ForexMorningTrade System

[Doomberg]

michaelhryu i have PM'd you the details, they are one of the biggest Offshore company specialists in the game so can be totally trusted, they have contacts with every bank in every tax free country... i don't need to use them for my day trading as its tax free for me anyway, so im not 100% sure this means you have no tax from now on, but i know they do it for a variety of things, not sure about Forex but one can ask.. they are very helpful anyway

If they pull it off, you owe me a pint :smart:

 

[michaelhryu]

michaelhryu i have PM'd you the details, they are one of the biggest Offshore company specialists in the game so can be totally trusted, they have contacts with every bank in every tax free country... i don't need to use them for my day trading as its tax free for me anyway, so im not 100% sure this means you have no tax from now on, but i know they do it for a variety of things, not sure about Forex but one can ask.. they are very helpful anyway

If they pull it off, you owe me a pint :smart:

Currently, I am not in a position to worry about taxes on income/capital gain from forex trading. Hopefully, I will start worrying about it in the near future. If that happens, yes I DO.

 

[Remraf]

I'd just like to share a bit of information which tells me that in spite of a faltering start, the year to date, 1 January 2011 to 31 March has actually been better than in my simulations for the corresponding period in 2010 for most settings. The data for 2011 is collected daily and is as accurate as I am able to make it, based on 06.30 starts, and the prices of my own broker.

Setting Last year's in brackets

New FMT 35/40/BE 505 (235)
Old FMT 40/40 600 (440)
10/40 310 (140)
28/40 340 (480)
D/eagle 43/65/BE 512 (514)

Scroll back through the last 3 months and you'll hear a lot of who you'd think to be seasoned veterans saying "This system doesn't work any more", "Putting this robot back on the shelf", "Conditions have changed", "Chinese chopstick production etc...." If the system had been on sale it would have been the same 12 months previously, yet for those who kept strictly to the rules they would have come through with 1750 to 2000 pips, in a year, just for forgetting about 'News', 'Statistics' and every other factor that plays on your emotions.

Rolling 12 month production, April 3 2010 to April 2 2011

New FMT 1815 Profit factor 2.00
Old FMT 2040 PF 1.72
10/40 1210 PF 3.16
28/40 1744 PF 1.82
D/eagle 1598 PF 1.84


Long may FMT continue to deliver steady long term results! Have a great weekend folks.

Wise, thanks for some clarity! - I think it's great to see people's views and variations on FMT, but it does us good to remember by postings like yours how good Marc's settings are for both FMT's and that he didn't just pluck the numbers out of thin air, as they are still more than holding their own!
I think you've said you're a 40/40 a day fan, and can see why, but was wondering if you have its performance with a BE setting?

Great posting! :smart:

 

[Nod]

Re: taxes.
In the U.S. any capital gains obtained in less than one year are taxed as regular income at whatever the normal tax rate of the individual trader is. Hence, if the trader's tax rate is 30 percent so would be the short-term capital gain. Doubt there are many forex traders who would have long-term capital gains (over a year) in their forex profits.

 

[wiseambitions]

Wise, thanks for some clarity! - I think it's great to see people's views and variations on FMT, but it does us good to remember by postings like yours how good Marc's settings are for both FMT's and that he didn't just pluck the numbers out of thin air, as they are still more than holding their own!
I think you've said you're a 40/40 a day fan, and can see why, but was wondering if you have its performance with a BE setting?

Great posting! :smart:

Thanks

40/40 without b/e resetting and with BE resetting @ 20 in brackets

Last 50 trades +560 (480)
Last 100 880 (720)
Last 150 1360 (1480)
Last 200 2160 (2080)

 

[Doomberg]

wiseambitions... those results render this service the best indicator i have ever seen, after another week or so of testing / watching im going to start using myself, and if all goes well i'd be happy to throw in a large amount per pip with correct money management etc.. seems like marc is selling a golden goose for $97 here!

 

[tkbieber]

I know I am not crazy. And I hate to pay taxes too. And yet I feel I would have to do something about gain, be it from forex, or something else.

What would you do, if your live forex account balance had been $10,000 on January 1, and, fortunately, it grew to be $15,000 by the end of year? You wouldn't worry about the gain of $5,000 when it comes to tax filing, would you? Any chance of getting caught by the IRS when you don't pay taxes on such gains? I am just curious.

Why would you call it a gain? You may wipe out your account next week and would be a $10,000 loss. That's not how investments like this works. It's not a gain until it actually comes back to you because you never know if you will loose it until you have actual possession in your bank.

 

[tradingfxunlimited]

At the end of the year is when you would have to worry about any gains, losses, and expenses from investing. It is a schedule A itemization on you US tax return. If you have taken profits at different points during the year they may be offset with other losses as the year goes on. Come Dec 31 that's when you add up all your beans and give it to your tax pro. However, if your broker doesn't send you a 1099 than they don't send the details of your account to the US govt, IRS. I am not saying that you should not declare what your taxes are. If you have a US broker that sends a 1099 to your home than the IRS has a record of that income. It is up to your accountant CPA to pick that all up. If in Jan of the following year you wipe out your account it would be a loss for that year. It is all about Jan 1 to Dec 31.

 

[coral]

Hello all. Any advice or opinions would be welcome here.

I am with Go Markets as a broker and have two accounts running identical settings using FMT. On the 23rd of March I think that most of us who have a TP of 35 would have had a win. However, I had both of my accounts open a trade, one a size of 5.5 lots and the other a size of 13.7 lots. The smaller trade closed at profit target while the larger trade although the price action was past my profit target on the high and the close of one candle and the open and high of the following candle did not close the trade at TP and ended up falling back down to a BE trade.

Does anyone have any idea why this may have happened. Is this broker related. Is the broker ripping me off or what?

Well, that is very interesting indeed. I did several hundred micro trades last year with Go, and never had a problem. I would think it is the lot size that is the issue, but I would be very interested to hear their explanation. Perhaps opening more accounts would be a solution if it's just a size-fill issue.

 

[michaelhryu]

At the end of the year is when you would have to worry about any gains, losses, and expenses from investing. It is a schedule A itemization on you US tax return. If you have taken profits at different points during the year they may be offset with other losses as the year goes on. Come Dec 31 that's when you add up all your beans and give it to your tax pro. However, if your broker doesn't send you a 1099 than they don't send the details of your account to the US govt, IRS. I am not saying that you should not declare what your taxes are. If you have a US broker that sends a 1099 to your home than the IRS has a record of that income. It is up to your accountant CPA to pick that all up. If in Jan of the following year you wipe out your account it would be a loss for that year. It is all about Jan 1 to Dec 31.

Thanks! Very informative information, indeed!

So, would that be alright to calculate the gains and losses from mutiple forex accounts with a broker (or multiple forex brokers) and declare the total gains/losses as income from forex trading for the year, if my brokers haven't sent me 1099? My trading is not big enough to justify hiring a CPA to do my tax.

 

[michaelhryu]

Why would you call it a gain? You may wipe out your account next week and would be a $10,000 loss. That's not how investments like this works. It's not a gain until it actually comes back to you because you never know if you will loose it until you have actual possession in your bank.

I am not arguing with you. Rather, I'd just like to find out the IRS tax guidelines regarding small retail forex traders whose yearly income from forex is about a thousand dollars (if any), maybe, upto $10,000.

I like your argument/reasoning a lot, by the way. That is, I feel exactly the same way.

 

[GumRai]

There is a dedicated forum here

http://www.trade2win.com/boards/taxation-accounting/

where you are more likely to find answers to your taxation questions. It really doesn't make sense to post them here as most people who read/post here are interested in FMT.

Please don't hijack this thread

 

[stricky1967]

There is a dedicated forum here

http://www.trade2win.com/boards/taxation-accounting/

where you are more likely to find answers to your taxation questions. It really doesn't make sense to post them here as most people who read/post here are interested in FMT.

Please don't hijack this thread

seconded

 

[OWL75]

I don't mind the general tax talk, being the weekend. But after a while it should go to the tax threads.

My accounts are up 24% from my start of Feb 14th.

FMT....duh, Winning!

 

[barebud]

Anyone here trade using a higher risk percentage aside from the recommended 2-3% ? What has your drawdown been like if you have been? Am considering running it at 5% for my live account. Thanks for any info you can provide.

 

[OWL75]

I have been trading both of my accounts with 5% MM for about 5 weeks. That is not a long enough time to really formulate whether it is the best strategy, but it is best for me right now.

Which is how I plan to run my accounts: What I am comfortable with at the moment.

My account balances are small enough that 5% is about right for me. I can with stand some consecutive losses, and even a weekly draw down.

Now, as my accounts grow over the next 12-24 months, I will probably begin to lower the MM% gradually.

 

[FXCO]

I hope Marc will release another good product in the future

 

[wiseambitions]

Strange to think it when you look at the chart this morning, but even the ordinary FMT template is likely to filter us out of a long trade due to the £ having too much push to it. I think this related to action at the end of Friday in the London session more than what's been going on in the last 2 or 3 hours
We'll see

There's talk that European interest rates may rise this week, so it could get interesting

 

[Blackstick]

Certainly looks like the filter may do its job.

 

[sunny12]

Hello all. Any advice or opinions would be welcome here.

I am with Go Markets as a broker and have two accounts running identical settings using FMT. On the 23rd of March I think that most of us who have a TP of 35 would have had a win. However, I had both of my accounts open a trade, one a size of 5.5 lots and the other a size of 13.7 lots. The smaller trade closed at profit target while the larger trade although the price action was past my profit target on the high and the close of one candle and the open and high of the following candle did not close the trade at TP and ended up falling back down to a BE trade.

Does anyone have any idea why this may have happened. Is this broker related. Is the broker ripping me off or what?

Justin,

I think this is your broker issue and they should have been able to fill your 13.7 lots if they are liquid enough for a fill.

If i were trading this big I would use an ECN with currenex platform. Yes they do charge commision but spreads are little better. What is most important that you have great liquidity from major banks and you can see that in level2 of currenex. I have seen people trading 20 lots without any major fill issues. Make sure you join a bigger ECN. I have seen people complain about the commision part but most of good ECN charge 2.54 $ per 10 lots per turn. I know that is 5$ per 10 lots trade ( plus there are spreads) but think what you lost on your larger trade in terms of no fill approx (479.5$).

I hope this helps.