What is Forex Million Dollar Pips?
Can you really make $1 million in a year dealing on Forex using this Million Dollar Pips Robot? This is what I interpret the Million Dollar Pips Website as saying!
- Theoretically, if you started trading with a $250 investment one year ago (2011) using this robot would have returned you a cool $1,295,161.50 with a max risk of 7%.
What is Forex Million Dollar Pips Introduction
While the average trader can make a lot of money in the Forex market, it can take some time to fully understand this unique style of trading. This is where automatic trading robots can help.
So, what is this Forex Million Dollar Pips program I keep reading about? Well, its a Forex robot made to make like easy for users by providing fast and easy to read signals for all sorts of stock transactions on the Forex exchange, including gold and precious metals. It is specially designed with multiple trading strategies and intraday signals. You can potentially make thousands of dollars each day with just a few clicks of your mouse!
Million Dollar Pips is a program that automates Forex trades for you. It doesn’t just suggest what currency pairs might be profitable, it actually executes the trades with potential. This automation means that you don’t have to watch the market 24hrs a day. Million Dollar Pips is an excellent program for the novice trader and doesn’t really require you to understand the Forex market, though, I would strongly suggest you learn as much as you can before trading for real. There are several brokers who can assist you with a FREE practice account where you can make mistakes without losing your shirt.
Who Created the Million Dollar Pips Software?
This Million Dollar Pips Forex analysis software was created by William Morrison a software developer who was frustrated with his job and decided to do something for himself. He purchase 6 Forex robots but found they performed badly and like many Forex robots on the market today, used high risk trading strategies, (be warned: high risk trading can destroy your account in minutes). Gathering himself from this disappointment, he decided to make a robot himself.
Forex Million Dollar Pips integrates three special type of signals with unique timeframes. There are;
- intraday signals which are generated at least 6 times a day;
- daily signals, generated once daily; and
- weekly signals, generated once weekly.
Simply read the signal and either buy or sell. How hard can it be?
The logic behind the Million Dollar Pips program is solid and based on years of trading experience. It has been tested with live data as well as using historical charts to make sure it works. Some of this testing has been independently verified by outside organizations and these results are available on their website.
What is Forex?
Forex: short for foreign exchange. The foreign exchange market (Forex, FX, or currency market) is an organisation (organised market) for the global decentralised trading of international currencies. (more… see my article, What is Forex?)
- Financial centres around the world function as hubs for trades between a wide range of buyers and sellers. The Forex marketplace determines the relative values of different currencies, including gold and precious metals.
What’s a Forex Robot?
- A robot is a mechanical device that can perform tasks automatically. It may, but need not, be humanoid in appearance.
- A Forex Robot is an automated system (software plus computer plus network (Internet)) designed to analyse and predict future states in the Forex market.
Retail Currency Traders Turn to Algorithms
According to an article in, The Wall Street Journal by Eva Szalay (September 18, 2012)
Retail currency traders are increasingly turning to computer-driven trading programs to try and gain an edge on the market…
For as little as $100, amateur currency investors can now buy computer programs, or algorithms, similar to those that banks and other big financial institutions have been using for several years. The so-called algo programs spot trade triggers in chart patterns and slice trades into small chunks. At their best, they can work automatically to seek and snag profits.
Now, some retail traders are hoping to match the know-how of these big firms. Anecdotal evidence suggests that as much as 40% of flows from the retail foreign exchange market now comes from algorithmic trading, according to Brendan Callan, European President of retail brokerage firm, FXCM (FXCM).
Million Dollar Pips Recommended Settings
From MDP Support Service: If you’ve purchased Million Dollar Pips and find the default settings don’t work as well as they should or if you’re having problems or your trades seem a bit iffy then try these settings rather than the defaults:
- Additional Channels = 3
- Max Simultaneous Trades = 3
- Slippage = 1.5
- Risk = 1.5 (Max)
- Group Orders = True
- Everything else left on defaults.
Known Setup Issues for Million Dollar Pips
I’ve seen, on various internet forums, a minority of people rubbishing Million Dollar Pips, saying it’s either constantly losing money or doesn’t trade correctly. The real issue is that you need a good VPS and highly-liquid ECN FX Broker. SeeRecommended Forex Brokers and Recommended Forex Virtual Private Servers (VPS).
- VPS is an acronym for Virtual Private Server, in this instance a Forex Virtual Private Server such as that supplied by ForexVPS.
- ECN is an acronym for Electronic Communications Network.
- Forex ECN Broker (ECN FX Broker), i.e., FxPRIMUS
A Forex ECN broker provides a marketplace where multiple market makers, banks and traders can enter competing bids and offers into the platform and have their trades filled by multiple liquidity providers in an anonymous trading environment. ECN’s typically charge a small fee for matching trades between their clients and liquidity providers.
The not trading issue is not really an issue if you know a little about how Million Dollar Pips works. The thing to remember is, Million Dollar Pips only trades on spikes. So if there are no spikes for that day, week or month, then Million Dollar Pips will not trade.
- This should be a particularly good time of year for Million Dollar Pips, as speculations regarding Greek’s bailout plans have resulted in many sharp spikes in either direction.
Recommended Forex Broker List
This has moved to a new page, see Recommended Forex Brokers.
Recommended Forex Virtual Private Servers (VPS)
This has moved to a new page, see Recommended Forex Virtual Private Servers (VPS).
Forex Scams!
As a decentralized and relatively unregulated market, Forex is extremely attractive to those perpetrating Forex scams, especially Forex auto-trading, as it brings Forex trading to the masses and so makes even more people susceptible to frauds. Bodies such as the National Futures Association and the U.S. Securities and Exchange Commission have issued warnings and rules to avoid fraudulent Forex trading behaviour.
- Don’t get caught out! If you are going to use a Forex auto-trading robot then use a tried and tested robot with a registered and regulated broker such as FxPRIMUS. You have been warned.
- Never, never, ever invest more than you can afford to lose in the Forex market place. No matter how good you and/or your system is, always hope for the best but plan for the worst. Don’t get caught with your pants down!
Videos
This is a video by Julian Wong using Forex ECN Broker (ECN FX Broker) FxPRIMUS
http://www.youtube.com/watch?v=S2nHsMKc7cQ
How it works? : Million Dollar Pips EA MDP V1.2 Mechanism and Settings Explained.
What is Forex Million Dollar Pips Conclusion
Will you make a million dollars in one year using the Forex Million Dollar Pips robot? I doubt it. However, if you are less ambitious, get the right broker with a decent spread, I think this robot would be promising and give you a decent return.
- Very nice results but you have to use it on a “robot friendly” broker such as FxPRIMUS with good spreads. (Nike)
- Million Dollar Pips EA definitely works in the long-run, you just need to leave it be and let it do it’s job. (Julian)
- Consider using it only on smaller currencies as EURGPB is as expensive as hell. (Nike)
- Look out for losses due to low-liquidity during summer holidays and Christmas.
One final feature is the automated updating of the software. Once installed the Million Dollar Pips EA, will automatically check for updates, and download/install the updates automatically as necessary. This not only saves you time but ensures you have the latest release with which to maximise your profits.
Well, I hope you found something useful and enjoyed this article, What is Forex Million Dollar Pips. Don’t forget to let me have your thoughts in the comment box below. See you soon.
