Discuss MillionDollarPips.com (William Morrison)

[Wendox]

MDP is doing great on the Demo accounts, including Think Forex - tripled my demo account in less than a month. But.... When put on the real account does not perform that great. There is a difference between test statement trades and real life trades, which makes me think that there is a difference between demo quotes and live account quotes...

 

[chengsmine]

Broker

I still think FXCBS is a good broker, maybe Hot Forex as well. As long as I have a 24 hours loss of ~12% once in a long while, I will still get ahead. I will see what the average execution time is with ForexVPS. Right now, it is almost 900ms with my PC. Also, the leverage must be around 1:100.

 

[d'Armond]

Live trading

I switched to live trading today, we'll see. My demo account went from $5,000 to over $11,000 in about three weeks. I'm trading with FinFx.

The main thing I'm looking for is a difference in execution time. I'll report back here as I have any updates.

This was a roller-coaster week. First I went over $10k on Wednesday morning (the first time the account balance had reached double of the starting balance). Then, later that day it lost some trades and went down to $9,200, and Thursday morning it went down to $8,600. I was pretty surprised! But by the end of the trading day yesterday it had recovered back above $11k. As the account balance increases, so does the lot size of trades, so I would expect to see larger swings as the balance grows.

 

[portugaleren]

I still think FXCBS is a good broker, maybe Hot Forex as well. As long as I have a 24 hours loss of ~12% once in a long while, I will still get ahead. I will see what the average execution time is with ForexVPS. Right now, it is almost 900ms with my PC. Also, the leverage must be around 1:100.

Please let us know your results with ForexVPS, I have been considering them myself. Will you use the US server or the UK server? Maybe the UK server will have better response times as it is closer to Dubai, however, it is also more expensive.

 

[d'Armond]

I'm using 1:50 leverage. I only had a couple of trades today, my first day of live trading with MDP on FinFx. Both trades were positive. But more interestingly, the execution time was about the same as what I was seeing in demo mode, around 500 ms, from my PC in the US. So far so good.

 

[chengsmine]

Optimal settings

I had tremendously profitable results with FXCBS until 2 days ago (live trading). But I was using very large lots by mistake (around 1.5 for a deposit of around $5000). Later, I switched to a risk of 2.7% after I doubled my deposit. Then I lost almost 17% 2 days ago. At that time, I was using v1.2. Right now, my lot size is around 1.1 for a balance of $8700 (risk is 2%).

With large lot sizes, you have to expect large swings. But it appears that a risk of 2% is of the right size. I am so far around 74% in profit (live). There is still one more week to go before my one month is up. I expect less return with live accounts. The average monthly return of 113% on the Think Forex demo on the MDP website is probably not achievable with live accounts.

But even with 70-80% a month with live accounts, will you be satisfied? I would!

P.S. I am using the UK server right now. But there has been no trade today.

 

[chengsmine]

Fxcbs

I am using the ForexVPS UK server, connecting to FXCBS MT4. The problem is that the connection to the MT4 is still very slow. The average execution time is still ~1000ms. My gain for today (using default settings) is around 5.5%.

The average execution time for my Hot Forex MT4 using my own PC is only 311ms! The corresponding gain is a whopping 17% for today. The execution time does make a difference. The Think Forex demo makes only 3.3% today (MDP website). It appears that Hot Forex could be a good choice!

 

[rtr989]

MDP does not any more work on real ThinkForex accounts, only on demo...

 

[portugaleren]

I am using the ForexVPS UK server, connecting to FXCBS MT4. The problem is that the connection to the MT4 is still very slow. The average execution time is still ~1000ms. My gain for today (using default settings) is around 5.5%.

The average execution time for my Hot Forex MT4 using my own PC is only 311ms! The corresponding gain is a whopping 17% for today. The execution time does make a difference. The Think Forex demo makes only 3.3% today (MDP website). It appears that Hot Forex could be a good choice!

I have done a bit of research and found out that the FXCBS servers are actually in Nuernberg, Germany. The live server has the IP 80.190.167.60 and the demo server 80.190.167.61. I have done pings for both here from Portugal and the live server is actually faster that the demo server, 72 ms and 87 ms. The transaction speeds on my MT4 are slower for the live server at about 1000 ms where the demo is down to about 200 ms. Have you tried to do a ping from your UK server?

 

[Cinar]

Hi chengsmine,
Have you got a live Hot Forex account?