LEEDAMIANS
Junior member
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Hi there
First post so go easy on me
I have bought the FMT and have been keeping track for a few weeks and seem impressed, obviously with my limited trading knowledge.
I was under the impression this system only worked on the cable but I see people trading the Eur/Usd aswell
Is this advisable for a newbie to the system, (though I can't believe how simple the system is) and is the system rules/settings the same or are there changes that need to be made to trade that pair.
Many thanks for any answers I'm advance
First post so go easy on me
I have bought the FMT and have been keeping track for a few weeks and seem impressed, obviously with my limited trading knowledge.
I was under the impression this system only worked on the cable but I see people trading the Eur/Usd aswell
Is this advisable for a newbie to the system, (though I can't believe how simple the system is) and is the system rules/settings the same or are there changes that need to be made to trade that pair.
Many thanks for any answers I'm advance
Tenapenny
Experienced member
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I use IG and Smart Live Markets. Both do SB and CFDs. SLM also do SB on MT4 platform. I've had no problems with either although there are some who seem to have issues with IG if you search the forum.
All members of this forum and therefore partners in the study and operation of Morngin Trade, sent a greeting as newcomers to this place.
I am an industrial engineer, my name is Arturo and for years I have worked on these issues with varying fortune.
I've always operated in Future European and therefore I am a novice in Forex. I love the EA as it normally can not stand the tension of the markets and I put a lot of leg.
I'm wanting to use this simple method and I find I do not know how to set the time of my system. I live in Spain, in the south, my platform is Metatrader Alpari Uk, and I appreciate you to give me the correct time setting. I have seen that Alpari UK is GMT and the time I left home at 5.30 am, but it seems I'm not right.
To all thank you very much and I offer myself for what might help.
Sorry for my English, I use an automatic translator.
Arturo
I am an industrial engineer, my name is Arturo and for years I have worked on these issues with varying fortune.
I've always operated in Future European and therefore I am a novice in Forex. I love the EA as it normally can not stand the tension of the markets and I put a lot of leg.
I'm wanting to use this simple method and I find I do not know how to set the time of my system. I live in Spain, in the south, my platform is Metatrader Alpari Uk, and I appreciate you to give me the correct time setting. I have seen that Alpari UK is GMT and the time I left home at 5.30 am, but it seems I'm not right.
To all thank you very much and I offer myself for what might help.
Sorry for my English, I use an automatic translator.
Arturo
Adamus
Experienced member
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I was never going to post on this thread because the messages come too thick and fast to keep up, but when I saw this comment I figured I had to say something. In my book, as soon as I think I found the Holy Grail, a little voice tells me to look closer, because actually there's no Holy Grail, just like there's no leprechauns or pots of gold at the end of the rainbow.
I can't deny that FMT as a system is currently so hot you could fry an egg on it, but it's not always like that, and even in these hot phases you get big sudden drawdowns. Look at the equity curves (for 100,000 without compounding).
I'm absolutely not saying don't trade FMT, I'm just saying, there's no guarantee on that $48,000.
Attachments
My suggestion is to start with the GBPUSD only as it was specifically desgined for. You don't need to trade more than one pair in my opinion. Just raise your trade size as you get comfortablee with the system. I have a rule that once I raise trade size I do not change it. I don't wannt to be raising it up and down and affecting my results. I am trading small positions .33% on my large live account and 4% on a small live account. The small account has grown 33% since 9/15 using the system.
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GU + 31
I slept through the trade. I agree with the comment that it'sprobably smart notto try to cherry pick trades. You can never tell where price action will take you. Also when you're asleep yu don't have the stress of second guessing the trade
I slept through the trade. I agree with the comment that it'sprobably smart notto try to cherry pick trades. You can never tell where price action will take you. Also when you're asleep yu don't have the stress of second guessing the trade
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For me, this week was quite a nice week.
My settings are: 40TP-50SL-25BE(+1 pip) and 25TP-50SL-no BE.
Results for this week:
40TP-50SL-25BE: 40, BE, BE, 40, 40 (122 pips in total)
25TP-50SL-no BE: 25, 25, 25, 25, 25 (125 pips in total)
I derived the above settings from my own backtest using my broker's feed data (FxPro).
I will continue to use these settings for the time being.
By the way, when are you guys going to stop trading in December?
Fluegel great results! Congratulations
As far as Christmas goes I haven't decided yet. Since Christmas and New Yearsare n Saturdays I may let FMTtrade through but I'll reduce lot size.
Sandy
Bet you wish you just left the EA alone and let it do it's thing.
We had a win for both FMT and the Extended version. Results here. :clap:
For me, this week was quite a nice week.
My settings are: 40TP-50SL-25BE(+1 pip) and 25TP-50SL-no BE.
Results for this week:
40TP-50SL-25BE: 40, BE, BE, 40, 40 (122 pips in total)
25TP-50SL-no BE: 25, 25, 25, 25, 25 (125 pips in total)
I derived the above settings from my own backtest using my broker's feed data (FxPro).
I will continue to use these settings for the time being.
By the way, when are you guys going to stop trading in December?
I will not be trading the 19th through the 25th. Last year, the week before Christmas was very bad. After Christmas, was fine all the way through new-years.
IMO, any other pair and time frame is untested and back-testing had no good results over the long haul.
Thanks for the comments about the trading in December.
From my experience, the latter half of December hadn't been ideal for trading for some systems. I don't know if it applies to FMT, but I think I will stop trading with FMT around 15 December to be on the safe side. If January is safe as tkbieber said, I may start trading earlier in Jan.
Adamus,
thank you for your input. Actually, the performance before 2007 had been weighing on my mind. I have trust in FMT for now, but I will be cautious not to overtrust it and perform backtesting now and then to check for the change in the market.
From my experience, the latter half of December hadn't been ideal for trading for some systems. I don't know if it applies to FMT, but I think I will stop trading with FMT around 15 December to be on the safe side. If January is safe as tkbieber said, I may start trading earlier in Jan.
Adamus,
thank you for your input. Actually, the performance before 2007 had been weighing on my mind. I have trust in FMT for now, but I will be cautious not to overtrust it and perform backtesting now and then to check for the change in the market.
wiseambitions
Established member
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TP35
SL40
I had originally worked it in Sterling involving daily conversion from an account with broker held in Dollars
Disregarding the effects of changes in the conversion rates, $10,000 could be grown into $50200 in the last 100 moves, which is slightly better than the 48000 in my own calculation.
That was accepting a maximum loss of 5% i.e. $500 on $10000. And therefore commiting no more than $800 per micro lot traded. Therefore $10000 would allow for 12.0 micro lots. Every time $800 gain was added it was rolled up into a bigger lot size (conversely reduced after every loss) - not the Martingale system.
We cannot rely on past performance to anticipate future returns, however this is on a sample of 100 traded days, and gains on 72 of them.
I came up with an end result of $18760 (i.e +$8760) with a risk of 2% per trade.
Risk management is the responsibility of the user, I am not making a recommendation, merely illustrating that the system in the last 6 months has given good signals and operated in market conditions which have favoured its success.
We cannot predict future
And of course, changing the TP/SL will result and better or worse trades.
Such a fun game we play, huh?
I'm using 32 TP and 40 SL
I'm doing 33TP , 40 SL +my broker spread of 4 pips so 44 SL
I'm getting braver. I first started with 27 TP and worked my way up as of late the market is most always reaching 40 pips. I always go back in back-testing where many times the market only went to 27-30 pips positive before retracing so kind of like seeing more wins at a lower TP. Just MHO
