Forex Morning Trade Results Awesome
Hi, Since my last update, I only traded the Morning Trade System twice for the simple reason that I got quite busy with at work and I couldn’t manage to wake up early. Well I lost couple of trades even with my other trading systems.
With my two trades, one trade finished break even and the other I closed the trade at 30 pips profits. Basically I closed the trade at a very strong resistance point (R2 Pivot Point) and that was my target when I opened the trade. The system suggest 40 pip profit, but there is no perfect system – do not search for it. For any system you must use other technical analysis techniques in between.
Notice how the price reversed at S3 Pivot Line. Pivots are well respected strong resistance / support lines so my exists are always at these levels – always. So when I opened the trade I knew that I was targeting for 30 pips instead of 40. Believe it or not, the price hit the S2 line and bounced back pretty fast. This is why I love pivots!
Anyway back to Forex Morning Trade. I did manual back testing since January 11th 2010 and here are the astounding results. I did not checked pivot points here. I just followed the system blindly – meaning obeying the rules with 40 pips profit target, 40 pips stop loss as suggested. I did not even took care of any major news releases which as you should know you need to stay out of the market.
If probably I have followed pivot levels and at least you where aware of any major news releases, probably I would have increased the profit, but I just followed the system rules to the letter like a complete newbie. However I did added a rule and it saved me some pips. When I am 30 pip profit I move my stop loss to break even. There were many trades that reach the 30-35 mark, run out of fuel and rally back. There are also trades that reached the 30 pip mark, reversed, I got stopped out at break even and then shoot up.
But moving the stop loss to break even when you reach 28 – 30 pips, is more safe and proved to save me some
pips. Later I will also tell you how I intend to trade the system live.
Results by following the system rules blindly with the exception that I move the stop loss to break even at 30 pip profit.
January from 11th 2010: 120 pips
February: 160
March: 280
April: 120
May: 80
June: 440
July: 160
August: 240
Total Pips: 1600 – AWESOME
The results where in no way manipulated. If I remember correctly but I stand to be corrected, April / May was when Europe was under spotlight with Greece serious financial crises. The system still came out in profit!
As you can see it is an awesome simple system with good results. Just try it since you have nothing to lose but gain $$$ instead.
How I intend to trade the system.
1) Follow system rules for entry
2) Open two trades of lets say 0.5 and 0.5 each or 1 lot if your broker supports scaling out – the lot size depends on your money management. Do not risk more than 2% per trade!
3) At 30 pips profit,
a. Close 1 trade at 30 pip profit or scale out half of your position if your broken supports scaling
b. For the remaining trade or the remaining half of the trade, move stop loss to breakeven
c. Also set a trailing stop of 35 pips on the the remaining trade or the remaining half of the trade
For point (3c) either use trailing stop or use pivot levels for your exist. This depends on your personal choice and your trading experience.
Some tips that may help you.
If the price is at S3 or R3 or near any of these pivot levels, do not use trailing stops but just close the whole trade at 30 pip profit or at S3 or R3 levels. The probability is that the price will reverse at S3 or R3 so you will lose your profit.
Do not just aim for 30 – 40 pips blindly although the system is profitable just the same. But I am sure that using some technical analysis knowledge you will increase the profit. So always stay on the look out for strong resistance / support lines like the daily trend lines, pivot points or anything you are familiar with.
Again do not enter a trade if you are close to strong resistance / support points. You know that price may reverse at these levels and this is a known fact in forex trading. It is the law so to speak that you do not enter a trade when a strong resistance / support is near. No trading system is above this law, so just stay out of the trade or instead take the reversal!
Also do not trade when major news releases that will affect the currency pair you are trading are due to be released that day or even at the time you are trading the system! Just remain asleep, it is not worth the risk.
HAPPY TRADING. Feel free to leave a comment if you need any help.
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Hi Jason,
Try back testing “Forex Morning Trade” on 25pips target and 25pips profit with your usual rules applied.
I am sure you will be pleasantly surprised
Regards,
Paul.
I will…hope I won’t be disappointed, but during my backtesting, and if I remember correctly most of the bad trades reached 20-30 pips profit and then reversed.
Will post results here…
10x for the comment
I am doing a robotic back test now with 25 pips profit and stop loss.
The EA that comes with the system is to slow to test, and I had an EA of my own quite similar to Forex Morning Trade system which I have modified and I am testing it now. Mine is much faster to test since it does not draw anything.
Will post results
good tips especially on “do not enter a trade if you are close to strong resistance / support points.” Most beginners tend to try be ahead of the trend but finally lost the trade. Thanks.
Your link says to try the FMT for free but click just takes me to the FMT page with no mention of any free try. How do I try it for free?
With Clickbank you have 60 days money back guarantee. You will ask for refund and rest assured you get full refund with Clickbank.
I try a lot of EAs and ask for refunds quite a lot for them!
Hi Jason,
Have you continued to use your tweaked strategies with ForexMorningTrade system? How has the results been so far?
Best regards,
Sabahudin
Yes, I am using a combination of strategies, which one yields more profit I don’t know
Probably at the members’ morning trade active forum they have better strategy than mine 
I don’t follow the forum to be honest. Unfortunately.
1) I use – Pivots. If the trade is below the pivot, and the market is going sideways, I be very careful.
2) I trade with the trend. If the trend is up, and we are above pivot and between R1, thats the best trade. Similarly for downtrend.
3) I don’t follow the 40 pips stoploss. I place the stoploss below / above pivots, R1 or S1 or latest swing high, swing low.
4) Similarly, I don’t follow the 40 pips profit target. Again I use R1 or S1 to gauge profit targets. Then I scale out some of the trade and leave the remaining part running, targeting R2 or S2.
5) Sometimes I scale out the trade when the trade is 25 pips in profit, especially if the market is sideways and not that much trending.
As you can see, I only use the entry conditions of the system
However if you use the system as documented in the book, the system is quite profitable! See results in the sales page. The problem is that I don’t always manage to wake up early to manual trader the system.
I am trying to write an EA for my tweaks, but again too busy
Do you use the system ?
Hi Jason,
Interesting to see how you are applying your own strategies/tweaks to the system. I bought the system yesterday and did not have time to test it yet. I am working all day long, so I do not have time to test it during the day. Your strategies are sound and fundamental to the world of technical analysis and it would be great if you could come up with an EA that could incorporate all of your trading thoughts and apply it side-by-side with the FMT system, since I certainly do not have time to trade around that time in the morning, due to commuting to work.
I will try to take the time to go through the members’ area with the active forum, but that thread is HUGE! It will take some time
Best regards,
Sabahudin
Well I am almost asleep at that time too lol
Wow sounds great! Would be unbelievably cool if there were also an EA for this to do it all automatically. Please let me know at matttodorovski_au@yahoo.com.au
It is automated as well with a well stable EA.
I am trying to back test on mt4 from 2005 , but mt4 just test from july 2010. Could anyone help me on that, please?
Thanks
Well you need to download reliable data from Dukascopy and run tests with 99% accuracy.
Also, I think going back to 6 years you will need to reoptimise the Ea since for sure the market changed, so entry conditions would have been different from today’s time.
Hi, great comments. I was wondering if you could help me understand or better define for me the exact meaning of pivot points and terms like s1. Also what exactly are and how do you know when you are seeing support and resistance. Thanks from a real newbie.
sorry, forgot one other thing. What are trailing stops and how do they work. Thanks, Mike