ForexMorningTrade System

Definitely reduce your exposure until you've had a good few winning trades on the bounce.

What concerns me right now is that this system can only be successful when it wins more trades than it loses, rather than being successful from a good risk vs reward ratio. In addition to FMT, I trade on a daily time frame using price action with low risk (2%) and high potential reward (4-8%), which right now is much more profitable - even though I don't win a lot of trades!

FMT is currently losing more than it wins; add to this the 1:1 or worse risk vs reward ratio, it doesn't do much for a positive trading psychology.

I'm down to 1 mini lot until this crap is over! :mad:
 
Hi,

Do you have a total of how many pips you have made since 9/2010?

I would have to tally 109 trades to do that since I have been manually compounding. All I can say is that I have been at a high of 88% gain and currently around 60% gain on the original account size. To estimate you can look at the FMT log from 9/14/10 when I started and omit 12/15-1-17/11 and get close to my pip count.
 
Definitely reduce your exposure until you've had a good few winning trades on the bounce.

What concerns me right now is that this system can only be successful when it wins more trades than it loses, rather than being successful from a good risk vs reward ratio. In addition to FMT, I trade on a daily time frame using price action with low risk (2%) and high potential reward (4-8%), which right now is much more profitable - even though I don't win a lot of trades!

FMT is currently losing more than it wins; add to this the 1:1 or worse risk vs reward ratio, it doesn't do much for a positive trading psychology.

helpful post mate. Its soo much all about the psychology. FMT aside, I look forward to developing my own manual trading strategy with a similar risk to reward ratio.
 
I'm down to 1 mini lot until this crap is over! :mad:

That's what I've been trading all along, fortunately. I could go down to 0.05 lot, but I think that if the results don't improve this week, I'm just going to shut it off until it starts to show consistent profits again. Once I start making money with it, I'll increase the lot size.
 
quote: until this crap is over.....


that's the tricky part.. when can one be certain that it's over... wish Marc Fric would take some initiative and make some comments on market conditions and most recent performance by FMT...

He hasn't been on these forums in ages..
 
Of the last 5 months only 2 has seen profit, i for one will now be stopping trading FMT indefinitely , i dont mind losing with a system that has an edge but i do feel that edge has been lost in the current market climate.
 
Hi Coral, Thanks for your analysis on the NY open times. Since the premise of FMT is to trade a thinly traded-pair GBPUSD in the Asian session, and rely on the volume surge during the London open - it might be useful to test a thinly traded-pair in the London session, and rely on the volume surge during the NY open. Pairs that I believe would surge during NY open may include USDCAD, CADJPY and USDJPY, simply because Canadian and American bankers probably like to trade their own currencies when they wake up in the North American morning. Cheers
 
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I have been a supporter of FMT since 9/2010. When I began trading the system I set a drawdown limit based on my trade size and would continue to trade the system until it reached that level. I can say that I am near that level and am evaluating the system now to determine if I will continue. I can say that I have made money with the system and complement the system for that. This is not a negative for the FMT but a business decision to decide whether or not to tie up capital with this system. I will continue to trade a small micro account regardless of what happens to see long term if it can survive and how it performs. Thanks to all the contributors of this forum.

PipZombie,

Yes it does makes sense to stop trading as per your trading plan. I am in the same boat as you. I think we may be entering a new type of market phase which has not been seen in last 2 years but it is very common in terms of bigger market cycle.

Ultimately it comes down to having a solid blueprint / trading plan and sticking to it.

Thanks for your contribution to this forum.
 
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One of the few important things to take in to consideration when formulating a trading plan is to consider maximum drawdown before you stop trading any strategy and reevaluate. It all depends upon personal risk and tolerance level for example if you have 20% drawdown you will need to make 25% to recover, table below will show you how much you need to recover once in drawdown.

Drawdown - To Recover
5%- 5.30%
10%- 11.10%
15%- 17.60%
20% (Danger Level Yellow)- 25.00%
25% (Level Red -Stop Trading, regroup) - 33%
30% (You‟re now gambling!)- 43%
40%- 67%
50% (You Are kind of Done)- 100%
The next percentages are for those who just want to blow up their account!
60%- 150%
75%- 300%
90%- 900%

I hope this helps.
 
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Not here! No trade.

guessing that the LC Filter kept me out? Need to look a little deeper but anyway, am not in.
 
My Alpari demo account EA took a long trade, but my live SML account EA didn't even though manual template is saying long. Experts tab say's no signal or current day is same as last day: 18-1000. Anyone had any problems with SLM today?
 
My Alpari demo account EA took a long trade, but my live SML account EA didn't even though manual template is saying long. Experts tab say's no signal or current day is same as last day: 18-1000. Anyone had any problems with SLM today?
I am on Fxdd live...no trade for me either.
 
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