Alan’s Forex Blog

Hello everybody. I thought I’d make a quick post to update you all on how my testing of Dean Saunders’s LMT Forex Formula is going. So far so good, I’m making profit. Granted it’s all on a demo account for now, but in the next week or two if performance remains stable I will also begin testing it on a live account.

Now on to the performance details. As of today June 11, 2009 my account has the following standing:

152289886 2009.05.21 04:16 balance Deposit 50 000.00
152751543 2009.05.28 08:09 buy 0.10 eurusd 1.38730 1.40943 0.00000 2009.06.03 17:53 1.41246 0.00 0.00 0.00 251.60
0.00 0.00 0.00 251.60
Closed P/L: 251.60

These are all the closed trades – 1 so far.

Now for the open trades:

153541952 2009.06.10 01:17 buy 0.10 audusd 0.80505 0.00000 0.00000 0.82036 0.00 0.00 1.09 153.10
153230342 2009.06.04 08:04 buy 0.10 eurusd 1.42317 1.37370 1.44780 1.41222 0.00 0.00 -0.01 -109.50
153426131 2009.06.08 16:58 buy 0.10 eurusd 1.38965 1.39090 0.00000 1.41222 0.00 0.00 -0.01 225.70
153658730 2009.06.11 05:18 buy 0.10 gbpusd 1.64197 0.00000 0.00000 1.65868 0.00 0.00 0.00 167.10
153541976 2009.06.10 01:18 sell 0.10 usdcad 1.10259 0.00000 0.00000 1.10169 0.00 0.00 -0.64 8.17
153541956 2009.06.10 01:17 sell 0.10 usdchf 1.07691 0.00000 0.00000 1.07026 0.00 0.00 -0.90 62.13
0.00 0.00 -0.47 506.70
Floating P/L: 506.23

The eur/usd position was undertaken via an LMT Forex signal on the H4 chart, and the rest on the Daily (D1) chart. As you can see I’m in profit so far and it looks like the Euro is yet again pressing new highs.

One thing that I must warn you if you decide to give this system a go is that you must have patience. If the trade goes in the minus, do not panic and close the position. Nearly all of the above open positions were in the minus before they all turned around and turned profitable. You have to exercise patience and self-control. Let the trades ride. Once you’re in profit if you’d like you can set a stop loss at the break-even point. I however prefer to set a trailing stop that is as large as the take profit level.

This way what happens is when your position reaches the designated “mental profit level” MT4 will automatically protect you via a stop loss at the break even point. From there on I just monitor the trade and close it if a candle closes below the 10 period SMA. Sometimes though I may set a fairly wide trailing stop depending on the pair that I’m trading. Don’t worry you’ll learn more on this in the LMT Forex Formula manual.

By the way, you can also keep up with my regular updates via the LMT Forex Formula Forum over here:

http://www.lmtforexforum.com/showthread.php?t=4

I’ll keep you all posted on the latest either via this blog or the above forum thread.

Cheers, and profitable trading to you all!

Alan out.

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1. Forex Rebellion Performance Update – Oct 19 2009
2. Forex Rebellion Test Account Took a Beating
3. Update on my LMT Forex Formula trade
4. My First LMT Forex Formula Trade
5. Forex MegaDroid Performance Update #2