ForexMorningTrade System

Yes, I take every trade that is according to the FMT rules. You cannot know the future - if you'll win or lose.
The best is to stick with tested system.

I agree.
It's always sad being stopped out, but I trust this system and I know that things like this can happen.
It would be silly to expect a 100% wins.

Ok, we had the loss for this month, now I want all wins :cheesy:
 
I didn't trade today because of the US holiday, sorry to hear you guys lost but it makes me feel a bit better that I did not miss anything :)
 
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Sorry - but trading this system on a public holiday doesn't make sense... With less liquidity and increased volitility your chances of a spike hitting your stop are much higher. Sure - a spike could hit your take profit but then you may as well toss a coin to choose your direction in stead of relying on an indicator.

I'm not saying you won't have wins on bank holidays - I just think wins on days like these are less likely to be due to the indicators and that leads me to question opening trades based on this system on days like today...

But yes... Hind site is an exact science...
Dean - SA
 
I'm going to do some back testing for this year and cut out the public holidays to see how much of a difference there is, bbs
 
I'm going to do some back testing for this year and cut out the public holidays to see how much of a difference there is, bbs

Thanks - that would be interesting but I feel that a positive backtest would be merely a coincidence and not enough to convince me to risk $500 on a trade on a bank holiday.

Regards
Dean - SA
 
Period - (2009.01.01 - 2010.09.06)

With Holidays
-------------

Total Trades - 245
Winning Trades - 144 (58.78%)

Without Holidays
----------------

Total Trades - 235
Winning Trades - 139 (59.14%)

Removing public holidays US & GB

Total removed - 10
Total winning - 5
Total losing - 5
 
Period - (2009.01.01 - 2010.09.06)

With Holidays
-------------

Total Trades - 245
Winning Trades - 144 (58.78%)

Without Holidays
----------------

Total Trades - 235
Winning Trades - 139 (59.14%)

Removing public holidays US & GB

Total removed - 10
Total winning - 5
Total loosing - 5

Thanks for that Copy...

That supports your decision to stay out...
 
Once again my EA didn't take the trade, I wish I could figure this out. Does everyone have confirm DLL calls checked, this is the only thing that I'm not sure if it needs to be checked. Once again there is nothing in the EA log file, another thing that is fustrating. Can anyone think of a solution?
 
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.

Hey copy. Bit of confusion on the eurusd time. Is this 730 on gbpusd and then 1430 for eurusd on the same broker account so therefore there is 7 hours between these open trades?
 
Hello to all. I'm new to this forum as I bought the fmt system a couple of days ago and I think it rocks. Mark is so very helpful and open and everyone seems to be working together here really well. Glad to be part of it.
 
Hey copy. Bit of confusion on the eurusd time. Is this 730 on gbpusd and then 1430 for eurusd on the same broker account so therefore there is 7 hours between these open trades?

Hi,

Yes I did the backtesting using the same broker account for both pairs (Alpari UK).

To get the time of 16:30 for EURUSD all I did was an optimization test in the backtesting. This just goes through every possible entry time in 30 minute steps. The results of this testing found that 16:30 was the best time to use based on profit and drawdown.

I have no idea why 16:30 should work, but it was the best time by far than any other on that pair.
 
Once again my EA didn't take the trade, I wish I could figure this out. Does everyone have confirm DLL calls checked, this is the only thing that I'm not sure if it needs to be checked. Once again there is nothing in the EA log file, another thing that is fustrating. Can anyone think of a solution?

You don't want to confirm dll calls. In common tab you should have all the main boxes ticked but none of the subboxes.

So tick: enable alerts, allow love trading, allow dll imports, allow import of external experts.

Under inputs tab make sure you have correctly configured the trading hour. Check the gmt current time compared to your brokers market watch. Then add or subtract the difference from 530.
 
Hi,

Yes I did the backtesting using the same broker account for both pairs (Alpari UK).

To get the time of 16:30 for EURUSD all I did was an optimization test in the backtesting. This just goes through every possible entry time in 30 minute steps. The results of this testing found that 16:30 was the best time to use based on profit and drawdown.

I have no idea why 16:30 should work, but it was the best time by far than any other on that pair.

So if I trade gbpusd at 630 therefore I should trade eurusd at 1530?
 
Sorry - but trading this system on a public holiday doesn't make sense... With less liquidity and increased volitility your chances of a spike hitting your stop are much higher. Sure - a spike could hit your take profit but then you may as well toss a coin to choose your direction in stead of relying on an indicator.

I'm not saying you won't have wins on bank holidays - I just think wins on days like these are less likely to be due to the indicators and that leads me to question opening trades based on this system on days like today...

But yes... Hind site is an exact science...
Dean - SA

What does a US bank holiday have to do with London open?
 
So if I trade gbpusd at 630 therefore I should trade eurusd at 1530?

Yes.

But I personally wouldn't trade EURUSD or recommend it as this system has been designed for GBPUSD only. The results of my back testing are good but until I find a logical reason why it works I wouldn't trade live.
 
What does a US bank holiday have to do with London open?

US holiday mean less liquidity in the "pool". Less liquidity means more volitility and more spikes...

Have a look at the AudNzd 5 minute chart. It's a good example of a pair with less liquidity hence the volitility and spikes...
 
Yes.

But I personally wouldn't trade EURUSD or recommend it as this system has been designed for GBPUSD only. The results of my back testing are good but until I find a logical reason why it works I wouldn't trade live.

Hey c0py,

Could you run a back test on the GBP/JPY at Asian open or similar timeframe like your previous test?
 
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