Discuss AutoFxMillionaire.com (Matthew Burton)

[MikeyC]

Those zulu trades are the trades that are currently open .. compare them to the ones fron auto fx that are open. look at the closed zulu trades to compare them to the ones you listed. The guy at autofx is stealing the free signal at zulu and charging you $37 for it, plain and simple.

Got to admit though, it's a very clever and profitable business model to sell something you get for free!

 

[Rollieroger]

Sizing

This goes for trading period, use these figures that I have below if your going to use this EA or Zulu, it's all the same except on Zulu in settings you can control your lot size , amount of any trades to be open at any one time, set stop limits and with Auto FX, which seems to be stolen goods you have to manually watch and close out trades if they go against you.

For every $1000 here is the risk and lot size to use.
Only risk 5% at any given time on the total balance on your account and only use 1% of your total trading balance on any 1 trading idea (any single trade or pair)

$1,000 - @ 5% risk = $50, use .01 as lot size= $.10cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$2,000 - @ 5% risk = $100, use .02 as lot size= $.20cents (500pips risk {500x.20 cents=$100}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$3,000 - @ 5% risk = $150, use .03 as lot size= $.30cents (500pips risk {500x.30 cents=$150}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$4,000 - @ 5% risk = $200, use .04 as lot size= $.40cents (500pips risk {500x.10 cents=$200}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$5,000 - @ 5% risk = $250, use .05 as lot size= $.50cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$6,000 - @ 5% risk = $300, use .06 as lot size= $.60cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$7,000 - @ 5% risk = $350, use .07 as lot size= $.70cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$8,000 - @ 5% risk = $400, use .08 as lot size= $.80cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$9,000 - @ 5% risk = $450, use .09 as lot size= $.90cents (500pips risk {500x.10 cents=$50}) Only have 5 positions open at any given time =100 pips/ lot for stop.
$10,000 - @ 5% risk = $500, use 1.00 as lot size= $1.00 Dollar (500pips risk {500x.10 cents=$50})Only have 5 positions open at any given time =100 pips/ lot for stop.

Do not use the suggested lot size that the EA uses below, it will blow out your account:

Use lot = 0.01 for deposits less than $1000
Use lot = 0.1 for deposit from $1001 to $4999
Use lot = 0.5 for deposit from $5000 to $9999
Use lot = 1 for deposit $ 10K and above.

As you can see these limits are staggered at every $1,000 and will keep you in the trade as long as you stay to the rules. Do not exceed 5 open trades at any given time unless you reduce the pips size. Ex: If you have 10 open trades at any given time of which this EA seems like it does then you adjust your stop loss now to 50 pips / lot which is still keeping in your rule of not exceeding more than 5% / lot. This can and is being done in thousands of trading accounts to keep profitable. Using the suggested lot size that Auto FX Millionaire is disastrous. That's what Demo accounts are for, to learn from how the EA works and it's nature. This one seems to have a huge draw down at any given time and seems like it is trading martingale or grids. You can also manually close out any trades in your EA to keep in your stop. Also you can turn it off and turn it on when you need to. Overall, I think this EA has potential , seems like the server errors are fixed now need to watch it until 8/19/2011 which is my 30 evaluation of this EA.
Thanks,

Branman,

I certainly agree that sizing of trades is a critical part of money management. I would caution you about shortening up your stop to 50 pips. If the stop at 500 pips allows you to get 10 pips a pop with 99% winners, then over 100 trades you get a profit of 99*10-500=490 pips. If shortening your stop to 50 pips drops your winning percentage to 75, after 100 trades you have a loss of 75*10-25*50=-500 pips. You would need to back test sufficiently to know that you could achieve at least an 83% winning percentage to even break even. When your daily range exceeds 50 pips I don't see how that is possible. I am not even sure that 100 pips is a good substitute. You could perhaps place some channels and ranges on your charts and close down the EA near the extremes or be sure to close quickly any losing trades.

Just my thoughts.

Rollieroger

PS I know he is only achieving 90+% wins, but none of those are even as large as the wins.

 

[HogDustWillie]

So how did he manage to steal the signal? Granted what he did was not right, it was profitable not taking into account the bombs. From what I read over at ZULU there should have been mandatory stops in effect that did not go off. I like the idea of those two signal providers, but do not like the five broker options. In addition it sounds like zulu has its own problems ands with the spread, most find it difficult to turn a profit. I need the signals to work with my brokerage acct. Remember most of us here were happy with the way things were going until the duds came. But i may consider using Kenny's CompuForex Trail EA and set my own stops and that would have prevented much of what happened.

 

[Rollieroger]

my thoughts

So how did he manage to steal the signal? Granted what he did was not right, it was profitable not taking into account the bombs. From what I read over at ZULU there should have been mandatory stops in effect that did not go off. I like the idea of those two signal providers, but do not like the five broker options. In addition it sounds like zulu has its own problems ands with the spread, most find it difficult to turn a profit. I need the signals to work with my brokerage acct. Remember most of us here were happy with the way things were going until the duds came. But i may consider using Kenny's CompuForex Trail EA and set my own stops and that would have prevented much of what happened.

I have looked at my trades compared to the master trades and my trades are typically about 1 pip better. So if you take 50 trades per month with .01 lots (.1 mini lots), your zulu trade cost would be 50*.1*1=$5 zulu commission and $5 for poorer fulfillment compared to $37 per month. The larger the account, the better the deal with the EA.

I'm okay right now to wait and see.

Rollieroger

 

[HogDustWillie]

I have looked at my trades compared to the master trades and my trades are typically about 1 pip better. So if you take 50 trades per month with .01 lots (.1 mini lots), your zulu trade cost would be 50*.1*1=$5 zulu commission and $5 for poorer fulfillment compared to $37 per month. The larger the account, the better the deal with the EA.

I'm okay right now to wait and see.

Rollieroger

The only problem I see by continuing with the ea is that you can not modify the SL or TP levels. If you try, they revert back to the original settings.

 

[branmanfxtrader]

Branman,

I certainly agree that sizing of trades is a critical part of money management. I would caution you about shortening up your stop to 50 pips. If the stop at 500 pips allows you to get 10 pips a pop with 99% winners, then over 100 trades you get a profit of 99*10-500=490 pips. If shortening your stop to 50 pips drops your winning percentage to 75, after 100 trades you have a loss of 75*10-25*50=-500 pips. You would need to back test sufficiently to know that you could achieve at least an 83% winning percentage to even break even. When your daily range exceeds 50 pips I don't see how that is possible. I am not even sure that 100 pips is a good substitute. You could perhaps place some channels and ranges on your charts and close down the EA near the extremes or be sure to close quickly any losing trades.

Just my thoughts.

Rollieroger

PS I know he is only achieving 90+% wins, but none of those are even as large as the wins.

Hey Rollieroger, What I was saying is that if you have a hard and fast rule of not going over 5% in any given day/week or whatever your personal risk level tolerance is then you keep in that risk and don't let the trades get out of control.

If you have 10 trades open then don't let each go beyond your 5% in other words each trade would then be 50 pips/$50 per lot for a $10K that your max risk would be $500 which is 5% of the entire account balance.

This is why I was saying monitor the platform through out the day or use a smart phone to keep tabs on the market to not let it exceed 5 open trades at any given time. Me personally, I'm not ever going to let any trade go beyond 100 pips in the negative. It will be manually closed out by myself and look to make it up in other profitable trades. We are not going to have 100% success on all trades but keep losses acceptable to your risk your willing to take.

Like, HogDustWillie said you can't modify the sl or the tp level so therefor you need to constantly monitor the platform or you can't disable the EA and then manually do it. For instance, the last E/U trade that just opened up on Monday 8/5/11 @ 1.4080 I manually just closed it out today, 8/7/11, not taking the chance of market dropping back down getting further into drawdown. I see that this EA along with any other for me personally will need monitoring and possible closing out after being opened if need be. I am a scalper to short term trader by nature. I don't have the patience to wait for days to see how things turn out. My anxiety would get the best of me regardless of lot size.

In regards to Zulu, they only have 5 brokers of one I'm with on a account but am coming to learn that their spreads won't work with this EA for the scalping the Auto FX does so therefore I use my MT4 platform with my other broker with much better spreads. This EA is used probably with every MT4 broker.

Got something want you guys to think about that HogDustWillie said, how can this EA steal signals when it is using ea-coder.com which you have to have a signal from somewhere to send out. On Zulu it is sending signals to individual accounts and the Signal Providers are the originators of the signal. So only way I see this happening is if Auto FX being a original Signal Provider sending signals out. Other picture is maybe they are copying trades and sending them out through their Master Slave. Past couple of day looks like totally different signals than the Top 2 on Zulu.

Personally, my reason for keeping this EA around is to help with the heavy lifting and taking trades when I don't have the time to analyze market activity. Plus , again like Hog said we were all happy before the server problems of which I haven't had one single problem with and the E/U & E/J bad trades, again stick to the scaling that I made and you should be no where near that headache again.

Got 2 new USD/CAD trade but market is currently going against it, let's keep an eye on these 2 as well. I only have those 2 trades open at this time, everything else is closed out.

 

[branmanfxtrader]

Last Trade

Oh yeah forgot to give the details on the EU 8/5/11 Trade. As most were entered @ 1.4080 I close it out today at :

3859829
28312323 Close EURUSD BUY 2011-09-05 17:01:12 1.40800 0.1 1.35740
506.0 pips 1.42000
120.0 pips 2011-09-07 23:11:36 1.40977
PL: 17.7 pips

Couldn't wait around for 1.4200 to happen, presently that is 104 pips away. Check it out on my MT4I Live Stats here: MT4i - mbtrader2

Also got a GBP trade open that I'm watching as well entered @ 1.59462 with sl: 1.60462 tp: 1.5846 ( 1.27 Ext of the last Fib level on 1 hr chart).

Ok, will keep you posted.

 

[Rollieroger]

Well, shucks. I took one look at my account P&L deficit this morning and placed another order for a put on the S&P500. Filled at the open and am now up ~8%. Gotta do something to offset this negativity. Maybe the market was overwhelmed by the Republican debate last night. I may even exit this afternoon in case someone tomorrow mistakenly thinks that anything that the Prez says tonight will mean anything for the economy. Give it a couple of days to fizzle and then make a serious downside investment.

I hate being negative, but I hate losing money even more.

Rollieroger

 

[Rollieroger]

Weekly trend line

I am closely watching the assault on the weekly trend line on the EURUSD. If that line is breached on a close, it may come back to touch but then is likely to be gone to the South. I will not be riding it all the way down.

Rollieroger

 

[branmanfxtrader]

Well, shucks. I took one look at my account P&L deficit this morning and placed another order for a put on the S&P500. Filled at the open and am now up ~8%. Gotta do something to offset this negativity. Maybe the market was overwhelmed by the Republican debate last night. I may even exit this afternoon in case someone tomorrow mistakenly thinks that anything that the Prez says tonight will mean anything for the economy. Give it a couple of days to fizzle and then make a serious downside investment.

I hate being negative, but I hate losing money even more.

Rollieroger

I hear you, I had to hedge with my favorite commodities, Gold & Silver and I knew the market was/is only making a short term pullback so will be holding these for long term just keep moving up the stops. Above BE on silver already.

Obama's words will do just as Bernanke's will, temporary wildness then in a few days or so the market will get amnesia like it did when US got downgraded. Oh ,how quick we tend to forget!!!

On the E/U yeah, in my opinion I think the market will be in a downtrend when/if it breaks that 1.3835 area, already 2 day close of the 200 MVA signaling a possible trend change to the downside.