I hope someone answers your questions as I am in the exact same situation. Just got it and set up a demo account so get the feel of how this bot is supposed to work. Installed it on a vps this morning. Been several hours and no trades. It’s done absolutely nothing. I changed the min lot to .1 and the risk to 2 and left the rest of the settings at default. The metatrader is set to accept live bids.
My bot is doing absolutely nothing. When I tried to do a backtest I got nothing but overflow errors. I have no idea why either.
Any assistance I can get to ensure I have it set up properly would be greatly appreciated.
I can try and offer you some answers to your questions but I have only been using it for a month or so myself.
If you have followed the instructions in the manual of how to set up MDP for live trading and you have the smiley face in the top corner of the chart then MDP should be running fine. In the information from the A on the chart it will say if the robot is off because any of the conditions for it trading are not met. Dont worry if it has not traded. 1 hour is not long at all. I think for me MDP only traded about 5 times or so this week and I have it running 24/7. It will only traded when the conditions it is programmed to look for are met. Be patient and give it time, at least a few weeks or a month to get a feel for how it trades.
You dont have to let it run 24/7 but i think it would be highly recommended to give the robot as much chance as possible of finding the conditions it needs and for this reason it is probably best and more convenient to run it from a VPS. Try and find a VPS that has a low latency to your broker as this is important for this robot. If you are using Hot forex I believe thrust VPS has a very low latency to that broker and is also very reasonably priced
If I understand you correctly and you want to look at stats drawn from your account there you could sign up at myfxbook.com and you can see stats from your account there.
FIFO only needs to be true if your a using a Broker based in the US. If not then have it set to false. If you look back through the thread there has been plenty of talk of different settings people have been using. I think a few people at the moment are using:
NumOrders_Levels: 0
Additional_Channels: 8
Max_Simultaneous_Orders: 3
everything else default although you may need to change min orders to 0.01 from 0.001 if thats the least your broker will allow.
A big thank you to everyone answering questions. Awesome! I hae been really busy this week.
FIFO means first in first out but in regards to this ea it also refers to the NFA regulation that disallows hedging. Another words mdp will only be able to open buys or sells but not both. If you have an account with a usa broker than you will have to set fifo to true. Also note you may have problems if other ea’s have open eur/usd orders. The easiest way around this is to use an overseas broker and set fifo to false.
Forex is 24/5 meaning it is open Sunday night in Asia all the way until it closes Friday afternoon in NY so your best bet is to leave mdp running atleast sunday to friday 24 hours a day.
Hot Forex is an overseas broker right? Which broker do you think is best for MDP?
Which settings do you think are the best? The standard ones or do you think some have to be changed. Do you still use MDP because in myfxbook it shows that you stopped right?
I have a live account with HotForex Currenex using CNS VPS located in UK. Ping times were 9ms. My settings are:
NumOrders_Level: 0
Additional_Channels: 3
Max_Simultaneous_Orders: 3
FIFO: False (overseas broker)
My last times were:
Avg. Exec. Time: 3113ms
Avg. Open Time: 6349ms
Avg. Modify Time: 2604ms
Avg. Num Requotes: 0.61 per transaction
What I cannot understand is why I’m getting such HIGH times when I’m using the recommended broker and a VPS fairly close by. Is HotForex doing something to cause these high times? Do I have to change to a different broker? Anyone else using this broker with better results? Anyone care to share what times there getting?
I dont know which time span is included in the average calculation; I restarted my vps sunday afternoon. But I got few trades compared to others (default settings), so I am trying another broker this week.
I’m running the same broker and VPS. I just returned a ping of 24ms.
My last times were:
Avg. Exec. Time: 9518ms
Avg. Open Time: 18040ms
Avg. Modify Time: 26049076ms
Avg. Num Requotes: 0.00 per transaction
I think the latency is so high due to the amount of time it is taking Hotforex to complete these transactions. I’d rather have your times, wanna trade?
I have MDP + MT4 running for more then 7 hours, and it doesn’t trade a thing. I have a Micro account on Hot Forex. Does that make a difference if I would switch accounts to f.e. Currenex? I currently cant because it needs a min deposit of $500. Did it trade with you guys the last 7 hours on Hot Forex?
I have this issue as well. I’ve had my MDP since Friday and it hasn’t done anything. The Saturday and Sunday don’t count as the market is closed those days, until sunday night my time at least so technically I’ve had it online for just a tad over 24 hours. I even hired a VPS and installed it there and still nothing.
Others have told me to be patient as it needs some volatility in the market to work. So far today, (Monday, August 22 the EUR/USA is not very active at all. I figure the robot has another 5 weeks to prove itself before I request a refund. Until then I’m going to be patient and leave it alone on the VPS. I opened up another demo account on my laptop to mess with. I studied how to use the various indicator tools and watched several hours of how to make money on forex videos on Youtube over the weekend. I’m going to compete with the robot to see if I can perform better than it even though a week ago I never heard of forex. I chose my tools and developed a technique that works in a more volatile market. But since it’s pretty flat I haven’t done much either.
Others have said that backtesting this EA is useless becuase it’s an opportunistic scalper and from what I read testing on demo accounts yields very innaccurate results due to various factors such as slippage, latency (delays in order execution from the time of the request) and other minor issues.
I know what it feels like to plunk down $100 on something and not seeing any kind of results from it not to mention that since it’s doing nothing I have no idea if it’s even working properly. But patience is a must. When Obama’s bunch announces QE3 and we see fears of inflation and the further devaluation of the dollar and oil prices rise MDP may go active.
Sorry about the short multiple posts but the forum required me to make 5 posts before I can post a URL link. *
Anyway, I’m taking the advice of others and will be patient with it. There are enough people that have had some success with MDP and there are a couple of websites out there that are posting live accounts with real money that show it works.
Since the webmaster has it on a MB Trading account which is the broker I chose to use I emailed him for his settings. All are default except risk is set to 2 and the min lots is set to .1 which is the minimum that MB Trading will allow. I’m impressed with his live account results. 4.1% per week and 18.2% for the month (22 days as of today) is really good in my opinion. He started hout with $250 and made $29.
I’m not sure about the 2nd ECN line but I have the 1st and the 3rd ECN lines on mine. Actually on mine the 1st line has !ECN Entry Conditions failed (use_stop_orders_adjusted) : stop level (0.00030) > 0.00020 on mine. Just added the exclamation mark. The 3rd line is ok.
Just have to wait patiently. Mine did nothing for the first 2 days. I woke up this morning to find it made one trade overnight on the demo account set up through my virtual private server.
As I mentioned earlier I know the feeling to see it do nothing after we set it up not even knowing if it is done properly or if we got scammed out of our money for a program that we thought would help us make money. Mine finally made a trade and I’m sure your will too.
anyone using thinkforex? does it do well with MDP? the vendor told me hes using thinkforex. So anyone with good experience using thinkforex for MDP? im planning to either open thinkforex or hotforex.
I had a question about the amount that the EA trades for. Does it always trade with a percentage of your account? F.e. if I have 200 dollar does it then trade with 5% so, 10 dollar? And when I would have 2000 dollar would it then trade with 5% (100 dollar)?
