hi friend , i really need some help, i am using MDP 1.2 on a pepperstone live account 300$ deposit and i am hardly able to survive initially i was usinng default setting , then i changed my risk to 1 , Additional channels to 8 , can you help me with the best settings . i would really a great help for me .
What broker are you using? MDP aims to get many small (low pip) trades. You need a broker with a good EURUSD spread. ThinkForex is recommended, they also offer a free VPS. I am about to start a demo account using MDP on ThinkForex, I will let you know how it goes.
Also don't forget to use Fundamental analysis as well as your EA.
There is no magic setup with MDP. This EA has shown to be the most difficult EA to setup and run profitably of any EA that has traded profitably ever. pepperstone is pretty much the absolute best broker to trade with of the recommended brokers. Most likely, you will not experience anything better than what you have been experiencing. Your only real option left is to use the group trades option and try for one good trade instead of several trades, which increases the difficultly of trading profitably exponentially.
Sorry for the lack of good news on this EA. The reason for the problems with it is---
#1 too many traders using the same system, and the system is a reversal scalper. The liquidity pool is dried up super quickly so the slippage continues to get worse and worse. #2 trading on an MM style broker is no good. They make money when their clients lose money. If you are continuously successful, most likely you will have your account cancelled by the broker.
Whatever track record you have shown with MDP is likely going to continue, and even more likely, the performance will decrease as more and more people try to trade MDP. Good luck. You will need it.
Make losses, but always come out a winner at the end.
I have had this EA running on my live acc for about a week now and so far 5 trades with 4huge gains of 100+ pips and 1 small loss of around 10.There are many more reviews about this EA on Donnaforex.com,check it out and you will find this a very good community for forex traders.
in my opinion for scalping trailing should not be used. i havent used that rather so many others but no use waste of money & Time. look for long term strategies they might make some profit. and short stop loss are the killer for any strategy.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.