ForexMorningTrade System

[BorisViven]

I came within 1 pip of taking profit of 35 so retraced and hit my +7 pips stop.

Oh well.

Results here.

Hi Tk,

your results are great.
But, to me, there is a little "problem" : with your settings, you never know if there will be 1 or 2 trades each day. So you must open each trade with half risk. For example, if you choose to risk 2% of your account, you must set each trade with 1% risk.
So, the morning with 1 single trade, the profits are half, compared with those who choose 1 trade /day.
Are you agree with that ?
Thanks !
Dominique

 

[hammy66]

FMT for me today:

6:00 start , buy trade hit BE+6 pips

6:30 start , buy trade hit TP=32 pips, so 38 pips profit today..

cheers !..

 

[tkbieber]

Hi Tk,

your results are great.
But, to me, there is a little "problem" : with your settings, you never know if there will be 1 or 2 trades each day. So you must open each trade with half risk. For example, if you choose to risk 2% of your account, you must set each trade with 1% risk.
So, the morning with 1 single trade, the profits are half, compared with those who choose 1 trade /day.
Are you agree with that ?
Thanks !
Dominique

Oh of course. That is why the user can limit to only 1 open at a time and then they can risk more if they want.

 

[nubchai]

One nice feature of the Turbo ea is the ability to take partial profits. On demo I had a trade with a partial close at 30 pips (took 60% off the table). The remaining trade ran out of steam and hit BE + 5. So instead of just $5 that trade took $23.

Sandy

 

[deserteagle]

One nice feature of the Turbo ea is the ability to take partial profits. On demo I had a trade with a partial close at 30 pips (took 60% off the table). The remaining trade ran out of steam and hit BE + 5. So instead of just $5 that trade took $23.

Sandy

In my point of view, the use of partial closes should be justified with a deep analysis based on previous backtests.
I'm happy for you today you got more pips using that partial close, but maybe tomorrow you will not get the total of pips you would have get it without the partial close. In this cases the backtests analysis in needed.

Regards

 

[tkbieber]

In my point of view, the use of partial closes should be justified with a deep analysis based on previous backtests.
I'm happy for you today you got more pips using that partial close, but maybe tomorrow you will not get the total of pips you would have get it without the partial close. In this cases the backtests analysis in needed.

Regards

Similar to your example today, I used a BE plus 7 pips. Yes, I did get the 7 pips but if I had not had the BE feature on, I could have got all 35 or more pips. In back testing however, the use of a BE plus some pips gets me way more % gain then without it.

I always base my settings on back testing of a long period of time.

 

[nubchai]

In my point of view, the use of partial closes should be justified with a deep analysis based on previous backtests.
I'm happy for you today you got more pips using that partial close, but maybe tomorrow you will not get the total of pips you would have get it without the partial close. In this cases the backtests analysis in needed.

Regards

Yes I agree. I believe the settings I used were back tested by another trader in the TMT discussion forum. That's where I got the settings.

Sandy

 

[c0py]

my running total is +280pips. very please so far

 

[JohnnyBme]

Yes, was meaning to post this earlier.
It is vital that if you use same platform for both FMT / TMT then they MUST have different magic numbers or the EA's will get confused. Surprised Mark did not point this out, he normally is extremely thorough!

Thanks. I thought I had that covered, but when I checked they were the same. This should fix it,

 

[mudder1310]

Are the rules for EUR/USD and GBP/JPY the same as for GBP/USD?

My own backtest results show that they don't have anything like the same performance.

I've been testing them together, same rules, for just a short time, so my eurusd may not meet performance standards. From early Nov they seem to run almost hand in hand. That's a very short time frame to base any real money on. My eurusd is on a demo account.

I messed with gbp/jpy for a bit and was thoroughly turned off, same with usdchf. Not that they couldn't perform well, I just couldn't get a time frame or tp/sl set up to work with any confidence.

 

[Adamus]

OK, thanks for the info.

 

[PipZombie]

Thanks PipZombie. Yeah I know how to work it out, it's just Mark isn't doing this at all with his results. His risk per trade doesn't change for 2 years, doesn't factor in the account growing. His stake at Jan 09 is $10 per pip, which means a risk of $400 per trade = a starting account of $20k. As far as I can see his stake never changes throughout the 2 years, so it has nothing to do with 2% MM. I ran a test using an arbitary starting account, and during those 2 years, using 2% MM, your account would approximately triple, not increase by a factor of about 37 as in Mark's table! It's misleading at best.

I see what you were refering to now. Yes, he just kept the trade size the same through out the results. I expect it was generated using strategy tester and therefore he did not run it with the moneymanagement feature so the trade size was static.

 

[PipZombie]

I do not belive in running the FMT more than once a day or on multiple pairs. Simply increase your trade size. There are enough pips being generated on a consistant basis. I truely believe in this trade setup and am greatfull that Mark has automated it. It has generated $11K so far over the last week on my live account. Yes I am trading 11 lots per trade but it is a small percentage of my account size. I am using Mark's suggested settings for the regular FMT. What is key to FOREX is being disciplined, having a mechanical system and money management. Mark has given us a proven mechanical system, we have to provide discipline and moneymangement. My suggestion is to not tinker with the settings and pairs and follow the proven suggested trade setups. Just my honest and humble opinion.

 

[Magicpip]

I now can see that 25 TP might be a better idea, at least for the present timeframe. Backtesting since Oct. 31 gave better results.

40SL, 25TP, 7 BE Addpips.

 

[doepi3]

Morning. Has it gone too far or will it go another 30 pips?

 

[bouzo132]

short IBFX 1.57002

 

[Euro_d]

I do not belive in running the FMT more than once a day or on multiple pairs. Simply increase your trade size. There are enough pips being generated on a consistant basis. I truely believe in this trade setup and am greatfull that Mark has automated it. It has generated $11K so far over the last week on my live account. Yes I am trading 11 lots per trade but it is a small percentage of my account size. I am using Mark's suggested settings for the regular FMT. What is key to FOREX is being disciplined, having a mechanical system and money management. Mark has given us a proven mechanical system, we have to provide discipline and moneymangement. My suggestion is to not tinker with the settings and pairs and follow the proven suggested trade setups. Just my honest and humble opinion.

Perfectly put Sir.
That is what marks a trader as opposed to a tinkerer.
Wise words indeed.
Whatever your trade size, a strict emotionless approach will give results.:clap:

 

[Cobber]

I now can see that 25 TP might be a better idea, at least for the present timeframe. Backtesting since Oct. 31 gave better results.

40SL, 25TP, 7 BE Addpips.

Oct 31 isnt exactly a long time. Why play around with a winning system. I believe this system is successful because of the risk/return ratio. Your proposed strategy turns it into an inferior strategy.

 

[wiseambitions]

took 30 pips profit, enjoyed that! good luck to all the others, nice to have had a couple better days

 

[musallam]

closed at BE