ForexMorningTrade System

When selecting a Broker - don't forget this KEY point - my opinion

To McGarry and the Rest of the Group here...

Hi,

Anybody trading with Forex capital markets (FXCM)? Morgan business are taken then to court over unfair trading practice where they have rigged their trading platforms. This might explain how some spread betting companies can offer zero spreads!!!
Michael

http://businesstrialgroup.com/2011/...awsuit-against-nation’s-largest-forex-dealer/

No - I am NOT using FXCM - despite their claims...Here's why.

Trust NO one. That is, EXCEPT for MB Trading - an exceptional, unique company and unlike the rest. Please take a moment. It's a long one - I hope you can hang in there.

I am an FMT "user" - using that word loosely - as I primarily trade traditionally, (manually, using price action and several indicators). I use real money, up to $100 USD per pip (100 mini lots trade size) - and am supplementing my retirement. I trade for a living, not as a video game.

I am writing this for one reason - to spread the word about a company which I believe is so different - and can help any individual trader better succeed. This is my second post anywhere in 3 years - so I rarely take the time to do this. I am not related in any way to MB - except as a retail customer.

I recently met with a group of Asian businessmen who were exceptionally wealthy and in the process of doing their research to establish a forex dealer / brokerage entity. They revealed some very interesting "inside" info about why they wished to enter the business - and how it was like "shooting ducks in a barrel" - in terms of their ability to almost print money at the expense of their customers / traders.

It absolutely ASTOUNDS me that thousands of traders use any number of Brokers who can work directly against them. No one should EVER use a broker who takes a trade against you or hunts your stops. Never. You are just giving your hard earned money away. But you are deceived into believing you can be a winner. It's like a slot machine - you lose, you lose, you lose, then you win a bit - and that keeps you pumping money into the slot machine - making the casino richer.

1. An absolute key in broker selection is that the broker is an inert, objective, disinterested party - that is, they do NOT take a position against you as do market makers and those with a dealing desk.
MB has A TRUE non-dealing desk approach UNLIKE so many others that take direct positions against you (sort of like having the dealer always seeing your hand at the poker table). And they do NOT use the term "no dealing desk" loosely as do so many others - leading you to believe that they never take a position against you.

2. They now provide the MetaTrader platform - but their version of the platform is UNLIKE ANY OTHER - in that, as I understand it, has closed the back doors to ensure that the Broker cannot steal - read their info. I was told by those wealthy Asian businessmen (so this makes it hearsay - and not to be accepted as fact - ugh!) that MetaTrader was being to sold to them with the INTENT of allowing them, as a potential broker / dealer to manipulate the trades of their customers to their advantage. Go here - and read why MB says their version of MetaTrader is different. http://www.mbtrading.com/metatrader4.aspx?page=overview)

I learned as you all have that accurate and immediate executions are key. But most important of all - is that your Broker does NOT have a vested interest in seeing you lose.

3. I have been with MB for approx 3 years - and have found their support responsive and available.

4. I read the complaints others have had in this posting and while no company is perfect - it appears that the issues are more often than not customer error, customer inexperience, customer failure-to-understand, etc. - as opposed to MB failures.

5. Their executions are CONSISTENTLY and AMAZINGLY instantaneous.

I find reasons to compliment anyone very rare these days. However when I encounter an exceptional vendor who is truly different - and legitimate - I am driven to comment. I recommend MB trading without reservation - and to those who wish to truly trade on a more level playing field.

I encourage you to do your own in depth research - and NOT be taken in by the hype of fancy Forex Broker websites - offering you extras - that in fact are meaningless when compared to the possibility that they take trading positions against you and use software which allows them opportunities to further manipulate your success. I may be all wrong and incorrect in my opinion. If so, I apologize.

Again, do your homework and form yours - validate everything, test my beliefs and take no action without doing your own independent research - after all, this is again, just my own, unprofessional opinion and feeling - as a customer - nothing more.

I wish everyone the best in their pursuits.
 
I enjoy watching your results Hammy, and obviously so does MF if they have now become official FMT recommendations!

I'm just wondering, and I may have said it to others before, whether you would agree that it might make more sense (also make your losses look smaller even if it does the same to your winnings) if you divided your day tally by 2.5 if not by 3 on account of the 3 entries and the half lot on the last of them. This would then make the result more easy to compare with every one else's as I think I'd be right in saying you are dividing your risk in 3 (if not 2.5) by making the phased entries.

I'm not wishing to be pedantic, only to suggest that we need to be comparing like with like when weighing up the success of different tactics.

Keep at it! :)

Thanks, yes I know what you are saying but I think the important thing is the number of pips gained or lost because I think probably everyone trades different % risks. I am listing my total pips every day coming from 3 different trades but I trade fixed lots and do not adjust them very often even when my account goes up. To be honest, I am only risking about 4% of my account every day trading FMT with my 3 trades. If people want to compare with my results they can, by how many pips they make every day or week or month without the dollar value which could be anything depending on your risk. Those trading default settings can make 35 pips on a good day, but I can make 70 plus half lots on the 6:45 trade equal to 88 pips total. I can also lose more than the default settings, but the important stat is the total NET pips at end of week or month. My MM is good, I am not trading 3 times the risk of most people just because I am making 3 trades every day.

cheers !
 
Re: When selecting a Broker - don't forget this KEY point - my opinion

To McGarry and the Rest of the Group here...



No - I am NOT using FXCM - despite their claims...Here's why.

Trust NO one. That is, EXCEPT for MB Trading - an exceptional, unique company and unlike the rest. Please take a moment. It's a long one - I hope you can hang in there.

I am an FMT "user" - using that word loosely - as I primarily trade traditionally, (manually, using price action and several indicators). I use real money, up to $100 USD per pip (100 mini lots trade size) - and am supplementing my retirement. I trade for a living, not as a video game.

I am writing this for one reason - to spread the word about a company which I believe is so different - and can help any individual trader better succeed. This is my second post anywhere in 3 years - so I rarely take the time to do this. I am not related in any way to MB - except as a retail customer.

I recently met with a group of Asian businessmen who were exceptionally wealthy and in the process of doing their research to establish a forex dealer / brokerage entity. They revealed some very interesting "inside" info about why they wished to enter the business - and how it was like "shooting ducks in a barrel" - in terms of their ability to almost print money at the expense of their customers / traders.

It absolutely ASTOUNDS me that thousands of traders use any number of Brokers who can work directly against them. No one should EVER use a broker who takes a trade against you or hunts your stops. Never. You are just giving your hard earned money away. But you are deceived into believing you can be a winner. It's like a slot machine - you lose, you lose, you lose, then you win a bit - and that keeps you pumping money into the slot machine - making the casino richer.

1. An absolute key in broker selection is that the broker is an inert, objective, disinterested party - that is, they do NOT take a position against you as do market makers and those with a dealing desk.
MB has A TRUE non-dealing desk approach UNLIKE so many others that take direct positions against you (sort of like having the dealer always seeing your hand at the poker table). And they do NOT use the term "no dealing desk" loosely as do so many others - leading you to believe that they never take a position against you.

2. They now provide the MetaTrader platform - but their version of the platform is UNLIKE ANY OTHER - in that, as I understand it, has closed the back doors to ensure that the Broker cannot steal - read their info. I was told by those wealthy Asian businessmen (so this makes it hearsay - and not to be accepted as fact - ugh!) that MetaTrader was being to sold to them with the INTENT of allowing them, as a potential broker / dealer to manipulate the trades of their customers to their advantage. Go here - and read why MB says their version of MetaTrader is different. http://www.mbtrading.com/metatrader4.aspx?page=overview)

I learned as you all have that accurate and immediate executions are key. But most important of all - is that your Broker does NOT have a vested interest in seeing you lose.

3. I have been with MB for approx 3 years - and have found their support responsive and available.

4. I read the complaints others have had in this posting and while no company is perfect - it appears that the issues are more often than not customer error, customer inexperience, customer failure-to-understand, etc. - as opposed to MB failures.

5. Their executions are CONSISTENTLY and AMAZINGLY instantaneous.

I find reasons to compliment anyone very rare these days. However when I encounter an exceptional vendor who is truly different - and legitimate - I am driven to comment. I recommend MB trading without reservation - and to those who wish to truly trade on a more level playing field.

I encourage you to do your own in depth research - and NOT be taken in by the hype of fancy Forex Broker websites - offering you extras - that in fact are meaningless when compared to the possibility that they take trading positions against you and use software which allows them opportunities to further manipulate your success. I may be all wrong and incorrect in my opinion. If so, I apologize.

Again, do your homework and form yours - validate everything, test my beliefs and take no action without doing your own independent research - after all, this is again, just my own, unprofessional opinion and feeling - as a customer - nothing more.

I wish everyone the best in their pursuits.

Must say these guys don't agree with you http://www.forexpeacearmy.com/public/review/www.mbtrading.com :LOL:
 
Very Disappointed

Well I started trading FMT on a small account (£300) about 6/7 months ago with the hope of adding more funds when I was confident of the systems performance. 109 trades later and I am back where I started. I wasn't expecting a get rich quick thing but something that had a positive expectancy would have been nice! I suspect everyone else is in the same boat. Most of the myfxbook pages for FMT are equally as bad. Maybe it's time to call it a day for FMT?
 

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At the suggestion of Jashfx, I have run an optimization to see what I would get if I vary the BE and BE+Pips settings on the 38/38 plan proposed by DesertEagle. In this test I only used the most recent longer-run that I have on my best data, i.e. BST 2010.
Method: FMT 4.3 trading at 5:15 GMT = 6:15 UK only. Spread is fixed at 2.5 pips and S/L and T/P are also fixed at 38/38. Data is at 99%, but the opening time on Mondays is different from Alpari UK.
Asking for: Best combination of BE and BE+Pips in a range starting at 20/0 to 30/10, in in one-pip increments, showing total pips earned from 29 March 2010 to 30 Oct 2010.
The test found 121 combinations in the series. To display this graphically, I printed out the graph and wrote the outcome on some of the data points to show the highlights, and scanned the graph back into my system. The attached spreadsheet gives the detailed results, along with that graph. There is no significant difference in the better settings, and we have several that are good.

Mark has laid out the basics of optimization on his site, so there is really no need to go further. We should not pick one-off jagged peaks, but rather something within a range that works reasonably well. The plateaued areas could be good examples, since several BE+pips work well in a sequence of BE values, as noted on the chart. Another way to do it is to look at the spreadsheet and pick the top 10 performers, see if the settings are close and pick something within the range rather than the very top. This is a way to avoid over-optimizing. Some statistics gurus may want to chime in on this also, but we try to keep this simple.
I have sorted the spreadsheet from highest income to lowest so that it's obvious right away which settings flowed to the top.
Meanwhile, I have my Alpari UK demo doing this for the whole period Jan 2010 to present, to see if this comes up with anything different, at 90% accuracy. This will take a few hours. We'll then see if anything else needs to be done for more recent months. I'm also running the same data as this test on 5% compounding to see what happens.
 

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This is Optimum 38 38 but with 5% compound Mar - Oct 2010. The features are the same, but the moves a bit more pronounced.
 

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  • Optimum 3838 @5%.xls
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  • Optimum 38 38 @5% BST 2010.PNG
    Optimum 38 38 @5% BST 2010.PNG
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At the suggestion of Jashfx, I have run an optimization to see what I would get if I vary the BE and BE+Pips settings on the 38/38 plan proposed by DesertEagle. In this test I only used the most recent longer-run that I have on my best data, i.e. BST 2010.
Method: FMT 4.3 trading at 5:15 GMT = 6:15 UK only. Spread is fixed at 2.5 pips and S/L and T/P are also fixed at 38/38. Data is at 99%, but the opening time on Mondays is different from Alpari UK.
Asking for: Best combination of BE and BE+Pips in a range starting at 20/0 to 30/10, in in one-pip increments, showing total pips earned from 29 March 2010 to 30 Oct 2010.
The test found 121 combinations in the series. To display this graphically, I printed out the graph and wrote the outcome on some of the data points to show the highlights, and scanned the graph back into my system. The attached spreadsheet gives the detailed results, along with that graph. There is no significant difference in the better settings, and we have several that are good.

Mark has laid out the basics of optimization on his site, so there is really no need to go further. We should not pick one-off jagged peaks, but rather something within a range that works reasonably well. The plateaued areas could be good examples, since several BE+pips work well in a sequence of BE values, as noted on the chart. Another way to do it is to look at the spreadsheet and pick the top 10 performers, see if the settings are close and pick something within the range rather than the very top. This is a way to avoid over-optimizing. Some statistics gurus may want to chime in on this also, but we try to keep this simple.
I have sorted the spreadsheet from highest income to lowest so that it's obvious right away which settings flowed to the top.
Meanwhile, I have my Alpari UK demo doing this for the whole period Jan 2010 to present, to see if this comes up with anything different, at 90% accuracy. This will take a few hours. We'll then see if anything else needs to be done for more recent months. I'm also running the same data as this test on 5% compounding to see what happens.

I don't want to seem dim, but Coral has lost me on this one, anyone that could enlighten us folk ? :)
 
Long too, also with an experimental filter also saying its OK, Now lets see if we can finally make some cash for the weekend!!!!

Now that is probably the kiss of death
 
Hi everyone,

Just one question about the EA : is someone knows if there is a way to not open a new trade at 7h15, if the trade of the previous day is not finished (I don't want to have several trades opened simultaneously)

Thank you...
 
Have I missed something?? :-0

No, don't worry, I am testing an indi with the objective of keeping us out of bad trades, have sent to Mark and will post publicly if I find it useful, so far it seems to be.

Second bit is just me being negative: if I enter then others should not!!!!!
 
Hi everyone,

Just one question about the EA : is someone knows if there is a way to not open a new trade at 7h15, if the trade of the previous day is not finished (I don't want to have several trades opened simultaneously)

Thank you...

I don't understand your question, FMT trades do not last 24 hours. By the next morning you would have either hit T/P or B/E. :rolleyes:
 
No, don't worry, I am testing an indi with the objective of keeping us out of bad trades, have sent to Mark and will post publicly if I find it useful, so far it seems to be.

Second bit is just me being negative: if I enter then others should not!!!!!

Thanks for that - hope it improves our TP rate - I'm LONG today with IG but with only 1% risk though
 
I don't understand your question, FMT trades do not last 24 hours. By the next morning you would have either hit T/P or B/E. :rolleyes:

You might be surprised. Depending on the TP (eg 40 or 45) there are 2 or 3 occasions in a year where the trade hasn't closed by 18 hours later in quiet market conditions.
 
I don't understand your question, FMT trades do not last 24 hours. By the next morning you would have either hit T/P or B/E. :rolleyes:

Yes, I know. I'm just testing settings with a high S/L but also with a really nice rate of success (more than 90%). Backtests are impressive, but they only include one trade opened, whatever how much time the trade may go on...
 
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Yes, I know. I'm just testing settings with a high S/L but also with a really nice rate of success (more than 90%). Backtests are impressive, but they only include one trade opened, whatever how much time the trade can go on...

If you are not using VPS you could just disable the "Expert advisor" tab just before 06H15 the next day and then "enable" it again at 06H16 :)
 
Yes, I know. I'm just testing settings with a high S/L but also with a really nice rate of success (more than 90%). Backtests are impressive, but they only include one trade opened, whatever how much time the trade can go on...

I've often thought this could work, but you have a huge R:R ratio, and if you get the market direction wrong or it spikes, it could all end in tears very quickly! - just my view, but great to hear if it works - not sure why you would be using FMT then as your signal though?
 
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