ForexMorningTrade System

[Tenapenny]

Agree about the banks.

What are your settings as most of us had a loss on standard settings.

SL65 TP43 BE20 as per deserteagle.

 

[antonio2010]

Monday is a bad day with FMT. Markets are usually finding their direction and the timing couldnt be worse 🙁

Backtesting show Monday and Friday are the days with better results
AM

 

[GumRai]

Hi Geoff,

You’ve hit the nail on the head here. You have to combine a good set with the right stake strategy, that’s why I am testing all these sets. The daily figures will go into a spread sheet that calculates the profit/loss at various risk ratios.

I didn’t have the figures for 7tp/20sl and 10tp/40sl but now you have shown me I can say that probably the problem with these sets is the tp figures are too small.

For example I have run the same 5% compounding risk ratio on a 10K account, using Mark’s original 40tp/40sl set. (This has been done before on this forum)

The profit over the Dec 09 – Feb 11 is $90,464

Frightening eh?

Mike

Are you sure about this? I seem to remember that FMT did not perform at all well in December and January, so I find it hard to believe that by Feb 11th it had multiplied the account x10

 

[Tenapenny]

Are you sure about this? I seem to remember that FMT did not perform at all well in December and January, so I find it hard to believe that by Feb 11th it had multiplied the account x10

He may mean Dec 2009-Feb 2011.

 

[deserteagle]

Thanks for your comments 3PO.

Feel like I’ve opened a can of worms here, so can I just repeat what I put on another reply?

I think it’s important that you have confidence in what you are doing. So if you have been trading at another setting and it’s worked for you, just take a step back a second before changing it. I did this test, so that when I place a trade, I do it with the confidence of knowing that in the long term I am doing the best thing for me. The important words in that sentence are “LONG TERM” and “ME”. Can I suggest you run a test yourself, produce your own figures, decide which settings you want and run with those? You’ll be surprised how much more confidence you will have next time you click the “trade” button.

Mike

P.S. I will run deserteagles settings. (I assume you mean 43tp/65sl/20be?) BUT! Those settings are his and I will only publish the figures on here if he gives permission after he has seen them first. I think that’s only fair. I’ve read deserteagles posts on here and looked at his figures, and I can tell you, he knows what he’s doing. Don’t want to start a war!

Hi Mike,

Thanks for your kindness, I have brought set 65/43/20 to this forum after doing my analysis in November, but I do not feel this set is mine, so you and everyone can post results about this set, and also I ask you please try to improve that results, then if you get it, please share the information with all of us. It will be a 'war' where all of us are going to be favored 🙂

Regards

 

[mike1booth]

Are you sure about this? I seem to remember that FMT did not perform at all well in December and January, so I find it hard to believe that by Feb 11th it had multiplied the account x10

Hi Gumrai,

Hard to believe? I would be astounded!!!!

Sorry, didn't make myself clear. Period is Dec 2009 to Feb 2011

Mike

 

[3PO]

Hi,
just a remark for today. I have stopped out as many of us... I checked deserteagle's settings (sl65/tp43/be20) for today with my data on my demo (tadawulfx):
entry @1.6076
the candle with the long shadow at 0730GMT with low @1.6025 got me out of the trade (deserteagle's stop would be @ 1.6011),
and 1.6076+43=1.6119 was hit in the candle closed @1030GMT.

Take care, 3PO

 

[hammy66]

FMT for me this morning: (one broker only, new settings, 55-35-25-5)

6:15 start, buy trade, hit TP +35 pips
6:30 start, buy trade, hit TP +37 pips

total today +72 pips.. 🙂

 

[maggieo]

Can someone please tell me what time I should set FMT to with FXDD? Normally I set FMT at 1:30 our time to 10:30. So is it 9:30 now or 11:30 or no change. I'm rather confused.

I'm also intrigued by your testing of various settings. How does one do this? I think you're all brilliant and I'm trying to understand all of this. I hope you don't mind helping out.

 

[joke]

Can someone please tell me what time I should set FMT to with FXDD? Normally I set FMT at 1:30 our time to 10:30. So is it 9:30 now or 11:30 or no change. I'm rather confused.

I'm also intrigued by your testing of various settings. How does one do this? I think you're all brilliant and I'm trying to understand all of this. I hope you don't mind helping out.

I also have FXDD and am using the EA..I normally set my setting to 0830 to trade at 0130 my time....Yesterday, I forgot to reset my time and it traded at 1230 instead of 0130 my time at that setting of 0830...so tonight I will set my EA to trade at 0130 on setting 0930, one hour ahead...remember though, the following week we will reset our settings to our original settings to account for UK time. Thanks..I hope this helps.🙂

 

[hammy66]

Can someone please tell me what time I should set FMT to with FXDD? Normally I set FMT at 1:30 our time to 10:30. So is it 9:30 now or 11:30 or no change. I'm rather confused.

I'm also intrigued by your testing of various settings. How does one do this? I think you're all brilliant and I'm trying to understand all of this. I hope you don't mind helping out.

Forget about your local time ! FMT trades at 6:30 London time, so you only need to know what time your broker market watch is at 6:30 London time. If you use FXDD, I believe they are US based so probably went on DST last weekend ? You will likely have to change it by one hour, but check your broker time with London time. On March 27 this could change again because London goes on DST, so you will need to check again then.

Hope that helps... cheers !..😀

 

[uberpips]

Add 1 hour for the next 2 weeks.

 

[Remraf]

FMT for me this morning: (one broker only, new settings, 55-35-25-5)

6:15 start, buy trade, hit TP +35 pips
6:30 start, buy trade, hit TP +37 pips

total today +72 pips.. 🙂

Hi Hammy, Nice trades, I'm beginning to think 40SL is just to tight at present, I'm familiar with Deserteagles 65SL but have you explained on another post how you believe 55SL is a better selection? Can you remind us how the 25-5 BE values work in FMT - I just can't see it? 😕

 

[maggieo]

Hey thanks so very much. I really appreciate all the quick responses.

 

[maggieo]

Hey Remraf,
If you can't see it, then I must be completely blind because I don't see at all. I would like to learn if there are better settings but it befuddles my beleagured brain.

 

[maggieo]

I also have FXDD and am using the EA..I normally set my setting to 0830 to trade at 0130 my time....Yesterday, I forgot to reset my time and it traded at 1230 instead of 0130 my time at that setting of 0830...so tonight I will set my EA to trade at 0130 on setting 0930, one hour ahead...remember though, the following week we will reset our settings to our original settings to account for UK time. Thanks..I hope this helps.🙂

Hi Joke,
Would you mind sending out a reminder for us FXDD folks? When to go back to the 1:30-10:30 setting. Thanks for your help. I truly appreciate it.:clap:

 

[hammy66]

Hi Hammy, Nice trades, I'm beginning to think 40SL is just to tight at present, I'm familiar with Deserteagles 65SL but have you explained on another post how you believe 55SL is a better selection? Can you remind us how the 25-5 BE values work in FMT - I just can't see it? 😕

I'm not saying that SL=55 is better than 65, it's what I use and it works for me.

Not sure what you are asking about BE=25 and BE+ =5 ?
In the settings you set BE=25 and the next setting BE+pips, set =5 pips.
When you get 25 pips in profit this will move SL to +5 pips profit.
There is NO trailing stop, TS=0.

cheers !

 

[jaming]

Hello fellow escapees,

I'm a newbie.

These are my trades for today, with all default settings from manual.
Seems odd to me that the results could be so different between traders?

Note: times are +2 GMT

2011.03.14 08:00 buy 0.25 gbpusd 1.60600
2011.03.14 11:24 1.60954
+88.50

2011.03.14 08:00 buy 0.25 gbpusd 1.60600
2011.03.14 14:00 1.60948
+87.00

happy trading!

 

[GumRai]

Hello fellow escapees,

I'm a newbie.

These are my trades for today, with all default settings from manual.
Seems odd to me that the results could be so different between traders?

Note: times are +2 GMT

2011.03.14 08:00 buy 0.25 gbpusd 1.60600
2011.03.14 11:24 1.60954
+88.50

2011.03.14 08:00 buy 0.25 gbpusd 1.60600
2011.03.14 14:00 1.60948
+87.00

happy trading!

You are not using the default settings from the manual.
If your broker time is GMT + 2 then your entry time will be 08:30, not 08:00
Why 2 trades closing at different times?
Both trades show a profit of approx 35 pips, not 88.5 and 87

 

[RedGuerrilla]

Stats for 03-14-2011



Live Accounts:

FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Long/Loss, -40.0, Stats since 11-08-2010: Total= -75.0
6:30 UK Time, IBFX......., Long/Loss, -40.4, Stats since 01-04-2011: Total= +103.6
6:30 UK Time, PFG........, Long/Loss, -40.3, Stats since 03-01-2011: Total= -57.6



Demo Accounts:

FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Long/Loss, -40.9, Stats since 02-01-2011: Total= +246.3
6:30 UK Time, FXCM......, Long/Loss, -43.5, Stats since 02-01-2011: Total= +289.7
6:30 UK Time, Alpari(US), Long/Loss, -40.0, Stats since 02-01-2011: Total= +206.9
6:30 UK Time, FXDD......, Long/Loss, -40.0, Stats since 02-01-2011: Total= +140.2

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.., Long/Loss, -40.1, Stats since 01-20-2011: Total= +120



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker