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Sandy,
Nice to see you here, this is a really good system. Too bad no trade today
Mitch
Hey Mitch! Great to see you too 🙂 Yes no trade on FXDD but it's nice to have a system that keeps you out of bad trades!
Sandy
I like the way the Ea can keep you out of a trade...too much movement already. Hello to Clint from NZ...I am in Christchurch and trade this live with Latitude Fx in Auckland. We are in an ideal time zone to trade this after work, although I haven`t had much success with breakout strategies until now. I am on 32 pips TP although it appears that 40 has worked long term. I lost a few trades by a pip or two and wanted a bit of confidence early on with this system. The support from Marc is excellent as well. I am also watching the way the move can take off in the opposite direction after the trade closes. An early poster has had some success chasing that,I`m just watching for now.
I`ve also noticed a couple of posters on here from Daily Index Trader thread, I sent mine back yesterday and got a prompt refund. I will be keeping this one. Good luck to everyone.
I`ve also noticed a couple of posters on here from Daily Index Trader thread, I sent mine back yesterday and got a prompt refund. I will be keeping this one. Good luck to everyone.
Just wanted to share that I took a GU Long on demo last night just to see if the uptrend was exhausted or not. It hit my 30 pip TP in about 1 1/2 hours. Also looks like it would have hit a 40 pip TP. Momentum went as high as 101.16!
I wouldn't take that trade on a live account though. Too much risk. One of the things I really like about this method is the risk toreward.
One addition to the EA that would be great is if it had TP1 and TP2. So as an example we could set TP1 to 30 pips and TP2 to 40 pips. Or TP2 to 80 pips or higher and use a trailing stop to capture a part of the bigger moves. I used to use a trade manager that let you do that. I may try that approach on demo next week if I can find a little time to set it up.
Sandy 🙂
I wouldn't take that trade on a live account though. Too much risk. One of the things I really like about this method is the risk toreward.
One addition to the EA that would be great is if it had TP1 and TP2. So as an example we could set TP1 to 30 pips and TP2 to 40 pips. Or TP2 to 80 pips or higher and use a trailing stop to capture a part of the bigger moves. I used to use a trade manager that let you do that. I may try that approach on demo next week if I can find a little time to set it up.
Sandy 🙂
what settings are you guys using here? and what timeframe and time are you taking your signals?
thing about systems like these is that i don't actually understand WHY it works, maybe it's traders entering early in the morning based on the direction of recent
thing about systems like these is that i don't actually understand WHY it works, maybe it's traders entering early in the morning based on the direction of recent
bluedancer
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One addition to the EA that would be great is if it had TP1 and TP2. So as an example we could set TP1 to 30 pips and TP2 to 40 pips. Or TP2 to 80 pips or higher and use a trailing stop to capture a part of the bigger moves. I used to use a trade manager that let you do that. I may try that approach on demo next week if I can find a little time to set it up.
Sandy 🙂
It's easy though. Put the EA on 2 charts and use 2 different settings. Change the magic number on one of them and you have 2 trades going at the same time. Just divide your lot size in 2.
😉 Blue
It's easy though. Put the EA on 2 charts and use 2 different settings. Change the magic number on one of them and you have 2 trades going at the same time. Just divide your lot size in 2.
😉 Blue
Yes you are correct blue. Have you tried this with success?
bluedancer
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Yes you are correct blue. Have you tried this with success?
yes it works 🙂
yes it works 🙂
Thanks. I think I will give this a try tonight. 🙂
yes it works 🙂
What do you recommend the TS be set to?
bluedancer
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What do you recommend the TS be set to?
Right now I am not using the trailing stop. But before when I used it and put on 2 trades, I used TS of 40. Personally I would use one or the other, but not both the TS and move to BE. If you are awake and can set your own trailing stop, I would prefer that one because it only kicks in when in profit by the amount of the TS. The TS of the EA starts as soon as the trade moves one pip. If I am going for 80+ pips I would go sl40 and move to be 24 and then attach the basic mt4 ts40 after the trade is open.
Right now I am not using the trailing stop. But before when I used it and put on 2 trades, I used TS of 40. Personally I would use one or the other, but not both the TS and move to BE. If you are awake and can set your own trailing stop, I would prefer that one because it only kicks in when in profit by the amount of the TS. The TS of the EA starts as soon as the trade moves one pip. If I am going for 80+ pips I would go sl40 and move to be 24 and then attach the basic mt4 ts40 after the trade is open.
So if you are awake and in profit you would wait until you were up 40 pips and then attach and set the TS to 40? If I am not awake then maybe a TS of 10 while maintaining the BE of 24?
bluedancer
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So if you are awake and in profit you would wait until you were up 40 pips and then attach and set the TS to 40? If I am not awake then maybe a TS of 10 while maintaining the BE of 24?
No as soon as the EA takes the trade I would manually add a TS to the open trade. The manual TS only kicks in once you are in profit by the amount of the TS. If you set it at 40, it will start once you are 40 pips in profit. To set a manual TS, set the curser on the trade, right click and do a custom trailing stop to 40 points, or 400 if you have a 5 digit broker.
If you put your TS at 10 in the EA you will be knocked out of the trade pretty quick as that TS follows pip by pip from open price.
Has anyone in the US figured out how to get around this?
NEW RULES EFFECTIVE OCT 18 2010 for U.S RESIDENTS ONLY
• 50:1 margin on the four U.S crosses Euro/USD ,Gbp/USD, USD/Jpy and USD/Chf
• 20:1 margin on all other pairs offered ie Gbp/Jpy ect (These margin levels can be reduced at any time by the CFTC)
• NO HEDGING of positions will be allowed. Currently if you are at an off shore entity you can hedge
• FIRST IN FIRST OUT.(FIFO) If you have multiple positions on a pair you must close them out in order which they were opened
CURRENT RULES NOW IN EFFECT FOR U.S RESIDENTS
• 100:1 MARGIN ON ALL PAIRS. This means that you now receive $10.00 per pip for every standard lot you trade. Some of you trade at 200:1 margin which gives you an even higher payoff when you have a winning trade.
• HEDGING. If you trade at off shore entities you may hedge positions
• FIRST IN FIRST OUT. If you are trading off shore you may close any of your positions in any order you please
EFFECTS OF THE CHANGES
• On Oct 18 2010 you will receive from $2.00 to $5.00 for every pip traded depending on the pair. You will need up to 5 times the amount of money to do the same transactions you conduct today
• HEDGING. You will not be able to use any Hedging strategies moving forward
• FIRST IN FIRST OUT. You will no longer be able to choose the order in which you can close your trades.
NEW RULES EFFECTIVE OCT 18 2010 for U.S RESIDENTS ONLY
• 50:1 margin on the four U.S crosses Euro/USD ,Gbp/USD, USD/Jpy and USD/Chf
• 20:1 margin on all other pairs offered ie Gbp/Jpy ect (These margin levels can be reduced at any time by the CFTC)
• NO HEDGING of positions will be allowed. Currently if you are at an off shore entity you can hedge
• FIRST IN FIRST OUT.(FIFO) If you have multiple positions on a pair you must close them out in order which they were opened
CURRENT RULES NOW IN EFFECT FOR U.S RESIDENTS
• 100:1 MARGIN ON ALL PAIRS. This means that you now receive $10.00 per pip for every standard lot you trade. Some of you trade at 200:1 margin which gives you an even higher payoff when you have a winning trade.
• HEDGING. If you trade at off shore entities you may hedge positions
• FIRST IN FIRST OUT. If you are trading off shore you may close any of your positions in any order you please
EFFECTS OF THE CHANGES
• On Oct 18 2010 you will receive from $2.00 to $5.00 for every pip traded depending on the pair. You will need up to 5 times the amount of money to do the same transactions you conduct today
• HEDGING. You will not be able to use any Hedging strategies moving forward
• FIRST IN FIRST OUT. You will no longer be able to choose the order in which you can close your trades.
bluedancer
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Has anyone in the US figured out how to get around this?
NEW RULES EFFECTIVE OCT 18 2010 for U.S RESIDENTS ONLY
• 50:1 margin on the four U.S crosses Euro/USD ,Gbp/USD, USD/Jpy and USD/Chf
• 20:1 margin on all other pairs offered ie Gbp/Jpy ect (These margin levels can be reduced at any time by the CFTC)
• NO HEDGING of positions will be allowed. Currently if you are at an off shore entity you can hedge
• FIRST IN FIRST OUT.(FIFO) If you have multiple positions on a pair you must close them out in order which they were opened
From my study of FMT I have found the highest risk you should ever use is 8% and I believe a lower risk is recommended. You can still do this with only 50:1 leverage. So FMT rules of 40p SL should still work for these new rules. You just have to be careful if you use other EAs for the GBP/USD on the same account.
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It's easy though. Put the EA on 2 charts and use 2 different settings. Change the magic number on one of them and you have 2 trades going at the same time. Just divide your lot size in 2.
😉 Blue
Thanks Blue. That would be a lot simpler wouldn't it? Lol. 😀
Sandy
From my study of FMT I have found the highest risk you should ever use is 8% and I believe a lower risk is recommended. You can still do this with only 50:1 leverage. So FMT rules of 40p SL should still work for these new rules. You just have to be careful if you use other EAs for the GBP/USD on the same account.
I'd rather use 2% per trade. There's less stress because there's no risk of blowing up the account. One of my favorite things about FMT is the risk:reward. 50:1 leverage is fine if you have realistic money management.
For other reasons though I am looking into at least 1 offshore broker that will accept US citizens and offers 100:1.
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