ForexMorningTrade System

[rsteven]

Re: Very Disappointed

"Looking at 6 months - 21st November 2010 through to now, 20th May 2011 we have had a sticky patch where I have to say the official settings of 35/40+BE@20 would have only gone forward by 15 pips. 40/40 without BE would have gained 160. These numbers assume the week of Christmas, and around the New Year and also Good Friday (which had a signal) were traded. "


The statement you made above is the same fact that Sam was making before you tore his head off like you do to anyone who does not see your view,But the facts are simple even after today wins over the last 7 months this system has not made ANY MONEY , your "after the fact' comment about not trading during the hoildays are not shown on the offical results, and your own exits that you use are also not part of the offical results. I am sure many here have their own way to exit and enter trades, But this of little use , and the fact remains that the comment the Sam made are ture and vaild.

PS: keep in mind you DO NOT OWN THIS THREAD

Wiseambitions (and a small group of core FMT'ers) is the sole reason this is a 1000+ page thread. Their detailed research is always pleasure to read and invaluable. With you having only a few posts under your belt and nothing substantial to contribute except pointing out mistakes I would advise you to recheck the reason of visiting this thread.

 

[Jashfx]

I am using SLM Demo, I use this to read my signals and then place my trade on my live ig index account. Are the price feeds not the same for SLM Demo and SLM Live? In which case I better open a SLM LiVe account...

It seems they are not but this can happen on lots of different brokers. Although I have a SLM account I dont trust them much. I dont use the EA with them -- I just try and scalp my 10 pips with them. But the live account was showing a clear sell at both times.

On mondays -- if you are using demo account to judge weather or not to trade, I would advise more than one MT4 open and make a decision from there. I would use other UK brokers, like Alpari UK and Forex.com that may not be as affected as other brokers over the weekend.

Or open a small live account with someone as you suggested so you know you getting the signals you would be if trading live.

 

[markfric]

Hello all,

I'm sorry for not being active on the forums, but I really don't have too much time. This is gonna be little bit longer, I want to cover few things here

I'd like to give my statement to the recent FMT results.
It is true that the system is not performing as well as I'd wanted it to. There were quite many losing months (actually only 3 out of 9), which is more than it "should" be from the historical perspective.
But the system is still profitable. I'm always looking at the long term view, not at the day or week results. Monthly results is a minimum time range I consider.

And what are the monthly results?
If we consider only the last 9 months since I started offering the system (Aug 10 - Apr 11), it is 26% in profit, which means return around 3% per month (using conservative risk 2% per trade).
And I don't count the power of compounding there.

Is it a lot? Or too little?
I personally expected little bit better results, and according to the longer history performance I still believe the system will prove itself better in the future months.

But still, 3% monthly is MUCH MORE than most of the big funds are making, and I don't think there are that many traders in the world who are able to make at least 3% monthly return CONSISTENTLY by trading with a conservative risk.

The biggest enemy of an unexperienced trader is a short term look. I can partially understand a person that abandons a system that has 1-2 losing months in a row, but this could be exactly the reason why this person isn't successful in trading.
FMT is not some miracle EA that will only make you money. It is a real system for real traders who know that there isn't profit guaranteed every month.


Another problem is if somebody counts the profit only in pips. I personally don't care if the system makes 30 or 1000 pips per month. Profit in pips is an abstract value that doesn't tell me anything.
What I evaluate is how much I have to risk to get this profit, and what are the results in the % monthly return.


Last thing, I cannot predict the future. Nobody can guarantee that this is the last losing month and the next few months will be profitable.
I make my judgments only by evaluating the historical results. I try to keep the emotions (fear/greed) out of my decisions, so I don't increase my risk in the good times, and I also don't abandon the system in a bad times. This is not the first system I traded, manually or automatically, and I've made my mistakes and learned my lessons.

The point that I want to say is - when exactly would I consider to stop using the FMT system?
I don't have clear answer. Two losing months in a row aren't a big problem for me. Three losing months in a row would open a question if something changed in the market. After three losing months I'd probably not abandon the system, but perhaps decrease my risk.

It depends also on how the system behaved during the losses. For example April 2011 was a losing month, but only because of a wave of break evens, many times we got just 1-2 pips from the profit.
So it was mostly a bad luck, not that the system lost it's edge. Should we consider it a losing month or not?
Knowing when to stop the system is in my opinion one of the most complicated problems when trading with robots.

So far nothing shows that we should stop using the system, and I'll definitely run it. Because it makes me money in the long term

Enjoy your trading,

Mark Fric

 

[Blackstick]

Thank you Mark.

 

[hammy66]

FMT for me this morning with Forex.com-UK, (45-35-25-5)

6:15, No Trade
6:30, No Trade
6:45, No Trade

cheers !

 

[Adamus]

Hello all,

I'm sorry for not being active on the forums, but I really don't have too much time. This is gonna be little bit longer, I want to cover few things here

I'd like to give my statement to the recent FMT results.
It is true that the system is not performing as well as I'd wanted it to. There were quite many losing months (actually only 3 out of 9), which is more than it "should" be from the historical perspective.
But the system is still profitable. I'm always looking at the long term view, not at the day or week results. Monthly results is a minimum time range I consider.

And what are the monthly results?
If we consider only the last 9 months since I started offering the system (Aug 10 - Apr 11), it is 26% in profit, which means return around 3% per month (using conservative risk 2% per trade).
And I don't count the power of compounding there.

Is it a lot? Or too little?
I personally expected little bit better results, and according to the longer history performance I still believe the system will prove itself better in the future months.

But still, 3% monthly is MUCH MORE than most of the big funds are making, and I don't think there are that many traders in the world who are able to make at least 3% monthly return CONSISTENTLY by trading with a conservative risk.

The biggest enemy of an unexperienced trader is a short term look. I can partially understand a person that abandons a system that has 1-2 losing months in a row, but this could be exactly the reason why this person isn't successful in trading.
FMT is not some miracle EA that will only make you money. It is a real system for real traders who know that there isn't profit guaranteed every month.


Another problem is if somebody counts the profit only in pips. I personally don't care if the system makes 30 or 1000 pips per month. Profit in pips is an abstract value that doesn't tell me anything.
What I evaluate is how much I have to risk to get this profit, and what are the results in the % monthly return.


Last thing, I cannot predict the future. Nobody can guarantee that this is the last losing month and the next few months will be profitable.
I make my judgments only by evaluating the historical results. I try to keep the emotions (fear/greed) out of my decisions, so I don't increase my risk in the good times, and I also don't abandon the system in a bad times. This is not the first system I traded, manually or automatically, and I've made my mistakes and learned my lessons.

The point that I want to say is - when exactly would I consider to stop using the FMT system?
I don't have clear answer. Two losing months in a row aren't a big problem for me. Three losing months in a row would open a question if something changed in the market. After three losing months I'd probably not abandon the system, but perhaps decrease my risk.

It depends also on how the system behaved during the losses. For example April 2011 was a losing month, but only because of a wave of break evens, many times we got just 1-2 pips from the profit.
So it was mostly a bad luck, not that the system lost it's edge. Should we consider it a losing month or not?
Knowing when to stop the system is in my opinion one of the most complicated problems when trading with robots.

So far nothing shows that we should stop using the system, and I'll definitely run it. Because it makes me money in the long term

Enjoy your trading,

Mark Fric

What would be very interesting (but of course something it would be your right to keep confidential), is how many copies of the FMT have you sold?

Perhaps more interesting if you don't wish to going into that, is how much money do you estimate is being traded with FMT every day?

 

[ihelfman]

What would be very interesting (but of course something it would be your right to keep confidential), is how many copies of the FMT have you sold?

Perhaps more interesting if you don't wish to going into that, is how much money do you estimate is being traded with FMT every day?

How many copies of FMT have been ripped off and sold as FMT or sold as a new system under a different name?

 

[markfric]

What would be very interesting (but of course something it would be your right to keep confidential), is how many copies of the FMT have you sold?

Perhaps more interesting if you don't wish to going into that, is how much money do you estimate is being traded with FMT every day?

sorry, I'll not disclose that, but it is not exceptionally many copies. Far far less than of popular EAs like FAPTurbo or Megadroid.

It is difficult to estimate the money traded by FMT, I know only a few traders who use FMT with bigger accounts (bigger means 20k USD or more).
And given the number of different brokers and various settings we all use I don't think we influenced the market at all.

 

[itsam]

Thanks Mark :clap:

 

[itsam]

A Short Signal Today.

+35 pips

 

[Adamus]

sorry, I'll not disclose that, but it is not exceptionally many copies. Far far less than of popular EAs like FAPTurbo or Megadroid.

It is difficult to estimate the money traded by FMT, I know only a few traders who use FMT with bigger accounts (bigger means 20k USD or more).
And given the number of different brokers and various settings we all use I don't think we influenced the market at all.

Interesting. Thanks.

 

[Slurpeeforex]

No trade on FxPro (6h15)

Am I the only one ?

No, you are not. I looked at my FxPro account and there was NO TRADE..

 

[shaunk]

Thanks Mark for the "update". I have only been trading Forex for about a year and half, and was introduced/inducted into the fire by Fapturbo. I quickly learned few lessons about losses, unscrupulous people/brokers and the dark side of Forex. As my mentor says, "it's not an ATM people." I have learned to control my emotions and am in profit----not tons of it as I have a small account, but profit nonetheless. I'll continue to trade FMT and do really appreciate the work done by others here to tweak the EA.
thanks
shaun
FYI...I hade shorts open on Forex.com, OANDA and Alpari US last night...all hit TP..using the 38/38/27/5

 

[Slurpeeforex]

Hello all,

I'm sorry for not being active on the forums, but I really don't have too much time.

.......

So far nothing shows that we should stop using the system, and I'll definitely run it. Because it makes me money in the long term

Enjoy your trading,

Mark Fric

Thanks Marc for encouraging words!

 

[deserteagle]

As requested by DesertEagle last week, I have done a test on the Desert 615 Combo (see his spreadsheet above).
Method: FMT 4.3 at 6:15 UK only. Tick data @99%, From Jan 2010 to 29 Apr 2011
No trading on the following dates: 1 - 8 Jan 2010, 20 Dec 2010 to 7 Jan 2011.
Tests reset for time changes on 29 Mar and 1 Nov 2010 and 28 Mar 2011
With different settings for longs and shorts, this test was more complicated. I found a utility that improves the reporting aspect as well as data merges, and used it for this test. This will hopefully save me some steps in the future. However, not this time.....
The attached file gives the test screens and results in htm format, per MT4. Also, I'm showing a pic of the Report Manager's output, entitled "Merged.....". The advantage of this over my usual spreadsheets is that we have an MT4-type report on the total, merged results, which is very nice. But for this occasion, due to the separate reports for longs and shorts, we don't know exactly when or how or why the performance dip occurred in the chart to the right of centre, over a series of about 35 trades. (The Report Manager is showing the trades, but it does not allow me to copy them).
I will have a go at the spreadsheet again and see if I can merge them that way.
It will be a good way to double check on the ReportManager's accuracy also.

p.s. thanks for the words scoot

Hi Coral, the graph is amazing, thanks for your time and efforts.
It seems to be other good set, I will keep it in my forward comparison.

Thanks again.

 

[podberry]

Re: Very Disappointed

"Looking at 6 months - 21st November 2010 through to now, 20th May 2011 we have had a sticky patch where I have to say the official settings of 35/40+BE@20 would have only gone forward by 15 pips. 40/40 without BE would have gained 160. These numbers assume the week of Christmas, and around the New Year and also Good Friday (which had a signal) were traded. "


The statement you made above is the same fact that Sam was making before you tore his head off like you do to anyone who does not see your view,But the facts are simple even after today wins over the last 7 months this system has not made ANY MONEY , your "after the fact' comment about not trading during the hoildays are not shown on the offical results, and your own exits that you use are also not part of the offical results. I am sure many here have their own way to exit and enter trades, But this of little use , and the fact remains that the comment the Sam made are ture and vaild.

PS: keep in mind you DO NOT OWN THIS THREAD

I think having a go at wiseambitions is below the belt, his input has been valuable to most, I'm trying to think who is worse you or the "Gobber"

Do us all a favour and move along as you have nothing of value to bring to this forum, go joint Yahoo chat were you can slag each other off as much as want, people like you make me sick

 

[meshgh]

It seems they are not but this can happen on lots of different brokers. Although I have a SLM account I dont trust them much. I dont use the EA with them -- I just try and scalp my 10 pips with them. But the live account was showing a clear sell at both times.

On mondays -- if you are using demo account to judge weather or not to trade, I would advise more than one MT4 open and make a decision from there. I would use other UK brokers, like Alpari UK and Forex.com that may not be as affected as other brokers over the weekend.

Or open a small live account with someone as you suggested so you know you getting the signals you would be if trading live.

Thanks for this. I opened a Live SLM account and see that at 6.15 and 6.30 they were clearly showing as valid trades. I will be using the Live account from tomorrow to place my trades. Shame about missing a profitable day beacuse of my reading signals from a demo account.

 

[chrisheath]

Too sexy, we try to be constructive here, and Wises input has been a very positive influence on this forum. No one likes to lose, but its a fact of trading. We each decide our capital, and Risk profile, and then trade as best we can.

Regards, Chris

 

[Jason Rogers]

Hi mgarry,

I don't have any information and can't comment on purported claims. But you can read what our CEO had to say about it in an interview with Forex Magnates in April:

Lawsuits are an unfortunate cost of doing business in the United States and class action lawsuits are the typical problems faced by public companies, until its mandated that the accuser has to have a shred of truth in their allegations, this nonsense will continue. Allegations against us were literally copied verbatim from message boards, whether those are legitimate clients, or just employees of rival firms, or their IBs, is obviously something no one ever bothers to check. Obviously given that we are an agency broker and don’t profit from customer losses its absurd that we would try to purposely make clients lose money. We make money from numbers and size of trades not P/L on those trades. In the category of absurd it would make more sense if we had machines sending you subliminal messages to trade often. Obviously this is relevant for those firms that make a market to their clients, but given NFA scrutiny I just can’t believe any of the large market makers in the United States are actively manipulating anything either, even though they might have the incentive.​

http://forexmagnates.com/more-gcifxcm-acquisition-details-interview-with-drew-niv/

In case you are not aware, the same law group sent an email to traders of multiple brokers seemingly as a shot in the dark: http://forums.babypips.com/fxcm/38014-class-action-lawsuit-launched-against-fxcm-fraud-racketeering.html#post247647

I hope that helps shed some light for you.

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/

 

[Remraf]

I am using SLM Demo, I use this to read my signals and then place my trade on my live ig index account. Are the price feeds not the same for SLM Demo and SLM Live? In which case I better open a SLM LiVe account...

Same for me this morning on my demo ThinkForex and SLM accounts from the 6.15 signal to 6.45 times were all NT's - Mondays can throw up these anomolies, hopefully back to normal in the morning as the market did look a good call for a short. I'm going to open an Oanda demo account as I think I remember Podberry saying the Monday signals were more reliable with them.