ForexMorningTrade System

[PipZombie]

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.

what indicator are you using for overbought....oversold?

 

[PipZombie]

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.

Agreed. I have alot at stake for each trade. I am trading 11 standard lots so it is $110 per pip for me. I guess that is why i am so passionate with this forum. I want to get the most out of it. As for difficult. It is not difficult for me. I simply comment and ask questions, no response, no value to me...i don't take things at face value I need to see how they work.

 

[PipZombie]

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.

BTW love the bio pic.

 

[GilR]

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

Did you move it to 80 NOW!!!:idea

 

[trader578]

I wonder if there is a good way to quantitate support and resistance like forex derivative EA, and I wonder whether Mark could code something like this into FMT or TMT?

 

[wiseambitions]

Did you move it to 80 NOW!!!:idea

Is this the guy who was praying for a turn around?
We have to remember there are an equal number of people who pray for a different outcome to suit their trend.

Unfortunately his prayers didn't succeed this time. I'd hate to suffer one 65 SL on its own (done that, been there!), let alone 2 (eg had one not reset to B/E yesterday).

 

[deserteagle]

Did you move it to 80 NOW!!!:idea

no 80 but 120 ....

 

[Swaledale Trader]

I use Forex.com and it matches trade for trade with Mark's results. Spreads are competitive as well. The spread averages 3 pips for the GBPUSD. Hope this helps.

I use IGIndex - spread is 3 pips - min bet size is £0.50 per pip. Charting is good but costs £30 per month - you get this back if you place 2 or more trades per month. Indicators are not quite the same as Mark's eg Momentum is (I think) the same as IG's 'Price rate of change' so I use this plus CCI. Seem to get the same results as Mark.

 

[deserteagle]

Is this the guy who was praying for a turn around?
We have to remember there are an equal number of people who pray for a different outcome to suit their trend.

Unfortunately his prayers didn't succeed this time. I'd hate to suffer one 65 SL on its own (done that, been there!), let alone 2 (eg had one not reset to B/E yesterday).

Fortunately, I do not suffer a simple loss anymore, after some years of trading you get used to loss and understand that losses are a part of this game. You just should keep an eye in the final balance.

 

[bluedancer]

It was not meant 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. Again i apologize if I came across as critical, I meant to be positive towards the FMT system as it has been presented to us.

I would like to know if my posts are helpful to people or if I should just delete everything I say and walk away. Alot of you want to make fmt the trading god, and Mark it's maker. Yet there are two ways a trade will go: 1. trend following and 2. trend reversal. There are clear reasons why a trade is one or the other. If I end up confusing people with my posts (adding years of experience with manual and EA's), then I prefer not to influence anyone's trading. I know I was often confused by other traders when I first started. It is not my intention to confuse anyone, but to share some of the many things I have learned the hard way.

 

[wiseambitions]

Fortunately, I do not suffer a simple loss anymore, after some years of trading you get used to loss and understand that losses are a part of this game. You just should keep an eye in the final balance.

Of course, it's all about a long term view. I've been criticised for taking undue risks, but if I feel they are trades and not gambles then I take them. Consequently in the short term my account may look dented (after the occasional 2 or 3 lossses) but after a couple more good days I'm way ahead again of the cautious investor. And if someone can afford the margin money etc and not get unrested by letting a trade run even overnight or over a weekend, and if they are acting upon long term experience eg backtesting over over 100 trades in the risks they take then they deserve to do ok. So long as they carry on doing the same thing, again and again, as boring as it may often seem.

Profit is the reward for taking a risk (and for usually getting it right).

 

[PipZombie]

I would like to know if my posts are helpful to people or if I should just delete everything I say and walk away. Alot of you want to make fmt the trading god, and Mark it's maker. Yet there are two ways a trade will go: 1. trend following and 2. trend reversal. There are clear reasons why a trade is one or the other. If I end up confusing people with my posts (adding years of experience with manual and EA's), then I prefer not to influence anyone's trading. I know I was often confused by other traders when I first started. It is not my intention to confuse anyone, but to share some of the many things I have learned the hard way.

keep on posting!

 

[bluedancer]

I wonder if there is a good way to quantitate support and resistance like forex derivative EA, and I wonder whether Mark could code something like this into FMT or TMT?

That is a really good question. Today's resistance after fmt entered the trade was strong, and price action was truncated. Being a 3rd top resistance, a horizontal resistance and an upper trendline resistance there was a strong confluence and wishing a break on +cci and +mom for me was poor protocol. When price broke pre-trade range and could only climb 10 pips, it was a key sign we weren't going up when price reversed and broke below the pre-trade range. Because the pre-trade range was less than 20 pips that was a sign that there would be a strong trend move. Manual trade protocol was to close the fmt trade between 1.5806-16. Then IF still mentally clear, enter a sell trade.

When I use s&r for targets or for reversal points I look for a confluence from 3 viewpoints and that gives strong trade signal on it's own. I have seen gartleys and trendlines programmed, so maybe it is possible to add strength determination, only way to know is if we ask Mark if he can program s&r like that on trendlines.

 

[tkbieber]

Did anyone using Turbo get a No Trade even though indicators showed a buy? I was wondering if the extra filter did it's job to prevent a bad trade.

Yes, I know there is a forum for this but don't have the link to it.

 

[bluedancer]

Did anyone using Turbo get a No Trade even though indicators showed a buy? I was wondering if the extra filter did it's job to prevent a bad trade.

Yes, I know there is a forum for this but don't have the link to it.

http://www.trade2win.com/boards/forex-strategies-systems/110666-turbo-morning-trade-ea-13.html

 

[nubchai]

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.

Well said PipZombie. Although I will not be trading this live the last 2 weeks of December and possibly the first week in January. I do plan to keep my demo running so I can see how FMT and TMT do during the holiday season

 

[nubchai]

Also stopped out FMT and TMT. Tonight's another night

 

[hammy66]

That is a really good question. Today's resistance after fmt entered the trade was strong, and price action was truncated. Being a 3rd top resistance, a horizontal resistance and an upper trendline resistance there was a strong confluence and wishing a break on +cci and +mom for me was poor protocol. When price broke pre-trade range and could only climb 10 pips, it was a key sign we weren't going up when price reversed and broke below the pre-trade range. Because the pre-trade range was less than 20 pips that was a sign that there would be a strong trend move. Manual trade protocol was to close the fmt trade between 1.5806-16. Then IF still mentally clear, enter a sell trade.

When I use s&r for targets or for reversal points I look for a confluence from 3 viewpoints and that gives strong trade signal on it's own. I have seen gartleys and trendlines programmed, so maybe it is possible to add strength determination, only way to know is if we ask Mark if he can program s&r like that on trendlines.

hey blue, don't knock yourself out over this morning's trade..:cheesy:
I think you are over analysing the resistance line, these lines are made to be broken, especially in the breakout that FMT is trading. I agree with PipZombie, this is a mechanical system and is not meant for human interference, that's what makes it great, set it forget it, go to bed, and collect your money in the morning.. Now this morning's trade was unfortunate, but this happens occasionally, this long trade could easily have broken thru the resistance by just enough to hit TP, then bounce back, we have seen this happen many times... So, don't beat yourself up with FMT, it will get it right 70% of the time or better. Use your expert analysis on other manual systems, but just let FMT do it's thing !...

cheers !...:cheesy:

 

[nubchai]

I would like to know if my posts are helpful to people or if I should just delete everything I say and walk away. Alot of you want to make fmt the trading god, and Mark it's maker. Yet there are two ways a trade will go: 1. trend following and 2. trend reversal. There are clear reasons why a trade is one or the other. If I end up confusing people with my posts (adding years of experience with manual and EA's), then I prefer not to influence anyone's trading. I know I was often confused by other traders when I first started. It is not my intention to confuse anyone, but to share some of the many things I have learned the hard way.

Blue I hope you keep posting.

 

[Flourish]

http://www.trade2win.com/boards/forex-strategies-systems/110666-turbo-morning-trade-ea-13.html

I am still using the standard FMT signal on mt4 without looking at the signal from Turbo! I would have avoided a loss today!

The Turbo EA opened a long trade when the signal is No trade? Bugs.