ForexMorningTrade System

[Jashfx]

My first account got in on time and then the usual mayhem.

All other SLM accounts were 4.3 pips and over a minute behind.

I re-installed etc over weekend. This is just not right.

Read this, I posted late last night:

http://alansforexblog.com/2008/04/20/proof-that-forex-brokers-cheat-you/

I'm thinking it's just better to go to a broker and pay the tax. At least one doesn't have to waste so much time and strife on this cr*p.

Im thinking the solution for us living here in the UK is to open an account with IG Index and trade manually. Ofcourse its not always possible for everyone but if you can -- just use the signals and trade manually. Use the 10/40 strategy where we dont use Break even ( cause we cant use the EA as there is no MT4)

Move majority of funds to a broker that seems to be more reliable (Think Fx or Alpari UK) to trade the standard FMT and only when you are starting to earn more than 10K per year worry about Tax implications. Who knows by the time you need to start seriously considering TAX implications:
1)perhaps SLM has sorted its Sh1te out
2)perhaps more brokers have gone the route of SLM and offer MT4 spread betting
3)perhaps tax laws in the country have changed.

If you married, then I suppose as one grows an account, a second could be opened in your wife's name instead of yours thereby allowing more tax free income into househould before worrying about paying tax.

By this time -- Your IG index account would probbaly be compounding like crazy, Which is all tax free anyway. Infact any no break even strategy, (10/40, 40/40, 28/40) could be used on the IG index and we could still benefit from tax free money.

 

[podberry]

I think your idea of polls is great and gives some "feel" for peoples satisfaction with FMT.
However, call me cynical if you like but I am not sure that people are clinically correct (aka honest) with their answers.

Also, care needs to be taken with the question:
For example, someone might say "I have doubled my account since August 2010".
Is that demo or live? is it theory based on all signals? Etc, etc.

For me, I see significantly greater value in yours, wise and desert eagle's (among others) analysis whereby you give the pips possible since a specif date.
That is clinical and it follows that it is irrelevant of the $ amount made as is whether the trades were actually taken.

sorry, I really do not mean to take anything out of the value of the polls but that is my opinion, perhaps it is the engineer in me?

That said, I will contribute to the poll in the spirit that I know you mean it to be taken, for the general benefit of all here.

All the best,

Thanks for your feedback Euro_d, You may be right in that some people are skewing the polls by not being honest, but at the end of the day the poll is anonymous so I can't see how they will benefit from telling "porkies". Maybe what I'll do tomorrow is have a poll to see if I should continue with the polls or not. Must say the responses have been good so far, beats our UK national polling turn out figures

 

[podberry]

Im thinking the solution for us living here in the UK is to open an account with IG Index and trade manually. Ofcourse its not always possible for everyone but if you can -- just use the signals and trade manually. Use the 10/40 strategy where we dont use Break even ( cause we cant use the EA as there is no MT4)

Move majority of funds to a broker that seems to be more reliable (Think Fx or Alpari UK) to trade the standard FMT and only when you are starting to earn more than 10K per year worry about Tax implications. Who knows by the time you need to start seriously considering TAX implications:
1)perhaps SLM has sorted its Sh1te out
2)perhaps more brokers have gone the route of SLM and offer MT4 spread betting
3)perhaps tax laws in the country have changed.

If you married, then I suppose as one grows an account, a second could be opened in your wife's name instead of yours thereby allowing more tax free income into househould before worrying about paying tax.

By this time -- Your IG index account would probbaly be compounding like crazy, Which is all tax free anyway. Infact any no break even strategy, (10/40, 40/40, 28/40) could be used on the IG index and we could still benefit from tax free money.

I like your thinking Jashfx, is IG index one of the best out there ? Suppose wiseambitions would have more to add on that point of brokers.

 

[magicdogsbrain]

-46.4 on SLM. Error 6 again on SLM for 15 seconds - trade opened on second attempt. Luckily trade price exactly the same on ThinkForex.

1.6 pips slipped on exit.

 

[Jashfx]

I like your thinking Jashfx, is IG index one of the best out there ? Suppose wiseambitions would have more to add on that point of brokers.

I cannot honestly say as I dont know. I have been on their website today reading up. Have opened account -- even easier than SLM but its not funded yet.

Perhaps Wise could give us his thoughts cause its still pretty new to me.

 

[RobM.]

Im thinking the solution for us living here in the UK is to open an account with IG Index and trade manually. Ofcourse its not always possible for everyone but if you can -- just use the signals and trade manually. Use the 10/40 strategy where we dont use Break even ( cause we cant use the EA as there is no MT4)

Move majority of funds to a broker that seems to be more reliable (Think Fx or Alpari UK) to trade the standard FMT and only when you are starting to earn more than 10K per year worry about Tax implications. Who knows by the time you need to start seriously considering TAX implications:
1)perhaps SLM has sorted its Sh1te out
2)perhaps more brokers have gone the route of SLM and offer MT4 spread betting
3)perhaps tax laws in the country have changed.

If you married, then I suppose as one grows an account, a second could be opened in your wife's name instead of yours thereby allowing more tax free income into househould before worrying about paying tax.

By this time -- Your IG index account would probbaly be compounding like crazy, Which is all tax free anyway. Infact any no break even strategy, (10/40, 40/40, 28/40) could be used on the IG index and we could still benefit from tax free money.

I'm in broad agreement.

I am inclined to simply trade 10/40 with Alpari UK and pay the tax if required. They truly are the re-quote kings, as I heard it put the other day, but with 10/40 that's not too important. Crucially, for me, I don't have to worry about Alpari UK. They are big, safe and reliable. Worrying about a broker/spreadbetting firm comes under risk-management and should therefore be #1 on everyone's list of don't dos.

In a year the reviews, the competition and trading experience will put SLM in whatever place they have earned.

For the time-being there's no tax for me, anyway.

 

[hammy66]

FMT for me this morning, (45-35-25-5) Forex.com-UK broker

6:15 start, long signal, hit SL -50 pips
6:30 start, No Trade
6:45 start, No Trade (half lots)

total today, -50 pips

weekly total -50 pips

 

[podberry]

FMT for me this morning, (45-35-25-5) Forex.com-UK broker

6:15 start, long signal, hit SL -50 pips
6:30 start, No Trade
6:45 start, No Trade (half lots)

total today, -50 pips

weekly total -50 pips

Hi Hammy, how did you land up with -50 pips on today's trade, was it slippage ?

 

[hammy66]

Hi Hammy, how did you land up with -50 pips on today's trade, was it slippage ?

Hi pod !

yes, slippage ! , if you look at the chart there was a very abrupt spike that FMT couldn't close in time to keep damage to 45 pips, so yes, 5 pip slippage. Sometimes it works in our favour , but not today ..

cheers !

 

[Kinger]

Surely You Mean 1st of June

more coffee ... :whistling

 

[sngb240]

Thanks. That corrected it!!

We're on Daylight savings time. The manual says 8:30 for FXDD, but that's Standard time.

Looks like to me you need to set your EA back an hour to 07:15 and or 07:30 until the time changes later this year. Depending upon where you're located, the correct trading time here on the East coast of the U.S. would actually be 1:15, and 1:30 a.m. Though remember, the broker and London's time changes are not necessarily changed forward or back on the same weekend, so you need to be careful during those time changes each Spring and Fall.

To check the correct times you need go to the World Clock website.

 

[Euro_d]

Just a little on spread betting.
I used to use IG when I was busy trading indices, still have the account open but have not used for a year or so.

I have only one comment, excellent! good customer service and helpful, reasonable spreads.

Now am totally FX, use Alpari UK, again, no issues, no problems.

That said, I personally would stick to MT4 for FMT, when you are 10k in profit then you have enough cash to engage a good accountant.
Really, unless you a big player then dont get hung up about "what iff´s". If you are a big player then you probably arent reading this.

Talk tomorrow...

 

[truly]

Just a little on spread betting.
I used to use IG when I was busy trading indices, still have the account open but have not used for a year or so.

I have only one comment, excellent! good customer service and helpful, reasonable spreads.

I agree. I use IG for all trading, FMT and everything else. Never had a problem, never slipped, etc. I don't know why people are still messing about with these SLM crooks – well I do, because of MT – especially with the tone from the support desk.

 

[podberry]

Morning all, looks like we are stuck at the top of a 74 pip range since yesterday morning, must admit I don't like the price action at the moment but will stick to the rules.

 

[podberry]

Morning all, looks like we are stuck at the top of a 74 pip range since yesterday morning, must admit I don't like the price action at the moment but will stick to the rules.

to add, a short trade would be better than a long

 

[Euro_d]

Morning all,

Agreed, seems like we are in for a short. Plenty of room to breath to the overnight lows.

be aware of German CPI at 7 UK and UK trade balances at 9-30 and inflation at 10-30,
good luck!

 

[michaelsa]

to add, a short trade would be better than a long

Morning Pod and Everyone else,

Looks like you got your wish,

Short FXDD Live EA.

M

 

[jabu99]

Yep short Oanda. Good luck all! Here's to a full house for a change

 

[podberry]

Brilliant, indicators were in long mode just before 6am, happy with a short now -Oanda

 

[shoot2scoot]

SLM Short...06.15