Forex Morning Trade

[bankroll]

I wonder if it is worth changing Forex Morning Trade for Forex Net Trap if for my money management rules I only open one trade at a given time?

[joeytrader]

Sorry bankroll, I have been out most of the day, and only just saw your earlier question about Optimus now. But fortunately it seems john225 already answered it.

 

As to comparing FMT with Net Trap, if I have to choose only 1 of the 2 systems, I will still choose FMT for now. I think a recent trial done by c@sh-m@ster gave Net Tr@p only a neutral rating (although it was profitable). You can see the that review here:

http://www.c@[email protected]/blog/forex-net-trap-32/

(Remember to change "@" to "a")

 

For my own money, as long as the FMT hot streak continues, I will still stick with it.

 

Although, as an alternative, perhaps on days when FMT is a no trade day (like 3 days out of last week), you may want to consider using net trap as an alternative (if it qualifies for you).

[pauli79]

Just a quick note on Net Tr@p.

I used this for some months and it was hard work and never really got into profit.Its a bit subjective on entries and not really worth the effort.

The author withdrew it from sale,maybe because it wasn't performing, and is about to launch another updated version.Where have we seen this before???

So i think I'm saying dont waste your time on NT..stick to what works!!

[bankroll]

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

Thanks but that's not much. Ok, I rather go to that topic and ask about it there.

 

How could forex Profit Multiplier be your winner it isn´t out yeat or did i missed something?

It will be out on the 19th October. I am preparing. Already :D

Edited October 16, 2010 by bankroll

[bankroll]

If we compare Forex Morning Trade and Optimus Channel 1 on 1... which is the winner? I can use only one because of money management.

 

Forex Morning Trade has a 1:1 risk reward ratio, Optimus channel has a 1:1.5 risk to reward (20 pips stop loss 30 pips take profit) but which has more calls per week and the better win:lose ratio?

[joeytrader]

If we compare Forex Morning Trade and Optimus Channel 1 on 1... which is the winner? I can use only one because of money management.

 

Forex Morning Trade has a 1:1 risk reward ratio, Optimus channel has a 1:1.5 risk to reward (20 pips stop loss 30 pips take profit) but which has more calls per week and the better win:lose ratio?

 

Unfortunately, I have not been trading Optimus for a while now, and also there are quite a few variations on how to trade it per the other thread, it is difficult to give a definite answer to your question. If you really want to know, it may not be that hard to do a visual back test on your chart. Just find a variation of Optimus you wish to check, and scroll back on your charts day by day, and get a sense how well that variation does for you. You may even notice new profitable patterns that others have not picked up yet.

[john225]

It is the 5 winning trade in a row with the standart setting 40/40 for me :-) thanks indo-investasi and thanks to the sharer of the system ;-)

[marc1713006104]

b/e today for me on F-M-T,good simple system

Regards

[hedgehog]

http://[email protected]/boards/trading-journals/101770-forexmorningtrade-journal.html

 

OMG! The board is 300++ pages long. Anyone here following it know if they trade any other pairs besides the cable?

[Freddie]

300 pages and mostly filled with rubbish. I had a look. The main bloke only posts occasionally the rest is filled by idiots, not even talking about the strategy.

[john225]

Yes you are right Freedie most of the people are writing how great the system is and they write 3 pages per day that TP SL hit or BE xD

 

BTW that is my 200 post on this wonderfull board ;-)

[joeytrader]

OMG! The board is 300++ pages long. Anyone here following it know if they trade any other pairs besides the cable?

 

That's the main reason I no longer really follow that thread. I only check on the latest posts at or around trigger time. Usually some eager beaver will post he/she has taken a long or short trade. This is just to add confirmation for me. Because on some rare occasions different brokers may result in different signals. (ie. sometimes one broker has a trade, while another is no trade).

 

On your question about other pairs. Officially, the author is still only trading GU. However, I know for sure that there are members there testing with other pairs outside of GU. I cannot wade through their 300+ pages of posts to find them now. But if I remember correctly, at least GJ is another pair frequently mentioned by couple of their members. You may want to back test a few and see how well they perform, and see if you like them. (This is probably faster than reading through the super-long thread to dig out others' experience with different pairs, but you may have more patience than I do.)

Edited October 20, 2010 by joeytrader

[harry007]

good one

 

.........

 

BTW that is my 200 post on this wonderfull board ;-)

 

hey John :-) nice !!

[hedgehog]

That's the main reason I no longer really follow that thread. I only check on the latest posts at or around trigger time. Usually some eager beaver will post he/she has taken a long or short trade. This is just to add confirmation for me. Because on some rare occasions different brokers may result in different signals. (ie. sometimes one broker has a trade, while another is no trade).

 

On your question about other pairs. Officially, the author is still only trading GU. However, I know for sure that there are members there testing with other pairs outside of GU. I cannot wade through their 300+ pages of posts to find them now. But if I remember correctly, at least GJ is another pair frequently mentioned by couple of their members. You may want to back test a few and see how well they perform, and see if you like them. (This is probably faster than reading through the super-long thread to dig out others' experience with different pairs, but you may have more patience than I do.)

 

I may do that. 300 pages. Sigh. I see some but not 100% correlation between GBPUSD and GBPJPY. That was what prompted my curiosity... Thanks joeytrader

[hedgehog]

Today FMT shot a long trade but markets was almost dead. I took whatever profits I could before the MPC, Spending review and Public Sector Net Borrowing, which I thought was going to make the pair very volatile and most likely trade opposite to FMT's call.

 

Also there were a lot of bearish divergences in higher time frames.

[bankroll]

[After reading the Bill Poulos thread -about hard work and blah blah- I have to ask here]

 

Is this -Forex Morning Trade- the forex Holy Grail? I mean it can't be simpler than this. I make money while I sleep with the EA. I even win more than the author.

 

Thanks for sharing it!

Edited October 21, 2010 by bankroll

[joeytrader]

[After reading the Bill Poulos thread -about hard work and blah blah- I have to ask here]

 

Is this -Forex Morning Trade- the forex Holy Grail? I mean it can't be simpler than this. I make money while I sleep with the EA. I even win more than the author.

 

Thanks for sharing it!

 

You'll find different people will have different opinions on the subject of Holy Grail. I agree with you that FMT is probably as simple as it can get (i.e. making money while you're asleep). However, I no longer believe in holy grail systems. While the FMT is currently going through a very good and profitable streak; I suspect eventually we will also run into a bad streak. It is not a matter of if, but only a matter of when. Maybe I am cynical, I truly believe that is just the nature of trading forex.

 

But FMT does seem to have a higher likelihood than most set-and-forget trading systems I have run into so far for giving us a long-term positive expectancy. So that is good.

 

For me personally, the more I have traded, the more I believe that, if there is a holy grail, it is something residing within you yourself. I think it will be a mix of knowledge and skill (such as pattern recognition) gained only through experience, screen time, patience, discipline, and perseverance. I am sure what I just wrote is nothing new to any trader here. But still just my two cents.

[hedgehog]

You'll find different people will have different opinions on the subject of Holy Grail. I agree with you that FMT is probably as simple as it can get (i.e. making money while you're asleep). However, I no longer believe in holy grail systems. While the FMT is currently going through a very good and profitable streak; I suspect eventually we will also run into a bad streak. It is not a matter of if, but only a matter of when. Maybe I am cynical, I truly believe that is just the nature of trading forex.

 

But FMT does seem to have a higher likelihood than most set-and-forget trading systems I have run into so far for giving us a long-term positive expectancy. So that is good.

 

For me personally, the more I have traded, the more I believe that, if there is a holy grail, it is something residing within you yourself. I think it will be a mix of knowledge and skill (such as pattern recognition) gained only through experience, screen time, patience, discipline, and perseverance. I am sure what I just wrote is nothing new to any trader here. But still just my two cents.

 

Joeytrader speaks the truth and sense :)

[john225]

nice post joey

 

Are you trading life with the FMT ?

[joeytrader]

nice post joey

 

Are you trading life with the FMT ?

 

thanks, john

 

And yes, I am trading life with FMT. But I trade with variations from the official method:

 

(1) I only trade manually, so frequently I try to get in with a better price than the official entry. For example, by 3 to 10 minutes before the trigger, I can usually tell from the indicators whether there will be any signal that day, and if so long or short. So if I believe the price is already moving in the right direction before trigger, I will enter trade earlier. Alternatively, if I believe price is going in a short term retrace at trigger time, I will wait for a better entry price. My best trade so far was 20+ pips better entry (during a retrace), so I only needed 20 pips SL, but my TP can be anywhere from 40 to 60 pips. (But of course, I can predict wrong also, and get a worse entry price than official).

 

(2) Also, I am mostly a scalper. So in addition to the standard FMT signal trade, I will also scalp additional trades in the same direction of FMT signal, as long as FMT has not reached its 24 pips breakeven, or 40 pips stop loss. I will continue to scalp on retraces. On a good day, I can bag the 30 to 40 pips personal target long before the official signal reached its target. Even on a bad day, I can usually get at least 10 pips out of this. I use mostly price action around M5 and M1 charts' pivot highs and lows to judge my entries.

Edited October 22, 2010 by joeytrader

[hedgehog]

Is this -Forex Morning Trade- the forex Holy Grail? I mean it can't be simpler than this. I make money while I sleep with the EA. I even win more than the author.

 

Thanks for sharing it!

 

Bankroll, mind if you share what you have done or not done in order to win more than the author?

[bankroll]

I just used the EA, broker: FxOpen. No big deal.

[DominoFX]

I run some backtests with the FMT EA.

 

2004: blew the account.

2005: halved the account then won it back to breakeven.

2006: blew the account.

2007: won +60%

2008: won +80%

2009: won +140%

2010: won +130%

 

My opinion is that since 2007 the market has been favourable for this system. Nobody knows when will be unfavourable again. Unfortunately, when we will know it, probably it will be too late.

 

Or: maybe it is otimized for the last 3 years, and it can be optimized again.

[jurne]

Hi,

where to download FMT EA? PM me

[bankroll]

@DominoFX

 

Did you do the test with you move the stop loss to break even at 24 pips in profit?

 

With which broker did you do the test? Try a comparison with other brokers as well! Maybe that's why I have better results than the author? How about a test with ODL?

 

By the way do you have ANY strategy which gives you positive results for any back or forward testing? That would make me really curious.

Edited October 23, 2010 by bankroll