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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

mistificator (mistificator)
Mar 10 2012 at 17:19
453 posts
I have to add that TF proclaiming themselves being ECN/STP is in fact a market maker, manipulating spreads before the news and when orders are executed, they don't slip, this is impossible for an interbank execution when it comes to market or stop orders, and this is a proof that this is a market maker who pretend to be an ecn/stp.

Was mich nicht umbringt, macht mich stärker.
Fred_Forex
Mar 12 2012 at 14:34
117 posts
There will always be dishonest brokers. Therefore it is important to do your due diligence regarding all the aspects of a brokerage before you entrust your money to them. The mere fact, that there exists such a software to 'manage trades', i. e. to simulate a deal-desk on the server-side, does not mean each and every broker is using it.

Regarding the comment of Misty I like to add, that more and more brokers claim that they are STP or ECN, because they notice that clients want to trade the 'real' markets and want to have tight spreads and are therefore looking for ECN-trading-brokers. But just their claim of being STP/ECN does not make them one. You have to consider that most of the retail trades (at least the micro-lots) are to small for an ECN and also for many liquidity providers in case of STP. So the broker has to take those trades on their internal book and either hopes you will lose (or make you loose) or tries to hedge the exposure, which is hard at the times when MDP trades.

So, for me I have come to the conclusion, that brokers that show no slippage during MDP trading can not be STP or ECN, but have to be market-makers. These brokers will eventually block your trading somehow to make you loose again (giving errors of off-quotes or trading disabled) or they let you trade, but then don't pay you your gains.

So, if you want to make serious money with MDP you have to look for a trust-worthy broker, that may give you a little slippage, but let's you trade as you like.

That's my 2 cents, if somebody can prove me wrong and knows such a 'holy-grail' trustworthy true ECN-broker where MDP works without slippage, I am interested to hear about it (in a PM if you prefer).
Fred

mistificator (mistificator)
Mar 12 2012 at 14:41
453 posts
Indeed, Fred. This is no problem when ECN/STP broker does a market making - this usually improves spread and trading conditions, but they must hedge in the underlying, and not to take explicit risk on their books, because if they do, they have the incentive to make you lose since your win is their loss. Unfortunately I can see how many of they don't hedge or profile specifically, and instead of doing an honest brokerage business by making commissions they try to profit from trader's losses, since most traders lose indeed.

I would say that number one parameter to check is commission, if there is no commission then there is a spread markup and this is an open road to further problems. Another one - if broker offers serious rebates on commission via introducing brokers, then look for the further troubles - it means their main profit is not from commission then from what? From your loss of course. So they have all the incentives to make you lose your shirt in no time.

Was mich nicht umbringt, macht mich stärker.
Kaptain
Mar 12 2012 at 16:11
55 posts
Any trades today?

Lots of news and a few spikes but I haven't had anything. Anybody has had trades?


Plan your trade, trade your plan
tradinfool (tradinfool)
Mar 12 2012 at 16:15
40 posts

   Kaptain posted:
   Any trades today?

Lots of news and a few spikes but I haven't had anything. Anybody has had trades?




nothing here. Spikes need to be around 30 pips or so in about a minute.

Fred_Forex
Mar 12 2012 at 16:28
117 posts
@Misty:
Yes, but taking commission does not mean the broker is 100% honest, it's just a first sign, that it COULD be that he is providing a conflict-free trading environment. I learned lately that many brokers claiming to be ECN do both: Marking up the spread AND taking commission.

Regarding rebates I can understand that brokers try to get help attracting clients, but why don't they offer better trading conditions for customers signing up without an IB? This whole cash-back and rebate business is rather wrong-headed: Isn't it strange that we retail-traders have to sign up with IBs that give us back part of our money we paid to the broker while trading (through spread or commission), instead of the broker giving us better conditions from the start and directly?!
But I don't think, that a broker that does give rebates to IBs must be dishonest or must have other means of profiting.

And: Your are right, market-making is not bad per se, but deceiving traders about their model of order execution and making false claims is.
The good thing is, that the whole broker industry is developing towards tighter spreads and more realistic trading-conditions (faster execution, less slippage or requotes) for retail-traders in the last years. And I think we are seeing, that MT4 is hitting its built in boundaries there and even execution-only brokers have their problem with this platform. (MT4 was first developed to work under Windows 98 and the then available computer power, etc). So there is also a push from this side to replace MT4 with a platform that supports EA-trading, but is faster and able to plug into 'real' trade-servers directly.
Will MT5 be able to take this place? I don't know. I haven't researched MT5 yet.
I tried and liked protrader (https://protrader.net) which a lot of brokers are offering in the meantime (sometimes under different names). It is directly supported by Integral (see their website) and offers many different auto-trading languages.
Ok, maybe I am going too much off-topic here.

Let's hope MDP makes us some money this week, maybe Draghi can cause some market movements again, tomorrow?
No trades for me today, by the way.
Cheers and happy trading
Fred

Eddie_Morra
Mar 13 2012 at 19:40
29 posts
+1.17% for me today (3 losing and 2 winning-trades)

To become old and wise you have to be young and stupid first.
Fred_Forex
Mar 13 2012 at 21:39
117 posts
Not bad, Eddie, I see IBFX is trading now.
Nothing for me there today: Metatrader had stalled and I didn't notice 😭. Almost +3 % on 2nd broker, again a small loss on 3rd.
Fred

Kaptain
Mar 13 2012 at 22:23
55 posts
Fred,

Same here my VPS had an auto server software update and I did not know. So no trades for me today.

I do have a script to autostart MT4 but I have to log in for it to activate.

Will there be any incompatibility with the recent MT4 update to v 416?

When do you think is the next trade oppurtunity?

Kaptain

Plan your trade, trade your plan
MetaCoder
Mar 13 2012 at 22:52
126 posts
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