Million Dollar Pips

Trading Systems Expert Advisors and Automated Trading
284

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.

Read more: 301 Moved Permanently

I am with hotforex,its okay… will post my trades later.
the problem is: you cannot know if the vendor is recommending thinkforex because of their good service or because he is an affiliate or introducing broker to them - and recommending them to get commissions on you. Check your latency on your vps and whether you choose Thinkforexor hotforexdo not forget to recieve your own commissions back!

you can get a bonus on mdp itself, too.

286

Thank you Johnny,

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?

Thanks!

Read more: 301 Moved Permanently

I still trade mdp. I just changed accounts before it was on a micro now its on currenex thats all

287

Hi there,

I have been using mdp for 2 weeks and never off my computer. Last night I off it and this morning when I turn my mt4 back the mdp said account validation failed. I kept redoing to activate the account but still the same.

Please help

288

IMO an ECN is needed to trade a scalper EA…always. You need raw spreads and lowest commission per trade. Now there are more important reasons to have a vps than simply being able to switch off your pc/laptop at night.

1/ decide on a broker. You need to know where there server is situated. 2/ Check out vps in that same city and ask them to do a ping to the brokers IP. They will do that for you. You need a latency of less than 20ms which means that a signal from the broker to the potential vps and back to the broker takes less than 20 ms. If its more than 20 ms then their server is NOT in that city, better check again.

Look up a reputable ECN and check them out in the forums. Now ask them where their server is located. It often is not in the same city as their office. Then investigate a vps in the same city as their server. You should definitely get round turn average of 2 to 10 ms and you have the right place for your server. Theres nothing complicated about it, a good server company will help you and if you are trading just for yourself it shouldnt cost any more than $25 a month. Its really worth it. You’ll get more trades from scalper and better fills. If you’re serious about making money with a scalper you should go the extra mile and get it right. If you are not making money each day with a scalper EA then its more likely you should be looking at your set up rather than the EA itself. You only need to set this up once; if your EA isnt performing try another EA on the same set up.

Also bear in mind its holiday time in US and Europe until early Sept so there are not as many trade opps right now, not even for scalpers whilst volume is low.

289

You need to reactivate MDP by going to MDP Activation and enter your MDP receipt, mt4 login number to the account you’re using now, and the email address you used when you bought it. Then remember to enter the receipt number in the MDP EA properties when you drag it to the chart again.

Hope that helps.

290

I have done that but to no avail. I have emailed to the vendor. Still waiting for his reply.

291

Statement_27aug11_.pdf (161 KB)

Hi again (note, this reply is in bot the MDP and the FGB thread. Hope that’s not a violation of forum rules as it concerns both bots.)

Been away on vacation and not been around to post any meaningful comments in quite some while :slight_smile:

But enclosed to this post is a Excel report (in PDF format…) from myfxbook.com that show the current status of my bots trading my micro account.
So far im up 34,4 % or 661,9 pips, that’s some 180 USD and the bots have traded a whooping 26,5 lots - thus generating another 106 USD in profit for me in rebates.
Please note that the account was first funded 7/7 with 350 USD, bonus from HotForex amounts to 175 USD and with 26,5 lots traded I’m able to claim 26,5 USD of that bonus as being ‘mine’ now (1 USD pr each full lot traded).
So total profits amounts to 312,5 USD… actually well above the 34,4 5 gain which Myfxbook shows :slight_smile:

Breaking that down on the individual bot;
Forex Growth Bot - 487,3 pips, 50,05 USD profit and traded 2,65 lots.
MDP (version 114 to 116) - 173,2 pips, 129,72 USD profit and traded 23,83 lots.

Ive also got an erroneous trade when I showed MT4 for a friend, I accidentally opened a trade but manage to close it with 1,4 pips profit lol.

Its all in the enclosed report, every single trade - winners and losers as well as deposits and a aggregated pivot table.

I’ve been around the (forex) bloc long enough to say that this is acceptable performance for any account/EA!
Question is will it continue? Will FGB get its act together and recover its losses? :slight_smile:

Oh… and no, i dont sell the bots. I dont get commission if you choose to buy any bot or no I dont recomend using EA’s for serious investment choices. Neither do i get commission if you chose to open a HotForex account!

292

Hi,

May I know what vps do you use? I decided to use Hotforex but was still considering which vps should I use?

Thanks.

293

I use Thrust VPS and the aquatic package, UK server.

295

Hi guys,

I have read almost all of the threat. I have a question.
Do I have to use a ECN account? Why a ECN account? What is it?

Thank you

296

What type of account on wich broker are you guys using?

297

There are websites out there that are posting near real time results with live testing of this and other EAs out there. I posted links to a couple in a previous post.

From what I understand this EA requires very low spreads, as low of commission from a broker you can find, and a fast internet connection to the broker’s servers. The brokers must allow scalping and be a true ECN with low slippage. It helps to keep it online at all times during the trading days. That’s why most people run it from a vps located in a city near their broker’s servers.

If the above conditions aren’t met the EA’s performance will be very limited or impact it negatively. If people are shopping for an EA that scalps on the minute time frame charts It is recommended they find a compatible broker 1st. Get all your ducks in a row before you start shooting at them. If you don’t understand the requirements of the EA or how scalping on very short time frames (or have a basic understanding of forex trading and basic skills at interpreting chart signals) then I recommend you get educated before committing your money to trading on forex or any other market. This EA as well as all others out there are not meant to replace forex trading skills and experience nor is it going to make anyone rich quick (except the vendors LOL). It is a tool that is supposed to compliment all your other forex trading strategies. Anyone who thinks otherwise seem to be the ones always getting burned and losing their money.

Anyone with a basic understanding of forex knows that there is a fundamental difference in trading on a demo account versus a live account. Trading on demo accounts will never have an impact on the current price of a currrency at any instance in the market. Also execution times on demo accounts are almost always faster than live accounts due to the fact that orders in the demo accounts never go beyond the broker’s server therefore never even reach the real market an does not impact any inter-banking transactions pertaining to liquid assets. In other words, you may not have an immediate buyer the instant you place a sell order thus there may be some lag time before the trade is completed not to mention slippage in trade orders. All that becomes very relevent when dealing with a very short 1 minute time frame chart and that is where this EA is designed to trade. Sometimes mine places and changes orders so fast that the broker rejects them. It’s just the way it is.

There are plenty of folks out there running this EA on live accounts and it is doing well for them. It’s just that they found a broker and a vps that meets or exceeds the minimum requirements of the EA to function properly.

298

ECN Accounts bypass any desk dealing trades. They are faster and a more direct all electronic trade. It gives traders a more direct access to the markets through a broker. Brokers usually charge a commission per trade and have low buy-sell spreads or they don’t charge a commission per trade and widen the spread to make their money. You’ll want a broker with as low of a spread you can find and as low per trade commission as possible. Many brokers offer rebates on commissions too. I haven’t paid too much attention to the rebate thing though.

As for what broker to use really depends on where you live. If you live in the US you’ll find that most foreign brokers refuse to accept US clients due to some laws that tightened regulations on trading and hedging. Those regs kinda nerf the funtion of this EA for US clients by limiting how it trades but it can still work.

If you live outside the US popular brokers for this EA are HotForex and Pepperstone Forex. Inside the US I chose to use MB Trading. I have mine on a demo account there but it seems to be doing ok with mostly default settings. It’s not performing as well as those with foreign accounts but it’s performing.

299

I believe Hotforex accepts US clients, jburr36.
Correct me if I’m wrong

300

What’s up with the pip bot and how has it been performing recently? Also, would like to hear which brokers are you guys using the most? Seemingly there is some difference between them in regards to how this bot performs. Would like to know.Thanks

301

In a round about way maybe. When filling out the application for Hotforex the option that selects a country no longer lists the United States. I had to click ‘other’ to complete the registration form on a demo account. Will not try it on a live account due to the Dodd-Frank act. I believe that unless that act is repealed it would be an unnecessary risk to do so. It might work for awhile until the feds crack down on people signing up for foreign accounts just to skirt around that stupid law.

No sense in getting involved with a broker and start earning money just to have the government rip the rug out from under my feet.

303

Is there a new version of MDP intended for the usdjpy? I think that is what I have been hearing. Has anyone tried it? any good? Anyway I’m not sure whether people are simply running MDP on usdjpy or whether this is a different bot. Any Clarification? Thanks

304

MDP is available for the USDJPY pair after you purchase the EURUSD version. You can buy it from the members area once you have your login and it’s $99 - same as EURUSD, and yes, it’s a differently coded bot.

I bought both at the same time, and it didn’t place any trades last week at all, but when it does place trades, it looks like most are winners, so I’m happy to wait it out and see how it goes. I’m running both on my live ECN account with micro lots until I see how it performs over the next month before scaling things up.

Hope that helps :slight_smile:

305

this ea is looser. please stop it.

306

looser so please check this out ,you need to find a good broker first !!
mt4i.com/users/ombhrum