ForexMorningTrade System

[PipZombie]

Totally agree with you. I really can't agree with the turning off the live account when times like this come and go back to demo, since those periods are also taken in consideration during backtesting.

This is clearly an psychological issue that we must deal with for the benefit of our accounts.

I've been trading for more than 3 years now and during the first two I was consecutively loosing because of "adjusting strategies" as soon as things didn't go my way for a few trades. Then a winning strike came to play as soon as I've turned off my live account and was ready to see compounding profits at the demo platforms.

I'll keep FMT live with the same lots, only considering finding an profitable strategy with a better R:R without damaging the long therm stability of the system in BT.

Take care my friends,

André

No one person is right. The only thing is right is if one is following their trading plan. Everyone has different expectations and are trading different lot sizes and risk per trade. Just have a plan and don't go into this blindly. I am still trading a small account with FMT as I have since September last year but have stopped trading my main captial account. My capital account is what I make a living from. I have to treat it as a business so as of now FMT is not a part of my trading income. I am wanting to see the longterm capabilities of the system and will forward live account trade this system to evaluate how I may use it with my main trading capital account in the future. I have switched back to the 40tp40sl no breakeven original settings and will continue to trade it everyday. Again, thanks for all those who contribute.

 

[coral]

This is a chart comparing a $5k account compounded at 5% starting on 11 Jan 2010 through 17 Dec 2010 and starting again on 10 Jan 2011 and stopping on 29 April just past, trading the 45 35 25 5 and the 38 38 27 5 plans.
It shows the clear difference between something less than 1:1 and the purer 38 38 plan.

The 45/35 plan earned 2508 pips and the 38/38 got 2574 pips.

FMT 4.3 EA at 6:15 only.

The highest drawdown in each plan was 22 to 23% in the 2010 Summer time test

 

[Remraf]

This is a chart comparing a $5k account compounded at 5% starting on 11 Jan 2010 through 17 Dec 2010 and starting again on 10 Jan 2011 and stopping on 29 April just past, trading the 45 35 25 5 and the 38 38 27 5 plans.
It shows the clear difference between something less than 1:1 and the purer 38 38 plan.

The 45/35 plan earned 2508 pips and the 38/38 got 2574 pips.

Hi Coral, Thanks for your time spent producing this comparison. I like the 1:1 ratio and use this currently, but currently with reduced risk until I feel comfortable that this 'wobbly' period is returning to more a more profitable pattern. Regards

 

[deserteagle]

This is a chart comparing a $5k account compounded at 5% starting on 11 Jan 2010 through 17 Dec 2010 and starting again on 10 Jan 2011 and stopping on 29 April just past, trading the 45 35 25 5 and the 38 38 27 5 plans.
It shows the clear difference between something less than 1:1 and the purer 38 38 plan.

The 45/35 plan earned 2508 pips and the 38/38 got 2574 pips.

Hi Coral, good job. I have got similar number of pips when I found set 38 38 27 5. My analysis was from 01.01.2010 to 31.03.2011 (including christmas), Hammy set got 2779 pips, Desert 615 set got 2754, quite similar to your findings. Also, there are other sets which win more pips like 46SL 43TP which got 3330 pips, but the relation 1:1 and the short SL in set 38/38 make this set be more profitable.

 

[Tenapenny]

I'm not here to bash FMT, as I have been using the system for a few months now - it has been profitable. But once you get to your OWN drawdown limit (whatever % of your account that may be) you have to stop trading that system and evaluate it. You cannot have too much loyalty in this game. The market conditions are now not right for FMT to profit from its indicators. This may change, or it may not.

What will save your bacon? A good risk vs reward strategy - low losses and big wins. You want a method that you can leave to trade while you sleep? Bring up your daily charts and place a miniscule lot on the direction YOU believe the market is going. Keep your stop loss big (100-150 pips) and your TP even bigger! Risk no more than 2% per trade and take profits at more than 4%. Seriously, look at the daily trend, find an entry price and let the trade run for a few days, you will be surprised by how much you can profit and how much you wont even care about losses anymore. Do the maths, even if you only won 33% of your trades, you'd still be in profit if you had a 1:3 or 1:4 risk/reward. Have a quick google search for risk reward in forex! All the best info is out there for free.

I find that I'm no longer getting stressed or feel like I'm gambling using this method. It can easily net you 5% per week.

Hope this helps some people. If you like trading, keep at it and with simple methods you can be very profitable.

Trade the dailies myself using Lindencourt daily system. No stress, no long hours at the screen and very profitable. You do need patience though which seems to be lacking with some people. Apologies for being off topic.

 

[uberpips]

This is a chart comparing a $5k account compounded at 5% starting on 11 Jan 2010 through 17 Dec 2010 and starting again on 10 Jan 2011 and stopping on 29 April just past, trading the 45 35 25 5 and the 38 38 27 5 plans.
It shows the clear difference between something less than 1:1 and the purer 38 38 plan.

The 45/35 plan earned 2508 pips and the 38/38 got 2574 pips.

FMT 4.3 EA at 6:15 only.

The highest drawdown in each plan was 22 to 23% in the 2010 Summer time test

Thanks! I the 1:1 ratio.

 

[coral]

Thanks for the feedback guys. Refresh your page to get the updated chart. I made a small mistake in my cut and paste with spreadsheet cells, and had to correct it. But the lesson is clear on 1:1 ratios, and this has been consistent with any setting proposed here.
The hit rates will be 2 to 3% less on 38 38 compared to 45 35, but the results speak for themselves.

My spreadsheet with all the annoying little test screens is attached.

 

[kgk]

Trade the dailies myself using Lindencourt daily system. No stress, no long hours at the screen and very profitable. You do need patience though which seems to be lacking with some people. Apologies for being off topic.

Do you still find Lindencourt system profitable ? Heard that it has lost its edge more recently...

 

[Lady Forex]

In Feb I waited for FMT to become more stable and I missed the best trading month. Then I started trading again only to find myself in another drawndown period.

 

[uberpips]

:clover: Lucky Thursday. My tests for 2011 show just trading Thursday is better then trading everyday! :clover:

 

[tkbieber]

In Feb I waited for FMT to become more stable and I missed the best trading month. Then I started trading again only to find myself in another drawndown period.

That's why we establish the rules and proper money management, turn it on and go on vacation for 2 years and come back to see how it did. No emotion involved, 100% EA.

 

[andybissell]

Long

 

[3PO]

long opened

 

[JCondor]

Long opened at 6.15, though no trade at 6.30!

 

[podberry]

Thanks for the feedback guys. Refresh your page to get the updated chart. I made a small mistake in my cut and paste with spreadsheet cells, and had to correct it. But the lesson is clear on 1:1 ratios, and this has been consistent with any setting proposed here.
The hit rates will be 2 to 3% less on 38 38 compared to 45 35, but the results speak for themselves.

My spreadsheet with all the annoying little test screens is attached.

Excellent comparison Coral - Thankyou, as of today I will be trading 38/38/27/05 due to your findings. Its not far off from the original system which has showed consistency over the last 2 years, I bet Wiseambitions will be happy with your analysis as he is a firm believer in the 40/40 system, albeit a 2 pip difference either way.

 

[Remraf]

Missed the LONG signal at 6.15 trade this morning, NT at 6.30 and 6.45 though - might be my lucky day!

 

[fxsurfr]

Any one going the opposite? Lol...Sidelined

 

[podberry]

That's why we establish the rules and proper money management, turn it on and go on vacation for 2 years and come back to see how it did. No emotion involved, 100% EA.

Who's going to wind the clock back and forth whilst on 2 year holiday ?

 

[andycon]

Thanks for the feedback guys. Refresh your page to get the updated chart. I made a small mistake in my cut and paste with spreadsheet cells, and had to correct it. But the lesson is clear on 1:1 ratios, and this has been consistent with any setting proposed here.
The hit rates will be 2 to 3% less on 38 38 compared to 45 35, but the results speak for themselves.

My spreadsheet with all the annoying little test screens is attached.

Hi, does the 38,38, 27,05 mean the stop is set to BE at 22 and then BE add pips 5, or BE at 27 with BE add pips 5. Mine is currently 40,40,20,5. Thanks

 

[JustinSydney]

Any one going the opposite? Lol...Sidelined

I've been thinking about it. Managed to alter the code on FMT and TMT to trade oppisite to normal. The backtest for the last three weeks is just as profitable as FMT normally is.