ForexMorningTrade System

In hindsight I am glad there was 'No Trade' this morning. The price action since then has been very uncertain! Well done FMT :clap:
 
Tenapenny said:
No email from Mark in my inbox and never had a problem receiving any previously from him. Anybody else received one?
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I think illbegentle is confused, there has been no email from Mark judging by consensus of members here.
 
thruster9121 said:
mike1booth said:
I'm sure that most people here know that unlike ECN brokers, SLM (and other retail brokers) take the other side of your trade (read SLM's T&C!). So if you are buying, they are selling - based on the notion that most amateur retail traders lose. This type of broker does not want you to be profitable long term, as this means they lose money! Can you imagine how much they would lose if everyone was trading with FMT - which can be 85% accurate?
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Thruster. It is my understanding and I'm happy to be corrected on this that if you place a trade with your broker and they trade against you (hedge the trade) that they are actually placing both the trades. If your trade size is let's say 1 lot which is 100,000 units of the currency being traded then you are only exposed to in this case a $450.00 loss where the broker are exposed to a $450,000 loss. Considering that the broker only makes a small amount of money on each trade (1-6 pips depending on your broker ofcourse) this is nowhere near enough to support the 95% of all forex traders that loose. So in order to support the losers they cancel every trade out bar the spread with an opposite trade. Therefore wen you win or loose the only money they make is the spread. They don't win when you loose all they done is cancelled out each trade to make their spread.
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"Hello
This is Paul and I wrote the previous email.
I am sorry if we were talking over each other, but you were not listening to me, and I was trying to help, which is why I called you.
It is not our fault you are experiencing problems. Our servers are fine.
The fact that you have other accounts with other brokers with no problems is good, so do I.
I had no problem using FMT today, but then I do not have an issue with MY connection or MY platform.
The issue is YOUR platform or the EA installation on it.
Whether that is the EA directly or the EA conflicting with it or just some glitch with your MT4 platform is difficult to say.
But hopefully a reinstallation will solve this problem.
Regards
Paul
SLM"

Just to point something out - Paul is using FMT, according to his email. He must know the price movement when FMT trades, and if he gets ' his trade' in first, he will gain a few pips advantage, and will disadvantage the delayed clients. Perhaps someone with more broker knowledge may correct me, but isn't this a conflict of interest? (Of course, they'll be nothing in their T & C to say this is wrong!) Its making me think the advantages of SLM in the UK are outweighed by the disadvantages (read ' broker tricks once again!').

I presume its a simple matter to add a delay to the order execution, if you have administrative access to the servers. (Proving it is another matter.)

Regards, Chris
 
Euro_d said:
I think illbegentle is confused, there has been no email from Mark judging by consensus of members here.
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yes sorry i am! i was referring to the journal entries where he stated for May that we switch back to 'old settings'. can someone clarify for me what time this is 6:15 or 6:30? thanks!
 
illbegentle said:
yes sorry i am! i was referring to the journal entries where he stated for May that we switch back to 'old settings'. can someone clarify for me what time this is 6:15 or 6:30? thanks!
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I looked at the journal and I see he writes "changes to standard settings" I read this as meaning changes IN THE standard settings.
 
A great Quote Mark Fric Used at end of Decmenber Journal which I think is worth repeating --- since there is no real topic floating around today:

A psychological help for people who have problem coping with losses – I think about my losses not as the money I lost, but as money I lend to the market. It has to return the money back to me, plus a nice premium.
 
illbegentle said:
yes sorry i am! i was referring to the journal entries where he stated for May that we switch back to 'old settings'. can someone clarify for me what time this is 6:15 or 6:30? thanks!
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Ah yes, after reading Wise's post, I see some confusion.

Please read Mark's entry on 19 April where the new settings are given, don't want to post here on open forum, but start time is 6-15.

Good luck, if you need more clarification feel free to PM me.
 
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podberry said:
mike1booth said:
Guys, I checked forexpeacearmy's broker reviews http://www.forexpeacearmy.com/public/forex_broker_reviews for Smart Live Markets only to be disappointed that they are not even listed on the site. Well, I had to rectify that so I posted Smart Live Markets first review, wasn't a nice one, short and sweet about their shocking customer service. The review was posted today and will appear on the website in the next couple of days after being moderated, please feel free to add your reviews when it's live, after a few reviews we can send the link to Paul to have a good read. :)
Click to expand...

Pod, waiting for Foexpeacearmy is more stressful than trading :LOL:
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JustinSydney said:
thruster9121 said:
Thruster. It is my understanding and I'm happy to be corrected on this that if you place a trade with your broker and they trade against you (hedge the trade) that they are actually placing both the trades. If your trade size is let's say 1 lot which is 100,000 units of the currency being traded then you are only exposed to in this case a $450.00 loss where the broker are exposed to a $450,000 loss. Considering that the broker only makes a small amount of money on each trade (1-6 pips depending on your broker ofcourse) this is nowhere near enough to support the 95% of all forex traders that loose. So in order to support the losers they cancel every trade out bar the spread with an opposite trade. Therefore wen you win or loose the only money they make is the spread. They don't win when you loose all they done is cancelled out each trade to make their spread.
Click to expand...

I thought retail market makers matched buyers to sellers from their own liquidity pool, so if there is an equal amount of "lots" being sold and bought then great. When this is no longer possible they are trading in the real market for you, but also they are taking the opposite side of the trade for themselves (to reduce their exposure). Am I way off the mark here?
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I dont know the answer, but I would guess it is more like thrusters explanation. So they have their own book where they match buyers to sellers - so say someone buys 1 lot of GU, someone else buys a lot of EG then the G's cancel and there is a EU outstanding ( I am simplifying the process but you get the idea). Now either they can hedge the trade in their own liquidity pool (they then have to pay a little) or they just take the other side of the trade (i.e. they are selling EU).

I am not sure of the reasons why a broker would decide not to hedge but to take the other side of the trade - perhaps if the punters are all losers they take the other side - if there are more winers in the pool they hedge - therein lies the key to how they make big bucks.

I would also add that I think most of the issues with freezing prices, slippage etc are to do with the change over from matching clients to hedging in the market. Clients will pay for this changeover not the broker.

For strategies like FMT/TMT, they must get a big demand all in the same direction. I would think they do some GU hedging at 6:15 and 6:30

(would be very interested in a full explanation from an expert)
 
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