deserteagle
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Still inside (SL 65 TP 43 BE 20) and praying for the price goes up ...
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Out -40 on both TMT and FMT.
As a human, you are totally correct and I would have done the same.
However, as I posted earlier, we trade mechanical and occasionally it works against us.
However, in the long run, it should be in our favor as it takes out emotion and bad judgements. OK, today's consensus of judgement was correct.
you will note that the trade was very close to a breeak even. A manual strategy would have taken 50% off the table at resistence and set the remainer SL at entry.
However, that is not the system we are using here.
The EA's do not take account of support/resistence.
A sad day but do not judge the systems on one day, the system is good long term
Hi Euro D,
don't worry, I have about as much emotion as the borg however based on what I know about T/A it was logical to close the deal, have to admit I like your idea of partial profit taking.
I will let the EA do it's thing however I think obvious technicals such as S/R may need intervention.
don't worry, I have about as much emotion as the borg however based on what I know about T/A it was logical to close the deal, have to admit I like your idea of partial profit taking.
I will let the EA do it's thing however I think obvious technicals such as S/R may need intervention.
wiseambitions
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I agree about trading mechanically. It works in the long run, and you dont have to worry about news, support, resistance, sentiment or any other influence
There's more than a 70% chance of winning tomorrow with FMT so we don't have to feel too disappointed today
There's more than a 70% chance of winning tomorrow with FMT so we don't have to feel too disappointed today
Why not 100/150SL .... just crazy! Take you 2 winners just to get back to even.
Just like to add. The weakness of FMT is the 40 stop and you want to add to it!! Remember that your MM is calculated on the size of your stop! In other words much smaller stops for smaller targets means larger lot sizes and profits.
If you want to give your money away I will send you may paypal account :clap:
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A word of wisdom so to speak. The reason you have bought the FMT system is to take human thought and emotion out of the trade. If you manully close trades you are not allowing the system to perform as it has done in the past. I am up over 400 pips since I began with this system a little over 2 months. I let the system win or lose per the rules. If you continue you as you are then you may be cutting winners short and letting losers run. Put the thing on auto pilot and get some rest. Let this system be a part of your overall trading plan, and continue to make your manual trades on your own using your descretion. In my opinion, let this proven mechanical system work. Let the statistics play out. Win 7 out of 10 and you will have 4 net winning trades per month on average or about 125 pips per month. It will averag out. December is an uncharted time for me for this system but I will take the good months with the bad, but i will be consistant.
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Very wise words - keep your finger firmly off the trigger and let the system take the strain - if you start watching trades human nature will almost always intervene by cutting winners short. If you have any doubts just reduce leverage to the point where you don't have to check your account every few minutes and have sleepless nights..as always start small and build your account..
i still don't understand these comments regarding judgement. This is a mechanical system with a statisical win rate. sure you can be right some of the times but most of times judgement will affect the performance of this system. My analysis showed we had a high probability of at least making BE which was very close to happening. So it goes to show you that each trader has a different way of analysis, but this system has a statiscial bias to buy or sell the GBPUSD. As i just stated in a previous post, I am up over 400 pips since mid september. It seems to be working for me. Why enter judgement into the process and change the statistics. if you have a way to filter trades and make the system better and can prove it, let the forum and Mark know, we will appreciate it.
blue,
Today, my indicator was showing an overbought level on hourly chart but I still followed the FMT signal for a Long trade.
deserteagle
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Definition of SL and TP is an issue we can discuss all the day, but going to the point, the backtest and optimization processes (I spent a lot of days in that analysis) tell me that I can get a 30% more benefits using a SL 65 instead of 40, and keeping the Max. DD (maximal drawdown) in a similar value.
"2 winners just to get back to even"
This data does not say nothing without the winning/losses rate. Of course with a SL 65 I have a higher rate than using SL 40.
In general, to know if a system is profitable you need two data, the winning/losses rate and the profit factor. With just one of them it is not possible to make a judgment.
Regards
Adamus
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To all the posters here who can't figure out why people are doing it differently - it ain't what you do, it's the way that you do it. Sounds cheesy but it's true.
Even if you trade FMT with a 100 SL, if it works in backtesting for you and you apply it *consistently* then it is likely to work in live trading (that's an oversimplification but it makes my point).
Even if BlueDancer uses discretion to enter FMT trades, as long as he has the experience to do so consistently, he'll turn a profit in the long run.
Even if you trade FMT with a 100 SL, if it works in backtesting for you and you apply it *consistently* then it is likely to work in live trading (that's an oversimplification but it makes my point).
Even if BlueDancer uses discretion to enter FMT trades, as long as he has the experience to do so consistently, he'll turn a profit in the long run.
Adamus
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What I meant to ask but forgot: what is this resistance in GBP/USD that the market couldn't break today? Are we talking daily pivots here? Weekly pivots? Fibonacci lines?
If it can be defined, it can be built into the EA and backtested, which I'd be happy to do.
If it can be defined, it can be built into the EA and backtested, which I'd be happy to do.
blue,
Today, my indicator was showing an overbought level on hourly chart but I still followed the FMT signal for a Long trade.
Good for you. All that indicators are for is to give you a bias. The question is, was your indicator overbought on the December 7th trade. I would suspect probably if you are using RSI or Stochasics or something, but we still entered into a buy and we still won the trade even though it was overbought. This is an example of one day you would be right one day you would be wrong. The reslult is the same 1 winner 1 loser just like the FMT sytem had. It has been said, it takes some brass you know what to believe in a system and not be tempted enter judgement into the system. I think it was well said earlier in a post or two before, lower your trade size until you can sleep and have confidence in the system, as your account grows, increase your trade size. it is conditioning to trading. Good moneymanagment risking 1-4% per trade will allow you to be here another day if you take a string of losers...
Hello F-Razor2 - NT=Net Trap (RH's=Richard Hill's (Net Trap)). I abbreviated as was replying to Icepop's reference to it by name in their reply to mine (mentioned elsewhere on this thread too). Protocol/courtesy to Mark would suggest I shouldn't link to a competing product from his FMT thread, but you'll easily find by searching those terms and/or the Forum I mentioned is a T2W forum/thread.
I don't use NT - I considered it, and keep a watching brief, but I decided to choose FTM in preference, want to get up and running with FMT first, then most likely add some rules that Mark has made possible by producing Turbo next, and run both.
I think what we as members of this FMT community could usefully take from how the Net Trap one seems to have evolved is that they operate a system whereby legitimate purchasers of it get access to the collective knowledge and experience of it, including 'variants' i.e. different settings/rules. The developer also then responds by incorporating these into upgrades, available at a discount to those who have purchased the 'original', should they wish to.Seems like a good model...
Best
It was not ment to be an attack, just commenting and reinforcing what the purpose of a mechanical system is. No thought, no judgement just follow the rules consistantly. All the point I was trying to make is if there is a way to filter this system and we can have Mark test it out, let us know what it is. I know that the Turbo FMT has a ADR filter but I do not have the Turbo version yet to test it along with the regular FMT. I am trading this with a live account with confidence. I am always looking for a way to my success rate in all my trading. It all ads up. I trade manually as well with positive results but like the fact that I can take time off and let the FMT do its thing with confidence. Again i apologize if I came across as critical, I ment to be positive towards the FMT system as it has been presented to us.
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I agree with your comment. It is always helpful though when a comment is made along with an explanation so it is useful to the forum.
Not overbought on the 7th dec and I do not always rely on indicators because my experience does help me to know when not to enter a trade. What I will do is to lower my trade size if I am not so confident on a trade signal from FMT.
Thanks.
Adamus
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Well that is difficult. you have to judge for yourself whether someone is experienced or not purely by what they write here. if you go through the whole thread you can spot the more battle-hardened posters, although even then you have to ask yourself, they're talking the talk, but are they walking the walk? That's the problem with internet forums.
