ForexMorningTrade System

[Remraf]

Typical!🙄 Finally got round to sorting trailing stops on my IG account yesterday so the stop moved to BE after moving +25 - I know the settings work now (25 distance, 40 step) as they kicked in, market retraced and just took me out! I'm in SHORT today but have adjusted my BE settings on IG to 30/35 so that gives me 5 pips breathing space beyond my entry point if BE kicks in.
If the market continues to fall, then 1.60000 is an important level, as it's provided lots of support in the past few months. I've had trade running since it touched 1.6400 which is still running with a trailing stop 80/50 movement.

 

[Xbourse]

-30 pips, trade running... what an horrible suspens... isn't it ? 😉 (short alpariUK demo)

 

[chrisheath]

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.

Hi Wise, What you are suggesting does make logical sense. However, In my (fairly) extensive backtesting at 40, 40 with BE, there appears to be no advantage in setting the BE ADD pips to anything, other than zero. (Trailing stops fare no better, either.) (This aligns with Marks findings.)

I have obtained the best results with 40 40 20 (since 1st Jan 2010), which offers an improvement over the basic 40 40 No BE.

However, once you decide to go to BE, choosing the latest recommended settings 40 35 20 gives a lower drawdown, and significantly fewer losses, (ie a smoother equity curve) with a very slightly lower profit, making it easier to trade (which is why Mark recommended it!).

There are gaps in my data, but I think the principles remain correct.
As always, you have to use settings you are comfortable with, and stick with them.

Hope this helps, Regards, Chris

 

[Remraf]

Hi Wise, What you are suggesting does make logical sense. However, In my (fairly) extensive backtesting at 40, 40 with BE, there appears to be no advantage in setting the BE ADD pips to anything, other than zero. (Trailing stops fare no better, either.) (This aligns with Marks findings.)

I have obtained the best results with 40 40 20 (since 1st Jan 2010), which offers an improvement over the basic 40 40 No BE.

However, once you decide to go to BE, choosing the latest recommended settings 40 35 20 gives a lower drawdown, and significantly fewer losses, (ie a smoother equity curve) with a very slightly lower profit, making it easier to trade (which is why Mark recommended it!).

There are gaps in my data, but I think the principles remain correct.
As always, you have to use settings you are comfortable with, and stick with them.

Hope this helps, Regards, Chris

I think that's a fair assessment, i think the idea is good one, especially if you were looking at yesterday in isolation, but how many times has that occurred, I think the BE position is a good backstop on occasions when FMT is wrong after that initial spike, helps on reducing drawdown, although acept it is compromise, as on occassions it will resume direction after hitting BE. Chris

 

[Jashfx]

Top of the morning all - Short Oanda - Good luck🙂

Come on Proteas!!! SA lost toss and are bowling. A winnning trade today will be great and a win for the Proteas will just make the weekend greater. 😀

 

[dapero]

Hurray,
NordFx, all closed in profit for the week (45-35-20)! Thank you mark. 175 pips for the week

 

[wiseambitions]

Hi Wise, What you are suggesting does make logical sense. However, In my (fairly) extensive backtesting at 40, 40 with BE, there appears to be no advantage in setting the BE ADD pips to anything, other than zero. (Trailing stops fare no better, either.) (This aligns with Marks findings.)
Hope this helps, Regards, Chris

Thanks, and as you know I don't even use the B/E reset nowadays

Today's a fair roller coaster to say the least!
Anyway I had set for 30tp and am pleased to be able to take the profit off the table, as there was a time when SL looked rather close for comfort

FMT has had a brilliant week.

Good luck guys!

 

[jimpees]

nice tidy little profit +35 OANDA.

 

[Jashfx]

+35 pips (105 for the week) 2 BE and 3 winners.

Those that dont reset had a full house this weekend -- well done.

Cricket time now -- go proteas. Back next week for some more $$$$$

 

[Piperman]

Started my live trading on tues. Missed out a day of profit.
4 trades, 3 profit, 1 BE, total profit of 110 pips this week.
Am trading with mini lots. Thanks Marc. BE for the price of EA.
👍

 

[catfish911]

Sell at 6:15, closed at +37 on Alpari. Great week! Hope everyone did well too

 

[felixmsr]

Started my live trading on tues. Missed out a day of profit.
4 trades, 3 profit, 1 BE, total profit of 110 pips this week.
Am trading with mini lots. Thanks Marc. BE for the price of EA.

Great start of your first week! I've had a great week as well with 300+ pips profit 😀

 

[dapero]

Hey,
How did you get that? What's your settings like?👍

Great start of your first week! I've had a great week as well with 300+ pips profit 😀

 

[felixmsr]

Hey,
How did you get that? What's your settings like?👍

I'm running 55, 35, 25 and 5 at 6.15, 6.30 and 6.45 and it's been working great for me, so far 🙂 🙂

 

[dapero]

That's same method with hammy66, Great!

 

[GumRai]

I'm running 55, 35, 25 and 5 at 6.15, 6.30 and 6.45 and it's been working great for me, so far 🙂 🙂

You're splitting your risk over 3 trades and a higher SL. You would probably do better risking the same amount on a single trade using the recommended settings

 

[lumbco]

I am using the current Hammy66 method which works great. The 6:45pm trades are a tremendous bonus and all three create an awsome Golden Half Hour.

I trade live with a 5% risk, and now that the account is growing faster the allocation of risk between trades is starting to become important.

I can't get my head around the relationship between probabilities and statistics in relation to the approximate ratio of 2 profitable trades to 1 losing trade using FMT.

If the trades were twelve hours apart it is easy to see that, with my current trading preferences, each should each carry a 5% risk.

What about trades 15 minutes apart?

And if they were 1 minute apart what then? Are they really independent trades and could carry the same risk as the twelve hour trades?

Can anyone advise ??

 

[ffchaci]

6:15 Short Trade +40 pip 40,40, BE +5
6:30 Short Trade +40 pips 40,40, BE +5
6:45 Short Trade +35 pips 55,35 No BE
Jut realised I cocked up the EA settings on my SLM platform.
I put the settings as broker settings 40/40 and hidden settings as 55/35 but it seems to be using the 40/40.
Have got it the wrong way round!? :/

 

[coral]

73.1 pips this week on 2 wins, 2 BE, 1 NT. Compounding nicely @ 2% on author's settings. Since my first trade on 10 March (12 trading days), 6 wins, 1 loss, 3 BE, 2NT, net 171.5. The EA has been paid for many times already.

 

[Lady Forex]

The hidden setting is what you should be getting if your computer is turned on. If your computer is turned off you will get the broker settings.

Could it be slippage?

Lady Forex