Forex Trading Strategies of Million Dollar Pips

– 13 DECEMBER, 2011POSTED IN: FOREX TRADING STRATEGIES

The purpose of this post is to estimate the Forex Trading Strategies of Commercial Forex Robot: Million Dollar Pips by examining the daily trading activities and trading history.

Current version is 1.2 updated on Jun 2011. What is new:

it implements improvements into the diagnostics.
it includes a reset script to reset money management variables.

Previous Version was 1.16. You can check the version by the property of the Expert Advisor:

Million Dollar Pips Verson 1.16 setting 1 300x138 Forex Trading Strategies of Million Dollar Pips

After activation, EA settings should be displayed as blow on the MT4 platform:

Million Dollar Pips Verson 1.16 after activation 300x216 Forex Trading Strategies of Million Dollar Pips

Markets:

Multiple Currency Pairs on M1 time frame.

The recommended pairs is EURUSD.

You can also purchase the version for USDJPY and GBPUSD separately.

Trading Hours:

Based on the forward test, this Robot opens more trades 24 hours, 5 day per week. It will open average 9 to 10 trads per day.

Entry Strategies & Set-Ups:

Entry Strategies is following scalper trading rule for quick in and quick out for small profile ranging . However, it is not Asia scalper.

Additional Tools:

Diagnostics and Debug information can be set as true to show you more details.
NumOrders_Levels: 0- 4… 0 being, less trades, more profitable, and 4 being more trades, and less profitable
Additional_Channels: 0 – 8, increases trading series frequency.
Slippage: Any number, a broker can have a slip in the price causing your results to be slightly off. This allows you to control when the robot trades during slippage. The lower the number, the safer and more profitable, but chance of less trades. Higher slippage, means more trades, but higher chance of failure in trades. See my result under the setting of 0.2 here.
Max_Simultaneous_Orders: Allows the robot to do more trades at once, it will not increase risk as the robot will adjust accordingly, improves profit potential. Recommend 1 for those wanting 1 trade at a time and U.S. Clients.
FIFO: Must be true if using US broker. This only comes in handy if Max_Simultaneous_Orders is > 1.
OrderCmt: Allows you to change the comments on each trade.
Pessimistic_Testing: Default is false. Simulates bad live account conditions ( realistic entry and exit slippages ) in back tests.
Funky_Exit: Default is true. Exits trades sooner.
AutoApply_ECN: Default is true. Use ECN account settings automatically when ECN is detected.
One username can be used on one live trading account only. Username is your clickbank receipt. However, live account and broker changing is available uner member activation area:
Group_Orders : Group bunch of orders into one trade if possible, reducing server communication overhead.
Trailing_Resolution: This is the stepping for trailing stop.

If .0, it will not do anything.
If .1, it will not doing anything.
At .2 and up it will act as a step trailing.

Use_Stop_Orders: Set to true if your broker doesn’t deal with slippage when settings stops or has stop level of 1 or less. This will improve profitability, only true if those conditions are met.
Hard_Stop_Trailing: When true will use hard stops and take profit trailing. Meaning it will modify the trade as it trails. If off, the trailing will be done internally.

Golden Entry Rules:

The strategy itself is not excessively complex: it uses a few of the indicators and channels to decide entry signals.

See my screenshot as the example to show you how it opened a trade.

Exit Strategy:

Take Profit = Uses Dynamic Take Profit Level (no fixed TP). It is between 2 and 35 pips,

Stop Loss = Uses Dynamic, ranging from -0.3 to -35 pips

Pre-Session Routine:

The Forex Trading Strategies for Pre-Session routine is to check spread and the broker condition. It will not trade under the following two condition:

Spread is too high
The broker offer only 4 digits. For example, you are not able to run it on Fxpro account. Go Market is suitable for this EA.

Post-Session Routine:

N/A

Risk/Money Management:

This Forex Trading Robots use the following four settings to control the risk:

Min_Lots: Lot sizes will never go below this number.
Max_Lots: Lot sizes will never exceed this number.
Risk: Every 1 is about 1% to 1.5% risk of current balance per order.
Risk_Mode_CommPips: Risk determined with target pips when true, otherwise risk based only on risk %.

Most of the live forward test account use 1.5% as the default risk level. The expectation for this risk level is:

Assuming the deposit of $3000, the opening lot will be 0.7 to 0.8 Lot
The average loss is between 4 and 5 pips
The average gain is 9 pips

Emotions:

This Forex Trading Robot open lot size slightly bigger than other Robot. However, it won’t hold the trade for long. Most of the trade will be closed between 1 and 5 minutes. The emotion level is minimal for those newbie who constantly monitoring the trade. Fast execution is important for this forex trading robot.

FAQ:

Won’t the Effectiveness of the Million Dollar Pips Robot Be Affected if Too Many Traders Are Using it at the Same Time?

While some users are worried that the effectiveness of this robot might be affected if too many traders are using it simultaneously, this is in fact a myth. The consistency of the results that this robot has been showing even after its huge release proves that due to the trillions of dollars traded on the Forex market, it is very difficult to dilute the profitability of this robot software. It certainly has not been having a negative effect on my trading profits so far.

Why Was the Million Dollar Pips Software Created, and Will You Benefit From Using It?

As with many other legitimate business and investment opportunity, forex trading can sometimes be very time-consuming. Because of that, this robot’s owners decided that if they could input all their manual system’s trading rules, they will be able to successfully continue earning the income that they are earning while requiring lesser time and effort to do so. If you are interested in using a forex trading robot to generate an automated and sustainable income, you will definitely want to find out more about this software.

Will You Be Able to Profit from the Forex Markets Using Million Dollar Pips?
The forex market was once only accessible to very large financial institutions and funds. However, anyone can get a forex brokerage account and start buying and selling currencies to generate an extra or full time income online. Despite that fact, most average people are still not aware of these great opportunities since they are not widely advertised and publicized.

Also, if you are already trading Forex manually and finding it extremely time-consuming, you can also start using this bot to automate trading profits.