joeytrader Posted October 10, 2010 Report Share Posted October 10, 2010 what is the best and tightest stop-loss to be use in this system as per results in back-tests.. please share.. Hi fxprofits, the official rules are 40 pips SL at the start, then a new twist added recently is to move SL to breakeven after 24 pips in profit. Per the author, this supposed to be the best combo to give him the best results in his backtest. If you are interested in variation of the rules, you may want to check out the thread at t2w. I no longer read that because it is getting very long. But I recall many users are testing variations of the system, including different currency pairs, different start time, different TP, or SL, etc. But you do need to be patient to scan through the thread to find those posts though. Quote Link to comment Share on other sites More sharing options...
Guest fxprofits Posted October 10, 2010 Report Share Posted October 10, 2010 hi, where is the thread? t2w?? Hi fxprofits, the official rules are 40 pips SL at the start, then a new twist added recently is to move SL to breakeven after 24 pips in profit. Per the author, this supposed to be the best combo to give him the best results in his backtest. If you are interested in variation of the rules, you may want to check out the thread at t2w. I no longer read that because it is getting very long. But I recall many users are testing variations of the system, including different currency pairs, different start time, different TP, or SL, etc. But you do need to be patient to scan through the thread to find those posts though. Quote Link to comment Share on other sites More sharing options...
john225 Posted October 10, 2010 Report Share Posted October 10, 2010 hi, where is the thread? t2w?? http://[email protected]/boards/trading-journals/101770-forexmorningtrade-journal.html Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 12, 2010 Report Share Posted October 12, 2010 You who like this system help me! Pls. recommend me another system to complement my trading day. Thanks! Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 14, 2010 Report Share Posted October 14, 2010 So no recommendations besides Forex Morning Trade? You Forex Morning Trade traders trade Forex Morning Trade as your only system? Quote Link to comment Share on other sites More sharing options...
richdad711 Posted October 14, 2010 Report Share Posted October 14, 2010 So no recommendations besides Forex Morning Trade? You Forex Morning Trade traders trade Forex Morning Trade as your only system? try forex-combo.com Quote Link to comment Share on other sites More sharing options...
locle Posted October 14, 2010 Report Share Posted October 14, 2010 how can I set the time to trade the New York open market, I am with FXDD, please help, thanks Quote Link to comment Share on other sites More sharing options...
Gaugas Posted October 14, 2010 Report Share Posted October 14, 2010 FXDD Malta , +2 GMT Quote Link to comment Share on other sites More sharing options...
joeytrader Posted October 15, 2010 Report Share Posted October 15, 2010 (edited) You who like this system help me! Pls. recommend me another system to complement my trading day. Thanks! This is a difficult question, because the correct answer will depend on what style of trading you like to do, or what trading style you feel comfortable with, while looking at various aspects, including (but not limited to): (1) how 'hands-on" do you want: auto trade (eg. EA) versus manual trade; (2) time duration of preferred trades: minutes (scalping) vs. hours (intra-day) vs. days (swing) vs. even longer like weeks or months (position) trading; (3) type of trade strategy: trend-following vs. trend-breakout vs. counter-trend vs. ranging, etc. There is no correct or incorrect answer. It will depend on the individual trader him/herself. In this forum you will find many fine examples of trading strategies that fit a wide spectrum of different trading styles. And many of those threads also have users' feedback on how good or bad those systems are. So you can get a sense if it is worth your time to check out further. I would suggest find a few that you may fancy, and experiment with some of them and see what suit you best. For myself, other than the FMT, I am mostly an intra-day scalper, and I trade 100% manually, with my focused energy on GBPUSD, around the 4 hours period from 2 hours before London open to 2 hours afterward.. Although I have many "profiles" of different systems and strategies stored in my MetaTrader platform, I trade mostly based on price action around pivot levels and other support/resistance areas. I only refer to those stored profiles occasionally to see if those strategies either confirm my decision or not. If too many strategies seem to vote against my trade, I may either hold off entering the trade, or simply wait for my next signal. The profiles I have stored and used most frequently are: ATM-FX, Bl@ck Dog, Viennese W@ltz, and B.O.S.S. (version 2). Most recently I also added another one called PHD (but still testing this last one). (All of these systems can be found on this forum). In the past, I have also referred to Forex D@y Monster, Lindencourt, and a few others. But I can only focus on a limited number of charts/strategies, so I only use the ones I am most familiar with nowadays, and have lately ignored these (which are also very good systems in their own rights). As I do not like information overload, I typically do not look at those trading systems' charts, until I already have a signal from my own set-up, then I will head over to my other stored profiles and charts to get a "feel" if my impending trade has anything going against it. If not, then I will take the trade. I guess my point is, except for FMT, I do not trade 100% mechanically by any single system. And so far the above method seems to have served me well. Sorry not to have really answered your question directly. But hope this helps. Edited October 15, 2010 by joeytrader hitescape, iltc2001, dennyyusuf and 2 others 5 Quote Link to comment Share on other sites More sharing options...
hedgehog Posted October 15, 2010 Report Share Posted October 15, 2010 There were no trades opened by FMT for the past few days. Am I correct on that or is my robot on strike? Quote Link to comment Share on other sites More sharing options...
PIPHORE Posted October 15, 2010 Report Share Posted October 15, 2010 There were no trades opened by FMT for the past few days. Am I correct on that or is my robot on strike? today it opened up buy trade and TP Quote Link to comment Share on other sites More sharing options...
hedgehog Posted October 15, 2010 Report Share Posted October 15, 2010 Crap. something must be wrong with my robot. Any ideas any one? Quote Link to comment Share on other sites More sharing options...
locle Posted October 15, 2010 Report Share Posted October 15, 2010 I did not get any signal in 1 week, am I doing something wrong? I set the time for FXDD broker is 7:30 - 9:30 is that correct? Quote Link to comment Share on other sites More sharing options...
Edero Posted October 15, 2010 Report Share Posted October 15, 2010 I did not get any signal in 1 week, am I doing something wrong? I set the time for FXDD broker is 7:30 - 9:30 is that correct? FXDD is GMT+3 .You can also verify it from chat server on their website.Its 3 instead of 2 due to DST which will change again bacl to 2 after end of october. Quote Link to comment Share on other sites More sharing options...
joeytrader Posted October 15, 2010 Report Share Posted October 15, 2010 A quick way to check if any trade is taken on that very day is to jump over to the author's thread at t2w, usually someone will mention if he/she has gotten a long or short trade, and usually within minutes of trigger. For this week, from my own results, and I think it matches with the official count: Monday: no trade, because conflicting momentum and CCI Tuesday: no trade, also conflicting momentum and CCI Wednesday: winning long trade Thursday: no trade, although both momentum and CCI align, but momentum was too high Friday: winning long trade Although this week had 3 days of no trade, and only 2 trading days, I think it is always better to have no trade than to have losing trades. For those forum friends here who are having problems with the EA, I cannot help you directly because I only trade manually. So I have no direct experience with EAs. However, it seems you are not alone, I notice many who posted on the author's official thread also have similar problems. From what I gather, you can sometimes get an idea what went wrong with the auto-trade by seeing if there is any error messages from the Metatrader, or from the journal tab in the EA (I have no idea what I just wrote, I just parroted what I saw someone else said). I also suggest those who are trading this, read that thread once in a while, it may give you some ideas on how to either fix your auto-trade problems, or how to improve your existing trades. Quote Link to comment Share on other sites More sharing options...
hedgehog Posted October 15, 2010 Report Share Posted October 15, 2010 A quick way to check if any trade is taken on that very day is to jump over to the author's thread at t2w, usually someone will mention if he/she has gotten a long or short trade, and usually within minutes of trigger. For this week, from my own results, and I think it matches with the official count: Monday: no trade, because conflicting momentum and CCI Tuesday: no trade, also conflicting momentum and CCI Wednesday: winning long trade Thursday: no trade, although both momentum and CCI align, but momentum was too high Friday: winning long trade Although this week had 3 days of no trade, and only 2 trading days, I think it is always better to have no trade than to have losing trades. For those forum friends here who are having problems with the EA, I cannot help you directly because I only trade manually. So I have no direct experience with EAs. However, it seems you are not alone, I notice many who posted on the author's official thread also have similar problems. From what I gather, you can sometimes get an idea what went wrong with the auto-trade by seeing if there is any error messages from the Metatrader, or from the journal tab in the EA (I have no idea what I just wrote, I just parroted what I saw someone else said). I also suggest those who are trading this, read that thread once in a while, it may give you some ideas on how to either fix your auto-trade problems, or how to improve your existing trades. What you said is very true joeytrader. 2 winning trades are better than 5 losing trades. Also it's only today that I didn't get a trigger. I left it on EA because I was not in the office. Quote Link to comment Share on other sites More sharing options...
debabs Posted October 15, 2010 Report Share Posted October 15, 2010 Fx morning trade is doing great, I have never lost any trade for over 4 weeks now. I dont go for 40pips as indicated in the manual, I target only 15 or 20pips, sometimes 10pips. You can give it a try too. Quote Link to comment Share on other sites More sharing options...
hedgehog Posted October 15, 2010 Report Share Posted October 15, 2010 How is the live test on pairs other than the GBPUSD? Any other pairs that will react to the same criteria? Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 15, 2010 Report Share Posted October 15, 2010 @richdad711 @joeytrader Thanks for your recommendations! However I am not looking for either a completely automated EA nor a system where I have to be glued in front of the monitor. I like to trade fixed times (like 6:30 London time with FMT) not glued to the charts and using 100% mechanical rules - it's best for psychology. So far FMT is the best bet in both these regards. What also comes to my mind as a potential candidate is Bill Poulos' upcoming Forex Profit Multiplier which seems to fulfill my requirements. Hey, I can wait for October 19th for it's release. No big deal. :) Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 15, 2010 Report Share Posted October 15, 2010 What I still use besides FMT is the London Forex Rush system. It trades at a given time in a day 8-10 London time and does not need discretion. However it's quite boring: it gives about one signal in a week. So I am still looking for the system which compliment my trading with FMT and fits my style. Quote Link to comment Share on other sites More sharing options...
joeytrader Posted October 16, 2010 Report Share Posted October 16, 2010 Hi bankroll, I think you are simply asking for a fixed-time set-and-forget type systems. For that, currently, FMT is the only one I am using, simply because it has been going through a really good streak right now. (But all good things may come to an end, so we'll see about this in the long run). I too had tried Lond0n Forex Rush quite a while ago. But I stopped because it gave me too many false signals during the period I was testing it. A few other set-and-forget type systems that I have heard to be profitable (but not personally using at the moment) are "Forex Net-trap", "1 Minute D@ily", and "Optimus Channel". Unfortunately, I think "1 Minute" is on the black-book list so cannot be shared on this forum. But the rest you can easily find on this forum. And "Optimus" does require a little bit of screen time waiting for the "channel" break also (so not pure a set-time thing). I am sure other forum friends can give you other recommendations also. And I believe there are a few threads on this forum that also discuss morning-breakout type trades that may fit your requirements. So you may want to browse around the site a bit too. Quote Link to comment Share on other sites More sharing options...
john225 Posted October 16, 2010 Report Share Posted October 16, 2010 Hi bankroll, I think you are simply asking for a fixed-time set-and-forget type systems. For that, currently, FMT is the only one I am using, simply because it has been going through a really good streak right now. (But all good things may come to an end, so we'll see about this in the long run). I too had tried Lond0n Forex Rush quite a while ago. But I stopped because it gave me too many false signals during the period I was testing it. A few other set-and-forget type systems that I have heard to be profitable (but not personally using at the moment) are "Forex Net-trap", "1 Minute D@ily", and "Optimus Channel". Unfortunately, I think "1 Minute" is on the black-book list so cannot be shared on this forum. But the rest you can easily find on this forum. And "Optimus" does require a little bit of screen time waiting for the "channel" break also (so not pure a set-time thing). I am sure other forum friends can give you other recommendations also. And I believe there are a few threads on this forum that also discuss morning-breakout type trades that may fit your requirements. So you may want to browse around the site a bit too. Thanks joey But as i know there is an EA here on this forum which trades the trendlines. Maybe it will help to optimize the optimus channel to an set and forget system ;-) Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 16, 2010 Report Share Posted October 16, 2010 Thanks for the recommendations joey, I check them out! Quote Link to comment Share on other sites More sharing options...
bankroll Posted October 16, 2010 Report Share Posted October 16, 2010 Forex Net Trap: it also trades 6:30 like the Forex Morning Trade and according to my money management rules I open only 1 trade at a time. Sorry, I forgot to add that. By Optimus Channel do you mean this one: http://indo-investasi.com/showthread.php/7963-Strategy-that-could-become-millionaires?highlight=millionaire I wander if it trades at a different time. If you can point me to 1 post which summarizes it - I'd greatly appreciate it. For me it's too messy to find out a method from a whole thread. As I mentioned so far Bill Poulos' Forex Profit Multiplier is the winner to complement my trading besides FMT. ;) Quote Link to comment Share on other sites More sharing options...
john225 Posted October 16, 2010 Report Share Posted October 16, 2010 I think it is explained in this post http://indo-investasi.com/showthread.php/7963-Strategy-that-could-become-millionaires?p=90886&viewfull=1#post90886 How could forex Profit Multiplier be your winner it isn´t out yeat or did i missed something? john225 ;-) Quote Link to comment Share on other sites More sharing options...
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