ForexMorningTrade System

[Antomi]

Hello,

I just today joined you by purchasing Marks EA.

Actually there are 2 reasons for that:
1. of course the performance that I saw and that I believe in the system, although I have no personal experience with it.
2. I read most of the comments in the forum and have the impression that Mark is a honest guy, that he delivers a good product that he believe in and even more, that he is really convinced that it works.

Additionally I was pleased to see how the "conflict" with Travis was handled and that both (actually we all) profited from each other.
Also I like how the members are contributing in the forum, very fair, polite (except one situation and even that worked out perfectly when he apologized; the reaction from the forum members where just great). Thanks!

I hope that I also can contribute something for the good of all.

So let's make tons of pips together.

Wish you all a great weekend.

Best regards

Antomi

 

[hammy66]

Welcome Antomi !
and good luck of course !!

cheers !

 

[PipZombie]

Uh-huh. I see what you mean. I tried coding up something like that once but I couldn't do it. I'm a 100% robot trader so if I can't code it, I can't trade it. But if you works for you, more power to you.



At your leverage, my brain would have melted. I forgot - are you using BE or fixed SL?



Hey, no problem. Didn't want recommendations, just wanted to know what you were talking about. Pivot points are really intriguing. A lot of people say they only work because so many people use them - i.e. they are self-fulfilling. But basically I don't care why they work, I only care if they work - and if I can code them.

By the way are you looking at the daily pivots? I've got R1 at 1.5877 or thereabouts.

I have an indi for NinjaTrader which shows session pivots - Asian, European and North American. V. interesting but haven't had a chance to check it out yet. According to the theory that daily pivots only work because people use them, then session pivots shouldn't work because I don't think many people even heard of them.

But anyway, this is all totally off-topic for FMT - the reason I'm interested is that I'd like to know why FMT works. I mean, is there a fundamental reason for it? Maybe it's in the docs I never read. Tokyo Shift or something.

I am moving my stops to BE at 20. I am using the SL40 BE20 TP 35....whew!

 

[PipZombie]

Man this GU just cannot make up its mind. Prob the most Heart Pounding FMT trade to date.

Actually there was one trade I put on in early November at 6.30am GMT which rattled around all day and didn't close (with TP) until after midnight, nearly 18 hours later. Perhaps those who reset to B/E had an earlier conclusion. I might be right in saying there has also been one trade which I wasn't running which had not closed by the start time of the next day and at that time a new signal was given by FMT in the same trend direction as of the day before.
Heart pounding if you watch what's happening.

I'm starting to feel more confident now that I believe FMT is achieving a certain percentage of winning trades over a long time (say 100 trades) because I am noticing little change in the long term performance. We know that there's a 7 or 8 chance in 10 it will give us a win, and that 3 bad days in a row would be exceptional, so just let the system do its thing. I am also beginning to find the greater agony is waiting for the next opportunity, 24 hours later, rather than worrying about what today's trade is going to do. So long as I have followed the rules there is no point fretting, it's when I act upon impulse that I wonder whether I'm doing the right thing and agonise over the behaviour of price.

Someone once said to me, put the trade size on that you can go to sleep on and not worry about it. I can say that I did start out at a small trade size while I sized up the strategy. I was estatic when the EA was developed as well so that you don't have to get up. I have 100% confidence in this system, mostly because I can trade it manually. I like the fact that it has a mechanical bias approach to taking a position trade for the day. I have been trading FMT at my full position size in the last few weeks with confidence and I do get a good nights sleep most of the time. I accept what the system is able to produce weekly on average. I will measure success 1 month at a time not daily or weekly. I think it is great to have a strategy that you can virtually take a vacation and still be in the market. Keep up the good posts everyone.

 

[wiseambitions]

I do get a good nights sleep most of the time. I accept what the system is able to produce weekly on average. I will measure success 1 month at a time not daily or weekly. I think it is great to have a strategy that you can virtually take a vacation and still be in the market. Keep up the good posts everyone.

I suppose, while still trusting FMT to do well on average, one of the worries whatever way you trade is the possibility there can be a catastrophic breakdown with a stop order. In other words not just small slippage, a major one.

For example (nothing to do with FMT) I remember a day I had a trade running and I had put in a stop loss as normal. However the market reacted badly to some news, and moved by 150 pips in the space of ten seconds. Slippage on that day for me was something like 25 pips. I was told that all brokers are affected by such a major spike and it takes several seconds for all the computers to sort things out. I am sure it happens like this several times a year and is just as likely to be good (overshooting a TP) as bad (leaving you worse than your SL). My own broker will actually guarantee an order for double the usual spread, but that would be a price too high to pay every day

I wonder what would be the most slippage any other member can report experiencing on the GBP/USD? (I would not be surprised if it is worse for the exotic pairs which dont make for such a liquid market)

 

[PipZombie]

I suppose, while still trusting FMT to do well on average, one of the worries whatever way you trade is the possibility there can be a catastrophic breakdown with a stop order. In other words not just small slippage, a major one.

For example (nothing to do with FMT) I remember a day I had a trade running and I had put in a stop loss as normal. However the market reacted badly to some news, and moved by 150 pips in the space of ten seconds. Slippage on that day for me was something like 25 pips. I was told that all brokers are affected by such a major spike and it takes several seconds for all the computers to sort things out. I am sure it happens like this several times a year and is just as likely to be good (overshooting a TP) as bad (leaving you worse than your SL). My own broker will actually guarantee an order for double the usual spread, but that would be a price too high to pay every day

I wonder what would be the most slippage any other member can report experiencing on the GBP/USD? (I would not be surprised if it is worse for the exotic pairs which dont make for such a liquid market)

You hit the nail on the head. I was just talking to a friend about that the other day. Our worst nightmare is an adverse electronic trading event that would cause the our stops to be jumped. I had that happen once before but it was a small lot size. I usually montitor all my trades but usually stay with them until breakeven at least...this also goes for all orders whether electronic or manual broker placed. It is something we have to accept. I don't like the thought but it would be a part of doing business. I think all traders who are around for a while will experience different types of situations. The worst situation I was in with a broker was this: i was running an EA on a VPS "virtual private server" where my EA is hosted off site. I went to check on the trade and could not logon to my VPS and I could not see my trades on my mt4 platform on my personal computer. I callled the broker and they cancelled all trades...but the EA started all over again, and I could not shut it off. I called the VPS provider and they could not access my server either..scary now....I said KILL IT. They had to delete my whole account and give me a new account number. I like FMT because it at least sets the TP and SL from the start so it is safe as you can get and it only makes one trade a day. Anyway, that is my little experience.

 

[wiseambitions]

You hit the nail on the head. I was just talking to a friend about that the other day. Our worst nightmare is an adverse electronic trading event that would cause the our stops to be jumped.

Perhaps this is why the risk warning usually says your losses can exceed your original deposit.

I don't think there's an easy answer to it, other than to make sure you have the right settings in your EA, and also that if trading manually you place your stops immediately after opening your trade, then at least if your connection fails your broker holds the instructions. Wise also to consider doubling up on your IT, like to have a spare computer running, also a second broadband connection. (These may be impossible luxuries for many people I do concede)

The other thing that may be wise to do, if you have a big stake, is to consider accounts with multiple brokers and to split up your trades. This might help reduce other risks such as that your broker moves his price to stop you out to your detriment, as I have noticed some reference to that being a real possibility in the FMT forum recently.

 

[supertrader05]

I suppose, while still trusting FMT to do well on average, one of the worries whatever way you trade is the possibility there can be a catastrophic breakdown with a stop order. In other words not just small slippage, a major one.

For example (nothing to do with FMT) I remember a day I had a trade running and I had put in a stop loss as normal. However the market reacted badly to some news, and moved by 150 pips in the space of ten seconds. Slippage on that day for me was something like 25 pips. I was told that all brokers are affected by such a major spike and it takes several seconds for all the computers to sort things out. I am sure it happens like this several times a year and is just as likely to be good (overshooting a TP) as bad (leaving you worse than your SL). My own broker will actually guarantee an order for double the usual spread, but that would be a price too high to pay every day

I wonder what would be the most slippage any other member can report experiencing on the GBP/USD? (I would not be surprised if it is worse for the exotic pairs which dont make for such a liquid market)

That's a huge move and pretty big slippage. The most I've had is 5 points on the Dow a few years ago. I've never had any slippage yet with GBP... but I monitor the news a lot and will only use news trading strategies for trading any scheduled release.

I guess this was a big surprise (sovereign debt from europe?). Can I ask what the news was, and what time of day it was?

On the subject of news and FMT, being a cautious trader (I've been burned a few times) if I see a potential big news event coming up, and the FMT trade has not got to breakeven I'll sometimes exit. For example HPI (halifax house price index) on Thursday... this release can move the market 40 pips + in the first 5 mins. The trade was 6 pips in profit 10 minutes before, so I got out, as a loss on this occasion would have meant I was down for the week. Of course it could of gone the other way, but I prefer not to stand in the way of falling piano's!

 

[PipZombie]

Perhaps this is why the risk warning usually says your losses can exceed your original deposit.

I don't think there's an easy answer to it, other than to make sure you have the right settings in your EA, and also that if trading manually you place your stops immediately after opening your trade, then at least if your connection fails your broker holds the instructions. Wise also to consider doubling up on your IT, like to have a spare computer running, also a second broadband connection. (These may be impossible luxuries for many people I do concede)

The other thing that may be wise to do, if you have a big stake, is to consider accounts with multiple brokers and to split up your trades. This might help reduce other risks such as that your broker moves his price to stop you out to your detriment, as I have noticed some reference to that being a real possibility in the FMT forum recently.

I have the platform on two separate computers (a desktop and a laptop) and a mt4 platform on my cellphone. I have two cellular internet sources as a backup, so three sources to access my trades. If the cable internet goes out I can load my mobile internet card in either my pc or my laptop. If the power goes out I have a battery source in my laptop to close out trades if neccessary with the cellular internet card access. I can also access my mt4 platform on my cellphone. My cell phone service and my cellular internet card are different providers. Lastly I have the brokers telephone number in my cellphone on quick dial. It sounds like being parinoid but I can react rather quickly in a situtation. I trade large lot sizes so seconds count.

 

[wiseambitions]

That's a huge move and pretty big slippage. The most I've had is 5 points on the Dow a few years ago. I've never had any slippage yet with GBP... but I monitor the news a lot and will only use news trading strategies for trading any scheduled release.

I guess this was a big surprise (sovereign debt from europe?). Can I ask what the news was, and what time of day it was?

I can't remember specifically but it might have been a speech by Bernacke or something like that as opposed to the release of statistics. Incidentally there was a Thursday sometime around the 16th September at about 9.30 UK time when statistics were released and there was a massive spike. I think FMT members were the right side of the trade at that time.

 

[DaveP123]

What do people think about leaving FMT running over Christmas

 

[PipZombie]

What do people think about leaving FMT running over Christmas

Mark the creator of FMT trades right through december. He posted that out of the last 5 years there would be 3 out of 5 winning months in december. Someone correct me if I am wrong. As for myself, I am going to see where I stand, Friday the 17th as far as profit for the month. I am looking for an average of 130 pips for each month. I am close already this month so I will probably protect profits. I trade manually as well with other strategies and may just do that though december. Right now, for sure I will skip the week leading up to Christmas. I like other traders may trade the week leading up to New Years.

 

[DaveP123]

Mark the creator of FMT trades right through december. He posted that out of the last 5 years there would be 3 out of 5 winning months in december. Someone correct me if I am wrong. As for myself, I am going to see where I stand, Friday the 17th as far as profit for the month. I am looking for an average of 130 pips for each month. I am close already this month so I will probably protect profits. I trade manually as well with other strategies and may just do that though december. Right now, for sure I will skip the week leading up to Christmas. I like other traders may trade the week leading up to New Years.

Thanks Pip Zombie food for thought Looks like I may follow that advice

 

[hammy66]

Personally I will be shutting down all forex activity Thursday, Dec.16 until Wed. Jan.5, so 3 weeks away from forex. Everyone can afford 3 weeks off trading forex plus these are not good weeks for trading and could even be very bad ! C'mon folks, take a break, get a life ! Your family will be glad you did, and so will you !

cheers !

 

[RedGuerrilla]

12-10-2010
FMT 4.1
BE
0 pips

Total: +39 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 7 Profits, 5 Losses
Broker: FXSolutions - 4 decimal point charts and fixed spreads
Settings: 40 SL, 20 BE, 35 TP

This is the third time I've deviated for Mark's results,
since I started FMT on 11-08-2010.
Each time it's been a borderline trade.
Mark had two No Trades, I had two Losses.
This last trade, he had a Profit, I had a Break Even.
Mark made 116 pips more than I made.
I'm doing what he's doing, so what's going on?

The only thing I can think of is the brokers.
He has a variable spread broker, I have a fix spread broker.
It's really hard to say what could be happening.
But starting next year, I'll be trading with the same broker
Mark is using, to see if I can get the same results he's getting.
I know it won't be exactly the same, there's always
slippage to change things a bit, but lest it won't be 116 pips!

Using 5 minute charts . . .
Here are my Friday numbers with FXSolutions, fixed spreads:
Entry: 1.5795, even though the high at the Open was 1.5793
An hour later, reached 20 pips at 1.5715
An hour and 19 minutes later, hit new low at 1.5794,
my stop at 1.5795 for Break Even gets hits.
FXSloutions fixed spread for GBP/USD is 4 pips.

Mark's numbers with PFG Best, variable spreads:
Entry: 1.5792 (PFG has 5 decimals, don't know why Mark doesn't show it),
high at Open was 1.57923
An hour and 15 minutes later, hit new low at 1.57936
Mark doesn't get stopped out like me (borderline trade)
his Break Even stop is at 1.5792,
he moves on to profits an hour an half later.

 

[wiseambitions]

12-10-2010
FMT 4.1
BE
0 pips

Total: +39 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 7 Profits, 5 Losses
Broker: FXSolutions - 4 decimal point charts and fixed spreads
Settings: 40 SL, 20 BE, 35 TP

This is the third time I've deviated for Mark's results,
since I started FMT on 11-08-2010.The only thing I can think of is the brokers.
Using 5 minute charts . . .
Here are my Friday numbers with FXSolutions, fixed spreads:
Entry: 1.5795, even though the high at the Open was 1.5793
An hour later, reached 20 pips at 1.5715
An hour and 19 minutes later, hit new low at 1.5794,
my stop at 1.5795 for Break Even gets hits.
FXSloutions fixed spread for GBP/USD is 4 pips.

Mark's numbers with PFG Best, variable spreads:
Entry: 1.5792 (PFG has 5 decimals, don't know why Mark doesn't show it),
high at Open was 1.57923
An hour and 15 minutes later, hit new low at 1.57936
Mark doesn't get stopped out like me (borderline trade)
his Break Even stop is at 1.5792,
he moves on to profits an hour an half later.

Agonising close I would say. I noticed at 6.30 Friday morning, exactly at the start of the new candle there was fast movement in price. Hard to know whether it was the broker or the IT which caused you to enter at a higher level than Mark, consequently you suffered getting kicked out of the trade where he didn't.
I have sometimes wondered whether it would be sensible to place the stops (TP and SL) against the prices showing at the start of the candle on MT4 if these are different from the exact entry one had to the trade. It also proves to me that backtesting can show things in a better light than reality because it fails to take account of any slippage. I have noticed 2 or 3 trades every month happen where some members say they suffered a loss whereas others made their target profit just by their price not quite touching a stop by the thinnest of margins.

 

[chiprec]

Since trading TMT live on Alpari and comparing entries to Mark demo on Alpari, only once have I entered at same price. All other entries have been against me the highest being 6 pips for one trade.Total 8 trades, difference 16 pips.Not sure what the reason is but certainly makes me wonder.

 

[GumRai]

12-10-2010
FMT 4.1
BE
0 pips

Total: +39 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 7 Profits, 5 Losses
Broker: FXSolutions - 4 decimal point charts and fixed spreads
Settings: 40 SL, 20 BE, 35 TP
.................................

Is there something wrong with your calculations?
7 x wins @ 35 pips = plus 245 pips
5 x losses @ 40 pips = minus 200 pips

245 - 200 = 45

Your total with these results should be +45, not + 39

 

[wiseambitions]

Mark the creator of FMT trades right through december. He posted that out of the last 5 years there would be 3 out of 5 winning months in december. Someone correct me if I am wrong. As for myself, I am going to see where I stand, Friday the 17th as far as profit for the month. I am looking for an average of 130 pips for each month. I am close already this month so I will probably protect profits. I trade manually as well with other strategies and may just do that though december. Right now, for sure I will skip the week leading up to Christmas. I like other traders may trade the week leading up to New Years.

I noticed the average gain for December during the last 5 years was only about 25 pips.

I would be interested to know whether this would have been improved if a lower TP was sought. With the large institutions closing down mainly during this week there is going to be less volatility (so long as there are no major news stories) for the week before and the week after Christmas. FMT needs a fair swing in the price eg top to bottom difference of over 70 pips in order to stand best chance of working. 40 or 35 pips aren't so likely to be there to take, but I wonder whether 20 might reasonably be available, in which case it may be worth carrying on with a lower profit expectation.

 

[Adamus]

Forex is a camel market. It doesn't really have fixed spreads. They're an invention by your broker. What you gain in fixed spreads, you lose elsewhere.