FXM Live and my journey to success

[laszlo7003]

Another rollercoaster ride this week...

Monday and Tuesday- nothing triggered.

Wednesday – finally some results! Two technical setups published in the trading room, both triggered. The first one (GBP/USD) quickly hit the profit target. The second trade that triggered (sell EUR/USD) was a little slower and when price reached the figure (1.2900) I hesitated for a while to close it or not as the initial profit target was below that. But I did close it at that level and it seemed it was a good call afterall. 2% gain in one day- not bad at all.

Thursday- technical setup triggered in the morning but later went against me and hit the stoploss. Fortunately by this time stoploss was reduced according to the rules so it was about -16 pips loss.

Two trades on Friday, one technical and one news related. Unfortunately both losers, not a good day at all...

Results: it was a breakeven week, still about 4% down from my opening balance (for some reason myfxbook does not update). At least some volatility returned and there was some positive results with the technical setups. Next week I will have more time and less distraction (as I've been made redundant) so hopefully that will reflect in the bottom line as well...

 

[Peter Neymovic]

Sorry LoRio, I did not see your comment before.

Yes , the Forexmentor Live service that I'm following has a fee, although not to expensive I think.

May I ask how much does it cost?

 

[laszlo7003]

Hi Peter
The service cost $149 a month but there are special offers too

 

[laszlo7003]

Not a good week...

Monday- surprisingly two technical setups materialized (Monday is always slow), Ben published both in the trading room. Unfortunately the first one was a 10 pip loss (AUD/USD). Second one triggered quite late, around 4pm, the order should have been cancelled by then as it's not advised to enter any trades after 3pm. I closed it shortly after at break-even as it seemed to hit resistance which turned out to be a good call.

Tuesday- two important news releases in the morning. The first one triggered my buy-stop and spiked up but failed to hit my take-profit level so I quickly closed it resulting in 3 pips profit. Not much but at least it's not a loss. Looks like these trades need to be strictly monitored as prices reversed again after a few seconds, I do need fast fingers...
Second news related trade of the day spiked a sell-stop but it did not advance, watching it going into red was still a bit nerve-wrecking. I closed it manually (following Ben in the trading room) and got out at breakeven.

Wednesday did not start well...
A news release trade triggered my sell and buy stop almost simultaneously resulting in two losing trades It might be better to stay out when it's a cluster of releases. And I do need to reduce the risk on these trades...
Next news release at 10am again created a spike to get me in the trade but then hit my stoploss soon afterwards. Three losses in a row, 3% down for the day, time to reduce lot size.
Fourth trade (again news related) turned out to be a winner, but of course with half the risk I halved the profit as well. Only 10 pips down for the day but the bottom line doesn't look so good...

Thursday- first a news related trade setup triggered the buy and few seconds later the sell stop as well- a few pips win on that one. Another setup triggered on EUR/USD which was a retracement-trade, expected the move to continue down. For a while it looked promising but then price reversed , fortunately the stop-loss was already at break-even

No trades on Friday.

Results: not a good week, about 6% down from my opening balance. At least some volatility returned and there was some positive results with the technical setups. It does feel like though that if I could iron out a few issues I could get better results, we'll see...

 

[laszlo7003]

This week was slightly different as the trading room was not operating (Ben is on holiday).
That meant that all the trades I placed was the ones I identified myself. Didn't go to well...

I opened only one trade that was based on technicals and a few which were news related. The technical trade was a loss. The news related trades (6 in total): one was a winner, two closed at breakeven and the rest were losers. So I decided that I won't open any more trades until Ben is back and the trading room is fully operational again.

Results: not going great, about 7.5% down from my opening balance.

 

[laszlo7003]

This week the trading room was now back in operating as usual (Ben is back from holiday). Let's see how it went for me.

The first trade of the week was on Tuesday, a news release trade which triggered and hit the profit target, good start of the week...
Wednesday I missed out on the morning opportunities as I was away from my computer but it turned out I did not miss out on much as the setups that triggered weren't resulting in much profit. In the afternoon there was a bunch of news releases at the same time (Retail Sales and PPI) and I followed Ben's advice setting up buy-stops on two pairs just before the release. Both triggered , one hit the profit target the other hit my stop-loss which meant I was 10 pips up. Not bad so far.

Unfortunately Thursday wasn't that great. The opportunity was the 1:30pm news releases, two trades triggered, both resulting in losses.

Ben mentioned that finally some volatility is coming back to the fx markets which is showing in the average daily range of many pairs. Still the approach is slightly bit different than last year as he is trying to focus on fundamentals more and filter out some of the technical signals that way. But unfortunately that also means less opportunities it seems like.

Results: losing week for me, lost about 1.2% from my account balance this week.

 

[spunta]

Lazlo

Thanks for sharing your experiences...how did you get on to Fxm Live - do they publish their results in MyFxBook or something like that?

Spunta

 

[laszlo7003]

Hi, sorry I only saw your Q today. This service is part of the Forexmentor umbrella company and I've been following their offers for a few years now. The results aren't on myfxbook I think but the FXM Live webpage does have a result tracker. Hope this helps.

 

[laszlo7003]

Somewhat better results finally...

Monday surprisingly presented a technical setup on GBP/USD which resulted in 15 pips profit although some members who used a different trade management extracted around 50 pips. Oh well, still profit...

Tuesday morning Ben was already in a trade by the time I logged in to the trading room. Since price was still hovering around the entry level I also jumped in and set my stoploss 15 pips away from my entry. Unfortunately that wasn't exactly the same level as Ben's so later I got stopped out but anyone following more accurately would have profited 20 pips instead of a loss. Arrghh... Such a small difference (about 2 pips) made it a loser.

Wednesday was eventful. For the BOE's MPC release at 9:30 I followed Ben's recommendation setting up a buy and sell order on GBP/USD a few minutes before the release. The buy triggered on a spike but seeing the result of the vote I quickly closed it with about 4 pips loss. The sell order triggered too in a second and that eventually hit my profit target . Next trade that was published in the trading room was related to the retracement of the same move but I was less lucky with that, turned into a loss. Next trade was the 1:30 pm CPI release. Placed an order a few mins before which triggered and quickly hit the profit target. I closed the day 40 pips up, would be nice to keep that up...

Thursday there were a few news releases, not all triggered a trade, and unfortunately Ben updated his recommendation for an afternoon trade which I missed so that resulted in a losing trade as opposed to getting a winner, very annoying

Friday morning to trade the UK GDP news there was a buy and sell setup as well. A spike got me into the buy then price reversed triggering my sell as well which hit my profit target so the net profit were 10 pips afterwards. A technical setup that Ben posted triggered in the afternoon without me realizing and I'm still in, now have to wait for Sunday evening to see what happens to it. Such a basic mistake...

I'm still making very annoying little mistakes which really affect my bottom line and I really need to cut those out.
Results: at least this week was profitable (not hugely though), hope I can keep that up for next week too.

 

[laszlo7003]

Mixed results again...

Monday - no trades.

Tuesday there were a couple of high impact news releases. The first one (Core Durable orders) did not trigger a trade. The second release did trigger my setup, even though I followed everything properly I was the only one whose order got triggered. I was really annoyed as it turned out to be a loss but occasionally this does happen due to broker price differences.

Wednesday was about the anticipation of the FOMC statement so no setups all day. Unfortunately the statement was to come out at 6pm GMT which I could not monitor so no trade for me.

Thursday there was a technical setup published in the trading room by Ben (NZD/USD) which played out nicely netting 46 pips. Later a few news releases at 12:30 triggered a trade, resulted in a losing trade.

Friday another news trade , again unfortunately a loss.

Results: this week should have been profitable (in terms of pips I'm up by 10) although for the technical trade I used smaller position which made this week a breakeven week.