I was thinking about using MDP as well. But I’d like to ask advice on which broker to use with it.
Here are some details that may be handy to know.
Initial investment will be about €100~500 but not much more.
I prefer to be able to use a practice/demo account first
I don’t have a credit card (so it MUST accept paypal or something simular)
I live in europe. (I don’t mind using a dollar platform though i prefer euro)
So can anyone give a good advice about which broker to use with MDP?
Also, what can I expect from MDP, since their graphs show a nearly 2% (1.94%) profit per day on average, which seems almost too good to be true. I’d be beyond awesome if it can do that, but what are your experiences?
I have seen a few posts earlier in this thread about the bot being unprofitable once the market dries up, but does quite well in volatile markets.
I’m a noob to this whole thing so please help me out a bit.
MDP is ranked second among the robots in the market(as i know). I also wanted to buy and run MDP in my real account, but when I found a review by forex peace army, many users say MDP is a scam and just a profit on a demo account only.
is it true?
I was just wondering, because during this time I just use a free robotic and no of them profitable.
Dear trader
The EA you are mentioning is a good one .I pesonally have used it,but what is important is your money management skills.Never let your capital melt down with a margin call.I prefer to use this EA with 1000-2000 $ account and start with microlots or even less,with a low risk setting for EUR/USD.If you do a google search you will get a review ,best setting and complaints by traders all over the world.Infact when I was using this EA with out knowing the money management rules,it was not profitable.So try to get a good understanding of judicious use of money before concluding on any EA
dummy
Totally agree with Johnnyrich. FPA is one of the worst places to visit. A true case of a poacher pretending to be gamekeeper…
That said you need to look at MDP performance over the last year on a live account. I would say with a good setup you could get a couple of percent a month.
I have tried to fine tune MDP to work with my Pepperstone Razor accont, and to some degree it will trade without errors and a lot of the time I can get good execution time. But even the experts running MDP like Birt from eareview are not making any money with it. It’s had a couple good jumps over the past two years but for me I’ve decided to bin it for now after it blew 10% of my account (with lower than suggested risk settings) in 3 minutes. It occasionally did trade profitably but usually lost more than it made (and similarly for the same time period with Birt’s myfxbook page). I’m now running and sticking with SW6, Forex Invest Bot, and Blessing3 (.01 lots AUDNZD commercial setfile) for my EA trading, all have proven to be profitable and don’t require specific broker conditions to achieve profitability. Blessing3 is a semi-martingale grid trader but with the small lots I’m trading it should be safe and makes small but consistant returns.
Tried this EA and didn’t like it. It trades against the trend when momentum is string. Personally I don’t like this approach although it seems to be profitable long term. Got a refund.
Someone said on this thread to avoid Forexpeacearmy. Why? I have used them to look up brokers to see if they are reputable. They seem ok for that. Anyone(besides sly employees posting on forums) out there that’s happy with their broker? Please could someone recommend a forex that is not a bucket shop and market maker that hunt ones stop losses? Anyone used Thinkforex?
Hello, added to the comment below I suggest 100forexbrokers.com. You can filter what type of broker you like. Otherwise earnforex.com has much more reliable source
Have you testing the Master Scalper and the Breakout Hunter Robots (EA’s from Smart FX Technology? If you have can you give me your opinion on the trading system. Thanks
