ForexMorningTrade System

wiseambitions said:
Results of the last 100 trades, which for me have occured since exactly 6 months ago:

FMT settings, 35tp 40sl with break even + 525. Without B/E it would have been 650
Old FMT settings 40/40 +800 WITH B/E +640
10/40 +650
Click to expand...

Hi wiseambitions

I think you may have converted me into your 'train of thought'. The reason I say that is it would have been 2 days in a row that you have used the old 40/40 with no S/L move to B/E and profited - Well done.

I have now opened 2 charts on my platform and will trade the new and old system parallel to each other. (sharing the risk of cause) That way it least I don't miss out on trades like today and yesterday keeping the profits ticking over.

Any thoughts ?:clap:
 
Last edited:
FMT for me this morning, (55-35-25-5)

6:15 start, short signal, hit BE +5 pips
6:30 start, short signal, hit BE +5 pips
6:45 start, short signal, hit BE +5 pips

total today +15 pips.. 🙂

total this week so far, 306 pips.. ;D
 
I got +55 on Oanda but it looks like my EA stopped working. There is an x in the corner now. How could that have happened?
 
podberry said:
Hi wiseambitions

I think you may have converted me into your 'train of thought'. The reason I say that is it would have been 2 days in a row that you have used the old 40/40 with no S/L move to B/E and profited - Well done.

Any thoughts ?:clap:
Click to expand...

Thanks, I suppose all that these numbers show is that if there's a difference of 640 v 800 with and without break even resetting on 40tp and 40sl exits then there must have been 4 more occasions in the last 100 trades where the break even reset prevented TP being achieved rather than saving a loss.

Of course the difference could be eradicated in a short period in future experience, but it does seem to show that the price can move half way to TP then retrace back to worse than the starting point yet still go to full profit again.

I have sometimes wondered whether we would reduce our losses more effectively by reducing SL to half of 40 when we achieve 20 pips in the right direction.
 
wiseambitions said:
Thanks, I suppose all that these numbers show is that if there's a difference of 640 v 800 with and without break even resetting on 40tp and 40sl exits then there must have been 4 more occasions in the last 100 trades where the break even reset prevented TP being achieved rather than saving a loss.

Of course the difference could be eradicated in a short period in future experience, but it does seem to show that the price can move half way to TP then retrace back to worse than the starting point yet still go to full profit again.

I have sometimes wondered whether we would reduce our losses more effectively by reducing SL to half of 40 when we achieve 20 pips in the right direction.
Click to expand...

I like that Idea. Can you sugguest it to Mark Fric and Back Test it. Iam a big fan of trying to cut losses short rathen than moving to BE and preventing a win...🙂
 
podberry said:
Times like these were you wish you were using wiseambitions strategy of not adjusting the stop to B/E.
Click to expand...

In times when the market is trending like it is right now the 40/40 option is great. When we get rangebound the 40/35/20 setting helps in the case of being rangebound..
 
6:15 40 / 40 +40 pips
6:30 35 / 40 / 20 / 5 BE+5 pips

Resetting the BE is loosing its luster right now in the short term.
 
What do you all think of a 80 TP / 40 SL right now? It seems as though after some early back and forth, we are marching in the right direction. I don't want to be greedy, but as an additional 2nd or 3rd account, we could capture some extra pips.
 
wiseambitions said:
I have sometimes wondered whether we would reduce our losses more effectively by reducing SL to half of 40 when we achieve 20 pips in the right direction.
Click to expand...

Couldn't this be achieved by setting trailing stop to 40, with no BE / BE pips settings?

May be worth a try ... 🙂
 
hammy66 said:
FMT for me this morning, (55-35-25-5)

6:15 start, short signal, hit BE +5 pips
6:30 start, short signal, hit BE +5 pips
6:45 start, short signal, hit BE +5 pips

total today +15 pips.. 🙂

total this week so far, 306 pips.. ;D
Click to expand...

Got me the same as well 🙁
 
Setting up Forex Morning Trade -- live on the west coast ---

Not sure how to set time ----- Los Angles CA is plus 5 hrs from
UK time ----- UK time 6:30 AM plus 5 hrs = 11:30 AM ????
Broker ---Forex.com--05:30 ?????
 
Stats for 03-24-2011



Live Accounts:

FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions..., Short/Break Even, 0.0, Stats since 11-08-2010: Total= +74.0
6:30 UK Time, IBFX.........., Short/Break Even, -0.1, Stats since 01-04-2011: Total= +275.7
6:30 UK Time, PFG Best......, Short/Break Even, -0.5, Stats since 03-01-2011: Total= +85.8



Demo Accounts:

FMT 4.3, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best......, Short/Break Even, +0.4, Stats since 02-01-2011: Total= +358.0
6:30 UK Time, FXCM.........., Short/Break Even, 0.0, Stats since 02-01-2011: Total= +395.2
6:30 UK Time, Alpari(US)...., Short/Break Even, 0.0, Stats since 02-01-2011: Total= +350.8
6:30 UK Time, FXDD.........., Short/Break Even, 0.0, Stats since 02-01-2011: Total= +281.5



Notes:

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