Lots of you gained BIG pips today. Jaime reported winning 600+ pips: “Marc let me tell you so far 600 pips on GBPJPY, EURJPY . You hit a HOME RUN w/ this LMT advice.. thank you.”
I made 1017 pips closing fridays trades and 566 today. I earned more money in 2 days than I used to earn in a month and I was still mainly on reduced stakes of $3.30 a pip. My normal stake is well over $10 but caution is best when using a new system.
My trades were; 363 on gbp/yen ( i was up 460 at its highest point), +110 aud/yen (180 high) and +93 euro/yen (160 high) for a total of 566.
I also closed fridays trades for gains of 435 gbp/$ ( was up 212 friday night), 247 Nzd/$ ( 180 friday night) and finally cad +335. Fridays total therefore was 1017 pips !!
This was gbp/jpy trade monday 1st June 2009
The most important thing now for all of us using the system is to CALM DOWN !
It is very easy to get carried away when you are on a roll in forex. It is vital that you follow the money management rules and never risk more than 2.5% of your trading bank on a single trade.
This is further complicated with the LMT formula as we have 7 pairs that have the $ involved and 3 pairs that are jpy related. We need to be very careful.
Also, I have had lots of emails and screenshots from members who are getting different signals to me due to variations of time settings on different platforms. I will let you know which platform/time settings that are giving the best results.
In the long run I suspect all should be the same, but I am running 2 metatrader platforms and one is much more successful than the other at the moment.
For those of you who joined LMT through my link, In todays email update I will send out a detailed set of “advanced rules” that you need to follow to make sure that you protect your bank. Which trade signals not to take. How to go forward with the LMT formula.
The Most important rule in forex is Protect your bank
For those of you considering joining the LMT, click on my link below to check it out. Then E mail me a copy of your purchase invoice and you will receive my support and advice to help you get started with this great system. Click on this banner below to find out more;
If you are still not sure read my review and the comments from my followers who have invested in the LMT and are gaining lots of pips !
http://forex-fxtrader.com/blog/?p=389#comments
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Marc Good Morning. You definately right yesterday was an excellent day, today can be different, I’ m in a Demo and Micro lots with the system, we got a probe it first. A succesfull trader has his emotions controlled. regards.
Hi marc, good start. I am curious about the LMT signal that is generated automatically. Well it is already 4-5 days but i havent received any LMT signal. Is it normal ? at the moment i am using Forex meta and ibfx . Well i have to say through 4hr and daily chart i have got lots of good setup to enter trade but curious about Automatic LMT signal
Hi suresh. I had 3 great trades friday which netted me 1000+ pips on Gbp/$, cad & nzd/$ and 3 more great ones yesterday, monday. see todays blog post for explanation http://forex-fxtrader.com/blog/?p=426
For example, yesterday I and lots of other members received signals @ 06.00 bst (gmt+1) close of 4 hour candles on forexmeta for;
buy gbp/yen @ 154.47 it went +460 pips, I got out + 363
buy aud yen @ 76.60 it went + 180 I got out at + 110
then @ 14.00 hours I had a buy on euroYen @ 135.59 it went + 160, i got out + 93 ( i would n’t have taken this 3rd trade against the yen if it wasn’t for the fact that the other 2 were well in profit by then – see todays emails re money management and risk).
The only reasons I can think of if you are not getting a signal is the following
1) are you running the latest version of the lmt 1.6 (top right of your screen) ?
2) Is there a smiley face there ? if not click the expert advisors button at the top of the screen (it needs to be green)
3) Are your forexmeta charts the same time as mine ? ie close of daily candle is
22.00 bst (gmt +1) and are they running all the time.
4) Are you only trading the daily charts ? Remember, if you only trade daily charts you can still check the 4 hour charts at the same time. There was a 4 hour signal last week at 22.00 hours but none on the daily.
If you are only trading the daily charts you will not get so many trades, but when they do arrive they can be aweesome. Look at 18th may daily gbp/$ I took a daily signal there (unfortunately only on a demo account) which is currently + 1100 pips. $5 a pip would give you $5500 for 1 trade that took 10 minutes to do !
If your problem is none of the above email me with a screen shot and I will try to work out where you are going wrong. Also read todays memebers email for advice on settings etc, good luck, marc
i hv to say how amazed im right now!
well, i bought LMT last night aft i finally decided to throw away the doubts and give it a trial – but i was sceptical though!
played around with it for a few hours into late night and did first trade on demo – made a mistake which resulted in -$23…later Marc pointed out to me in a separate email where i went wrong. went back to read the manual again after i finished work today. signal generated aft dinner, gmt+10, not exactly best entry point according to manual – big bull bar appeared before the signal (on AUDUSD, body of bar is 89 pips which is against the entry rule of no more than 1.5 times of initial stop of 43 pips)
traded a few pairs on signal
long 0.2 AUDUSD
short 0.1 USDJPY
long 0.1 NZDUSD
long 0.1 EURUSD
right now i m sitting @ 150+ pips profit!!! just a few hrs aft signals were generated.
ok, everyone knows USD is dead…as you can see from my trade, basically i shorted USD at every pair. someone might argue this big structural shift is good enough to let everyone profit should that person be smart enough – well, i do not deny the validity of this however i do feel this little LMT thing helps – at least for now! im going to give it a run for another few wks before i decide whether to apply it to my real account!
Marc, i really appreciate the amount of work you put through!
Thx a lot. Will keep you posted abt my trading results…
Martin, Re didn’t believe me.
oh yea of little faith ! I am the most cynical when it comes to forex products. I told you all that this thing is brilliant. You posted earlier that you weren’t getting the signals. I had over 30 today (on 2 different platforms- 1 set bst + 1, other bst + 2). Now do you believe me !!
Hey Marc,
I think a huge concern among us small account holders using the four hour chart is that most of us have lost a lot of money in just minutes and we are gun shy to try anything more. Myself, I can check out a chart during a great trend, feel it’s safe, make a trade, go back to the chart and already it’s turned against me. If I put in a stop, it takes me to the point of kicking me out, then reverses direction, or if I don’t put in a stop it takes me to a margin call then goes back on another run.
I’m not giving up though.
bob
Bob, In reply to the worry about losing big on longer timeframes.
This is where you have to learn to change the mindset. Say you stake $50 per trade on a 15 minute chart. 20 pip stop = $2.50 per pip risk. You risk exactly the same amount on a bigger chart. E.G $50 risk/ 100 pips = 50 cents per pip on a micro account.
My 14 year old daughter is learning to trade (with supervision). Her account balance this morning was 1322.00. she is currently up 39.00 which is a 3% growth on her money in a day. Take a look at the compound interest and forex article on the main site http://www.forex-fxtrader.com/compound-forex-profits.html
If you win 15 pips a day, starting with $1000 it will turn into a million in 2 years. This is where 95% of forex traders go wrong. You will get rich in with forex if you take it slowly. If you rush it and break the rules you will lose the lot like the rest of the herd.
Marc, where did you open demo acc with BST+1 data feed?
The Forexmeta I spot is BST+2 (GMT+3).
I believe the best timing would be London +1 which conveniently matches New York time by 4 hrs. offset
UK and US are the biggest market movers. Just let them do their magic for an hour and then follow…
Hi alex. I screwed up trying to convert usa time zones to bst. My alpari uk platform is bst + 1 which is as you say gmt + 2. My forex meta is bst + 2 (gmt +3). I will have to email everybody now to try and stop the confusion. I have had 30 + signals today (a lot were duplicates of course) only 1 loser euro cad.
Hi Marc,
Placed my first trades based on LMT signals 9 hours ago currently +450 pips on AUD, USD and GBP/USD. I know these pair correlate but since its on demo i went ahead anyways.
I downloaded mt4 from Alpari. The time on my version of the mt4 charts are 8 hours ahead of los angeles time (where i am now) and 5 hours ahead of new york time (where i live). What should i do about this?
if you are +450 pips, do nothing ! it is working fine
Thanks,
I finally got signals before i was using daily chart so didnt get signal once i go to 4hr chart….plenty of signal…..got carried away……….still dreaming………….is forex is that simple.
Wondering how i lost money last couple of months.
And finally would like to appreciate the hard work u are doing .
Really want to thank you from bottom of my heart.
Best thing i have done since started trading is i belive you .
keep it up marc.
suresh, if forex was was simple, you’d never loose your money. An I wouldn’t blew my first account either.
In fact, I’m finding the forex the most difficult market I know.
You got a good tool in your hands, yet you have to control it.
Make sure you be ready for a moment, when the tool still shows you trending market while the trend is over actually. Every trending system has the latency, the longer timeframe the bigger. Just like a big cruise ship needs miles to take a turn. Captain must start planing the turn way ahead…
re alx reply to suresh. alex is quite right about trends taking a long time to turn. i like the analogy of a cruise ship turning. the lmt trend indicator is based on the next time frame above, so if you are looking at the daily chart, the trend is based on the weekly. I have just emailed members today, 3rd june to be wary with cad, euro cad and all yen trades for this exact reason. the jpy/$ and cad look to me as though they might be about to change direction upwards. the solution is to stay out of these trades until direction becomes clear again.
Trading with oanda, not a metatrader broker so i guess that explains. Obviously close of the 4 hour bars won’t match up with the 3 hour bars. So i guess my best option is to stick with the 1 hour, i’ll keep doing that see how it goes.
just download a free copy of metatrader. use that for the signals and then trade as normal. the system is et up to run on 4 hour. with anything different you are likley to lose. i am amazed that your broker has 3 hour charts and not 4. i never heard of that before.
Thanks Marc after reading your advance trading rules I came to the same conclusion. Really appreciate your advice.
Marc. Good Morning definately LMT is a system with human interaction which is something that I like. Yesterday I could manage a couple trades that after reach their first target pullback and I could manage in lower time frames. LMT works great if you combine your dicipline with the nature of the system. To me LMT it can be an additional tool to my strategy, no my only source.
pulled out some charts from two MT4 brokers & compared – they are not very alike at all, in terms of low/high & open/close.
so which MT4 system are you guys using at the moment? anyone can share how to change timezone setting on MT?
thanks
Hi Martin, brokers have different data feeds. If you compare them you’ll always have differences. This is normal as there is no any “transaction central”.
The most important is you use a feed that is closest to your real trading. The best if this is just the same broker.
There is no timezone settings in the MT4 – it puts on screen what your broker posts realtime with the broker’s server timestamps. If you want different time – change the broker.
hi alx, thx for your info re MT4 timezone setting.
I hope you all took Marc advice to lock profits and stay away from the market now.
I modified a bit the rules so once I hit the initial target I move to breakeven plus some 10-15 pips, depending on ATR and discretion – I don’t like to give away all the profit
I also didn’t wait for the price to fully retreace to the EMA – once I saw we are breaking out, I closed everything. In case I was wrong, I could always reenter. After two hours all my 4 hrs. signals got invalidated though. Happy to have some profit, even if it’s demo profit…
Martin – look for Teletrade – this is GMT+2 based broker.
hmm as of now , on alpari daily gbp/$, eur/$ and gbp/jpy all shows trend up, metaforex down???? any idea why?
ramzesss007, try to resync chart data.
A good practice is to go through all timeframes per pair to force data update from time to time. As least the timeframes you need for your system to work. In case of LMT, this is your current and upper timeframe.
On another hand, I found some minor update issues in the LMT. It’s enough to close and open the terminal again to get rid of it.
I set up three terminals on based on three timezones: GMT+1, 2 and 3 – I’m talking on 4 hrs signals only.
We’ll see which one performs the best. But you know, it may prove none of them is better than others over time. The market is constantly changing.
I’d like to observe if running multiple timezones can add to the strategy:
suppose you have a signal on GMT+1, then on GMT+2. There are two things you can do:
1) move the GMT+1 StopLoss to the GMT+1 level thus reducing risk,
2) add to your position if you feel comfortable with your money management.
And the last but not least: it’s good to have confirmation you’re on a right way
On another hand, what if I get the GMT+1 signal, but the GMT+2 doesn’t fire? This could be something to consider. I doesn’t mean the firs signal is false, but certainly it’s something to inspect for protection.
But… this is opposite to the LMT as you have to spend more time than in the first place…
Marc, you’re right – Dean spent 9 years to work out as simple rules as possible. Now, after just couple of days of using it I start to think how to make it better…
Guys: it’s written in Dean’s FAQ – he used ForexMeta when developing the system. It is GMT+3 – this is the reference timezone.
Very interesting – I got short on USDJPY 4 hrs at 2200 GMT.
I would not take any trade in any direction on the pair until it breaks form it’s triangle consolidation. Which may take additional couple of days.
So I took it on demo – we’ll se what happens…
Reporting target reached on USDCHF signal at 9:00pm ES.(gmt+2). So far this system worth the investment . this week over 750 pips between winners and losers.
Well done jaime. What do you mean “so far” worth it !!
I paid for mine 10 x over, reduced stake, 1st live trade.
Target reached on 1 lot on EURGBP LMT signal at 9:00am ES. 2 lot running on BE.
jaimesierra, when did the signals fire?
I wonder if I could trade Gold with it (I will check it).
OK, 1000 pips on Gold equals to about 300 pips on EURUSD. But still sounds good, doesn’t it?
I used to do extraordinary profits on Gold with something similar to the LMT early this year.
But I don’t recommend trading Gold to anyone. You need stops as big as 600-800 pips! And it’s very choppy.
However, 1000 pips daily is not unusual
Wasn’t that bad today.
I mean the LMT stayed mostly silent. However, I don’t trade all the pairs (I don’t like CAD and CHF – if I don’t like, I don’t trade).
I had four signals, on different timezones. Two for USDJPY and two on GBPUSD. Out of the four, the USDJPY was easy to reject at glance (I don’t like the pair either, but this is a different story). The GBPUSD proved to be profitable on GMT+1. It hit the first target. However, it was more luck than a method. I don’t trade luck, I trade methods. On GMT+3 it was too late (too close to the NFP madness).
In general I’m a bit more confident with the LMT – I expected more fake signals. And it’s easier to filter out bad setups than I expected.
As we have to wait a little, I still encourage all forex traders to try to trade different setups on demo accounts. Practice, practice and practice.
Let’s put it this way: we need to wait couple of days for BIG $. While we wait, we can try master some tricks to turn it into BIGGER $. Why wouldn’t do $2000 instead of $1000? You choose…
Besides, sitting and waiting is frustrating. Stupid ideas come into mind “I could make 100-200 pips today instead of just watch… if I took that trade…”
With every trade, no matter good or bad, experience builds up. One day you’ll look at the market and say “no, this is not the time, wait till the next time slot/newsbreak”, or “yes, this is the time, let’s look if I could find a trade here”.
Take EURUSD first. Open charts: 5 min, 15 min, 30 min, 1 hrs, 4 hrs. Set them to clearly visible candles. Try to put support and resistance lines and see how price acts around them. Just that, no any distracting indicators, pivots, etc. Set it up YOURSELF. You can easily transfer the lines between charts using templates (set lines on one chart, save as template, apply the template on another one). Display volumes. Volume is a key supplement to the price. Tip: look for “Market Profile” on the net…
Great advice alx
just wondered if any one can tell me if the trend on lmt is up and the trend line is lookin like its goind down it triggers long is the chart wrong
Hi simon. A lot of pairs look like they might be about to change direction. Best advice for now is to sit on your hands and do nothing ! Patience is important in forex. As we have seen in the last few weeks, once the trend settles the gains are awesome. See daily chart 19th may gbp/$ for a signal that went + 1200 pips over 10 + days. I will email everyone with an update this week end for which pairs to trade and which to avoid in the next few days, marc
A leveraging trick I successfully used with some other daily/4 hrs strategy (long runs):
once you’re on a gain side trailing Stop Loss AND the profit locked by the Stop Loss >= current Stop Loss size AND you have a room for more profits, you can add to your position. And repeat it when the second lot meets the same conditions.
Example:
your current profit is 100 pips, your current Stop Loss size is 50 pips. You locked 50 pips. You see the trend is strong and another 50 pips is very likely while the 50 pip Stop Loss size is wide enough to take a trade. Add another lot with the initial Stop Loss at the same level as the first one current SL. Then trail both in sync.
This way you can dramatically multiply gains.
On loss side, with two lots you’re NULL – the second lot consumes the first one’s profits. With three lots sequence you win on two and loose on one but the first lot profit is three times the loss (you win 4 and loose 1). So on…
Last but not least: if you want to do it, you must include all the positions in your Money Management calculation starting from the very first order or you may run out of your free margin. It also depends on how your broker manages your deposit. I have two brokers doing it completely different: one keeps only the Stop loss size and releases what I manage to lock, the other keeps 1% lot size till the end no matter if I lock anything or not.
Hi, I got three daily signals overnight: EURUSD, AUDUSD, GBPUSD (I don’t trade all pairs – maybe more on CHF?). On all three timezones: GMT+1, GMT+2, GMT+3.
Also short on EURJPY but this was a fake right from the beginning.
We’ll see, the market is still in vague position, the up move still cannot be confirmed as trend resume. Anyway, resume or pullback, still some pips to be done
Out of the three, trades triggered on GMT+1 are the most profitable. They fired off last and hit a pullback.
I have three terminals open with three different timezones. I’m checking if this could add to the system.
Anyway, it’s always good to have a confirmation you’re doing good. Isn’t it? Having the same pairs firing off timezone by timezone makes it more confident.
On the opposite, I didn’t have that confirmation on 4 hrs EURJPY short and it proved to be looser (anyway, it looked as a looser by the time it fired during consolidation).
Hello all-
I have the LMT system and I am seeing many people getting 500+ pips on certain trades. My question is how long is everyone holding these trades? I’ve had some trades that have hit their TP level. I then move the SL to break even only to have the currency pair take out my SL after a while. Sometimes I wish I would have taken TP at the initial target but then I think that if I do that then I cannot get the big pip gains everyone is getting. Any advice for a newbie?
Rakesh. The best way to get the results is to take 2 lots/mini lots on a trade (split your stake in half). Set the 1st part of the trade to CLOSE at the 1st profit target. Then move the stop on the 2nd lot to entry. Now allow this trade to run. I have earned a lot of pips this week (650+) with this method. I hate to take a trade and win nothing. Equally i hate to see a trade that i have exited run for 100′s of pips more. This way you get the best of both worlds. marc
are you sure about the charts? 4 hour is a standard setting on metatrader. I never heard of anyone who trades 3 hour charts. if its a problem just download a free metatrader from any broker, put the settings on that and still trade with your broker