You guys know me by now. One of my philosophy in trading using expert advisers is that you need a portfolio that is diversified.
I have all kinds of different ea’s and some are great and some didn’t work out. An example of some of my greats are forex growth bot and wallstreet
one that didn’t cut it for me was crescendo. risking 30% to earn .5% is crazy to me and when I hit my first stop loss I decided the risk was to great. I digress for a reason.
I found an interesting “super scalper” that trades frequently and has very good risk management. I think I am going to give it a go and see how it goes. The development seems very professional and the theory behind it is great.
In a month this ea has traded around 600 trades and has a win rate of around 65-70% It aims to get just a small amount of pips and get out. Usually it scores an average 2.24 pips per win. its average loss is about 3.4 pips so you see the risk reward is intact. The lot size would be significantly larger for such small risk.
two things which are noteworthy. I would have to say choosing the right broker is paramount!!! Second with high frequency of trades I will find a broker that I can get a rebate from so those 600 trades will also net me a nice bonus every month. I am an ib for hotforex and I may go with them. I forget what my rebate is but even 1 pip would be a 600 a month pip bonus. You see how sweet that can be. I am siked this has real potential.
Think about it risking 1% per trade winning 65% of the time and winning 390 and losing 210 the net on 600 pips would be about 115 pips but that is not as impressive as the percentage. Remeber 3.39 =1% of your account so 2.24 would be aprox .06% per trade (if my math is correct)
so if you have 600 trades divided by 20 trading days a month that would be aprox 30 trades a day times .06 or around 1.8% gain a day Now add the rebate from your broker and you tell me. I think this ea definitely warrants a try. I will certainly keep you guys posted. The other thing I love about this ea for my portfolio is it is very unique and I have not seen anything like it on the market. A perfect addition if you ask me.
Interesing. As a professional programmer the idea of EA trading appeals to me. Thanks for mentioning two that do work for you. The only well known one I ever tried was fapturbo and it risked 500 to make just a few pips and it blew half my demo account! I look forward to hearing more, keep posting. growth bot and wallstreet work well do they? I may have to give them a try.
Allright guys/gals I finally made a deposit in the hotforex account. I figured I would set that one up just for million dollar pips so we can see what happens. I only deposited $300 with the sign on bonus I think it will end up being $450. A very small account but I feel safer with that amount while I see how MDP trades. I will create a myfxbook or something for us to follow.
Talk to you later,
john
The thing about mdp is the guardian protection software that comes with it which can crash your vps and usually requires tech support to get it running again. I talked to the vendor and he says he’s planning a new release shortly which will have guardian removed, otherwise it looks interesting.
I recently signed up for cash4forex as an introducing affiliate for MB trading (test driving them and FastBrokers), which gives me 25% of every commission back to me, and MB pays you for putting in limit orders, there could be positive trading fees with this arrangement. I just thought this might help out with your scalping strategy. Especially since you want an ECN for the spreads.
Check it out, and I will report back on seeing if cash4forex pays their portion of the commissions back through my trading…
simondav I did hear that and so I put MDP on my desktop away from my vps. If that crashed I would be pissed! I do hope they address this very important issue.
EmptyEternity thanks for the heads up. I did set up hotforex and there spreads are great so far as I can tell. They have a 50% sign on bonus. For anyone interested apparently how it works is this. What they do is give you 50% bonus on your deposit. It is for margin purposed only but you can withdraw it once you have traded an equal amount of lots for what the bonus was. For me I deposited $300 so my bonus was $150 and now my total is $450. Once I trade $150 worth of lots I get to keep the bonus. I do think they are trying to encourage over trading in hopes that people will blow there account before meeting the bonus requirements. I’m not overly concerned though since MDP will make me a million
Seriously it could be a dangerous trap. If I trade based on $450 and my mm is out of wack Once I hit -$300 I would lose my account (I think) The bonus payout is based on trading lot sizes equal to $150 but I could lose $150 trading just $1 lot and I would need to make $149 more trades to be able to have access to that money.
With regards to MDP I think I will end up collecting this bonus but its just like the casinos they don’t give away free money. The numbers are on there side, one way or another they make there money. Okay I’m off my soapbox now.
okay I think I have myfxbook setup. I want this widget to constantly update so here goes nothing. It says trading privledges not verified. I think I have to set a pending order but the last time I did that it didn’t work (with fxopen) I will try that but I can assure you guys that this is in fact my account. It is a very small live account. Startup was $300 + $150 bonus. I may atttach this widget to the first post as well.
I was just checking out my hotforex affiliate page. As it turns out today I paid $8.10 in commissions and I am receiving $4.86 as my commission. That is like earning an additional 1% + onto my daily totals. I love the start and I hope MDP can continue. Even if it were to break even the commissions would add up nicely, but of course I am hoping MDP will be a winner.
The thing about mdp is the guardian protection software that comes with it which can crash your vps and usually requires tech support to get it running again. I talked to the vendor and he says he’s planning a new release shortly which will have guardian removed, otherwise it looks interesting
your best bet is to contact support/ IO am running mine on hotforex and it has traded no problem. Also I ended up throwing wallstreet on this live account. I wasnt going to and than I decided what the heck. WSFR is doing awesome right now. Now that guardian is gone I have MDP on my VPS. I iwll keep you guys updated.
it is possible to run different EAs on one account, but you have to take care with the magic numbers, which indicates a trade.
usually you can change the magic number settings within the EA settings, so you won´t have problems with it.
anyway i recommend to use different accounts, since it´s easier to check the performance of the EAs and you don´t have to care about the magic numbers. Nearly every broker gives u the chance to set up several accounts very simple.
just a quick question on this one, by using a different account in one instance of MT4, does it only allow you to log into one account at any time, hence EA can only run on the logged in (active) account?
I use the same account for most of my ea’s. What I do is I install multiple instances of mt4 and login into the same account. MDP is on its own mt4 so is wallstreet and so is FGB. I do use seperate magic numbers and I am able to do seperate analysis using myfxbook’s custom analysis tool which allows me to sort by magic number.
in that case I would limit the number of ea’s to max 4 or maybe 5 depending on how many trade the same pair. If more than 1 ea try to open trades at the same time it will result in an error. If the code is well written it will address this scenario or any requote scenario with a loop or someway to repeat the order until it is successful. Just a thought. My advice would be to keep a close eye on things so you know its all working right.
