Always let it run 5 days a week. I have traded every NFP since Oct 2010 except January 2011 and have a positive experience. I think there have been 4 wins and 1 breakeven Oct. 2010- Feb 2011. Someone correct me if I am off a bit.
Always let it run 5 days a week. I have traded every NFP since Oct 2010 except January 2011 and have a positive experience. I think there have been 4 wins and 1 breakeven Oct. 2010- Feb 2011. Someone correct me if I am off a bit.
Cynicism aside, can we blame the guy for that? I believe that a Little gratitude will go a long way.
kgk
podberry
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Hi Guys – I am new to this thread – Great EA that Mark has come up with. I have been trading it on my Oanda account manually for the last 4 days but want to switch over to Oanda MT4 for set and forget reasons-
I have noticed one small problem though and need your help – I see there are 800 + pages and I am sure the answer is in there somewhere but time is not on my side to go through all the pages – I will over the weekend, I promise. But for now if someone could help me tonight (UK) so that I can trade with the bot tomorrow Thursday I would be grateful.
My problem is this – When I set my Risk to 2 % and get stopped out like we did today my loss was only -1.2% therefore minimizing my Risk and T/P
UseMoneyMangement is TRUE – so whats going on ?? Must admit I am new to MT4 so I need you experts to help me out PLEASE
Hidden and and normal stoploss is set to 40 pips. Same with Hidden and normal Target pips set to 35 pips.
I tested it with 3 MT4 Brokers and all 3 had the same result.
Thanks
Podberry:clap:
I have noticed one small problem though and need your help – I see there are 800 + pages and I am sure the answer is in there somewhere but time is not on my side to go through all the pages – I will over the weekend, I promise. But for now if someone could help me tonight (UK) so that I can trade with the bot tomorrow Thursday I would be grateful.
My problem is this – When I set my Risk to 2 % and get stopped out like we did today my loss was only -1.2% therefore minimizing my Risk and T/P
UseMoneyMangement is TRUE – so whats going on ?? Must admit I am new to MT4 so I need you experts to help me out PLEASE
Hidden and and normal stoploss is set to 40 pips. Same with Hidden and normal Target pips set to 35 pips.
I tested it with 3 MT4 Brokers and all 3 had the same result.
Thanks
Podberry:clap:
1.6350 area is still a long term resistence level that keeps stopping the £ rising, so will be intersting to see if the pound continues its strength or if the $ shine comes back, a rise in interest rates by the BoE is sure to see it rise, not too sure when they next meet.
Hi Podberry,
I think you'll find it's to do with the lot size that your broker has set up, I have the same issue sorting out lot size with Smart Live spread bet account as they are reduced lots I think that don't relate to standard sizing, outlined in FMT manual. This reduced size I think conflicts when you want to set the risk level in FMT at 2 or 3% but the maximum size lots restricts this to maximum lots of 0.5, which I guess needs to be increased to allow the MM % level to work correctly. My guess is you have to find out from Oanda what size they use to equate a pip to £1 step and then adjust FMT maximum lots - just my thoughts on how I think it works, but not yet had time to sort it, as I currently have only set Smart Live up on a demo account - happy to hear anyone else's views if they have already sorted it!😕
Make sure you have the latest version of FMT,from Marks website.There may have been some issues with earlier versions concerning money management.There have been a few updates.
Hi podberry (and anyone else who may benefit)
I asked Mark this question some time ago and the answer to this little quandry is this:
Simply, the EA thinks it is trading in USD base.
Therefore when a %risk is set, in an account in GBP base, the profit and loss is returned to the base account after the trade, having been converted from USD to GBP. Therefore the risk will have been factored in the same way.
So, the risk needs to be factored by the exchange rate; roughly, for today's close:
2% / 1.62710 = 1.229%.
This means that one cannot set an exact %risk in GBP base, especially as MM currently does not allow decimal places and one obviously does not know the spot rate at close, beforehand. Wouldn't that be nice?!
I find that setting 4% risk gives a rough average of around 2.5% at current rates. That seems fine to me.
podberry
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RobM. Brilliant thanks - I was thinking about doubling it to 4% today as well and was not sure - You put my mind at rest - Thanks - Do you not find risking more that 2% a problem ? Suppose running it continuously the good outweighs the bad - Appreciate your help - Thanks
Hi
I am pleased to help you. There is a great deal of help and advice available on this friendly forum.
General advice is to trade no more than 2-3% and if you do some calculations with a range of exchange rates, eg. 1.58 to 1.68, it only moves between 2.53% and 2.38%. I consider that safe. You could use 3% if you are worried.
Rest assured, I am no mega-trader. I demo'd the EA for several months while I made sure I fully understood what it was doing on my behalf and learned about lot calculations and risk management. I am here to learn too and I operate the EA exactly by the rules and don't tweak it. I only started trading live with ThinkForex's VPS yesterday. I am confident that FMT will slowly accumulate a tidy little, compounded profit and most importantly, for me, I am required to do very little and I am not going to have sleepless nights worrying! In fact I look forward the mornings and seeing how it's done: 🙂
Now how did pipzombie get in there?...!
podberry
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Top Man RobM. Yeah I'll take the plunge and use the 4%, not much in it around 2.53% and 2.38% as you say - Also got the same VPS as Mark, setting up my platform as I write this. I will be tuned in on this thread daily and hope to chat to all you good folk as we chip away at the Forex Monster - Thankyou
Great piece of info RobM,actually never thought of working out my profit and losses in percentage terms, just assumed EA took care of everything, now realize I need to alter settings .Its not that the account is very big or anything like that 😆
Lady Forex
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Hi Lady Forex
podberry (#6643) alludes to this.
I've had a quick look online, out of curiosity and Oanda does have an MT4 platform:
http://fxtrade.oanda.com/trade-forex/metatrader/
It's Zzzz time in ol' Blighty!
Regards
Rob 🙂
deserteagle
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Hi friends, I know some of you uses the set 65SL 43TP 20BE, this is a great set I like it very much. Despite this set has been doing a great job last months, the large SL does not allow us to take the maximum profits when doing money management. Wiseambitions has commented this situation perfectly some days ago.
Taking this in mind, last 3 weeks I was working hard to get some new sets, now I got them. To call these sets in same way I used names 🙂 : DesertEagle II and Desert Combo.
Desert Combo is composed by two sets, one for buying, one for selling.
Here, I have attached an excel file with a comparison of the results of some sets commented in this forum, also my new sets included.
Results are very good for the new sets, but please keep in mind these results are just the results of backtesting processes, not forward testing, so if you are going to put them in your account be careful :!:
Comments/improvements are welcome.
Kind regards
Taking this in mind, last 3 weeks I was working hard to get some new sets, now I got them. To call these sets in same way I used names 🙂 : DesertEagle II and Desert Combo.
Desert Combo is composed by two sets, one for buying, one for selling.
Here, I have attached an excel file with a comparison of the results of some sets commented in this forum, also my new sets included.
Results are very good for the new sets, but please keep in mind these results are just the results of backtesting processes, not forward testing, so if you are going to put them in your account be careful :!:
Comments/improvements are welcome.
Kind regards
RedGuerrilla
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Mid-December to January was a bad time to trade with FMT. Many FMT traders decided not to trade during this period. Mark Fric decided to traded this period, and so did I. I hit a low of -246 pips in January before I recovered thanks to February 2011. Mark lost too. If we had skipped that period, the holiday season, we would be up an extra 300 pips right now. I won't be trading that period in the future, even if some years are profitable.
Remember, live results has not completed a year yet, that will come on August 2011. Who knows, there may be other periods that FMT won't work?
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RedGuerrilla
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Stats for 03-02-2011
Live Accounts:
FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Short/Loss, -46.0, Stats since 11-08-2010: Total= -27.0
6:30 UK Time, IBFX......., Short/Loss, -41.1, Stats since 01-04-2010: Total= +152.6
6:30 UK Time, PFG........, Short/Loss, -45.6, Stats since 03-01-2010: Total= -7.5
Demo Accounts:
FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Short/Loss, -46.0, Stats since 02-01-2011: Total= +219.3
6:30 UK Time, FXCM......, Short/Loss, -41.5, Stats since 02-01-2011: Total= +301.3
6:30 UK Time, Alpari(US), Short/Loss, -43.0, Stats since 02-01-2011: Total= +256.9
6:30 UK Time, FXDD......, Short/Loss, -41.6, Stats since 02-01-2011: Total= +226.7
FMT 4.3, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., Short/Loss, -41.3, Stats since 01-20-2011: Total= +243.1
Notes:
All pip totals include slippage
FXSolutions is the only dealing desk broker
Live Accounts:
FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Short/Loss, -46.0, Stats since 11-08-2010: Total= -27.0
6:30 UK Time, IBFX......., Short/Loss, -41.1, Stats since 01-04-2010: Total= +152.6
6:30 UK Time, PFG........, Short/Loss, -45.6, Stats since 03-01-2010: Total= -7.5
Demo Accounts:
FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Short/Loss, -46.0, Stats since 02-01-2011: Total= +219.3
6:30 UK Time, FXCM......, Short/Loss, -41.5, Stats since 02-01-2011: Total= +301.3
6:30 UK Time, Alpari(US), Short/Loss, -43.0, Stats since 02-01-2011: Total= +256.9
6:30 UK Time, FXDD......, Short/Loss, -41.6, Stats since 02-01-2011: Total= +226.7
FMT 4.3, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., Short/Loss, -41.3, Stats since 01-20-2011: Total= +243.1
Notes:
All pip totals include slippage
FXSolutions is the only dealing desk broker
