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Thread: LMT Forex Formula

  1. #1
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    Default LMT Forex Formula



    LMT Forex Formula Official Website

    Hi

    This has just come out, it has only been out for 3 days, I was wondering if anyone has used this yet and would like to comment on what they think.

    This is not an EA, it is a manual trading system that trades off the daily chart. It is supposed to be very profitable, so interested in what other think.
    Last edited by wannaberich; 05-20-2009 at 07:20.

  2. #2

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    It's probably not all that complicated.

    How about we just find an indicator that matches the daily and weekly trends, then just make trades in that trend-following direction at the beginning of the week, come back 5 days later and see where the trades are?

    Seems that he has an indicator that does something like this, and calculates stop loss and take profit based on volatility.

    It begs the question really.... what are the best indicators that allow you to trade on the daily charts?

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    Yes agree that seems like a very logical in what you say. I think trading the daily charts with manual systems is the way to go, it gets rid of a lot of that short term volitility that we get with the intraday trading.

    I would like to know some good indicators that are good for trading daily charts

    Quote Originally Posted by Neo-Rio View Post
    It's probably not all that complicated.

    How about we just find an indicator that matches the daily and weekly trends, then just make trades in that trend-following direction at the beginning of the week, come back 5 days later and see where the trades are?

    Seems that he has an indicator that does something like this, and calculates stop loss and take profit based on volatility.

    It begs the question really.... what are the best indicators that allow you to trade on the daily charts?

  4. #4

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    An indicator that can determine a daily trend would be great.

    As for market entry, I'm using the Steinitz Fractal breakout indicator. It tries to predict breakout points to enter the market on to minimize drawdown -- but it assumes that you know where the market is going to go.....
    Commerical inidcator though.

  5. #5
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    That Steinitz Fractal breakout indicator sounds interesting, did you buy it or something. Might have to do a google and see if i can locate it somewhere

    Quote Originally Posted by Neo-Rio View Post
    An indicator that can determine a daily trend would be great.

    As for market entry, I'm using the Steinitz Fractal breakout indicator. It tries to predict breakout points to enter the market on to minimize drawdown -- but it assumes that you know where the market is going to go.....
    Commerical inidcator though.

  6. #6

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    Hi Everyone.
    I'm Bobkat From Australia.
    I Have Not Seen LMT Formula,
    But 3 Systems That Are Quite Consistent For Entries
    I Have Been Using Are,
    1 - Aligator Used In Conjuction With A MACD On 4 Hr & Daily Charts,
    Trading With The Crossover & The Trend Always.
    2 - V Force, This Is Free & Very Good & Has Alerts,
    & I Use It In Conjunction With The Next Indicator.
    3 - Trend Magic, I Got It For Free Off The Forex Magic Machine Page,
    Even Though I Did Not Buy Magic Machine.
    This Is A Brilliant Indicator & Will Keep You In Trades Where V Force
    Would Sometimes Give A Exit Alert & Cut Profits Short.

    Last Week I Made 450 pips in Just Over 2 Days On The GBP/USD,
    I've Looked Around For A While & These Are Pretty Reliable.
    But The Most Important Thing That Is Usually For gotten Is Risk Management.

  7. #7

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    Quote Originally Posted by wannaberich View Post
    That Steinitz Fractal breakout indicator sounds interesting, did you buy it or something. Might have to do a google and see if i can locate it somewhere
    His indicator is a nice tool, but don't be fooled, it is NOT a trading system!
    The indicator is the only decent product he has.

    (Actually Steinitz has a reputation of being a scam artist because his MTF EA margin calls accounts - yet he still plugs it. Pipcop busted it. He says it doesn't lose, but that's only because it doesn't close losing trades -- so he is correct on a technicality. Thing is, on my demo testing, it made a GBPUSD sell trade just before the G20, and the pound rose swiftly on the news data and hasn't come back since. Seems like he's been banned from Forex-TSD forums too. )

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    Default

    yeah you are probably right, i have heard that steinitz has a reputation of being a scam on a few other forums, but i did not take much notice of it, i don't generally believe what i read in forums, most people tend to be full of crap

    Quote Originally Posted by Neo-Rio View Post
    His indicator is a nice tool, but don't be fooled, it is NOT a trading system!
    The indicator is the only decent product he has.

    (Actually Steinitz has a reputation of being a scam artist because his MTF EA margin calls accounts - yet he still plugs it. Pipcop busted it. He says it doesn't lose, but that's only because it doesn't close losing trades -- so he is correct on a technicality. Thing is, on my demo testing, it made a GBPUSD sell trade just before the G20, and the pound rose swiftly on the news data and hasn't come back since. Seems like he's been banned from Forex-TSD forums too. )

  9. #9

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    We are testing L.M.T. Forex Formula on the D1 charts. You can see our trades via the link on our site.

    Thanks,

    TraderMike

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    Default Profitable on the daily chart

    I purchased the system and tried it first with paper trading, then on a real account. Of my approx. 20 trades so far, 3 have been losers. Of these 3 loosers I could filter out 2 as wrong signals, as the systems trend signal was not in accordance to own perception of the trend. So I think the system works quite good, it is a version of entry into a trend after a significant pullback.

    The only issue I see is that you sometimes get several potential trades at the same time. So I try to setup a second filter by determining the overall situtation of the underlying currencies (USD index, EUR index etc), and then filtering out the currencies which are less clear.

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