As there is so much negativity for Fm and he's trading system recently i thought i give my opinion about all of it.
I am in intermediate time in my trading at the moment, where i have finally found(created) a setup which i feel comfordable with(suits my personality), but there is still that 'missing link' what i am looking(discretionary part). So as many of us, we trawl the internet, going trough mostly the threads/forums what are dealing with mental and discretionary part of trading and trying to find professional traders in hope that something will wear off to us.
I stumbled upon FoMo "live" tread around christmas time and started following. It was interesting, specially following MM progress, because you could see his struggles and frustration over the january and the beginning of february, reminding exactly what i have been going through and still do. But then, MM started to become quite good at trading(i have never seen it happening in front of my eyes like that). He was clearly putting the hours in, trying out FoMo tips, trading over night the gold and EA and then 9 AM back in "LIVE" thread. I was hooked, i started reading through FoMo older posts(man, that was a struggle
) and trying to understand what he was writing.
So how has his live thread helped me personally:
1. I used classical setups in my trading before, eg. you stick to your entry, sl, exit and trade management before entering the trade. So very often i saw my trade go lets say 7 pips positive before turning and hitting my sl at -10. After reading FoMo suggestions, i started bailing trades in +1/-1 pips. I also started giving more attention to my sl positions(-5 as FoMo suggests), which in return turned my attention to perfecting the entries(eg. momentum). Only this point probably has made more difference to my trading than anything else i have tried in last 2-3 years!!!
2. So very often after having lets say 2 losses in a row, i used to be clued to my screen, stressing out, trying to get my money back, which offcourse snowballed the losses. I have started taking constant brakes now, as per FoMo suggestion, trying to clear my mind, and you know what, it is working!
3.I am also using more partial TP(as per FoMo) in my targets, always leaving something trailing. Still bit struggling with leaving them on and leaving the PC tho.
Conclusion:
I am not really interested of his rainbow(his system) setups at the moment, as there is more information than i need and i like to see the price. But i am definetely very interested of his thinking behind taking the trades and exiting them(which i was hoping this thread will be!). I have tried out his timeframes, but at this moment they are not much help to me either. Overall, i have no proof if he is a profitable trader(but i believe he is), but what i do know HE HAS HELPED ME IN MY TRADING and there is definnetely at least 1 or 2 other traders(MM) who he has helped in his tread. When was last time, you the old timers read a thread that you could say helped you in your trading? I wouldnt mind if you post the link to it so i could educate myself in some other angle in trading which would help me in the long run! But in the meantime, would be nice if you let this and other thread just be, because there are quite a view of us who are interested of reading what MoFo has to say!
