ForexMorningTrade System

[JOHNCO]

I don't think one ever stops learning it but for starters, babypips.com can walk you through a free training course. This is where I began. :smart:

Thanks for the heads up.

 

[billcurry]

MM with it's compounding feature will greatly enhance my profit margin.

Be careful with MM. Using FMT/TMT I found that MM was actually killing my profits. What would happen is that after one loss it'd take two wins to recover. It'd take ages to recover from consecutive losses. What was strange was that my pip count was actually very positive, even if I was losing money.

What I've found to be much better is to use a static lot count calculated at the beginning of each week based on your risk/trade. This will let you take advantage of positive pips each week and also give you the benefits of compounded interest.

 

[Jashfx]

Be careful with MM. Using FMT/TMT I found that MM was actually killing my profits. What would happen is that after one loss it'd take two wins to recover. It'd take ages to recover from consecutive losses. What was strange was that my pip count was actually very positive, even if I was losing money.

What I've found to be much better is to use a static lot count calculated at the beginning of each week based on your risk/trade. This will let you take advantage of positive pips each week and also give you the benefits of compounded interest.

Yip -- totally agree -- thats exactly how i have been doing it since the begining of the year. And even if i have a -ve week I dont reduce lot size cause generally when there is a negative week then next week with FMT is positive, so i keep trading a static amount until my end week balance is eventually higher than the one i started with, whether it takes 1 week to compound or 3 or 4 weeks. Of course though, if do go through a patch of 3 or 4 losing weeks in a row, then would have to recalculate and possibly decrease lot size.

 

[tkbieber]

Be careful with MM. Using FMT/TMT I found that MM was actually killing my profits. What would happen is that after one loss it'd take two wins to recover. It'd take ages to recover from consecutive losses. What was strange was that my pip count was actually very positive, even if I was losing money.

What I've found to be much better is to use a static lot count calculated at the beginning of each week based on your risk/trade. This will let you take advantage of positive pips each week and also give you the benefits of compounded interest.

I'm not sure what your settings are as it make take 2 wins anyway if you are not equal with TP and SL.

I guess it can work both ways though because if you have 5 losses in a row, you would actually loose more if you didn't reduce your lot size after each bad trade. Essentially, your risk would be going slowly up by leaving it the same after each loss. I understand your thinking though and each to their own, just giving the other side of the coin.

My preference is compound after each good trade and de-compound (if that is a word) after each bad trade so that if I have 6 bad in a row I'd actually loose less and would take a lot longer to loose the majority of my balance.

 

[Kylefx]

How much pips for March ?

 

[ochbyn]

FMT for me this morning : (55-35-25-5)

6:15 start, long signal, hit TP +35 pips
6:30 start, long signal, hit TP +35 pips
6:45 start, long signal, hit TP +35 pips

total today +105 pips ..

total for the week +118 pips..

Are U trading Manual or Auto FMT?

 

[hammy66]

Are U trading Manual or Auto FMT?

I have to use the EA, my local time is 1:30 am. at London breakout...

 

[ochbyn]

I have to use the EA, my local time is 1:30 am. at London breakout...

I used 3 different brokers. Same times & settings as U. All 3 brokers took the 6:15 trade but no 6:30 or 6:45. I wonder why the big difference. I'm using 2 US & 1 Cad broker.

 

[hammy66]

I used 3 different brokers. Same times & settings as U. All 3 brokers took the 6:15 trade but no 6:30 or 6:45. I wonder why the big difference. I'm using 2 US & 1 Cad broker.

you have to change the magic number on each chart with the EA or maybe the FIFO on your US brokers are blocking the trade ?

cheers !

 

[ochbyn]

you have to change the magic number on each chart with the EA or maybe the FIFO on your US brokers are blocking the trade ?

cheers !

Magic # ? Could U explain? :innocent:

 

[coral]

35.4 pips today on default 40/35/20, Go Markets

 

[coral]

Magic # ? Could U explain? :innocent:

In the second last line in the EA properties, you will see a number, "MagicNumber". Just change the number so that it is different on each chart that runs the EA. Any minor change to the number will work fine, but they must be different on each chart, else there will be conflicts.

 

[ochbyn]

In the second last line in the EA properties, you will see a number, "MagicNumber". Just change the number so that it is different on each chart that runs the EA. Any minor change to the number will work fine, but they must be different on each chart, else there will be conflicts.

Thanks

 

[Doomberg]

Im baffled to how this works, i need windows on my mac before i can use MT4... so frustrating lol as i have had to do loads to my mac to get it to accept windows, and im in spain right now and getting an english version of XP is proving difficult :/

Anyone worried that FMT may one day just stop laying golden eggs?

It best not before i get involved ha

 

[Remraf]

Correct, but watch the IG quotes, they well not be aligned.

I used to use IG &CMC but now trade 100% on Alpari.

But yes, gains on Alpari should be declared and tax paid.

Of course, you could fund it from an offshore account, but that is way off topic.

Or Smart Live, which is a spreadbet broker using MT4 so also tax free in the UK
(the only one I know of)

 

[tkbieber]

Im baffled to how this works, i need windows on my mac before i can use MT4... so frustrating lol as i have had to do loads to my mac to get it to accept windows, and im in spain right now and getting an english version of XP is proving difficult :/

Anyone worried that FMT may one day just stop laying golden eggs?

It best not before i get involved ha

I suppose you don't feel like you are "winning", at the moment, huh?

 

[Tenapenny]

I don't think one ever stops learning it but for starters, babypips.com can walk you through a free training course. This is where I began. :smart:

Good advice. If people want to learn how to trade forex they could do a lot worse than work through this http://www.babypips.com/school/

It would cut out a lot of the basic questions being asked repeatedly on the forum, not just this thread, and give the student a sound start in learning how to trade. Ok, rant over, have a good day everyone.

 

[Doomberg]

Lol i swear macbooks are great, but not when you want to get in to Forex... installing MT4 on a mac is like finding a cure for cancer.. and then when its all primed i have to find a copy of uk XP when in another country ha.. and mate those 11 wins in a row are impeccable!

Bet you are proud to be an owner of FMT then? I'll be part of the gang soon :cheesy:

 

[Tenapenny]

Lol i swear macbooks are great, but not when you want to get in to Forex... installing MT4 on a mac is like finding a cure for cancer.. and then when its all primed i have to find a copy of uk XP when in another country ha.. and mate those 11 wins in a row are impeccable!

Bet you are proud to be an owner of FMT then? I'll be part of the gang soon :cheesy:

Buy a cheap laptop, install MT4 with preferred broker, make pips! Simples!

 

[tkbieber]

Bet you are proud to be an owner of FMT then? I'll be part of the gang soon :cheesy:

Yes, well I actually use FMT turbo. It's much the same but a few more settings that I like to use and the filter it has seems to help a little.