ForexMorningTrade System

[Brokerthanthou]

I am on the default settings with FMT EA 4.3 with a demo $1000 account and I have gone three days in a row with not much happening.
Friday was a NO SIGNAL. Monday was a NO SIGNAL. Today I think was sell to BE. Still not losing anything so far, which is more than I can say for my brokerage account!

 

[shoot2scoot]

They will only honor a target they can see (that is part of the trade SL or TP). They will not honor a break even that the EA may have set had it been given the price feed.

They did honour my BE? Perhaps I was one of the first to ask before they decided on a policy? Chris

 

[magicdogsbrain]

OK - so as well as a poor and unreliable feed you can add inconsistent treatment of clients. You better make sure you get on the phone again as soon as it happens next time. Better off traing FMT manually on SLM.

 

[Noltisy]

I had a no trade signal. I am not sure how Marc says he had a sell and it was a few pips from profit on his site. I have it set up correctly, and in the past my trades match his and most on this forum...but not today. I am wondering why...anyone have the same experience today? I use IBFX and at 6:30 it shows it should have sold, but it went straight up after that.

 

[Brokerthanthou]

OK - so as well as a poor and unreliable feed you can add inconsistent treatment of clients. You better make sure you get on the phone again as soon as it happens next time. Better off traing FMT manually on SLM.

what is SLM?

 

[Brokerthanthou]

I think consistency is key. And that means applying the same rules day in day out.

40/40 (without BE resetting).

Last 50 trades +560
Last 100 trades +800
Last 150 trades + 1280
Last 200 trades +2160

Even though the winning rate might be no better than 6 in 10, look how steady the profits accumulate. And these numbers even include Christmas when about 250 pips just evaporated.
5 lots traded 200 times would have generated $108000, That's a lot of money, with no need to understand support and resistance, no need to worry about what the next news release will contain, and no need to worry because someone else on here tells you the system is broken and was only put on the market at the end of the best run in 10 years........... It doesn't pay to think too much.

This is encouraging, nice work!
Could you post or repost your recommended settings for EA?
I am testing out Forex Morning Trade EA 4.3 with a $1000
demo account. I have all of the inputs at default except for
the riskinpercentage, which I doubled to 4 , from the original default setting of 2.
So far there have been 2 profit days out of six
with four days of either no trade or BE, and wish to test
some new settings.
If you are not using an EA, any suggestions on what to do? I know NOTHING
about this.

 

[shoot2scoot]

what is SLM?

'Smart Live Markets'. Pretty well the only UK Spreadbetter offering the MT4 platform for use with EA. Chris

 

[wiseambitions]

This is encouraging, nice work!
Could you post or repost your recommended settings for EA?
I am testing out Forex Morning Trade EA 4.3 with a $1000
demo account. I have all of the inputs at default except for
the riskinpercentage, which I doubled to 4 , from the original default setting of 2.
So far there have been 2 profit days out of six
with four days of either no trade or BE, and wish to test
some new settings.
If you are not using an EA, any suggestions on what to do? I know NOTHING
about this.

Apart from, or as well as, the recommended set, which is 35TP, 40SL, BE @20, I would suggest 40TP and 40SL with no break even

Someone the other day said on here measure your success not so much by how many pips you get, but by how well you stick to the rules. There's a lot of truth in that.

4% is not an outrageous risk setting.

Effect of rolling up capital with money management:
Set 40/40
Start balance £10,000
1st January 2011
52 trades through to 5th April

At 2% risk per trade. Your account would now stand at £13,072
At 5% risk £18845

That's in just a few days more than a quarter of a year!

---------------
At 35TP/40SL/BE @20

At 2% risk, £12780
At 5% risk, £18054

😀

 

[billcurry]

This is encouraging, nice work!
Could you post or repost your recommended settings for EA?
I am testing out Forex Morning Trade EA 4.3 with a $1000
demo account. I have all of the inputs at default except for
the riskinpercentage, which I doubled to 4 , from the original default setting of 2.
So far there have been 2 profit days out of six
with four days of either no trade or BE, and wish to test
some new settings.
If you are not using an EA, any suggestions on what to do? I know NOTHING
about this.

I know you were asking wiseambitions, but just to throw my two cents out there, in general I'd suggest sticking close to the recommended default settings by Marc (35TP/40SL/trigger BE at 20 pips/BE+0). Every time I deviated from those settings I ended up losing out on profit, or even losing trades, that I shouldn't have. I'd even suggest using static lots instead of the MM setting, however this can be compounded weekly. The only setting you can deviate pretty far from is your risk.

 

[coral]

This is encouraging, nice work!
Could you post or repost your recommended settings for EA?
I am testing out Forex Morning Trade EA 4.3 with a $1000
demo account. I have all of the inputs at default except for
the riskinpercentage, which I doubled to 4 , from the original default setting of 2.
So far there have been 2 profit days out of six
with four days of either no trade or BE, and wish to test
some new settings.
If you are not using an EA, any suggestions on what to do? I know NOTHING
about this.

Hi Brokerthanthou;

If you haven't read through the whole thread (I have), I would recommend a review of the following contributors. If you would read what they have said in the last couple of months, I think you will be up to speed:

wiseambitions, PipZombie, deserteagle, hammy66, and an excellent post at page 885, # 7070 by mike1booth. RedGuerilla also has weekly updates on various platforms he is either testing or trading on. Deserteagle's spreadsheets are a real help also, on his own variations. Those are off the top of my head, and I apologize if I've forgotten someone, and will add later. As mentioned many times before by several people, it's a question of finding the comfort zone and sticking with it. The only thing you can control in this game is your risk. Everything else is at the whim of the market, and can start biting us at any time. In backtesting, we are effectively "predicting the past", so we can't be too comfortable with that either - it's just another indicator, but a pretty good one if not taken too literally as a predictive tool.

Marc's results are bang on with the two data sources that I have; that's important to me, and his trades are a great place to start to get a good feel on what the days and weeks are like.

Let me know if you need technical help with anything. We can chat on skype if you wish.

Best to you.

Al

 

[ffchaci]

That is astonishing - so why did they compensate you and not me? Is it because I have turbo morning trade and not FMT? The logic is that SL is moved to BE at +20 pips. Looking at other brokers - I can see the price moved so that TMT would have moved to BE had it received a tick and the price. all they said is that they have no way of knowing that the EA would have done something.

(P.S. I also did not call at the time because I was doing the school run)

I was not trading with the EA. I trade normal FMT. I went in to manually change the SL and was unable to.
Due to them not being able to honour refunds for everyone, my money has been taken from the account again.
I understand their position. Trading with EA's has it's risks, and part of any good trading plan is contingency for loss of internet connection, server problems, power cuts etc.
If I could of called in I could of moved my SL. One of those lessons to learn from.

 

[catfish911]

I am using the original settings also and was stopped out, however, last Thursday was a win for me. I did have a loss on Tuesday, win on Wed, win on Thurs, no trade on Fri and Mon. On the two losses the BE would have prevented this but I have seen it many times turn around and be a win while others are stopped at BE. I am going to continue with these settings for a while. I believe that consistency in the settings that one uses is important. I hope I am on the right track. I have also closed trades early in the past and it did not turn out well.

Lady Forex

Hi,
I agree with you and Wise, on some days it's hard not to resist 'tweaking' your settings (re today: why oh why don't I use BE??!) but it's always best to stick with the settings that you've backtested and are comfortable with.

I was wondering why every losing trade this January felt so painful and thought FMT was going wrong - but when I checked trades over the previous 2 years there were many periods like this that led onto spectacularly profitable periods afterwards. The difference was that I was trading live, so losses weren't theoretical any more, that was my cold hard cash disappearing! And that's a note to all you FMT demo traders - a few losing trades causes no discomfort in demo, but your faith will be tested when you're trading it live. And the point is to stick with the rules and trade through it, FMT is not get rich quick, hopefully more like get rich slowly(ish).

 

[Brokerthanthou]

Apart from, or as well as, the recommended set, which is 35TP, 40SL, BE @20, I would suggest 40TP and 40SL with no break even

Someone the other day said on here measure your success not so much by how many pips you get, but by how well you stick to the rules. There's a lot of truth in that.

4% is not an outrageous risk setting.

Effect of rolling up capital with money management:
Set 40/40
Start balance £10,000
1st January 2011
52 trades through to 5th April

At 2% risk per trade. Your account would now stand at £13,072
At 5% risk £18845

That's in just a few days more than a quarter of a year!

---------------
At 35TP/40SL/BE @20

At 2% risk, £12780
At 5% risk, £18054

😀

thank you for sharing this . Seeing as I am still in the testing phase with just a demo account, it can't hurt to try out your
settings! I will let you know how it goes. thanks again,
and best of luck to you.

 

[Brokerthanthou]

I know you were asking wiseambitions, but just to throw my two cents out there, in general I'd suggest sticking close to the recommended default settings by Marc (35TP/40SL/trigger BE at 20 pips/BE+0). Every time I deviated from those settings I ended up losing out on profit, or even losing trades, that I shouldn't have. I'd even suggest using static lots instead of the MM setting, however this can be compounded weekly. The only setting you can deviate pretty far from is your risk.

thank you for this advice. If you don't mind my asking , are you in the testing phase or you on an account with real money? How are things going so far?

 

[Brokerthanthou]

Hi Brokerthanthou;

If you haven't read through the whole thread (I have), I would recommend a review of the following contributors. If you would read what they have said in the last couple of months, I think you will be up to speed:

wiseambitions, PipZombie, deserteagle, hammy66, and an excellent post at page 885, # 7070 by mike1booth. RedGuerilla also has weekly updates on various platforms he is either testing or trading on. Deserteagle's spreadsheets are a real help also, on his own variations. Those are off the top of my head, and I apologize if I've forgotten someone, and will add later. As mentioned many times before by several people, it's a question of finding the comfort zone and sticking with it. The only thing you can control in this game is your risk. Everything else is at the whim of the market, and can start biting us at any time. In backtesting, we are effectively "predicting the past", so we can't be too comfortable with that either - it's just another indicator, but a pretty good one if not taken too literally as a predictive tool.

Marc's results are bang on with the two data sources that I have; that's important to me, and his trades are a great place to start to get a good feel on what the days and weeks are like.

Let me know if you need technical help with anything. We can chat on skype if you wish.

Best to you.

Al

thank you for a generous and helpful reply.
I will have a look and see how much of it I can
absorb and may contact to try to tap your
brains to make some money.

 

[wiseambitions]

thank you for sharing this . Seeing as I am still in the testing phase with just a demo account, it can't hurt to try out your
settings! I will let you know how it goes. thanks again,
and best of luck to you.

Thanks, I've been trading the system real for almost exactly 6 months now. I have done enough with backtesting, I know how it works and I know that it does work, and I try just to let it do its thing. Once you've attained the faith to either let an EA take the strain, or open up the trade, set the stops and leave it to fate then you're a fully enrolled member. It takes a long time to get to that, but after perhaps 100 trades I promise you you'll be comfortable to do it. You have to put up with the simple fact that in a period of say 30 trades you know to expect a certain set to win for you say 17 times, and lose 13 times, but come out fine, or another set with perhaps lower targets might produce 25 wins and 5 losses. The next trade is just as likely to be a loss as a win, but it doesn't matter in what order the wins and losses come....... so long as the average winning rate in the long run doesnt deteriorate you'll do fine. :smart:

 

[jimmc]

That is astonishing - so why did they compensate you and not me? Is it because I have turbo morning trade and not FMT? The logic is that SL is moved to BE at +20 pips. Looking at other brokers - I can see the price moved so that TMT would have moved to BE had it received a tick and the price. all they said is that they have no way of knowing that the EA would have done something.

(P.S. I also did not call at the time because I was doing the school run)

You can show hem the log file. I also suffered from this. I have eemailed them and enclosed a copy of the log, which shows the EA tried to move the stop 18 times and got an error every time. I don't see how this can be our fault. Still waiting for a reply.

 

[magicdogsbrain]

I was not trading with the EA. I trade normal FMT. I went in to manually change the SL and was unable to.
Due to them not being able to honour refunds for everyone, my money has been taken from the account again.
I understand their position. Trading with EA's has it's risks, and part of any good trading plan is contingency for loss of internet connection, server problems, power cuts etc.
If I could of called in I could of moved my SL. One of those lessons to learn from.

server or VPS issues -
power cuts at MT4 host (VPS) -
Problems with malfunctioning or ill coded EA -
loss of internet -

I accept and expect issues and take my own precautions and have contingency.

Live broker price feed going down - absolutely 100% broker problem.

I cant believe that not only did they not compensate many people for an obvious and serious issue - but when they realized how many people where banging their fists on the desk and asking for compensation - they took it away from those few they did give it to!

Are you not annoyed - I cannot believe you are not furious - are you on some kind of horse tranquilizes?

I cant think what they could have done today that would have been worse for loss of custom - its so ridiculous.

 

[magicdogsbrain]

what is SLM?

Its a Forex/spread betting/CFD broker. They have kind of got a monopoly for spread betting on MT4 at the moment. Not important if you are not from UK.

 

[coral]

If we are still in a long stance at 06:30, it should be interesting. Big resistance after an extended move up and a huge head and shoulders formation on H4/Daily. But I hope to wake up to some pips.