The MillionDollarPips MT4 EA is a forex expert advisor. The MillionDollarPips automated forex trading software for the MetaTrader platform has been forward tested on live and demo accounts by the Forex Peace Army™ The MillionDollarPips.com forex robot uses scalping stragety and no martingale.
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MILLION DOLLAR PIPS A BIG SCAM!!
DO NOT BUY THIS EA! ITS A COMPLETE SCAM!!! BEWARE!!.
MONEY BACK GUARANTEE IS A BIG LIE!! DO NOT TRUST THE AUTHOR MR. MORRISON! A REAL SCAMMER!!
After 3 months live testing i would like to say that stay away from this robot. It's loosing a lot than it gains. If market doesnt pull back enough it looses a lot. It is a toy only for beginners do nor go live with it.
Review: MDP is a broker sensitive EA.
Unfortunate thing is to find a good broker is really hard.
You must use a powerful vps, not an average one and ping must be under 2ms.
But if you find this contitions works well.
Don't increase additional channels, no need.
Don't increase num.orders robot looses trades.
Just turn off fifo and incrase slippage a little.
If you did find a good broker+vps combo then you can increase risk.
But when increasing risk be careful 1:400 leverage can hold %4 risk, 1:200 can hold only %2.5.
It doesnt trade every day so you must be patient.
Sometimes it trades only 2 times a month.
But it will be enough.
READ THIS FIRST BEFORE YOU BUY MDP!!!
I bought this product MillionDollarPipsEURUSD_1.2.0 on January 10, 2016. I discovered it is not working on Windows 10 and MT4 Build 950. I ask a refund but seem hard to get your money back. 30 day guarantee is not a guarantee at all.
(Note: I posted this review in another MillionDollarPips thread at ForexPeaceArmy thinking it was the review thread. But I later figured out it wasn't. So I am reposting my review here.)
After putting MDP on the shelf for 4 years, I decided to give it another try at the end of April 2015...this time on a faster vps (designed specifically for trading), on a real money account, and my broker is in the same data center as the vps (as well as several liquidity providers have their grid in that data center I think...but can't verify it.)
There was a FOMC meeting on April 29, 2015, and on May 8th, 2015 was the Non-Fram Payroll.
MDP made $923 on my real money account during that 10 days using the default settings in MDP except FIFO was on false. (It also opened some trades on May 6, 2015).
It opened a little over 90 trades during that time.
.....BUT the following week (May 13), and especially on May 19 (UK time), EURUSD had some strong movements downward with very little retracements, and MDP picked up multiple quick trades......but could not close most of them in profit due to lack of retracements. The end result, the market took back about $600 of the $923 MDP initially gained for me.
(Side Note: MDP records the Order Execution milliseconds, Order Open milliseconds, and average modify time. Although my broker (live account) is 1ms in from the server, order execution, open, modify also needs to be included in the overall latency. On my real money account MDP recorded 40ms for Average Execution, 47ms for Average Open time, and 37ms for average modify time during the strong May 19 move on EURUSD. This can vary depending on the news release. I saw the average order open at about 435ms during Non-Fram payroll although the execution there was 33ms as well as the modify time at 33ms. End Side Note.)
On May 20, 2015 was another FOMC meeting.
The price action during the meeting created the perfect setup for MillionDollarPips to gain a lot of profit on my real money account.
If you look at the candle formation during that meeting on that day on EURUSD H1, it will have a long wick at both ends and a small body. The wicks are not too long....
So on the M1 chart there was a lot of price whipsaw which caused MDP to trigger about 35 trades (some sell orders at upper wicks, and a few buy orders at a lower wick).
The end result is MDP made a little over $700 (average lot size was about 0.24 - 0.25) on my real money account in just a few minutes.
When this happens it is the perfect setup for MDP. When this doesn't happen, and price action is too strong in one direction with no retracement, the worse can happen as far as MDP.
So far during the 3 weeks I have been using MDP on my real money account it has traded 6 times (on 6 different days), and opened a little over 150 trades total during those 6 days.
This is using the default settings with Fifo on false.
As mentioned above the trade server I am using is very fast, and the broker is located in the same data center as the server.
On a more sluggish vps or dedicated server not designed for trading specifically, and also depending on the broker, MDP may miss a lot of trades.
So MDP can be a profitable bot in the right conditions. But it can also lose a lot or not trade enough, if there is strong price movement in one direction with little restacement, and/or the server is sluggish and/or the broker is slow in executing and opening orders etc.
My conclusion is MDP is not a scam (even though I have not traded MDP long-term yet), and not only is low slippage , low spread, fast execution, low latency etc. helpful when using MDP......But it also needs crazy price whipsaw such as conflicting news reports during NFP (for example) when the employment numbers conflict with the unemployment numbers, or there is a revision that conflicts with the Actual number.....because during these times there might be the initial spike needed to activate MDP, but then whipsaw and retracements (due to indecision in the market from conflicting news reports or speeches) will help MDP close multiple trades in profit (as long as the initial spike was not too long.)
But when news is strong enough without conflicting reports and EURUSD drops like a rock with little retracement (like it did on May 19, 2015), or spikes up and up and up with not enough retracement for MDP.....this is where the losses come in even if you have a good broker with the lowest possible spread on EURUSD and the fastest execution.
If you demo test or back test MDP when there is strong EURUSD movement with little to no retracement you will see losses there too.
Finally there are a couple things you should now if you are new to MDP (even though it was released 4 years ago at the time of writing this), and have not purchased it yet:
1. MDP has never been updated to work on Windows 2012 (at the time of writing). So it will crash MT4 on Windows server 2012. This might mean it will crash on Windows 8 too, but I am not certain.
2. The MDP installation file has never been updated for MT4 Build 600 and higher. So when you install MDP the three MDP files (the ea, a script, and the dll file) get installed in the wrong location. (Support will probably tell you where to locate and move the files if you are unable to figure it out).
I hope this review has been helpful.
This EA is still one of the best ever created. It can work if the conditions are right. The secret? No secret at all. You MUST have a VPS located next to or near your broker! Latency should ideally be lower than 20ms. Mine is .4 ms because the VPS is in the same building as my broker. Your broker MUST provide spreads that are less than one pip. Mine averages .6 (I use a preferred Pro Account). Third your broker must have EXTREMELY low slippage. Mine has almost no slippage. It is VERY difficult to find a set up where all these conditions are met, but it is not impossible. If you do find it, you have REAL chance of becoming very wealthy. If you don't, you are better off using a different EA/system because you will never realize the true potential of MDP. Good luck!
100% garbage. Backtest it all you want. Truth is, this is not some HFT algorithm that can take advantage of illiquidity like stocks. My own trading system easily outperformed this and continues to do this. In my opinion, forex is too liquid for any EA- just get off your laurels, stay focused and discipline, and run your manual trading systems.
it does not work with windows 8, I tried for days working with both the seller and my computer, spending hours of my time reconfiguring and trying different compatibility settings, all the while prepared to try and make the darn thing work with little help and slow response times from this seller, finally on Wednesday I asked for a refund, well it's now Friday and I still have not got one, this guy is untrustworthy and I feel that now my only option left is to got to my card company and try and retrieve my money this way, do not waste your time there are plenty of other robots out there that will work on any system and if the product is so good why is he trying to keep my money?
I would like to buy this controversial EA and tested in my own setting. Good luck for me !!!
I have backtested the ea and seem to get great results over a 2 year period, the only thing is that you don't have the same risk settings in a live account than in a backtest. If somone could tell me how to get the same risk setting in a live account as in a backtest then I would reccomend you purchase the robot. Otherwise stay away
Hi, ok this is not a review, because I have just installed it,
I have on a Live and Demo running parralel.
I will be posting how the performance is doing.
I think think should include the setting of the (EA), we have no idea what settings is being used on FPA, for all that we know, they could be using a totaly different EA(just beeing sarcastic)