Massagedoc
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Did you trade today?
Tenapenny
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Patience Charles! Trading is a marathon not a sprint. :smart:
wiseambitions
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Mark Fric sent a report round last week discussing his review of a new system called Forex U Turn which has just hit the market. In consequence of this I purchased a copy of the system and have been trying to understand it for myself. The strategy seems to relate to any currency pairs, not just GBP/USD, and in multiple timeframes, but doesn't involve any suggested start times eg 6.30 GMT and the templates don't calculate automatic TP and SL targets. It leaves a lot to personal interpretation of the indicators so chart reading skills are still desirable. A couple of the indicators look like SMAs or EMAs, one shadowing the other with a small shift so that reversals then look like M or W. There is another indicator which is meant to filter out some of the whipsaw. As it doesn't say what the method is I cant tell whether it's something to do perhaps with momentum, RSI, DMI, CCI, etc. but anyway these show as red or blue blobs at the bottom of the chart and change colour when the trend reverses. Unlike FMT there are no long term results in the advertising material nor in the manual which comes with it by which to verify how the system has performed for everybody or for particular strategies that people might wish to implement built around it.
The author also sends out a daily email explaining some of the setups that wise guys might have profited from in previous hours.
I have to say that despite the publisher claiming it to be a simple system and suitable even for beginners, I find it far from easy to understand. Maybe it will work for some people but I'm afraid I haven't got the time nor the intuition nor the chart reading skills to make it work best for me.
FMT has much more going for it in my opinion.
Congratulations to Mr Fric for coming up with something that's clear and straight forward and which has a track record that can be demonstrated. Nobody can refute that following the system blind has made well over 1000 pips in the last 6 months, and over 1800 since 1 January. If trading conditions continue in similar fashion, and hopefully if amendments to SL, TP and the restting of SL to BE as recently recommended improve those results then we should all be very happy in spite of short term bad luck.
There are probably people for whom the system generates enough income for them to support their lifestyle, and it would be interesting to hear from them. Definitely it is my intention to make FMT work hard for me too, and for the time being I will stick with the currency pair for which the most credible results are available
The author also sends out a daily email explaining some of the setups that wise guys might have profited from in previous hours.
I have to say that despite the publisher claiming it to be a simple system and suitable even for beginners, I find it far from easy to understand. Maybe it will work for some people but I'm afraid I haven't got the time nor the intuition nor the chart reading skills to make it work best for me.
FMT has much more going for it in my opinion.
Congratulations to Mr Fric for coming up with something that's clear and straight forward and which has a track record that can be demonstrated. Nobody can refute that following the system blind has made well over 1000 pips in the last 6 months, and over 1800 since 1 January. If trading conditions continue in similar fashion, and hopefully if amendments to SL, TP and the restting of SL to BE as recently recommended improve those results then we should all be very happy in spite of short term bad luck.
There are probably people for whom the system generates enough income for them to support their lifestyle, and it would be interesting to hear from them. Definitely it is my intention to make FMT work hard for me too, and for the time being I will stick with the currency pair for which the most credible results are available
IMO you went in an hour early - check your settings... There was clearly a no trade message for FMT this morning.
Today was a no trade how can you have 4 straight losses? Unless you are trading another EU.
I believe the FMT manual is a guide, not scripture. I trade at 1:30am ET, 365 days per year (except weekends). Read my posts from last night to find out why.
Thanks.
Your lot size is going up so its compounding. Is this a function of the money management setting int the EA?
Cobber,
Yes, i set the MM to 10% from the equity thats why the growth was around 300%.
By the way i forgot to mention the settings, you will find it as follows:
Target: 20 pips
Stoploss: 40 pips
risking = 10% <-== not recommended it was only for testing, if you check the max drawdown was around 30% !!! in reality i will not risk more than 3% for this pair.
Starting hour: 23:30 for FXDD which is 21:30 because FXDD +3 GMT.
Yes, i set the MM to 10% from the equity thats why the growth was around 300%.
By the way i forgot to mention the settings, you will find it as follows:
Target: 20 pips
Stoploss: 40 pips
risking = 10% <-== not recommended it was only for testing, if you check the max drawdown was around 30% !!! in reality i will not risk more than 3% for this pair.
Starting hour: 23:30 for FXDD which is 21:30 because FXDD +3 GMT.
wiseambitions
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I bet if you ran the same period for FMT for GBP/USD, using the 40TP and 40SL, and 6.30am start time and the same risk and lot size increments, you'd have ended up with a bigger account. FMT produced 400 pips in both June and July which would have massively helped
Again, look at London open, 8:00 A.M LONDON time, go back 1.5 hrs. That's when you trade. Whatever your server BAR time is, that is your setting.
By the way, if your server moved with the time change, you don't need to move anything. Example. TDFX moved with London time so no setting change. However, FXDD did not move so it needed 1 hr move ahead. This is only for 1 week as I suspect FXDD will change this Sunday again and I'll be moving setting back again 1 hr. :idea:
I didn't get a trade with FMT but I did with my extended version so an ok day today.
and what is your extended version?
Tenapenny
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I have the EA start 2 hrs before London open and as soon at the indicators line up within two hrs from start, the EA will take the trade. Last night, EA took a buy, wend down 30 pips but then ended in profit. Many times the exact hr FMT starts the indicators are not aligned but if it started a little earlier or just a few minutes later, the indicators would be lined up and a profitable trade would be there. See live trades.
In my opinion, anyone performing backtests of FMT are using metaquotes data which originates from North America. For this reason all metaquotes data will have North American time shifts, not European ones. Hence, this is why I believe that backtests prove that the best time to trade is in fact 1:30 US Eastern time, 365 days per year (except weekends). For those of you that disagree, this will be a moot point on Sunday when North America changes its clocks. In the meantime, I am just trying to help you guys make some money for the rest of the week, like I did last night.
