ForexMorningTrade System

wiseambitions said:
I think if you trawled about 200 pages back you'd find that we'd had this discussion in enough depth to pass a PhD thesis already!
And yes there are folks who have backtested the system 10 years and noticed a few sticky periods.

2007 and 8 were certainly profitable all the same, but less so than 2009 and 2010. Credit crunch and international mayhem would have definitely been important factors

There has nevertheless been something magic about identifying the trend at the FMT start times. Before finding FMT I was buying signals which are given out at 05.30 and which are usually in the same direction, and the company providing them had been doing same for about 10 years already, so this confirms my theory......
Click to expand...

Agreed, whilst it's good to have your eye on short-term performance - a very human trait, we should be wary of the 'paralysis by analysis' approach, that in the end blights our believe in many things, including FMT, and we lose sight of our original long-term objective 😎
 
podberry said:
Well that's comforting wiseambitions- Thanks... So the way I see it is after the Asian session a breakout is inevitable (price has to move) as traders enter the market no matter what. At least we are geared to pick up the direction more often than not - Not being funny, but sometimes following all the posts in this thread can have a negative impact as you never no what to believe, at least you are one we can trust👍
Click to expand...

OK, there are some days when no breakout does happen, or of course there is reversal immediately after FMT puts us in a trade, or the momentum of any such breakout can still be less than the TP and the whole effect fizzles out and then the market can dump us at SL.

"You never know what to believe". Surprising how many people said such things as "It's time to put this bot back on the shelf", immediately before it gave us 300 pips in the next 4 weeks. You just have to keep at it, dismiss your emotions, and make sure your EA is on, or that you read the right charts if you trade manually.

After a long time I have the confidence settings I use never vary from around 85pc winning trades in the last 100, and I am happy to let the trade take its course. Once you have the faith to do that you realise that it offers you a far less stressful life than looking for trades 24/7 in multiple currencies
 
wiseambitions said:
OK, there are some days when no breakout does happen, or of course there is reversal immediately after FMT puts us in a trade, or the momentum of any such breakout can still be less than the TP and the whole effect fizzles out and then the market can dump us at SL.

"You never know what to believe". Surprising how many people said such things as "It's time to put this bot back on the shelf", immediately before it gave us 300 pips in the next 4 weeks. You just have to keep at it, dismiss your emotions, and make sure your EA is on, or that you read the right charts if you trade manually.

After a long time I have the confidence settings I use never vary from around 85pc winning trades in the last 100, and I am happy to let the trade take its course. Once you have the faith to do that you realise that it offers you a far less stressful life than looking for trades 24/7 in multiple currencies
Click to expand...

Which setting do you trade the most, still the old 40/40 no B/E ?
 
tkbieber said:
😆 That would be like watching a dog chase it's tail. I use to try to change the rules frequently for any system I thought was good and became that dog chasing it's tail, got nowhere but dizzy and a broke bank account. 😆

I hope people don't forget, this is a long-term style of trading. Let's try for doubling our accounts every year. That's a good start. All the ups and downs between Jan and Dec, forget about it, let's just have a nice doubled account at the end of the year.

I'm just playing of course, but in all seriousness, let's not over analyze something as simple as this. I have a friend who gets way too emotional and analyzing every single move of the market and, oooh, it must be the volcano in Zimbabwe that will make the GBP go up today and we shouldn't get in cause FMT says to make a sell. 😢😱

I tell him to relax, shut off the computer screen for a month and come back to see your profits. 😆
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Good comment, to double an account in 1 year you need a profit of 6% monthly average, this is the magic number. According to my statistics, by risking 2% per trade, FMT gives you a higher profit than 6% monthly. I just wish FMT lasts some more years in the same way 🙂
 
deserteagle said:
Good comment, to double an account in 1 year you need a profit of 6% monthly average, this is the magic number. According to my statistics, by risking 2% per trade, FMT gives you a higher profit than 6% monthly. I just wish FMT lasts some more years in the same way 🙂
Click to expand...

Do you mean using Mark's settings or your own?
 
Morning All,

Just my 2 cents.

FMT takes advantage of a breakout as Europe/London open and traders come into the market. This will stay the same as they are the big boys. They bring in the big orders and the market follows those orders.

I think the difference between 2007/08 and 2009/10/11 is volatility. The markets are currently more volatile then a couple of years ago. I have seen moves of 50/60pips in under 15min (even less), which was unheard of 4/5years ago.

So I wonder if an ATR could be added to FMT that would allow it to adapt to the current/future market conditions.

"Infiniteyield Forex/FirstStrike System" worked on a breakout principle, together with ATR to adapt to current market conditions and has had a return of 2090% since Dec 2007.

Just a few thoughts for the weekend. (sorry for the rambling 😱)

M
 
Last edited:
beavis1122 said:
updating...

all using fmt are welcome to join the group and share your trades and comments with other users of fmt and tmt.
Click to expand...

it's an interesting idea... you mention that it's ONLY for customers.. how will you ensure that? Curious. We don't want non-paying folks to have a free ride! 😉
 
deserteagle said:
Weekly update. It has been the best week I have seen since November 2010.
Click to expand...

Hi there
I have xls excel 2003...can anyone offer a quick step by step to upgrade excel to xlsx so that I can read Desert Eagles spreadsheet...paranoid about losing my existing excel data / spreadsheets
Many thanks
geoff135
 
Hi all,

I am currently using spread betting firm to trade Mark’s system. With IG Index there is the typical spread of 3 pips between ask and bid price, and this adds up to take a large percentage of your profit for example if you trade a 10,000 account and risk 2% and trade 16 times on average a month, the cost would be as follows:-

3 (spread) x 5 (amount per pip = 2 % risk) x 180 (trades per year) = £ 2,700

Does anyone know a cheaper way to trade Mark’s system?
 
mgarry said:
Hi all,

I am currently using spread betting firm to trade Mark’s system. With IG Index there is the typical spread of 3 pips between ask and bid price, and this adds up to take a large percentage of your profit for example if you trade a 10,000 account and risk 2% and trade 16 times on average a month, the cost would be as follows:-

3 (spread) x 5 (amount per pip = 2 % risk) x 180 (trades per year) = £ 2,700

Does anyone know a cheaper way to trade Mark’s system?
Click to expand...

Smart Live Markets typical spread is 1.5 now (used to be 1 pip)

I don't think that the loss in profit per trade is an issue, it's more a case that there may be times that TP is not quite hit or SL is hit whereas it wouldn't with a lower spread.
As far as I understand TP is 35 + spread to give a net profit of 35 pips
 
Geoff135 said:
Hi there
I have xls excel 2003...can anyone offer a quick step by step to upgrade excel to xlsx so that I can read Desert Eagles spreadsheet...paranoid about losing my existing excel data / spreadsheets
Many thanks
geoff135
Click to expand...

Download openoffice it will read xlsx and you can save it to any format (its also free)
 
So, just to double check myself...I am using Alpari US. I don't think I have to adjust anything for BST. Correct?
 
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