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Million Dollar Pips (By milliondpips)

Gain : +26241.17%
Drawdown 39.44%
Pips: 5202.2
Trades 4497
Won:
Lost:
Type: Demo
Leverage: 1:200
Trading: Automated

Million Dollar Pips Discussion

tharaka
Oct 06 2011 at 10:56
10 posts
Thank you very much for taking all that time to write a complete and meaningful reply!

I can't agree with you more... First week, second, third maximum you'll do well.. But it looks like brokers fight back by simply rejecting your open and/or modification orders.. This will result in you not opening trades or opening trades at a bad price..

About the PDS checking for them not taking other side of trades... if they don't have a dealing desk they can't do this legally. BUT, they can always HEDGE the positions they've sent to the liquidity providers to minimise risk! This is the catch. They probably use this 'loop hole' to operate somewhat a dealing desk.. this is my opinion...

I wonder if Grouping orders would help in anyway since the EA won't be sending too many orders/modifications in quick succession...

cheers




   mistificator posted:
   Here is an important hindsight. I was testing last two weeks with Oanda and finally put a bigger deposit once moved to Oanda Europe. While I was doing with 150 usd deposit, all went beautiful, modification was 400-450 ms, in MDP average never gone over 1000 ms for 8 orders, this was nice. However, I noticed MDP worked strange at OANDA, it does place pending orders, and modifies them, but never moves SL or TP, and no attempts in the logs, minimal distance on OANDA is 0. However it managed to predict SL and TP very very well and I was grabbing 20-30 pips profits with occasional loss. I decided to go forward and put 5000 usd in it. It lasted only 3-4 hours, once MDP started to place .5-.8 lots orders (grouping was on) and first made 400 usd, then it started to generate lots of error when trying to modify a pending order to follow the price. Then few bad trades and I lost back to the depo. Then some more. Then I created a news MT4 account and transferred funds there. Started with .1 lots. Few nice trades (I run two MDP configs with different magics, one with bigger lots for NO=0 and one with smaller for NO=3) on more risky profile NO=3 but due to slower feed of OANDA and less hectic PA this works very fine there. Then I increased a less risky profile to .2 lots. Then a big trade came 2 hours ago. Both profiles opened trades (no grouping anymore), and again Oanda denied modification. A lot of orders came into play but thankfully to MDP great algo SL wasn't hit and was calculated to the volatility properly. I was around to see it and managed orders to close in a profit, making back my original depo back and pocketing some 50 usd. here is a log from MT4 so you see and here is my accounts I am opening on MyFXBook so you can see how it did. One is original and another one after I moved money to new one. If you trade small and stay under 0.12-0.15 lots Oanda might work for you, but I can't be bothered. Moveon.com

First account: https://www.myfxbook.com/members/mistificator/mdp12-oanda/166605
Second account: https://www.myfxbook.com/members/mistificator/oanda2/173715

01:17:06 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: WARN following error blocked our last trading command (WAITING + REQUOTING + REPEATING) : off quotes
01:17:26 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: WARN following error blocked our last trading command (WAITING + REQUOTING + REPEATING) : off quotes
01:17:27 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: WARN following error blocked our last trading command (WAITING + REQUOTING + REPEATING) : off quotes
01:17:28 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: WARN following error blocked our last trading command (WAITING + REQUOTING + REPEATING) : off quotes
01:17:29 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: WARN following error blocked our last trading command (WAITING + REQUOTING + REPEATING) : off quotes
01:17:30 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34: Number of subsequently repeated orders reached limit (5)
01:17:31 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: open #3930984 sell stop 0.10 EURUSD at 1.33817 sl: 1.34031 tp: 1.33513 ok
01:17:31 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34:0,1: SELLSTOP price:1.33817 SL:1.33951 TP:1.33593
01:17:32 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: open #3931005 sell stop 0.10 EURUSD at 1.33817 sl: 1.34051 tp: 1.33493 ok
01:17:32 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 34:6,1: SELLSTOP price:1.33817 SL:1.33971 TP:1.33573
01:17:33 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: open #3931018 sell stop 0.10 EURUSD at 1.33832 sl: 1.34086 tp: 1.33595 ok
01:17:33 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: 35:12,1: SELLSTOP price:1.33832 SL:1.34006 TP:1.33675
01:17:33 MillionDollarPipsEURUSD_1.2.0 EURUSD,M1: open #3931025 sell stop 0.10 EURUSD at 1.33832 sl: 1.34076 tp: 1.33605 ok

.....


and 1000 lines more I can't post on MyFXBook nor that they needed.
Good luck you all. Try small and you may get money from them.

mistificator (mistificator)
Oct 06 2011 at 11:21
453 posts
Grouping orders does help.

Was mich nicht umbringt, macht mich stärker.
fughe (fughe)
Oct 06 2011 at 12:02
724 posts

   tharaka posted:
   Thank you very much for taking all that time to write a complete and meaningful reply!

I can't agree with you more... First week, second, third maximum you'll do well.. But it looks like brokers fight back by simply rejecting your open and/or modification orders.. This will result in you not opening trades or opening trades at a bad price..

About the PDS checking for them not taking other side of trades... if they don't have a dealing desk they can't do this legally. BUT, they can always HEDGE the positions they've sent to the liquidity providers to minimise risk! This is the catch. They probably use this 'loop hole' to operate somewhat a dealing desk.. this is my opinion...

I wonder if Grouping orders would help in anyway since the EA won't be sending too many orders/modifications in quick succession...

cheers


IF they are true ECN, then yes, they cannot take the opposite side of your trades. That is why I recommend everyone reading their client agreement in great detail. A lot of brokers are not true ECN. The match orders internally before sending positions out to the market. Those positions can be matched with whoever they decide to match with. It has been proven time and time again that brokers do act against their own clients. How to tell if you are trading on a true ECN? You should be getting worse than expected slippage for most of your orders.

Make losses, but always come out a winner at the end.
Bill_New_2FX
Oct 06 2011 at 12:36
19 posts
Has anyone tried MDP on Alpari UK - Pro MT4 platform, the one they claim to have no dealing desk? Is it profitable?

How about FXDD Malta MTXtreme?

mistificator (mistificator)
Oct 06 2011 at 12:45
453 posts
It does work, little bit volatile feed, so use NO=0 setup

Was mich nicht umbringt, macht mich stärker.
Bill_New_2FX
Oct 06 2011 at 12:45
19 posts

   fughe posted:
   [quote


IF they are true ECN, then yes, they cannot take the opposite side of your trades. That is why I recommend everyone reading their client agreement in great detail. A lot of brokers are not true ECN. The match orders internally before sending positions out to the market. Those positions can be matched with whoever they decide to match with. It has been proven time and time again that brokers do act against their own clients. How to tell if you are trading on a true ECN? You should be getting worse than expected slippage for most of your orders.


I'm confused by the statement above, I thought a true ECN would not have any slippage?

ForexScam
Oct 06 2011 at 12:47
1008 posts

   fughe posted:
  
 How to tell if you are trading on a true ECN? You should be getting worse than expected slippage for most of your orders.


This isn't entirely true. Slippage is a result of insufficient liquidity within their connections. Slippage is normally dependent on the brokers SOURCE of liquidity. Since Banks are the main source of liquidity, you will need a liquidity connection that is connected to as many TOP Banks as possible.

A list of Liquidity -
https://www.pipinvestment.com/forex-scams/fx-wall/liquidity-providers

Unfortunately most brokers do not offer their dealing book ( market depth) to see if they have sufficient liquidity to fill your orders. Two, off the top of my head are Dukascopy and AdvancedMarkets. Either offer MT4 =)


ForexPro
Oct 06 2011 at 13:28
382 posts
There is no such thing like 'true ECN' available with any mt4 broker.
 The few ones which are connected to some ECN feed doing it by bridges, which slows down the execution speed dramatically, hence worthless for mdp.
No matter what mt4 brokers claim themself to be, they all remain bucketshop market makers in the end.
 When the client wins they lose. That's why mdp performance is going downhill. They using now all dirty tricks to defend themself. Trade execution slowing down is their best weapon on this. I'm observing this on all so called 'STP/ECN' brokers. Scambags.

mistificator (mistificator)
Oct 06 2011 at 13:44
453 posts
True ECN will have slippage and spread,but slippage is much more related to their execution speed rather than liquidity unless you are trading 50+ lots which is doubtful on normal retail brokers. Dukas - yes. Real ECN with really big slippage sometimes :)


   Bill_New_2FX posted:
   

   fughe posted:
   [quote


IF they are true ECN, then yes, they cannot take the opposite side of your trades. That is why I recommend everyone reading their client agreement in great detail. A lot of brokers are not true ECN. The match orders internally before sending positions out to the market. Those positions can be matched with whoever they decide to match with. It has been proven time and time again that brokers do act against their own clients. How to tell if you are trading on a true ECN? You should be getting worse than expected slippage for most of your orders.


I'm confused by the statement above, I thought a true ECN would not have any slippage?

Was mich nicht umbringt, macht mich stärker.
fughe (fughe)
Oct 06 2011 at 14:23
724 posts
Grrrrrrr........ Alright. Since everyone wants to give complex answers and try to sound smart.......

To start, ForexPro is correct that there are NO true ECN MT4 brokers. The orders all must pass through the mt4 bridge to get to the market. The execution speed slowdown in terms of what the mt4 user does is negligible. We are talking about a slow down of a few milliseconds. If you were trading HFT systems on a big mainframe the slow down would be astronomical.

Will Schaarrand is correct that Slippage is due to insufficient liquidity, and in most cases, slippage is not an issue.

Now that we have the foundation set.....

We are referring to a very specific circumstance, which is MDP trades. MDP trades during highly volatile markets that have a strong movement in one direction. MDP is attempting to catch the reversal of this movement.

in a market maker environment, the broker takes the opposite side of virtually every trade. In an mt4 ecn environment, the broker passes the orders through the mt4 bridge to the liquidity pool to be matched with orders.

Since MDP trades during times of high volatility, that generally means that there isn't much liquidity available. For MM brokers, they don't like it because they cannot hedge the positions to keep from losing money, in ECN brokers it means...if there isn't a matching order that is in an opposing direction, they look for the next best price to fill it at.

MM brokers will generally just delay your trade until it is favorable to them. For ECN brokers, the delay happens due to attempting to match a position, failing and continuing to the next available price, etc...until it is filled.

So...in a MM environment...IF (and this never happens) they don't jack with the order and just fill it immediately, you don't get slipped. In an ECN environment, you almost always get some slippage due to the liquidity pool constantly changing, even though it is usually very small, as in 0.1 pip. The faster the market moves, the faster the liquidity is being eaten up, and the more you get slipped.

So...this is what happens when you trade MDP. Let's say the EURUSD moves up sharply enough to trigger MDP. MDP then places the stop order in anticipation of the market pulling back. What this system is counting on is....after this strong buying movement, the buyers are going to run out of steam and the sellers will take over and push the market back down. MDP would be a potential seller with the stop order in place. So.....all these sellers are trying to short...and none of them can unless there is someone willing to buy from them....but not too many or it will stablize the market. MDP is hoping to catch a buyer for it's stop order in the midst of a seller dominated market. If you get filled without slippage, you are either #1-lucky or #2- very unlucky. Lucky because you got filled with very minimal slippage in a seller dominated market and were one of the lucky ones who got filled at a good price and the market gets pushed down further and you win. Unlucky because the sellers pushed the market down enough that it triggered your stop order but not enough to overcome the overall buyer dominance and you lose again cause the market reverses against you.

i hope this gives you a thorough understanding of why MDP is having so much trouble.

Make losses, but always come out a winner at the end.
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