ForexMorningTrade System

H there

Did anyone use the following settings as suggested by Marc in the email yesterday?

ProfitTargetPips=80, StopLossPips=40, BreakEvenAtPipsProfit=24, TrailingStopPips=40

I'd be interested in the outcome

Geoff
 
For those interested in using FMT on EURUSD with the latest updated EA. I have done some backtesting with what I think are the best settings.

It is to be setup to trade on the London Close exactly 9 hrs after the FMT triggers on the London open using the GBPUSD. At GMT 17:30.

Best result I have are using a SL of 20 TP of 60, moving SL to B/E at 15 pips and using a trailing stop of 20 pips.

Using a 3 year backtest with a $5000 demo account balance with Lots set to 1.0 (This is a risk of 4% using SL 20) the account had a nett profit of $11844.70.

Results from a number of different backtests attached in PDF.

Justin,
in your backtest did you consider the DST as brokers tend to change 2 twice a year.:cool:
 
H there

Did anyone use the following settings as suggested by Marc in the email yesterday?

ProfitTargetPips=80, StopLossPips=40, BreakEvenAtPipsProfit=24, TrailingStopPips=40

I'd be interested in the outcome

Geoff

I did make the changes. my profit was 10 pips. At about a 50 pip profit I wanted to manualy close the trade but did not. When it dropped back to a 10 pip profit the EA closed the trade. Live account with IBFX.

Please let me know how yours did...thanks
 
I would like to ask few things, maybe OT but in these days I got to know you guys (and gals) more and more so I would like to know the way you trade since I trust you and your experience.
I mean:
1) do you have multiple screens to follow the trades on?
2) What are your favourite timeframe?
3) Do you have just one or two pairs that you follow or keep your orizons open wide and check more pairs than 1 or 3?
4) Any tips due to your experience?

1) I do have dual monitors, but I only have one live account at the moment, so I can watch the charts with one eye and surf the web with the other. Keeps me from getting bored.
2 & 3) My favorite timeframe has always been the daily, using a 8.3.3 stochastic and a 100 EMA. I can trade damn near any pair, I only need to check it once a day, and those trades can go from a few days to a couple of weeks.
4) The only tip I would give you is this: PATIENCE! Like these ridiculous bot ads that tell people they'll double their money every month. People get too fired up. FMT is a great system. Personally I think sticking to Marc's original strategy is prudent, but I take absolutely no issue with anyone here who is trying to apply it to other pairs. It's just not for me. I get the sense, and I could be wrong, that many of the people here are younger folks. I'm 54, and my mental timeframe for FMT is something like 5-7 years. So, for the younger people, don't try to get there too fast. Getting rich slowly means you get to walk around with a smile on your face for years to come...:D
 
I did make the changes. my profit was 10 pips. At about a 50 pip profit I wanted to manualy close the trade but did not. When it dropped back to a 10 pip profit the EA closed the trade. Live account with IBFX.

Please let me know how yours did...thanks

Same here
I had 2 demo a/c's running at GOMARKETS and FXPRO and they both went to around 51 pips and then closed around 12 pips up. A little disappointing, I thought the tailling stop would offer a better result
 
I am a bit confused as to whether I am using the newest EA . The only difference I see from my previous version is the ability to move your stop to break even at 24 pips profit. I see people speaking of using the EA with a trailing stop. My question is the trailing stop an option of the EA or are people letting the EA open the trade and then manually entering the trailing stop value?
 
I am a bit confused as to whether I am using the newest EA . The only difference I see from my previous version is the ability to move your stop to break even at 24 pips profit. I see people speaking of using the EA with a trailing stop. My question is the trailing stop an option of the EA or are people letting the EA open the trade and then manually entering the trailing stop value?
trailing stop is a feature in the newest version by FMT you could go to his website forexmorningtrade member area and download the EA and extract to a new folder:cheesy:
 
I let it run for awhile. At one time it was down 28 pips a couple hours later it was + 58 pips. Not taking any more chances, I closed it manually with 58 pips (y). I just want to know why it opened two trades.

Two trades? wow,, don't know. :eek:
 
1) I do have dual monitors, but I only have one live account at the moment, so I can watch the charts with one eye and surf the web with the other. Keeps me from getting bored.
2 & 3) My favorite timeframe has always been the daily, using a 8.3.3 stochastic and a 100 EMA. I can trade damn near any pair, I only need to check it once a day, and those trades can go from a few days to a couple of weeks.
4) The only tip I would give you is this: PATIENCE! Like these ridiculous bot ads that tell people they'll double their money every month. People get too fired up. FMT is a great system. Personally I think sticking to Marc's original strategy is prudent, but I take absolutely no issue with anyone here who is trying to apply it to other pairs. It's just not for me. I get the sense, and I could be wrong, that many of the people here are younger folks. I'm 54, and my mental timeframe for FMT is something like 5-7 years. So, for the younger people, don't try to get there too fast. Getting rich slowly means you get to walk around with a smile on your face for years to come...:D

Thanks for your wise words. I agree with you, patience is the key and for me,, Proper leverage and Money Management. I feel very comfortable with a 10% risk per trade with FMT as it has such a small draw-down when a trade does go bad and I am only after 30 pips a trade, history says there has only been a max of 2 or 3 bad trades in a row. I'm excited to see my balance grow and compound. What will 2 years of compounding do to my balance. ;)

P.S, I'm up 26% for the week. I'll keep you guys posted with gains, losses and settings I use.
 
Same here
I had 2 demo a/c's running at GOMARKETS and FXPRO and they both went to around 51 pips and then closed around 12 pips up. A little disappointing, I thought the tailling stop would offer a better result

I'm not too impressed with trailing stops for my trading. I haven't found very profitable in the long run. What I believe is better is setting up your trade or trades with TP and SL. You may want to consider aiming for maybe 50 or 60 pips but close out half your trade when 25-30 pips are reached, have your SL move to break-even at 25 and then try for the next TP target. You may want to move your SL as the market moves closer to your second target but not too tight or it can prematurely get stopped out,, or just leave SL to just above break even and let it ride, all or nothing. At least the trade is save with half your trade banking first target pips.
 
It seems there is no trade today for MTF: oscillators on different side :|
Well... :sleep:
I go back to bed :sleep:
So long
 
I'm not too impressed with trailing stops for my trading. I haven't found very profitable in the long run. What I believe is better is setting up your trade or trades with TP and SL. You may want to consider aiming for maybe 50 or 60 pips but close out half your trade when 25-30 pips are reached, have your SL move to break-even at 25 and then try for the next TP target. You may want to move your SL as the market moves closer to your second target but not too tight or it can prematurely get stopped out,, or just leave SL to just above break even and let it ride, all or nothing. At least the trade is save with half your trade banking first target pips.

Though I really respect your point of view, unless it is tested with this system it is unproven and just an idea to ponder. The new EA would allow you to set it up like you suggest and do a 2 year backtest minimum and see what your results are. Mark has a few backtests in the new manual with various settings. History shows that the 80 pip TP plus trailing stop, plus move to BE at 24pip actually has the best results. But it also shows that move to BE at 24 pips with 40/40 tp/sl has close to the same results. Move to BE at 24 pips does show a much steadier graph climb.

all good, more testing myself to doooooooo :smart:
 
Thanks for your wise words. I agree with you, patience is the key and for me,, Proper leverage and Money Management. I feel very comfortable with a 10% risk per trade with FMT as it has such a small draw-down when a trade does go bad and I am only after 30 pips a trade, history says there has only been a max of 2 or 3 bad trades in a row. I'm excited to see my balance grow and compound. What will 2 years of compounding do to my balance. ;)

P.S, I'm up 26% for the week. I'll keep you guys posted with gains, losses and settings I use.

Please be careful risking 10% per trade. If you are comfortable with it, fine, but markets have a habit of changing and you could lose a lot very quickly. Personally, I only trade with money I can afford to lose so my family are not at risk (2% risk per trade for me).

I've seen it many times before when traders have a losing streak with a very large drawdown and the red mist descends. Common sense goes out the window. They have to get their money back and take crazy risks. Some even lose their houses over this.

I'm not saying you would be in this category, just be aware. The market doesn't care!
 

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1) Yes, one for MT4 the other for email.
2) M15 and H1
3) I stick to GBPUSD for this, otherwise EURUSD and USDJPY.
4) Tips? not yet, but don't risk the house!
 
Oh! yes, pretty new (Jan this year). Computer froze this morning but still got 25 pips!!Often get slippage. I need to learn more. ETX not bad but you cant always get a trade price you want. Thanks for taking the time to warn me. Do you rate this system? At the mo i am aiming for 25 pips each day, but obviously there will be losing days too. Not many of those at the mo, though July and start of Aug was awful!!!
J

I was on IG myself but it's true that they meddle too much. I've been trying out SmartLive since they have MT4 and spreadbetting but they are a little sloppy. I enabled EAs on my account via their webpage but it turns out a person has to go and manually enable it, so you can go nuts checking why your EA doesn't work.
My 'main' account is FXCM UK ECN STP NDD PDQ TTFN or something. Basically all your trades are supposed to make it to the market and don't just get countered in house. Also they offer free VPS if you have over $5k in your account which is nice - it's hosted by someone else so the chance of them meddling is low. Also SmartLive don't have a mobile platform but FXCM offer one. Note that the FXCM account is a forex account not a spreadbetting account. They do offer spreadbetting but not via MT4 - I think it's only TS2.
 
yes, isn't it great that Mark has added trailing stop feature to the EA! I didn't realise the new version had been released when I was writing about the money manager yesterday.

I have yet to try out the new EA, but currently I'm moving my stop to -20 at +20, then to b/e at +35. In my limited manual backtesting and the backtesting that cOpy has done, it seems better to give the trade plenty of room to get to target and not move the stop up too soon.

I haven't read Mark's new manual yet, but if he says moving to b/e is best, then that confirms my backtesting results too.

Hey,

You know, with the trade manager v2-4 EA if you have a 40 pip stop and u set it so that when price moves 20 pips in your favor the stop moves to -20 does the stp STAY PUT at 40 pips and only moves when when price goes to 20 pips. Im asking this because the new trailing stp feature on the fmt isnt like this, its different than i expected.

AND ALSO, when i set up the trade manager v2-4 with the parameters that i want, would the glitch (it closing out a trade) occur?...when does the glitch occur?
 
It seems there is no trade today for MTF: oscillators on different side :|
Well... :sleep:
I go back to bed :sleep:
So long

I also had no trade today, but the momentum was coming down and just about to cross into negative territory. If you were at your computer you probably could have taken the trade. Stretching the rules a bit I know.
I am using Alpari(UK) perhaps when it is a borderline case that we get different readings from different Brokers.
 
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