ForexMorningTrade System

[Tenapenny]

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.

Another good source. http://www.thegeekknows.com/p/koala...low&utm_medium=Email&utm_campaign=MailingList

 

[tkbieber]

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

Agree, FMT will pay for a new computer very quickly.

 

[Doomberg]

Lol if i'd of known how hard it was to get MT4 on a mac i'd of done that, but i have had VMware Fusion installed, was on the phone to the USA for 40 mins getting it sorted out, all done now... installing Windows will be a breeze.. just need to get Windows now

 

[PipZombie]

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.

If you are using a virtual 1:1 risk to reward 40/40 or 40/35 nevermind the move to breakeven and your system is 70% win rate you comment is not correct statiscially. With a 7/10 win rate it does not matter if I have 3 losers in a row because I would then have 7 winners in a row. I have 88 live trades with the sytem trading at 4% per trade compounded. My account is up 91% as of todays win. My trade size is now double of what I started with.

 

[tkbieber]

If you are using a virtual 1:1 risk to reward 40/40 or 40/35 nevermind the move to breakeven and your system is 70% win rate you comment is not correct statiscially. With a 7/10 win rate it does not matter if I have 3 losers in a row because I would then have 7 winners in a row. I have 88 live trades with the sytem trading at 4% per trade compounded. My account is up 91% as of todays win. My trade size is now double of what I started with.

Exactly. If for example you trade with $1.00 a pip and never change it, by the end of 12 months you are up how ever many of pips and same in $, now if you compound it, you are up that many pips anyway, but now leveraging maybe $3.00 a pip now and maybe 3 times the balance.

Sometimes it's better to step back and look at the bigger picture.

 

[Lady Forex]

Great, my computer decided to restart itself (after updates) while I was asleep and FMT was still in play. So now I've turned it on to see that TP would have been hit and now it looks like I'm gonna be out at break even... Stupid computer!!!

Even with your computer off the TP and SL would take affect, however any move to BE would not. If you are using the Broker TP and SL it will use those and not the hidden ones.

Lady Forex

 

[Lady Forex]

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:

Hello. Are you new here?

 

[Lady Forex]

I'm using TP40 / SL40 and I couldn't reach TP.

I am using the same settings and I hit TP. Guess I got lucky.

Lady Forex

 

[Doomberg]

Hello. Are you new here?

Yes im new to Forex, although not new to trading

Seems like a good bunch of people in here

 

[Lady Forex]

Yes it really is.

 

[coral]

Since I started live with FMT on 10 March -
2 days with no trades
14 trades. 9 wins, 1 loss, 4 BE
276.2 pips net
Account increase = 14.62%
Settings are 40/35/20 with Go Markets on live acct @ 2% risk.
At some point in the new month, I will increase the risk slightly.
A very good start for me on this system.

 

[billcurry]

If you are using a virtual 1:1 risk to reward 40/40 or 40/35 nevermind the move to breakeven and your system is 70% win rate you comment is not correct statiscially. With a 7/10 win rate it does not matter if I have 3 losers in a row because I would then have 7 winners in a row. I have 88 live trades with the sytem trading at 4% per trade compounded. My account is up 91% as of todays win. My trade size is now double of what I started with.

Exactly. If for example you trade with $1.00 a pip and never change it, by the end of 12 months you are up how ever many of pips and same in $, now if you compound it, you are up that many pips anyway, but now leveraging maybe $3.00 a pip now and maybe 3 times the balance.

Sometimes it's better to step back and look at the bigger picture.

Here are some stats for you two. We'll use Marc's win/loss record for March, ignoring slippage. 35TP/40SL/0BE, starting with a $1000 account on March 1st.

With 5% risk/trade

March, With MM calculated daily:

• - Since our risk:trade ratio isn't 1:1, the max amount we can grow per trade is 4.375%. So, for each win multiply the balance by 1.04375, and for each loss multiply by .95.
• - 11 wins, 5 losses for March
• - $1000(11 wins * 1.04375)(5 losses * .95) = $1239.31

March, With MM calculated at start of the week:

• Week 1: 1 Loss worth $50.00, 2 Wins worth $43.75: $1037.50
• Week 2: 2 Losses worth $51.88, 1 Win worth $45.39: $979.13
• Week 3: 1 Loss worth $48.96, 3 Wins worth $42.84: $1058.69
• Week 4: 0 Losses worth $52.93, 2 Wins worth $46.32: $1151.33
• Week 5: 1 Loss worth $57.57, 3 Wins worth $50.37: $1244.87

Difference between growth with MM after every trade and with MM at the beginning of the week: $5.56, or .556% growth. The difference here is negligible, but just to illustrate my point, let's see what happens when we bump up the risk/trade.


With 30% risk/trade

March, With MM calculated daily:

• -Since our risk:trade ratio isn't 1:1, the max amount we can grow per trade is 26.25%. So, for each win multiply the balance by 1.2625, and for each loss multiply by .7.
• -11 wins, 5 losses for March
• -$1000(11 wins * 1.2625)(5 losses * .7) = $2182.91

March, With MM calculated at start of the week

• Week 1: 1 Loss worth $300.00, 2 Wins worth $262.50: $1225.00
• Week 2: 2 Losses worth $367.50, 1 Win worth $321.56: $811.56
• Week 3: 1 Loss worth $243.47, 3 Wins worth $213.03: $1207.18
• Week 4: 0 Losses worth $362.15, 2 Wins worth $316.88: $1840.94
• Week 5: 1 Loss worth $552.28, 3 Wins worth $483.25: $2738.41

Difference between growth with MM after every trade and with MM at the beginning of the week: $555.50, or 55.55% growth.

TL;DR: The difference between computing MM daily versus weekly is only noticeable over long periods of time OR when using higher than recommended risk/trade settings, but it does make a difference.

 

[podberry]

Morning all - the squiggly lines are sitting on the fence at 06h15 - Hope we get a trade:|

 

[andybissell]

I'd prefer a short trade i think.....could go either way

 

[jabu99]

I'll let the EA do the work but gonna be no trade on Oanda

 

[podberry]

No Trade - Oanda - That was marginal

 

[andybissell]

I guess yo could be long if you took the 0630 open signal instead of 0615 close..... anybody long?

 

[wiseambitions]

Some might have got a weak signal to go long if they were 06.15 starters.
06.30 marginally no trade
start of this candle would tend to indicate a long.
But NFP day and All Fools Day seem a good combination to say stay away

Other confusing indicators are 40SMA in 15m chart falling since 04.00 Tends to indicate bearish but currently the price is above that MA
63EMA in 1hr chart has been level for about 24 hours. Indecision? Or aren't we sure? haha

 

[podberry]

Hammy66 and the others may still get a long signal at 06H45

 

[attila711]

signal : no trade