Last Jump to page: Results 1 to 10 of You can find that review in two parts all located here: We do this avoid the extremely low liquidity involved with the first Asian session of the week. Moves can be VERY erratic and we only want to trade when the numbers are in our favor to win. We will then continue to run MDP up until one hour before market close on Friday. Second, Marc will be harmonizing his settings on his live test account to match those provided below AND I will be updating my performance results here.
That way we have two different accounts with two different brokers but with the same settings. That way we can see what is broker-based performance vs. Finally, there are essentially two kinds of settings with MDP.
There are two settings here. It only changes both the size of the orders used and how many can be opened up at once. Now, it could be argued that max orders can affect performance because by the time the 5th order is opened the price may be different.
I have avoided this by changing another setting I will discuss below. If it loses a couple more sets of trades I may cut it to 0. Pretty much all the other settings fit under this category. Keep in mind that performance settings DO have an impact on risk but that is from a secondary effect from these settings. I personally don't recommend changing any of these settings although I can almost guarantee you there will be some debate here over these settings and guess what?
If we collectively decide a setting needs to be changed to increase profitability, we WILL. I will provide any changes to settings in bold in future posts. False This can be set to true when you first apply MDP to your broker.
Once you know MDP is set right, put to false to streamline the program. Remember we want it doing as little as possible other than taking trades according to its rule. False If true creates a huge file. Might be good to keep record if you were having problems in a technical sense that would be out of my scope of expertise. False Gives extra information. Again, I tried to streamline the process so MDP can use all its resources just to make the trades Silent: False I like hearing the noise since you're never quite sure when MDP is going to trade so it's good for a "heads up".
Be careful though and turn it down when you go to bed because after watching how much MDP can put in account and lose sometimes and how frantically it does that, you will learn to jump and run to the MT4 when you hear it go off it becomes a Pavlovian response!
If I don't mute this before bed, it wakes me up from a dead sleep even when it's pretty quiet. In fact, I have never actually met anyone who uses higher than 0 and made a good return at all. The higher the number, the lower the threshold is to enter the market and trade.
The higher the number, the lower the threshold is to take extra trades based on the different "channels" it uses to find trades. Either way, this was the setting used to get my results. False For US broker compliance. False Makes back-testing much more accurate by using your broker conditions for spread and slippage. I don't really ever back-test for the same reason I don't use indicators other than EMAs, I don't like rear-view mirrors in trading. True If set to false, it stays with the trade much longer.
This can mean much larger gains when the market moves quickly in your direction BUT what your experience is more likely to be is that your losses are much larger and more frequent. I have seen this debated both ways. You can find a market making broker that claims to be ECN this way. I have seen some people set this risk number as high as 10!!!! I mean A LOT!! Many people have performance issues with this product simply for the fact that their broker cannot handle the insane number of modify requests for orders that a number of people using MDP all at the same time will bring to the table.
Set this to "true" and it consolidates the orders into 1, larger trade and instead of 5 simultaneous requests for the same thing, there is only 1. This was the biggest performance factor I noticed in my settings other than "num orders level".
The ONLY reason this should be "false" is if you are trading MDP on an account so large that the lot sizes cannot be consolidated becaus they are so huge they cannot get filled very quickly. Either way, it's what I used to get my results Use Stop Orders: False Funny thing is that even when set to false, it will sometimes open stop orders instead of opening at market.
True MDP can lose control of orders if set to false from my experience. This setting does force MDP to actually modify the order just to move the stop instead of doing it internally BUT if MDP does happen to lose control or connection gets interrupted even for a couple seconds, you have a safety stop there to close you out.
And MDP doesn't have to send an extra order to close which would take longer to execute than a broker-based stop already established. Some people will argue this slows down MDP and therefore is less profitable but that has not been my personal experience.
I think "true" here is the conservative. The Pound has such a high correlation to the Euro, that most of the time they will try to go after the same trades. You are doubling your risk either unknowingly or unnecessarily AND slowing down BOTH versions by making them fight for broker execution and resources.
Now, don't get me wrong, this could have been avoided if I had followed the "don't start till early Euro session at the beginning of the week" rule guess how I learned THAT? They chose the absolute thinnest part of the week to intervene so their intervention had the biggest impact. Will they intervene again? According to them they will. Am I taking that chance anytime soon? But until we get through all the financial crisis and sovereign nations stop trying to directly intervene like this in their currencies, it is not safe to trade this pair.
I truly hope this helped in using Million Dollar Pips. I want to give you the most genuine, real, honest review and testing I can because I use my real money to trade and I want to make as much of it as I can from EAs. Please help make the process better by engaging in respectful debate and discussion here!! ALL questions are welcome! Also, if this review has helped you make a decision to purchase Million Dollar Pips, please do so here: I am NOT an affiliate with any product I test or review here BUT purchasing through our link does help support this site so we can bring you the best reviews, honest forex education and advice; as well as top-notch customer service.
Join Date Mar Posts Hi Just wondered if you had any idea why it was such a poor day yesterday? I find it difficult to get a grasp of how these EAs work without sitting and watching the charts as they perform their trades. If you are trying to determine how well your broker performs with MDPs how long would you leave it running with a particular broker to assess it?
Isn't there a risk of a major drawdown before you can identify if it is the broker rather than MDPs which is not performing. You ask extremely relevant stuff and tonight is no different.
I'm going to tell you right now, those questions are pretty difficult to answer but I'm going to do the best based on my experience and understanding. As far as why yesterday was a poor day, I don't honestly know. I didn't see the spike that triggered the trades, all I know is I lost 1. Sounds like a lot I know, but it doesn't happen that bad often and the winning days usually dwarf the losing ones. That is what we are looking for. But on days like the other day when pretty much everyone lost although by varying amounts, again very normal for how sensitive this EA is and you lose, then it's ok as long as it fits within the risk tolerance and normalcy of this EA.
Now let's talk about what the "ideal" trade for MDP looks like. This would be a large, quick spike that then stalls at the top in enough time to let MDP open its basket of trades , then a quick retrace that plunges you into mega-profit. Then you would want a spike in the opposite direction and do the same thing. NFP is magic sometimes like that. As far as the specific "bands" or "channels" Million Dollar Pips uses, I imagine that is a closely held secret by William Morrison for good reason.
And you brought up the best point about this EA and that's why I'm covering that last. Here is the best I can come up with: Use a very small live account with the same broker. Many brokers will allow you to open secondary accounts with them. To test an additional account, make sure you are getting the same trading conditions as the main one you will be using. Do that for a month and if it makes money, then cranking back up those two settings will only increase how much capital exposure you have and the performance should stay the same.
Turn both "diagnostics" and "verbose" back to "true" and see what kind of error messages you are getting if any. Make note of your "avg. Then check to see if there are any exclamation points in front of the 4 ECN conditions on the chart. We can talk about those numbers or any error messages you find there. All those things are essentially your broker "report card" and will tell you a lot about your broker in general. Great money doesn't come from being lazy. That's why we're all here instead of just buying the hype and blowing our money.
This EA IS risky but in my opinion the benefits way outweigh the risks.More...