my mind just isn’t worth the stress. The original rules work and will continue to do so, maybe not optimised to some of the settings here but they are the ‘average’ settings, so will perform just as good over the long run.

Hope that helps someone

Again not on a soapbox, just trying to help. I see so many times newbies getting carried away with optimizations etc, and you miss the bigger picture. I know as I used to be that person too. Stick to your rules and keep going.

Well I for one appreciate your input and hope you continue in the same vein.

Many thanks,

Chris

 

[RobM.]

Can never keep up with this thread !

Anyway, have you ever been in a long queue at the supermarket, then swapped queues for the smaller one only to find your now behind the old lady who wants to pay with coins and can’t see in her purse. Alas if you’d stuck to your original queue you would have been off back home by now.
Trading is the same, keep the same rules all year round. Don’t swap queues, you’ll get burnt.
Its strange how its easier to mess with the systems tp/sl’s etc .. than it is to let it be what it is.
What would have worked yesterday, I’ll do today…. well yesterday isn’t today, if you see what I mean.
The best settings aren’t always the best for all situations so go with the average.

April is a hard month for any system, it happens. But remember it should only mean a small negative number on your spread sheet for April nothing more.
If it means more to you than that your either risking to much or you’re not trading with the right attitude.
I’ve fortunately been able to remove a large portion of my account for personal use and still have a good amount left to build on again.
Only when I did this could I relax with my trading. Hopefully one day you’ll do the same.

May will be good, June and July very good (past performance in mind). Put your feet up and rest for August.
Probabilities/performance in the past with most systems will say keep out of August.
Try and see that as part of your plan, you don’t have to trade all the time, every day, if you think you do, again, you have the wrong attitude.

I know I’ll probably get a lot of slap from people regarding this but I’ve heard it time and time again from other traders.
It took me a couple of years before I accepted it.

I read somewhere on the thread about the main trend being up and we’re getting short signals and we should be ignoring them as the main trend it up.
Well, this method doesn’t trade the main trend, that’s why we ignore it. It doesn’t trade news either (to early) so I still trade those days.
So what is this method based on? It assumes the overnight push either long or short will continue (a short amount) when the markets open.
I won’t go into detail regarding indicators (for non members), but that’s what they measure.
We’re only looking for a fraction number of pips compared to an average daily move, so to be honest the be, and r/r ratio less than 1:1 in my mind just isn’t worth the stress. The original rules work and will continue to do so, maybe not optimised to some of the settings here but they are the ‘average’ settings, so will perform just as good over the long run.

Hope that helps someone

Again not on a soapbox, just trying to help. I see so many times newbies getting carried away with optimizations etc, and you miss the bigger picture. I know as I used to be that person too. Stick to your rules and keep going.

I have gained a lot from reading your posts and am grateful (as someone new to trading) for the benefit if your experience.

Please continue to post...!

 

[michaelhryu]

Does anyone know of a broker that the GBPUSD has a fixed or close to 2 pip spread or less?
I use Hotforex and that's the best I've found with variable spreads but usually when FMT trades, it's around 2.5 - 2.8 pip spread.

Can US traders open an account with Hotforex, pleae?

 

[Remraf]

Cheers Wise, have a great weekend too, I sincerely believe that April was skewed by the back to back holidays in the UK and people taking advantage of the 3 day week by putting in annual leave to get 11 days holiday in total.

To all out there FMT will be firing on all cylinders as of next week Tuesday and will do for at least 3 months until a slowdown possibly in August.

FMT is not Broken, Have a great weekend all :clap:

I'm one of the 11 day hols squad - got my A/L form in early! Just back from a few days away in the Peak Park with the 'tin tent on wheels'! Happy to not have been trying to trade FMT this week, won't re-start until next Tuesday after the B/H - Anyway, best get on with ironing my Union Jack vest and shorts ready for tomorrow!

 

[fluegel]

I thought not. That's too bad.It would be nice to see how the EA will perform with other parameters.

You can change the values for the indicators if you have TurboMorningTrade.

fluegel

 

[RedGuerrilla]

Stats for 04-28-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., No Trade...., 0.0, Stats since 11-08-2010: Total= +31.0
6:15 UK Time, IBFX.........., No Trade...., 0.0, Stats since 01-04-2011: Total= +229.7
6:15 UK Time, PFG Best......, No Trade...., 0.0, Stats since 03-01-2011: Total= +6.0



Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, No Trade...., 0.0, Stats since 02-01-2011: Total= +333.4
6:15 UK Time, FXCM.........., No Trade...., 0.0, Stats since 02-01-2011: Total= +358.7
6:15 UK Time, Alpari(US)...., No Trade...., 0.0, Stats since 02-01-2011: Total= +320.7
6:15 UK Time, FXDD.........., No Trade...., 0.0, Stats since 02-01-2011: Total= +245.8



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker





__________________
The pain of discipline is less then the pain of regret . . . Discipline is freedom.

 

[3PO]

No Trade for today.

 

[wiseambitions]

The best results for April came from 28/40, which yielded in my analysis 92 pips.
40/40 (FMT 1) lost 120
35/40/25 (FMT 2) lost 125
I don't have enough to say yet about the latest version.

Results for the year to date
Deserteagle +468
FMT 1 +480
FMT 2 + 380 (not quite as good as the original set)
10/40 +340
20/40 +320
28/40 +432

Using the fact we are at the end of month 4, if we repeated the same performance for the remaining 2/3 of the year, multiplying those numbers by 3 gives a fairly healthy gain. But we are living in the hope of better days ahead.

By the end of April 2010 40/40 was +360. It is 480 this time. FMT 2 gave 209 but 380 this time
This year could well be better than last already!

 

[trader578]

Hi guys, since were not trading FMT tonight, just thought I would get your opinion on the base currency of your account? I think this is something that is easily overlooked. Right now my base currency is USD, but I am thinking of setting up a new account in EUR. Why? - because I believe the long term trend of EURUSD is up. And since I live in Canada, I would rather have Euro's when I cash out at the end of the year instead of USD. The former may mean an extra 50% return when I convert it to CAD at the end of the year. The other option is to set up an account in GBP, but I think that may be too volatile. Any comments on which is the best base currency to set up your account for FMT trades - USD, EUR or GBP? Cheers

 

[wiseambitions]

Here's an interesting thought

If you started with 10,000 on 1st January, traded 40/40 every day with a signal (EVEN EASTER!), and compounded at 5%,
You would have grown your account by about 68 per cent to 16800.

Not only is that fantastic growth, but for a comparison, there are about 2300 Unit trust and OEIC funds in the UK.
Only one of them did better than 68 per cent in the last 12 months.
And that was a little gold fund nobody is likely to have ever heard of.
The second best is another small fund run by Scottish Widows which is up 50pc in 12 months.

The potential that FMT offers us is stratospheric

 

[davinci79]

No trade today. I hope we have a great May.

 

[mike1booth]

Hi guys, since were not trading FMT tonight, just thought I would get your opinion on the base currency of your account? I think this is something that is easily overlooked. Right now my base currency is USD, but I am thinking of setting up a new account in EUR. Why? - because I believe the long term trend of EURUSD is up. And since I live in Canada, I would rather have Euro's when I cash out at the end of the year instead of USD. The former may mean an extra 50% return when I convert it to CAD at the end of the year. The other option is to set up an account in GBP, but I think that may be too volatile. Any comments on which is the best base currency to set up your account for FMT trades - USD, EUR or GBP? Cheers

Errrrr.... maybe this answer is a little obvious, but if you believe that the long term trend on the EURUSD is up, then wouldn't it make a great deal more difference to your account to simply place a long term buy trade on that currency pair?

 

[trader578]

Errrrr.... maybe this answer is a little obvious, but if you believe that the long term trend on the EURUSD is up, then wouldn't it make a great deal more difference to your account to simply place a long term buy trade on that currency pair?

My country's currency is CAD which I think will hover near parity with USD for several years. So just by having an account in EUR, I am essentially long EURUSD even if I don't place a single trade. I am a trader, not an investor so I wouldn't tie up margin by placing a long term buy on EURUSD. However, it worth noting that anyone with a GBP or EUR account is essentially shorting the USD and vice versa.

 

[deserteagle]

The best results for April came from 28/40, which yielded in my analysis 92 pips.
40/40 (FMT 1) lost 120
35/40/25 (FMT 2) lost 125
I don't have enough to say yet about the latest version.

Results for the year to date
Deserteagle +468
FMT 1 +480
FMT 2 + 380 (not quite as good as the original set)
10/40 +340
20/40 +320
28/40 +432

Using the fact we are at the end of month 4, if we repeated the same performance for the remaining 2/3 of the year, multiplying those numbers by 3 gives a fairly healthy gain. But we are living in the hope of better days ahead.

By the end of April 2010 40/40 was +360. It is 480 this time. FMT 2 gave 209 but 380 this time
This year could well be better than last already!

Hello WiseAmbitions,

Just to add my results for April (not trading since April 22th ):

-Set 49SL 35TP 27BE 22ADD -> +246 pips
It seems this set goes well when conditions are not optimal to reach TP35.

-17SL 41TP 8BE 3ADD (Long) - 48SL 42TP 26BE 23ADD (Short) -> +130 pips (15 pips at SL17 and 115 pips at SL48).

Cheers.

 

[Adamus]

Here's an interesting thought

If you started with 10,000 on 1st January, traded 40/40 every day with a signal (EVEN EASTER!), and compounded at 5%,
You would have grown your account by about 68 per cent to 16800.

Not only is that fantastic growth, but for a comparison, there are about 2300 Unit trust and OEIC funds in the UK.
Only one of them did better than 68 per cent in the last 12 months.
And that was a little gold fund nobody is likely to have ever heard of.
The second best is another small fund run by Scottish Widows which is up 50pc in 12 months.

The potential that FMT offers us is stratospheric

My country's currency is CAD which I think will hover near parity with USD for several years. So just by having an account in EUR, I am essentially long EURUSD even if I don't place a single trade. I am a trader, not an investor so I wouldn't tie up margin by placing a long term buy on EURUSD. However, it worth noting that anyone with a GBP or EUR account is essentially shorting the USD and vice versa.

These two seperate subjects raise one very complicated issue. What is the difference, if any, between trading and investing?

From what I can see, in trading we use a lot of leverage and we are consequently very alert to risks including Black Swans and anything that could seriously dent our account balance.

But what is investing? Does FMT count as an investment in any way? Can we compare it to having our money invested in funds? Surely it doesn't have a long enough track record - but I know nothing about funds and what the average length of a fund's track record is.

And what about long term currency risk from the base currency we choose for our trading accounts? If it can make a 50% difference to my profits at the end of the year then the risk is massive! But if I don't do anything about it and for example I lose 50% of my GBP profit relative to USD, if nobody had said anything I might not even have perceived it as a loss. Is that a bad investment decision, a bad trading decision or something else again?

Isn't it just an opportunity cost, a bit like deciding not to trade for a month when the month turns out to be a really good one?

 

[wiseambitions]

What is the difference, if any, between trading and investing?

But what is investing? Does FMT count as an investment in any way? Can we compare it to having our money invested in funds? Surely it doesn't have a long enough track record - but I know nothing about funds and what the average length of a fund's track record is.

And what about long term currency risk from the base currency we choose for our trading accounts?

I think I heard a quote along the lines that an investment is a trade gone bad. In other words that someone trading had left a position open awaiting return to break even if not profit!

But I can't think how FMT with an average trade of 2 or 3 hours counts as an investment. Nevertheless I do think the comparison with unit trusts and other collectives is interesting just to prove that FMT gives much greater potential. There is another type of investment product called ETFs (Exchange Traded Funds), some of which are leveraged and working with commodities such as silver, coffee, grain, oil, but even with those I am unaware of any who come close to the productivity of FMT at 5% risk rolled up.

I am mindful of fluctuations in the base currency but I don't think it has enough bearing to worry me in the long run.

 

[tkbieber]

I thought not. That's too bad.It would be nice to see how the EA will perform with other parameters.

Seems like people are having enough of a hard time just being able to change the start and end times. Imagine the confusion and arguments if they were allowed to change the indicator parameters?

 

[tkbieber]

Can US traders open an account with Hotforex, pleae?

Oh yes, I have two accounts with them and live in the USA. You can open one up here.