Discuss Forex-MegaDroid.com

[rayong]

My fx book results

Hi All,

Here's my fxbook results.

Its a FX Pro live account similar to pipbusters'. I'm running MD and MD's new EA Pip Laser on usd/cad.

MD settings are default with 10% risk.
Pip Laser running with 9/28 TP/SL settings vs original 8/50 on 8% risk.

https://www.myfxbook.com/portfolio/md-pip-laser/69859

I didn't get an answer before but why can't a US resident open a FX Pro account? MD works with NFA rules. I like FX Pro, the experience opening, funding the account was painless. Someone even called to see if everything was satisfactory. Happy with service and trading results so far...but then again only 3 trades so far. The 1 pip trade it made was an accident, disregard that.

 

[Ken Long]

Ray,

Most foreign brokers will no longer accept US residents. Its not just the rules and leverage limitations that have been imposed, its having to deal with the US agencies, accounting and account reporting. Any broker regulated in any of the major countries have to abide by these regulations. The only ones that can get by are the unregulated, or regulated in countries that are indifferent to the US. Some of the big Swiss brokers, Dukascopy and MIG, and other smaller brokers unregulated or regulated in little foreign countries, TadawfulFx and some others, get around these rules.

f-man,

No one in his right mind would put an EA on a live account without at least seeing it trade a demo first. Sometimes all you have to do is see it trade once to know if its worthwhile or not, mostly not. I put MD on a live account within a week or two of buying it, but using a very small lot size, and I maintained demo accounts alongside of that for comparision. I kept these accounts going for over a year, and can start them back up anytime if theres something I want to test.

 

[f-man]

New in the club

FXDD isn't too bad. Their results are quite decent. See: Megadroid Results: Thur 9th Dec 2010

Has the daily results on MD from several brokers.

Very useful link! Thanks rayong! As a newbie in the scene, it's important to double check if things are running the way they should.

I have been reading this forum for a couple of hours now and saw a lot of opinions about this EA. A few members claim that their results are different that the ones of pipbuster and also that this EA would trade differently in every account, even on the same brokers platform... On this site mentioned by rayong, it is described each and every trade on some specific brokers in detail.
It's confusing....

There are a lot of things to discover. That's what demo trading is about...
Let's see what will happen tomorrow!

 

[f-man]

No one in his right mind would put an EA on a live account without at least seeing it trade a demo first. Sometimes all you have to do is see it trade once to know if its worthwhile or not, mostly not. I put MD on a live account within a week or two of buying it, but using a very small lot size, and I maintained demo accounts alongside of that for comparision. I kept these accounts going for over a year, and can start them back up anytime if theres something I want to test.

I agree 100% with you. That's why I was asking her how long she did a demo trade with this EA before applying it on her live account. It was actually her first ever post!

 

[rayong]

Ray,

Most foreign brokers will no longer accept US residents. Its not just the rules and leverage limitations that have been imposed, its having to deal with the US agencies, accounting and account reporting. Any broker regulated in any of the major countries have to abide by these regulations. The only ones that can get by are the unregulated, or regulated in countries that are indifferent to the US. Some of the big Swiss brokers, Dukascopy and MIG, and other smaller brokers unregulated or regulated in little foreign countries, TadawfulFx and some others, get around these rules.

Hi Ken,

Thanks, appreciate the explanation. I also heard any brokerage with US presence had to move their US accounts back to the US.

 

[Ken Long]

Hi Ken,

Thanks, appreciate the explanation. I also heard any brokerage with US presence had to move their US accounts back to the US.

True, FXCM revoked all the UK accounts for US residents and moved them back to the US. FXDD Malta, which was their big push to avoid the leverage limitations no longer accepts US residents.

FXDD is still one of the better US brokers for running Megadroid. They have a very stable 2 pip spread on the EURUSD, and their MD isnt affected by the FIFO and hedging rules. FIFO and hedging are transaction based rules. By working from a net position based accounting these requirements can be met without imposing on their MT4 trading platform. I dont know why other brokers havent done the same thing, this is a very common set up with online stock brokers who all have the same limitation.

If your interested in brokers outside the US that still accept US residents, Pipbuster had posted a list of these on the BabyPips forum a while back. I could find it and repost it here, or you could do the same. I havent checked these brokers, I'm more interested in working with the US regulations and finding a broker that I like right here.

Also, if your looking to open a live trading account with any of the bigger brokers check for Introducing Brokers that offer a spread rebate or other trading bonus, traderschoiceFx.com and a few others offer cash rebates, some others offer trading signals and education in exchange for using them as an introducing broker. Introducing brokers get a volume discount or volume commision on every trade that routes through them, and the good ones try to pass this back to you in the form of cash rebates or other services. Avoid IB's like ForexMeta, instead of offering you any bonus, they charge you extra, and pass the bonus money to the EA marketers that constantly recomend them.

 

[rayong]

Brokers

Hi Ken,

Thanks, no need to post that list here. Saw that thread and it was quite a long list last time I saw it.

Most people just need the one broker they're going to use. I'm not affected, I'm not a US resident. It was a real pain dealing with the money laundering rules for for money transfer before when even transferring money from one brokerage account to another was an issue. Now NFA rules are the new buzz kill.

At present am quite happy with FX Pro but still too early to tell. I've verified the account on my fxbook so the trades are real if you check it out.

Is anyone following the buzz on Leo Trader Pro. I know this is off topic but there isn't a thread for it yet I don't think and its being pushed by the MD guys...along with everyone else out there.

Its hard to ignore the live account with investor password login. I've looked at it and sent the results over to my fxbook to look at the stats. Absolutely mind blowing. It started today with 2 open trades over the weekend and they both closed profitable. Out of 186 trades only 1 losing trade so far.

See: https://www.myfxbook.com/portfolio/leo-trader-pro/69928

I didn't want to use a session on my VPS to track this so the update is live only when I have the FinFX MT4 up and running on my computer and tracking the account. It should be sufficient to see what's going on there.

 

[rayong]

REPLY TO:

First trade of the new month with MD bringing +15.5% of profit (+483.18% total): FxPro_MD System | Myfxbook

Pipbuster,
Thankyou for showing your great results. I am however not getting such results and am scared everytime i open my FXbook. When I have lost over the last month I have seen you only gain. What do you have you MD account set to and who do you hold you accounts with?
Id really appreciate the help.

Amanda Sweetman Live System | Myfxbook

I have ECN spread, it was set to .15 but now is on .1 and recovery mode has just been switched off.
Any advice or help from you would be appreciated

Hi Amanda,

Ken explained why MD may not perform so well on an ECN account. Thinking back now I tried to back test MD within the FX Primus ECN account before and due to the little trade history didn't get many trades. Wrote to MD support and they tested and came back explaining that they tested it, it did trade but not much. It was only later that I learned that there was virtually no trade history in the ECN account for download. In live trading, I'm getting trades but the results were erratic, good and bad and am getting more than my share of stop losses like you are experiencing. It was enough that I got very skittish and moved half my account over to FX Pro. Right after that FX Primus ECN got a 15 pip win so I was stumped till Ken explained it.

Short of moving your account to another brokerage, it might be better to change your account back to a fixed spread account and see if the results improve. Just drop support an e-mail and they'll switch it to a non-ECN account. I'm sending that e-mail right now. The pip spread on the eur/usd pair on a fixed spread account is just 2 pips. Even with an ECN account I was getting alerts (under the expert tab) that the spread had exceed the safe level, sometimes as much as 5.6 pips, so ECN is nothing to shout about.

all best

 

[rayong]

Buy Stop today

Hi,

MD did something I haver never seen it done before. I've never seen it place a buy stop, it actually it placed 2 of them today and canceled them before they were executed.

This was in FX Pro. I've never seen it do this in FX Primus ECN before. In FX Primus it simply buys and sells at market.

Just changed my FX Primus account to a normal fixed spread account from the ECN account. Will now be able to compare it with FX Pro to see how it performs.

 

[f-man]

Nothing yesterday or today on my account

Hi,

MD did something I haver never seen it done before. I've never seen it place a buy stop, it actually it placed 2 of them today and canceled them before they were executed.

This was in FX Pro. I've never seen it do this in FX Primus ECN before. In FX Primus it simply buys and sells at market.

Just changed my FX Primus account to a normal fixed spread account from the ECN account. Will now be able to compare it with FX Pro to see how it performs.

There was no movement yesterday or today on my account. I have an FXPro account and I did not see any buy stop order placed.
I am not sure if I am doing something wrong. I have attached a picture showing all the settings.
Any ideas?