ForexMorningTrade System

[bluedancer]

bluedancer,
I don't believe your demo broker cancelled your August account history ? Just open it , right click, then see menu to select "last month", "3 months" or "all history" and presto ! there you have it !

cheers !

Oh crap LOL I knew that! great, now I will have all my history on this system. yay. The first 2 trades hit the 30 pip trailing stop. The last trade I closed before news. Plus I am playing demo with high risk!!

Alpari (US), LLC.

Account: 1040934 Name: chenoa Currency: USD 2010 September 3, 21:50
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
12476283 2010.08.23 20:44 balance Deposit 10 000.00
12497140 2010.08.26 07:30 buy 1.00 gbpusd 1.55560 1.55580 1.55960 2010.08.26 09:34 1.55580 0.00 0.00 0.00 20.00
12504615 2010.08.27 07:30 sell 3.00 gbpusd 1.55244 1.55176 1.54844 2010.08.27 09:41 1.55176 0.00 0.00 0.00 204.00
12512007 2010.08.30 07:30 buy 3.00 gbpusd 1.55256 1.55353 1.55656 2010.08.30 09:51 1.55656 0.00 0.00 0.00 1 200.00
12521106 2010.08.31 07:30 sell 4.00 gbpusd 1.54569 1.54482 1.54169 2010.08.31 08:41 1.54169 0.00 0.00 0.00 1 600.00
12538610 2010.09.02 07:30 sell 4.00 gbpusd 1.54414 1.54814 1.54014 2010.09.02 08:06 1.54014 0.00 0.00 0.00 1 600.00
12544669 2010.09.03 07:30 buy 4.00 gbpusd 1.54128 1.54140 1.54528 2010.09.03 09:53 1.54362 0.00 0.00 0.00 936.00
0.00 0.00 0.00 5 560.00
Closed P/L: 5 560.00

 

[Paris Hilton]

What's every one trading their live account with? I 'm using 7.5%. I thought of 5% or 10% then i settled with 7.5%. It should be safe enough but allow for good growth. Paris

 

[808]

Anyone going to trade this monday as it is a US holiday. Paris, I am sticking to 2% I have learned my lesson the hard way trading such a high percent of my account. Oh, and can I borrow your purse.

 

[ComeBackJeffrey]

What's every one trading their live account with? I 'm using 7.5%. I thought of 5% or 10% then i settled with 7.5%. It should be safe enough but allow for good growth. Paris

Well, some veteran traders would tell you that anything over 2% is too risky. I'm not sure I would agree with that. I'm using 5%. If you look at my previous post, it looks like FMT could be winning at something over 60%.

That being the case, the most important element of any strategy is money management. Every evening (I'm here on the east coast of the US) I check my lot size to control any loses. My favorite site (there are lots of them) is http://www.forexcalc.com/. Just put in your account balance, risk percentage, and stop-loss in pips, and it will tell you your lot size for the next trade.

 

[Paris Hilton]

Anyone going to trade this monday as it is a US holiday. Paris, I am sticking to 2% I have learned my lesson the hard way trading such a high percent of my account. Oh, and can I borrow your purse.

yes, i'm trading all holidays. Paris

 

[nitethinker]

JOHNCO,

thanks for the response but what I'm looking for are my EA Logs. There is nothing in the Log file for the past few days - wanted to send it to MArk to see if he can figure out why my EA will not take trades.

Thanks
Mitch

Mitch,
On 2 Sept, I was running the EA on 3 different brokers' accounts, 2 took trades, 1 didn't, I checked the log, there is nothing in the log that indicate any trade execution nor any error. 3 Sept, all 3 accounts entered the trades properly. Log file for 3 Sept does have entries showing the operations of the EA. So I think it could be right that you can't find any log for trades that failed to open... But that means it is difficult to troubleshoot, with so many possibilities, including lot size restriction, avail margin, etc...
Nitethinker

 

[mitchp]

Mitch,
On 2 Sept, I was running the EA on 3 different brokers' accounts, 2 took trades, 1 didn't, I checked the log, there is nothing in the log that indicate any trade execution nor any error. 3 Sept, all 3 accounts entered the trades properly. Log file for 3 Sept does have entries showing the operations of the EA. So I think it could be right that you can't find any log for trades that failed to open... But that means it is difficult to troubleshoot, with so many possibilities, including lot size restriction, avail margin, etc...
Nitethinker

I think I'm just going to reload everything and start from scratch. I was playing with the TP/SL, found that for the last month and half 30/40 has performed much better than 40/40. Wonder if that through the EA off (cant believe that would do it, but....).

Mitch

 

[JOHNCO]

JOHNCO,

thanks for the response but what I'm looking for are my EA Logs. There is nothing in the Log file for the past few days - wanted to send it to MArk to see if he can figure out why my EA will not take trades.

Thanks
Mitch

You got me on that one.

 

[civfan]

Hi all.

Marc transparency on his system get me hooked on this thread. So I am thinking maybe buy his ea and give it a try.
But, even if his ea worth buy it, with all due respect, dont you guys think that you are all optimistic too soon?
I mean, don´t get me wrong, please, but here http://www.forexmorningtrade.com/trading-journal/
we just can see one month and one week of results testimony, and, consider the first month, this ea win 9 and loss 8. So it only perform 40 pips, and experienced 4 consecutive losses in one period!

Of course, in other hand, since many of ppl around start testing it by the end of august and first week of september, then yes, in the last couple of weeks it catch some wins (two trades for september, and two wins).

I mean, what would be great is if somehow Marc could show some live verified account on myfxbook for at least one year or so. That will boost the confidence on this system and will be much more important than showing backtests.

Just MHO, please have an open mind on this.

Good luck to all, and I may join in the near future the test for this ea.

 

[ComeBackJeffrey]

Hi all.

Marc transparency on his system get me hooked on this thread. So I am thinking maybe buy his ea and give it a try.
But, even if his ea worth buy it, with all due respect, dont you guys think that you are all optimistic too soon?
I mean, don´t get me wrong, please, but here http://www.forexmorningtrade.com/trading-journal/
we just can see one month and one week of results testimony, and, consider the first month, this ea win 9 and loss 8. So it only perform 40 pips, and experienced 4 consecutive losses in one period!

Of course, in other hand, since many of ppl around start testing it by the end of august and first week of september, then yes, in the last couple of weeks it catch some wins (two trades for september, and two wins).

I mean, what would be great is if somehow Marc could show some live verified account on myfxbook for at least one year or so. That will boost the confidence on this system and will be much more important than showing backtests.

Just MHO, please have an open mind on this.

Good luck to all, and I may join in the near future the test for this ea.

Absolutely correct. Backtesting has it's limitations.

But a 5 week sample can hardly be considered conclusive as well, wouldn't you agree?

The value of backtesting, to me, is comparative, and in that regard FMT stacks up very well with other ea's I've seen.

Doing a manual assessment going back to the beginning of this year convinces me that this system can work.

I spent some time with Russ Horn's Forex Rebellion. It is technically sound, but the problem was that all of the best trades occurred during the London session. Not very convenient here on the east coast. Russ always talked about doing an ea, but so far nothing. FMT's ea, I believe, does what Russ should have done.

I chuckled when I saw Mark's first few posts, and he said something like, "Well, 3 wins and 2 loses. Kind of a slow start." Huh?

 

[hammy66]

civfan,
Yes, it's only the EA that is new, the manual system has been around awhile and history shows it has done better than just ok, in my opinion. I don't know why you would hesitate to get this robot ? It will pay for itself in a week or two, or you can get a refund.

 

[civfan]

Is not the price neither the refund that make me think twice before buy an ea nowadays. Is in fact the performance, and the possible loss that can occur when trading it.

But, you have a point, I didnt check the manual performance yet. Do you know about any publish account statment with this system with one year history or more?

I ´ll maintain that I like very much the clean approach from the vendor , as it seems in my first glance, but consider the journal, I wouldnt say that the journal shows a more than ok performance: one month (august) with 9 against 8 loss (so 40 pips profit), which includes 4 loss in a row.

 

[aagarcia]

Is not the price neither the refund that make me think twice before buy an ea nowadays. Is in fact the performance, and the possible loss that can occur when trading it.

But, you have a point, I didnt check the manual performance yet. Do you know about any publish account statment with this system with one year history or more?

I ´ll maintain that I like very much the clean approach from the vendor , as it seems in my first glance, but consider the journal, I wouldnt say that the journal shows a more than ok performance: one month (august) with 9 against 8 loss (so 40 pips profit), which includes 4 loss in a row.

More than a year is on his website. forexmorningtrade.com

 

[jimmac7]

I was very interested in your post, hammy, because I noticed the same thing. Or at least I thought I did. I set my TP/SL at 30 for both. Two good trades. Then I decided to do some backtesting on the MT4. The results (using 18 months of data) surprised even me. Starting with a 3000.00 deposit:

30 TP/30 SL: 59.36% winners (not bad; I've always considered 60% to be the magic number). Net profit: 1230.00

30/40: 68.49% (yikes!). Net profit: 1740.00

40/40: 68.63%. Net profit: 2200.00

And from 30/30 to 40/40 the equity curve gets smoother all the way.

Quick question:


Looks like Mark is right...

Throw in good money management on the way up, and this thing could be a rocket to Mars...

Does your backtesting win % include NO TRADES, or just the win/lose ratio? Obviously, the answer affects the robability ratio. Thanks!!

 

[ComeBackJeffrey]

Does your backtesting win % include NO TRADES, or just the win/lose ratio? Obviously, the answer affects the robability ratio. Thanks!!

Yes, maybe I should have made that clearer.

In the 18 month backtest, I believe there were something like 220 trades total (I'll have to run it again this evening when the markets are back up to be sure), so there were quite a number of no trade days during that period. That works out to about 56% trading on all available trade days. Which, frankly, now that I think of it, seems a bit low.

As I've said before, we have to take backtesting for what it's worth. In other words, your mileage may vary. But if you test one ea, and you get 50% wins, and you test another and you get 60%, I have to conclude that the 60% bot is worth running.

I'll run it again and come back with the exact figures.

BTW, I think I'll take a look at the GBPJPY pair and test that. Just for the hell of it...

 

[traderathome]

Does your backtesting win % include NO TRADES, or just the win/lose ratio? Obviously, the answer affects the robability ratio. Thanks!!

do i see some of donnafx members here:clap:
hammy , civfan james france ...nice to see you all:cheesy:

 

[hammy66]

Hi trader !

good to see you here also !
I'm here to follow this exciting robot, I really think it has potential.
I have learned something by reading the posts here from those that have been trading this system for awhile and of course Mark, he's great !

good luck !

 

[c0py]

Just done some testing using EURUSD pair comparing results to the recommended pair GBPUSD, some very interesting results:

each pair using:

start balance - $400
lot size - 0.1 (10% risk)

date range - 2010.01.01 -> 2010.09.05

-------------------------
GBPUSD

trade hour - 7
trade minute - 30

total trades - 83
profit trades - 49 (59.04%)

drawdown - 26.15%

total profit - $600
end balance - $1000

-------------------------
EURUSD

trade hour - 16
trade minute - 30

total trades - 85
profit trades - 55 (64.71%)

drawdown - 17.01%

total profit - $983.97
end balance - $1383.97

For this year EURUSD seems to have performed better than GBPUSD, I will try and spend some time backtesting further to see if it holds up.

 

[Prof8t]

Just done some testing using EURUSD pair comparing results to the recommended pair GBPUSD, some very interesting results:

each pair using:

start balance - $400
lot size - 0.1 (10% risk)

date range - 2010.01.01 -> 2010.09.05

-------------------------
GBPUSD

trade hour - 7
trade minute - 30

total trades - 83
profit trades - 49 (59.04%)

drawdown - 26.15%

total profit - $600
end balance - $1000

-------------------------
EURUSD

trade hour - 16
trade minute - 30

total trades - 85
profit trades - 55 (64.71%)

drawdown - 17.01%

total profit - $983.97
end balance - $1383.97

For this year EURUSD seems to have performed better than GBPUSD, I will try and spend some time backtesting further to see if it holds up.

From the looks of your setup above, you are testing the EUR/USD during NY open?

 

[Prof8t]

Yes, maybe I should have made that clearer.

In the 18 month backtest, I believe there were something like 220 trades total (I'll have to run it again this evening when the markets are back up to be sure), so there were quite a number of no trade days during that period. That works out to about 56% trading on all available trade days. Which, frankly, now that I think of it, seems a bit low.

As I've said before, we have to take backtesting for what it's worth. In other words, your mileage may vary. But if you test one ea, and you get 50% wins, and you test another and you get 60%, I have to conclude that the 60% bot is worth running.

I'll run it again and come back with the exact figures.

BTW, I think I'll take a look at the GBPJPY pair and test that. Just for the hell of it...

How about a test of the GBP/JPY at Asian open? Start time at 00:15 or 00:45?