Forex Morning Trade

[German]

I did read the other post, This ea is nothing different than any other Ea in regards to posting

 

 

QUOTE=hedgehog;119813]toddanderson, kindly read the two posts and the remarks. Thank you.

 

Did you even notice that if someone wanted to share it ,that they could not? Because of the simple fact that it is Black Listed number 35?

[joeytrader]

FMT EA versus FMT extended versus FMT Turbo

 

From some of the questions I have received, there seems to be some confusion and interest in the differences of the different EAs now floating around related to FMT.

 

There are 3 major variants of FMT-related EAs currently that I know about (feel free to add to my list if I have missed some):

 

(1) Original FMT's EA, sent out free officially by the author: this is a free bonus that comes with the original FMT ebook purchase. Currently the latest version is 4.1. And the upgrades have been sent by the author free to his ebook purchasers. This EA is mainly designed as a tool to automate the basic FMT strategy.

 

(2) FMT extended, is sold by a third party who was a member of original FMT customers: During the weeks of many discussion on the FMT author's official blog's thread, there were many members who experimented with variations of FMT, in terms of entry rules, exit rules, currency pairs, entry times, etc. And one such variation was to extend the qualifying entry time for FMT trades. Eventually, that member decided to modify the original FMT EA to suit his purpose of looking for trade during a "period" of qualified time. So instead of looking at trade only at 6:30 am London time, he now looks at anytime from 6:00 am to 7:00 am (I am not sure of the ending time here), if a trade qualifies here at any time, the EA places the trade. The EA was initially offered for sale on FMT's own thread. Needless to say, that caused some issues with the other members. So he now sells it at his own web-site.

 

(3) FMT Turbo EA: This is the latest EA offered for sale by the original FMT author. Although this EA is related to FMT, the author considers this is far more feature-packed than is necessary for the basic FMT trades. So he considers this as a separate product, and he is selling this for a price. It offers all the features in the FMT extended EA of (2) above, and then it also pack many more features, too numerous for me to list here. The price is cheaper than the original FMT system (ebook + free EA). If not for the fact I only trade manually, I would have purchased the Turbo too myself.

 

In summary, although I do not use EAs myself, my understanding is this, if you already have the basic FMT ebook and EA, you are already set. As the original system is still profitable. But if you want the extra features beyond the free EA, I would recommend the author's Turbo version over the unofficial version of FMT-extended. From the way Mark has been supporting the original version and EA, I believe you stand a better chance that your new EA Turbo will also be upgraded and supported in the future for free. And not to mention the fact that it is far more feature-packed than the FMT-extended.

 

But you be the judge and decider.

Edited December 5, 2010 by joeytrader

[Guest james_phuc28]

Hi Joeytrader,

 

Thanks for your explanations. Very helpful.

 

So, I would like to confirm the trading time of 2 authors as follows:

 

1. Original author of FMT EA and Turbo Morning Trade EA:

 

+ Trading time from 05:30 to 07:30. 2 hours duration. Is it right ?

 

2. Author of FMT Extended version:

+ Trading time from 06:00am to 06:45am. Duration of 45 minutes only

 

All above time is based on GMT Time. London open hour is at 08:00am GMT.

 

Other functions are almost same for 2 authors.

 

The only most important issue is the find Trade setup during either of above trading hour, I believe.

 

So, is my understanding correct ?

 

So far, how do you feel and think of this manual trading system as well as EA?

 

Every month is a winning month? and how about every week's results?

 

Waiting for your confirmation of Trading time above.

 

Thanks a lot

James

[indo37]

To my knowledge: FMT-Extended does NOT use restrictions on One of those indicators, when both show same direction - go!

 

indo37

[joeytrader]

Hi Joeytrader,

 

Thanks for your explanations. Very helpful.

 

So, I would like to confirm the trading time of 2 authors as follows:

 

1. Original author of FMT EA and Turbo Morning Trade EA:

 

+ Trading time from 05:30 to 07:30. 2 hours duration. Is it right ?

 

2. Author of FMT Extended version:

+ Trading time from 06:00am to 06:45am. Duration of 45 minutes only

 

All above time is based on GMT Time. London open hour is at 08:00am GMT.

 

Other functions are almost same for 2 authors.

 

The only most important issue is the find Trade setup during either of above trading hour, I believe.

 

So, is my understanding correct ?

 

So far, how do you feel and think of this manual trading system as well as EA?

 

Every month is a winning month? and how about every week's results?

 

Waiting for your confirmation of Trading time above.

 

Thanks a lot

James

 

 

 

Hi James,

 

As I only manual trade the vanilla version of the author's official FMT, I can only confirm with any certainty the base FMT strategy.

 

(1) Basic FMT: Currently, the base strategy is to take trade at and only at one specific time, which is 6:30 am London time (Note: NOT GMT time). So officially, FMT is still trading at only one specific time, 6:30 am, and NOT over a period of time like 5:30 to 7:30. This is still considered a manual set-and-forget strategy. The basic EA is a bonus to help automate this method.

 

(2) Turbo FMT EA: As I do not trade with EA, and I did not purchase the author's new Turbo version, I do not know enough details of the current settings for the Turbo. But from reading his daily results page, I know he is testing partial take profits with the Turbo. Although I believe the Turbo has capability to take trade over an extended period of time, I do not think the author has officially endorsed any such entry condition at the moment. (Anyone who with more details please feel free to correct me). To quote the author's own words with regard to the best settings for the Turbo, he said:

...You should do your homework and find the best setting for you...

So consistent with what he said earlier, Turbo is meant as a tool for the users to test different combination of settings, and the rules for basic FMT has not changed because of the Turbo.

 

(3) FMT extended version, created and sold by a third party: I really do not know enough of this product to make comments. But 6:00 to 6:45 am London time does sound reasonable. But I have not used this, and have no direct knowledge with the extended version.

 

(4) Your question about functions between the two authors: I may be wrong, but I thought the Turbo version has many more functions and capabilities than the extended EA. You can read about the Turbo's capabilities here:

http://[email protected]/turbo/

(remember to change "@" to "a")

The creator of the extended version simply took the older and free version of FMT EA, and added the feature to trade over an extended period of time. It seems he literally took the original and free FMT EA, without changing the old codes, and simply added his own codes for his desired feature, and then turn around to sell it.

 

(5) Results so far: No, not every week is a winning week. In fact, I think November saw at least 2 weeks of minor losing. But overall, FMT has been winning more than losing. In terms of months, at least for the short time I have traded FMT, every month has been winning. And from the author's results page, August, September, October, and November were winning months. However, do not be surprise to eventually hit a losing month or two. I look at FMT as like a marathon, there may be short term draw-downs, but if it is profitable in the long term, then it is a winner in my book.

 

Hope this helps answer some, if not all, of your questions.

 

Cheers

Edited December 5, 2010 by joeytrader

[bankroll]

From reading some of the author's responses to questions on his own thread on another blog

Joey,

 

Do you mean forum not blog right? On the Trade2win forum.

[joeytrader]

Joey,

 

Do you mean forum not blog right? On the Trade2win forum.

 

yes, my mistake, correction now made to the original post.

[hedgehog]

Guys and Gals:

 

There is now a thread dedicated to Turbo

 

http://[email protected]/boards/forex-strategies-systems/[email protected]

[gagahlin]

Has anyone try to trade other currency than GBPUSD ?

[madhan1992]

Tried with EUR/USD....

 

EUR/USD - 160 pips profit from Nov1 - Dec3 with Manual Trading, Same Rules as Original.

[hedgehog]

To a certain extent you can use it with EURUSD because these two pairs are correlated. But I'd stick to what was recommended by the developer.

[indo37]

Well, smebody on T2W had good backtests for EURUSD 13:45 GMT and USDCHF 19:15 GMT but both with different settings.

 

indo37

[hedgehog]

what are t he different settings indo37? It was back-tested but was it forward-tested?

[madhan1992]

I backtested EA of FMT with 6.30 am as starting time from January 1 - December 3 with 3% moneymanagement risk per trade with samr SL and TP with investment of 10,000$ gave 22,000$

 

So 12,000$ Profit with 3% per trade in 11 months

[⭐ c0py]

Its a good EA, but I don't like pre 2007 results :)

 

http://productapi.fxmorning.hop.clickbank.net

[madhan1992]

Ok..heres a good modification.

 

I tested Nov1 - December3 manually and got

 

13 Profits, 7 Loss, 5 NoLoss in GBP/USD

 

Got 13 Trades Profit, 4 Losses and 5 No Trades in EUR/USD

 

So GBP/USD (240 pips) and EUR/USD (440+pips) = in 33 days

 

Thats pretty good.

 

What i changed? I changed GMT to 6.30-8.30

 

hmm...nice manual strategy

[hedgehog]

madhan1992, what are your settings for EURUSD? Don't mind trying that.

[chrisbenjy]

Sorry for my ignorance, but I remember seeing a post that said the system was blacklisted or something. Anybody know where I can find the system? (Both the manual system and the Turbo EA thingy)

[teknomage]

I'm curious to know... why was the FMT system blacklisted here in the first place, especially if it seems to be so simple and profitable??

[hedgehog]

teknomage: The developer made a request for it to be taken off the forum would be my best guess.

[learnnew05]

Thanks Madhan...You have mentioned changed GMT to 6.30-8.30. Is it 6:30 for GBP/USD & 8.30 for EUR/USD?

 

Ok..heres a good modification.

 

I tested Nov1 - December3 manually and got

 

13 Profits, 7 Loss, 5 NoLoss in GBP/USD

 

Got 13 Trades Profit, 4 Losses and 5 No Trades in EUR/USD

 

So GBP/USD (240 pips) and EUR/USD (440+pips) = in 33 days

 

Thats pretty good.

 

What i changed? I changed GMT to 6.30-8.30

 

hmm...nice manual strategy

[joeytrader]

FMT took a beating in December and the first week of January. Hope most of our friends on this thread were either taking a break from trading due to the holidays, or if trading, hopefully your money management kept you from getting hurt too badly.

 

In general, I assume most momentum-based or trend-based systems tend not to do well in holiday periods anyway.

 

Without pasting the author's monthly email summary here, he admits December was the only losing month in 2010, and that overall 2010 was profitable overall.

 

In case anyone is trading this by the old rules, author also added an optional rule to not trade after a long candle. (But he did not specific length of how long is considered "long"). In other words, if the candle previous to trade signal was too long in your intended direction, then no trade.

[murtamad]

Came across this embedded in the tons of marketing emails. It might be irrelevant to FMT but it could useful (or not) as the blurb says the indicators could help with determining support and resistance...

 

http://depositfiles.com/files/41n8ecv4b (only the first two free modules plus indicators)

 

oir directly from

 

http://forexdualsystem.com/getcourse

Forex Hybrid DS is a system that trades on a breakout of user-defined support and resistance levels as well as on price reversals within those support and resistance levels.

Forex Hybrid DS is an integration of manual and automated trading. It is very hands-on, in that it allows you complete freedom of discretion in how you determine support and resistance levels as well as the stop loss values, profit target values, and money management settings. The automated part of this hybrid system is an EA that performs all of the trade management functions including scaling out of positions and exit strategies. Since you tailor it to your trading style, you are in total control of your trades.

[bankroll]

Hey Joey,

 

EA 4.2 does not work for me for some reason. Does it work for you?

[joeytrader]

Hey Joey,

 

EA 4.2 does not work for me for some reason. Does it work for you?

 

Hi bankroll, unfortunately, I trade only manually. So I do not know if EA 4.2 works or not. Does anyone else have similar problems with EA 4.2?

 

Considering it is already out for almost two weeks, if it has problems, we should have already read about it in the author's own t2w thread.

Edited January 13, 2011 by joeytrader