ForexMorningTrade System

[tkbieber]

Interesting thoughts - but personally I don't like the idea of increasing my risk to try and recover losses. What if there were even more losses with the higher risk?

It may look good on paper or on backtested results, but I'm sure I would panic if I saw losses turn into even bigger losses, and then would probably back the risk off only to start getting winnners again. Then what to do...

It certainly would call for a lot greater discipline than the default system, with potential catastrophic results. Don't want to be negative, just cautious...

Yes, I tried that theory from another EA. They just kept multiplying the risk up to 7 times. They said, they should never have 7 bad trades in a row so you should recover everything you loose. Well, on paper it works but try it in real life with real money. Not going to happen.

I just add up all the wins for a month subtract all the losses for the month and you should come out ahead in pips with this system. I reduced my TP from 40 to 27 and I get a heck of a lot more wins.

 

[Fabius]

Thanks PONKO, yes, I completely agree with your assessment. I was using EurUsd for the NY breakout but I think I will switch to London breakout time with TP=25 or 20 and SL=30.

good luck !

You can still use NY breakout together with London Breakout but using Gbp/Usd on both. Ponko is completely right: Eur/Usd is so much more liquid but Gbp/Usd move a lot more because it is more volatile

 

[hammy66]

How about using a 5 day rotation where you choose the best day for this strategy, say Fridays has best winning percentage, then increase lots to recover any losses in the 5 day cycle on Friday or whatever your best day is. If that loses, stop ! Start new cycle, don't chase losses, you should have more winning weeks to allow for the odd losing week. Anyone know what the best day has been for this strategy say in the last 2 years ?

 

[Fabius]

How about using a 5 day rotation where you choose the best day for this strategy, say Fridays has best winning percentage, then increase lots to recover any losses in the 5 day cycle on Friday or whatever your best day is. If that loses, stop ! Start new cycle, don't chase losses, you should have more winning weeks to allow for the odd losing week. Anyone know what the best day has been for this strategy say in the last 2 years ?

You are reading my mind!

I was just reading a pdf showing the best time for forex (i.e. time, best days and most active days of the week and so on according to the different currencies).
If you are interested, here you are
Am I your hero? :rambo:

 

[jonjo]

Hi trade2win Hi marfric

I have a question to you marfric.

I will not attack you now
it's just a question that interests me

I have seen good results here on this board from your system / EA

Now my question is why are you selling this system for 97$ if you could make a living with this system??

The internet is full of marketers who claim to be Forex Traders and are selling junk.
To find someone like Marc who has spent time researching this and coming up with something that actually works is most welcome. There are too many people who always want something for nothing.

 

[tkbieber]

Correct, Russ trades the system one hour earlier ie. 12:30 a.m. EST. He says over the past 2 weeks he has been getting great results.

True, but do the same for the last 6 months and the outcome is horrid. I'd stick to the rules (time-frame).

 

[tkbieber]

Hii guys..

just wanted to share my experience with forex morning trade..
instead of keeping 40 pips take profit, try with 30 pips take profit and 40 pips stoploss..
its working amazingly well..
from 2nd august 2010 to 31st august(today), the following are the results:

Profitable trades= 14
Loss Trades = 1
No Trades = 7

Total profitable pips = 14days x 30pips = 420 pips
Total pips in loss = 1day x 40pips = 40pips
Total profit in august 2010 = 380pips = 380 x 10$ = 3800$...
This system is just rocking..
try with 30pips take profit.. its more profitable!!!
happy trading!!
suresh.

That's pretty much what I determined as well. I back-tested as far back as I could go, Jan 1, 2010 and tested several TP's from 10 - 40 pips and found I got the most pips from TP of 27.
I think this is going to really be awesome. Just purchased Friday so can't wait till Monday to hit. :clap:

 

[hammy66]

That's pretty much what I determined as well. I back-tested as far back as I could go, Jan 1, 2010 and tested several TP's from 10 - 40 pips and found I got the most pips from TP of 27.
I think this is going to really be awesome. Just purchased Friday so can't wait till Monday to hit. :clap:

That's what I have been using:

GbpUsd and GbpJpy TP=30, SL=40

EurUsd TP=25, SL=30

great results, I'm not posting results , but believe me, great results !

Thanks, Mark !

 

[GilR]

Hi Hammy
And you are trading these pairs at 5.30 GMT?

 

[hammy66]

Hi Hammy
And you are trading these pairs at 5.30 GMT?

GbpUsd and GbpJpy at 5:30 GMT.

EurUsd at both 5:30 and 12:30 GMT. on demo only,, still testing

 

[lotterbe]

Ok,

Trailing stop strategy 2 + 5% risk
---------------------------------------
Total trades - 386
Total wins - 180 (46.63%)
max drawdown - 15.45%
max consecutive losses - 9
Total profit - $90,989.64

Another thought cOpy - if leaving the trailing stop at -20 is more profitable than moving it to +20 (because of having more breathing space), I wonder what the results would be for moving the stop to -20 at +20, and then moving it to break-even at +35 (instead of to +20). This might cut out a few more losers without affecting the winners. I haven't tested this yet on my manual back-testing, but will do. If you're able to look at this new strategy too that would be great...

 

[bluedancer]

That's what I have been using:

GbpUsd and GbpJpy TP=30, SL=40

EurUsd TP=25, SL=30

great results, I'm not posting results , but believe me, great results !

Thanks, Mark !

Hi Hammy,

I'm not sure why you are excited about the gbp/jpy using this system at 5:30 gmt. In my backtest over 2 years from Sept 1 09 to present I have losing results:

SL 40 pip TP 30 pip

margined out by April 7 2010, can no longer take trades as balance dropped below margin required to trade

Start balance 10k
total trades 101
wins 47 (46.53%)
losses 54 (53.47%)
total p/l = -8556
end balance - $1443

GBP/JPY is too risky for me to trade using this robot. no thanks. I wouldn't suggest something without at least 2 years of backtest to prove your theory. If you are doing it manually it is another thing.

 

[bluedancer]

Hi Hammy,

In my backtest over 2 years from Sept 1 09 to present I have losing results:

I meant 1 year. I think it is a good idea to do backtests starting at different dates because you never know what kind of win lose cycle you will be in when you start using the system.

 

[PONKO]

Hello all traders,
No fundamental news affecting EURUSD and GBPUSD for 13Sep 05:30 GMT. Only 07:15GMT Switzerland PPI and nothing to affect to GBPUSD.
I´ll take the trade if the FMT conditions match.
Good luck to all of you and I´ll see you later.
Best
Ponko

 

[Fabius]

Hello all traders,
No fundamental news affecting EURUSD and GBPUSD for 13Sep 05:30 GMT. Only 07:15GMT Switzerland PPI and nothing to affect to GBPUSD.
I´ll take the trade if the FMT conditions match.
Good luck to all of you and I´ll see you later.
Best
Ponko

Thank you Ponko: may the trend be with you too
Time to sleep: in this part of the planet it's 1.35 a.m.

 

[PONKO]

Hi Fabius,
I´m in Spain and I have the same time now 1:45am
Good night and I´ll see you in the morning FMT.
Best
Ponko

 

[hammy66]

Hi Hammy,

I'm not sure why you are excited about the gbp/jpy using this system at 5:30 gmt. In my backtest over 2 years from Sept 1 09 to present I have losing results:

SL 40 pip TP 30 pip

margined out by April 7 2010, can no longer take trades as balance dropped below margin required to trade

Start balance 10k
total trades 101
wins 47 (46.53%)
losses 54 (53.47%)
total p/l = -8556
end balance - $1443

GBP/JPY is too risky for me to trade using this robot. no thanks. I wouldn't suggest something without at least 2 years of backtest to prove your theory. If you are doing it manually it is another thing.

Ok, bluedancer, thanks for the warning !..:smart:
I did not backtest but was getting more wins than losses with GbpJpy and alot of no trades, but maybe I will take it off live and demo it awhile longer to see if it is safe to trade on FMT. Maybe I have been lucky up to now with it..:innocent:

 

[traderathome]

I meant 1 year. I think it is a good idea to do backtests starting at different dates because you never know what kind of win lose cycle you will be in when you start using the system.

Hi Blue,

Can you backtest EURJPY with 40SL PT 35 from 2009 please this pair nobody is testing:cheesy:

Thanks in advance

 

[traderathome]

My visual testing had more wins since July 2010 than GBPUSD you can substantiate my claim if summarise and put the results..

 

[bluedancer]

Hi Blue,

Can you backtest EURJPY with 40SL PT 35 from 2009 please this pair nobody is testing:cheesy:

Thanks in advance

Trader at Home,

The EUR JPY is not a logical pair to trade at this time of day with this system. Usually with this pair it reacts after the JPY is affected or after the EUR is affected.

anyways for entertainment sake I ran a test:

2 years, SL 40p, TP 35p
It only showed 14 trades, drawdown 2410
net loss -422