Mario Loops
Well-known member
- Messages
- 315
- Likes
- 0
Hi people just got in and i see we lost again,no probs,keep an eye on hourly chart 76 retracement of yesterdays move,if fails at that level shortern it for the same lenght (poss 1400pts)good luck
suresh3101
Member
- Messages
- 87
- Likes
- 0
I perfectly understand your feeling since it's mine too, but backtesting this system, shows that it works. Not always, but it works more often than it fails.
I believe that if you stick to the rules, you'll have more wins than losses and at the end of the month this is what is important
Best of luck :clover:
Thanx for ur encouragement..
Hope tomm we win..happy trading.
Kinger
Active member
- Messages
- 185
- Likes
- 11
If you can do this in code let me know, there’s no code out there that I've seen that will do this successfully. Anyway, we're talking about 40 pips, not a days worth ... you can slip over sr levels by 40 pips and back again easy so dont worry about it. This is a simple system based on a simple rule so just let it play. You need to take losses, if you cant then stay away from this game. My back testing has shown 6 in a row, can you handle that ?
Kinger
Active member
- Messages
- 185
- Likes
- 11
In short you get a worse price than you requested ..
Is it always a worse price? I mean if it is then I think it would be best if the EA does not accept requotes and stay out of the trade as it is doing now...
Also do you know how slippage would affect backtesting results? I assume this does not get factored into backtesting because the data is already there
JustinSydney
Member
- Messages
- 53
- Likes
- 0
Copy,
Looking at the Forex Market Hours and your test. Your first test and this system correlat with the London open ofcourse. And therefore if you are adding 9 hours to that for the EURUSD (providing I'm understanding what you did correctly) then you time of 1630 then correlates with the London close in the middle of the New York session. Could this be a logical enough reason for the results do you think?
Justin
Kinger
Active member
- Messages
- 185
- Likes
- 11
Ok, if you start combining other indicators then your NOT running the Forexmorningtrade system
You need to stick to one system that’s proven to work (over the long term) and stick with it. The hardest thing in trading is boringly placing your trades using the same setup time after time … you need to understand this fact otherwise you will lose.
A lot of people here see 2 losses in a row and are scared sh!tless.
My advice is to perfect your trade executions on a demo account first for at least 3 months.
Then after 3 months you’re pleased with the results jump to a live account.
I know this will works because I also run another system based on a morning range very similar to this and over 3 months it makes money.
It just creeps along, BUT with compounding it’ll surprise you when you look back over 6-12mths how much you’ve actually made.
Unfortunately some people here are not right for this game and are NOT in the right frame of mind to trade and make money.
What I’d ask is why are you trying to change an already profitable system, when you clearly have no knowledge yourself on how to trade?
Kinger
Active member
- Messages
- 185
- Likes
- 11
95% of the time you will get a worse price yes
If prices move quickly, the spread opens especially around the time we are potentially opening our trades in the morning.
Unfortunately you cannot perform back testing with reliable results as like you say doesn’t include slippage, spread etc.
Which is why you need to forward test, not only testing the system but testing yourself in trading the system successfully.
Yeah I think you are right, it's got to be because of the London close that the EUR pair performs better at 1630.
Fabius
Well-known member
- Messages
- 290
- Likes
- 1
Wow! Straight to the point!
(I quoted the part of psychology in trading).
I couldn't have said any better :clap:
Two losses in a row are upsetting but be sure that most part of people trading this system is ready to accept also 6 consecutive wins :cheesy:.
I remember that last week there were 3 wins and 2 no trades in 5 trading days.
Not bad, uh? :whistling
I guess that being aware of supports/resistances or pivot points is the only thing needed to know the environment you are about to trade in (but this is for me).
Anyway I do not see anything bad in trying to help ourselves with other tools to be more confortable: it's in the human nature.
Trusting 100% a mechanical system is not easy and as long as the helping tools do not change its logic, they can help (most of all under the psychological point of view).
May the trend be with you, Pipswalker
Fabius
P.S.
Do not argue please, we are here to share and learn together (and even to encourage each other)
Last edited:
suresh3101
Member
- Messages
- 87
- Likes
- 0
YES Mark.. ur right..
We need to accept losses also..
Sticking to the system will be my main priority..
no matter what happens, i will be happy with my EA's results..
We need to accept losses also..
Sticking to the system will be my main priority..
no matter what happens, i will be happy with my EA's results..
Ok, if you start combining other indicators then your NOT running the Forexmorningtrade system
You need to stick to one system that’s proven to work (over the long term) and stick with it. The hardest thing in trading is boringly placing your trades using the same setup time after time … you need to understand this fact otherwise you will lose.
A lot of people here see 2 losses in a row and are scared sh!tless.
My advice is to perfect your trade executions on a demo account first for at least 3 months.
Then after 3 months you’re pleased with the results jump to a live account.
I know this will works because I also run another system based on a morning range very similar to this and over 3 months it makes money.
It just creeps along, BUT with compounding it’ll surprise you when you look back over 6-12mths how much you’ve actually made.
Unfortunately some people here are not right for this game and are NOT in the right frame of mind to trade and make money.
What I’d ask is why are you trying to change an already profitable system, when you clearly have no knowledge yourself on how to trade?
Who do you think you are to question my methods? You do not know me. I never said anything about changing the system, I only made a simple statement. Wake up and recognize the difference before you step into someone else's conversation with your chest sticking out.
I used the Lindencourt strategy (along with another strategy I haven't named) and recognized that I may be on the wrong side of this one. Ususally, I let them ride themselves out, but this one was way too obvious. I use a golf bag of strategies that sometimes interact w/ each other. I try to stay away from that ocurring, but sometimes it just does.
Get off your high horse and recognize that there are other strategies that work also. I endorse Forex Morning Trade because I like the concept and the results.
Mario Loops
Well-known member
- Messages
- 315
- Likes
- 0
Hi people this is what i have managed to get out of Mark system,2008=+320pts,2009=+1720,2010=+1548 so far,this back tested on my account might not be the same but close,so if you got a £1000 By 4%,each time you double your account up the stakes by 4%,do that for 10yrs
Hi Mario,
What broker do you use? I think we need to be sure that our backtested results are with a broker that adjusts its server time to accomodate daylight saving. Then we know the backtested results are always 1 1/2 hours before London.
If the broker keeps the same GMT offset all year round, then I presume the backtested results will be at the same GMT offset all year too, and therefore will not be correct for half the year...
Using a broker like Alpari to do the backtesting is ideal because they change their server time with DST, so presumably their data history reflects this and will give us accurate results.
Kinger
Active member
- Messages
- 185
- Likes
- 11
Lol wake up ???,
so let me get the right ... you hedged on your other system or this system?
This thread is for this system ???? or am I wrong ?
Or are you running 2 systems on 1 accoount ? hmm... :smart:
I never said other systems don’t work, but what I am saying to you is not run 2 or more systems together that will potentially have conflicting trades alerts.
I have multiple systems where one says buy and the other sell at the same time, and guess what … I follow both, one will be right.
Besides the Lindencourt method is a 5/15min tf system, not a morning breakout method??
What couldn’t be clearer ?
Yup - 2 losses in a row... If that bugs you then what are you gonna do when you get 4 in a row?
This may sound blunt but if 2 losses in a row bugs you then you have no business trading this system!
The 2 year backtest shows more than one series of 4 consectutive losses. The things I like about this system are:
1 - The 50 / 50 risk reward
2 - 90% chance of a profit at month end
3 - 1 trade a day
4 - clear entry rules
I don't care if I get 4 losses in a row! In fact - I expect it! But I also expect to average about 200 pips a month profit... If I start averaging less than 200 pips, or if I get 2 consecutive losing months I may look to change things or "improve" my strategy...
Just my 2c...
Regards
Dean SA
This may sound blunt but if 2 losses in a row bugs you then you have no business trading this system!
The 2 year backtest shows more than one series of 4 consectutive losses. The things I like about this system are:
1 - The 50 / 50 risk reward
2 - 90% chance of a profit at month end
3 - 1 trade a day
4 - clear entry rules
I don't care if I get 4 losses in a row! In fact - I expect it! But I also expect to average about 200 pips a month profit... If I start averaging less than 200 pips, or if I get 2 consecutive losing months I may look to change things or "improve" my strategy...
Just my 2c...
Regards
Dean SA
Kinger
Active member
- Messages
- 185
- Likes
- 11
Agree, I think its in all of us to worry about losses, but if the money in your trading account is not personal, ie is not meant for other purposes then you should step back from it as far as possible. With this system I put on the trade and walk away, I don’t see what’s happened until the next day when I check for the next trade.
I keep logs of all trades in excel, but I don’t look at them for performance, I have a chart built from this data spanning a 3 mth period. I’ve only been trading this for 2 weeks now so won’t even worry about it until another 2.5 mths (the line on my graph has hardly moved yet), then I might personalise it but so far it’s looking pretty good.
I keep logs of all trades in excel, but I don’t look at them for performance, I have a chart built from this data spanning a 3 mth period. I’ve only been trading this for 2 weeks now so won’t even worry about it until another 2.5 mths (the line on my graph has hardly moved yet), then I might personalise it but so far it’s looking pretty good.
Mario Loops
Well-known member
- Messages
- 315
- Likes
- 0
Hi Lotterbe
i use Fxcm for about 3yrs they change the times automatically and there server runs with uk time
i use Fxcm for about 3yrs they change the times automatically and there server runs with uk time
Kinger
Active member
- Messages
- 185
- Likes
- 11
Here’s something I found that’s pretty cool (and free!).
When the ea’s been sorted for re-quotes etc, and your pc/laptop supports it, you can use this:
http://www.dennisbabkin.com/php/download.php?what=WOSB
It will wake your machine at the right time, start mt4 and let the ea do its thing, then close 5mins or so after….job done !!!
So you don’t need your machine on all night which is a pain.
I’ve tried it and it works so maybe worth a look for yourselves I think.
When the ea’s been sorted for re-quotes etc, and your pc/laptop supports it, you can use this:
http://www.dennisbabkin.com/php/download.php?what=WOSB
It will wake your machine at the right time, start mt4 and let the ea do its thing, then close 5mins or so after….job done !!!
So you don’t need your machine on all night which is a pain.
I’ve tried it and it works so maybe worth a look for yourselves I think.
What couldn't be clearer is that you don't know me. I am very aware what this thread is and I don't need a know-it-all to explain that to me. I am also smart enought to understand that if I go both ways I will win one of them... don't insult my intelligence.
I simply made the comment because the trend against was much stronger on another strategy than what was setting up for the Morning Trade... not something I usually do, and if you would have taken the time to read my previous post instead of prepping to run your mouth, you would have already known that. So, do me a favor and stop challenging me. Argue with the wall... I'm really not interested in your two cents.
