petays's Posts - Page 3

Important - Auto Update Issue in General Jun 03, 2013 at 13:56

I'm not interested in who's right or wrong. Let lawyers decide about that.But I'm concerned how this affect us on short term and on long term.We have seen how this affects us and other parties now and that has not been good so far.And until MetaQuotes puts its cards to the table we can't know what long term solution they are planning for third party service providers (like Myfxbook etc.).Any solution will be good (as such) because then we have official way to do things (or not to do at all).And in the mean time we will be confused and wondering what to do and trying to find out...

Trading alongside a day job.... in New Traders Jun 02, 2013 at 13:54

Trading needs concentration, discipline and time. And the skill you learn by trading and making mistakes and learning more from them.If you don't have a lot of time to spend then you must go to the longer time frames and forget day trading, IMO its not possible for you along your other chores.And be patient and use demo account first. Maybe for few months.Read some good books, I'm currently reading old classics(?):Trade Your Way to Financial FreedomSmarter Trading (Perry Kaufman)They should give you some insight what to expect of trading and how to start you own trading style.

Backtesting solutions in Programming Jun 01, 2013 at 20:30

I've been searching for good backtesting system a long time.About a year ago I moved to C# and used "MT4 API" for trade operations and to calculate indicator values.MT4 API bridge itself does not introduce much overhead to MQL4 function calls but MT4 history tester is really slow and not very reliable either.I soon got tired of slow test and unreliable data and wasn't very interested in to get into 99% backtesting accuracy with MT4 because I thought there must be better alternatives.Then I found Forex Tester 2 (FT2) and they have option to write indicators in Delphi.As FT2 in...

Important - Auto Update Issue in General Jun 01, 2013 at 13:35

cAlgo looks promising on paper but reality is that we need more brokers providing that platform for us.IMO most brokers won't bother to offer 2 platforms for their customers - at least those brokers that prefer loosing customers.Lets hope that cTrader/cAlgo brokers are after commissions and not more loosing customers.Nobody seems to be using this platform nowadays so its impossible to know how good it is in real life.And other issue is their backtesting abilities - of course they can not be worse than MT4 offering ;)This issue is worth of its own thread!

Project 500 pips a month in Trading Systems May 30, 2013 at 07:22

Sorry if I misunderstood the message.Can you be more specific how Project 500 pips followers are losing and Project 500 pips itself is not losing?My chart looks quite similar to Project 500 pips chart and my trades as well.I haven't seen Project 500 pips closing any trades after 23.05.2013 with profit or loss, so how can it be that somebody is losing (right now) if they follow Project 500 pips signals precisely?Maybe we have different understanding what word "losing" means?I'm talking about realized profits or losses.

Project 500 pips a month in Trading Systems May 29, 2013 at 22:33

IMO you should do your homework more thoroughly.google.com is great resource to find out more about who or what you are giving you money to be traded.Myfxbook statistics are honest. But remember the proverb about lies, damned lie and statistics!It is good to verify the results form other sources and Project 500 pips a month is good subject to search for...!My account has had max 2% DD and it has 2/3 of weight (trades/profit) from this auto trade system. Rest is from WallStreet Forex Robot EUR33+GBP30 REAL. Both are running on 1.0 multiplier.There are some lessons about money management, positi...

Important - Auto Update Issue in General May 29, 2013 at 21:52

It might be not so straigthforward unless your are sure that you understand all involved license agreements 100%.IMO there is four parties here: you, myfxbook, your broker and MetaQuotes.You should have license agreement/POA/LOD with all three other parties to be sure that you know what you can expect from other parties and vice versa. Legally this can be quite complicated even if we are not talking about hacked protocols.If you give Myfxbook your master password and POA/LOD to trade on behalf of you then you could sue your broker if they are blocking Myfxbook, I think. Even though it is not y...

Important - Auto Update Issue in General May 29, 2013 at 17:47

Yes, it can be done also that way. And there's one product for that I know: mt4 java api jfx. And its reasonably priced!But that doesn't prevent MetaQuotes from blocking you if you open 100's of connections simultaneously to a single broker in rapid succession to poll all accounts there.It just depends what kind of algorithm they use for the blocking. And have they changed the protocol slightly to detect genuine clients from hacked clients.And remember that Myfxbook is not the only service that has run into these connection problems lately.Its all about money, like trading 😁...

Important - Auto Update Issue in General May 29, 2013 at 13:18

I wouldn't say that "hacked".Maybe reverse-engineered is a better word.When MT4 was lauched security was not a concern at any level in their product line.If you want to connect directly to any MT4 server you can do it just buying (or inventing your own) such reverse-engineered solution.For us customers this is very convenient because we don't have to do anything and it just works!Or worked until now 😡If MetaQuotes would publish an official API to access MT4 servers legally we would not be in this situation at all.And lets hope that they will publish API access for MT4...

Important - Auto Update Issue in General May 29, 2013 at 12:54

Totally agree!Myfxbook is not the only one having problems with new "functionality" introduced by MetaQuotes without a warning.And there has always been the workaround to use their EA.But there is no better service than this, so stopping to use it is not an option for many.

Important - Auto Update Issue in General May 29, 2013 at 07:22

That has worked for me every time!BTW, should open a new thread for these EA problems because are not related to this auto update problem.

Trading with Banks. in General May 29, 2013 at 05:31

Banks typically have higher fee structure because they do not benefit from loosing customers like most brokers do!And they don't offer much leverage because institutional traders don't use much leverage. 1:50 in forex is good leverage.But remember that most banks are just brokers and even might use same infra your regular broker does.

Important - Auto Update Issue in General May 28, 2013 at 10:56

YES!They are not using proprietary unofficial solutions to access your account on MT4 servers."FxStat developed its own bridge which required to be installed on MT4 platform. To be connected to MT4, you need to have your MT4 account open."Of course their method is tedious to maintain and requires a VPS for 5/24 operation.

Important - Auto Update Issue in General May 25, 2013 at 07:40

My trade copier EAs has worked without problems for 5 different brokers (reading or writing).Only problem was one direct connection solution that was offline for about a week (they fixed their side to make it work - at least for a while).I've been planning to go for direct connection on all my accounts but now it seems that I will look and see what MetaQuotes is going to do about this issue.

Important - Auto Update Issue in General May 25, 2013 at 06:58

I think MetaQuotes has noticed that there is a hole in their revenue generating system and now they have given a warning that they can do something about it. Commercial players like this site are using MT4 servers now for free on behalf of their customers.It would be very unfortunate if current unofficial MT4 Server API solutions are rendered useless by MetaQuotes in some unforeseen future!But it would be great if MetaQuotes publish officially MT4 Server API that can be used for a reasonable fee. Maybe there are planning for that? This way we can have clear and official way about this matter a...

Backtest and Reality in General May 20, 2013 at 14:23

I tested my EA for years back using only M1 open tick data and then run it on real account for two months and the results were pretty much the same we expected. We had about 5 trades a day, TP somewhere between 10-20 pips. Market orders only.I used Forex Tester 2 for backtests because MT4 tester is so slow when you have more trades open (as we had). FT2 is about 10-100x faster depending how many open trades you have.But it really depends on your strategy how to test it to get reliable results.Sometimes it is favourable to just use bar close/open to do calculations because it filters out some s...

Query regarding Showing orders from Inside the Meta Trader platform in Programming May 18, 2013 at 06:21

http://www.myfxbook.com/api

Verifying MT4 account without investor password. in General May 16, 2013 at 15:59

Ethan!You should update popup help for password verification.And check all other places that have up-to-date information as well.I understood that pending order method is not available anymore!"Trading Privileges VerificationTrading privileges are verified when the trader opens a pending order with a key provided by Myfxbook or the investor password is changed to a password provided by Myfxbook .For more information, please click here"

Myfxbook Autotrade in General May 14, 2013 at 06:40

You should take into account your leverage and their leverage (ratio).I'm following three systems and when their leverage is less than mine I can do the math correctly. I believe.My multiplier seems to produce correct lot sizes for those two providers.But when their leverage is larger like "WallStreet Forex Robot EUR33+GBP30 REAL" has 1:500 compared to my 1:200 my formula does not work :-(This is really annoying because you have no way to to know before hand what lot sizes certain auto trade system will be using.Some uses fixed lot sizes but others use different money and risk ma...

Myfxbook Autotrade in General May 14, 2013 at 06:32

I think same way as for example ZuluTrade does.

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Posts by petays