illbegentle
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hi quick noob question, how do you set the be+5@25 and LCtrue?
thank you!
thank you!
Jashfx
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Right click chart--Expert advisors--properties--inputs tab--BreakEvenAtPips=25, BreakEvenAddPips=5.
I look forward to your statistics.
I am really just an EA user who is becoming interested in learning to trade. So far I am learning most about patience and greed. This seems like watching grass grow when patently it is quite the opposite!
It takes 10 minutes to do the stats on 'what could be' and seems to take forever to experience 'what will be'!
My number one criterion was to earn some 'extra' by having to do 'nothing'. I have tried hard to organise my accounts, use VPSs and try and leave alone. Although I never meddle, I find this forum almost addictive, with opinion, advice and humour flying in all directions.
It's my Achille's heel because it sticks me with a dose of emotion about my trades and settings: Should I alter them? Why not open another account and trade those settings? Why not just put that money into the 'old faithful'? His or her 'old faithful' seems better than mine .... I'm sure others are familiar with this feeling.
I sometimes think I must abstain from the forum and just let things happen and try and let FMT just work for me in the background as I'd intended.
I'm sure many here feel similar things. I just thought I'd share something a little different..... until the next post... and the next... and the next...!
mike1booth
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Not really. There was a bit of the usual snobery about "real trading" and "betting". Most were pretty dismissive and only wanted to talk about their own "new" platforms.
I think it will come eventually. SLM must have gained a lot of business with their MT4 platform and their competitors (the other spread betters) will soon realise that.
Mike
another newbie question - I have set up the EA to trade with the spreadbetting firm - but the trade only takes 0.5 pip trades - I have trademanagement set to true and 2% (it's a 10k demo account) so would expect it to be more like 5-6 pips per trade - I assume the default settings are for trading lots or minilots, which I have no experience of,so wondering what I need to change - thanks
mike1booth
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Maybe your EA "maximum lots" is set to 0.5? If so, set it above what you calculate your lot should be.
Jashfx
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wiseambitions
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I couldn't agree more....
I return to the thought that the best thing to do is decide on a decent setting and stick with it. I think if I were to analyse each month's best set and use it for the next month the end result would be worse than any other!
Here are a few facts to support the 'leave it alone' theory:
191 trades for the last exactly 12 months:
FMT1 40/40 +1880
by putting in BE @ 20 you'd have 1800
FMT2 35/40 with BE @ 20 +1685
if you ignored break even resets, +1665 (Hey where's the big difference?)
10/40 +1260, with 93% winning trades
28/40 +1812
20/40 +1180 (quite a useless setting really!)
so at the end of 12 months is there really a meaningful difference between a set that gets you 1665 and one that gets you 1880? I say not. It's only the difference between 2 or 3 trades going to TP instead of SL
I find that I can relate to this. I started trading FMT mid january, I just did enough demo to satisfy myself on what I was doing was working, yes I knew it wins and looses but as an ex horse race lay betting trader am used to taking a structured gamble.
I didn't even look at this forum till a couple of weeks ago, mainly because I didn't have the time and now if I read it I start to think about settings far too much for my liking and I get very confused with what some people are talking about.
I trade by taking the signal from Alpari and trade it as spread betting on Short Spreads (I have an IG index account too but I only use for stock trading) I get almost identical EP and the spread is only 2 pips. I enter my trade, my SL and TP and just leave it to do whatever it will do. I started in Feb using 40/40 and changed it to 30/30 in April when I missed a couple of TP by a few pips but I increased my trading amount so I was risking/making the same.
I even managed to trade in March using a laptop and internet dongle when I spent a week in Dubai and 2 weeks in the Maldives, out of the 3 weeks I was away I only missed 3 trading days (1 was a no trade and 2 were losses🙂)
I am very new to forex and hoping to use FMT to learn more and I learnt this April not to trade bank holidays, even though my reply from Marc when I asked him was that he does as he doesn't know when the UK holidays are. I keep a journal every day and I learn and change my strategy from that. I had began to realise that we were missing profitable pips by trading at 6:30 quite often whilst on holiday I traded earlier as the internet connection was a bit dodgy so I did it when I could.
My results are:
Feb +320 pips (trading 40/40)
March +400 pips (trading 40/40)
April = 0 (including trading holidays) trading 30/30
May To date +30 trading 30/30
As always, a very clear and thorough analysis, your work is appreciated by us "old" hands and newbies alike, many thanks.
I think the clear conclusion is simply as you state, stay with whatever feels comfortable, don't chop and change. For me, the revised developer settings are fine, and that is what I trade, live and successfully 😀
Also I love the 10/40 but I need to get the damn system to accept auto trades, see my earlier post. Think I will accept the suggestion to use TMT (FMT settings but scalp) alongside FMT (standard) so the trades will auto exec.
Following several weeks of forward testing at low risk I have now cranked up the risk% on scalp to 10!! 😈
Have a great weekend all
mike1booth
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Yes Spot on Wise as usual. And isn't it also interesting that whichever set you choose, be it one from the beginning, changed in the middle, a 93% winner or even "a useless setting", with the FMT system, they are still all winners?
Maybe a more interesting exercise would be to try and find a set that doesn't work! (Only kidding)
Mike
Jashfx
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TP=50, Sl=10, No B/E
Trading Times Allowed: December,April & August, UK and US bank Holidays!!! 😆
mike1booth
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Just ran a backtest on that set on those dates. - +115 pips HeHe
This week's stats.
Up. 2.3%
It would have been up a little more but for some reason my broker decided to shut down their server for 1 hr and guess which hr, right when I needed to trade. Anyway, so instead of three winners I only got two.
Up. 2.3%
It would have been up a little more but for some reason my broker decided to shut down their server for 1 hr and guess which hr, right when I needed to trade. Anyway, so instead of three winners I only got two.
wiseambitions
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Maybe the conclusion of the matter is everyone must find their favourite broker, the best VPS, and we just set up our EAs, invest 10k, 5% risk or even more, with money management, ignore the forum, go away for a year and come back and find we're millionaires.
The theory makes it so easy, but think how many hiccups we get, and the honest truth is profits don't just fall into our accounts by accident, it's never as easy as it seems!
Doomberg
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Hey, what actually is this? I have been watching FMT recently and noticed it went down hill quite badly, although still doing ok.. the setting above seems crazy, 93% with an indicator is a great achievement, what does 10/40 actually mean? Cheers
wiseambitions
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It means what it says, i.e if this day last year you started your EA with 10tp and 40sl you'd have traded 191 times, you would have had winning trades on all bar 13 days, which is equivalent to 93pc and you would have earned all those 1260 pips 🙂
Hi Wise - did you manually close out the trade today @ 30 TP or have you set TP=30 (EA)? I would like to know.
I understand that the default is set to 35/45/25/5 - not sure if you saw something in the Price Action that caused you to close out the trade @ 30TP.
Thanks.
kgk
andycon
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I am quite new to FMT so please excuse me if this has been dealt with, but regarding which setting is best, is draw down not relevant, presumably a system with a lower draw down could potentially run at a higher risk % than a setting with a larger max draw down, even if at the end of the test period both systems had equal results of total p/L in pips. This would give the system with lower draw down a higher return in £.
