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NinjaTrader Review

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NinjaTrader Review

NinjaTrader Review

NinjaTrader Review

Welcome to my NinjaTrader review. My name is Vassilis (“Capsmart”), and I run the Forex Forum here at Forex FX Trader.

Some time ago I decided to trade the futures market. The philosophy of futures trading is somehow different. One company takes care of the “accounting”. This is the big boss that holds you money and has the permission to access the market. Then there is another company that provides the datafeed. Then another one that provides the trading software. And finally a broker that is the “front man”. This is the guy you speak with for all your problems. He will send you the papers from the big boss to sign, will give you the links to download the software and tell you what you need to do to set the whole thing up.

After some research I ended up creating a demo account with a futures broker and downloaded his trading platform. This was my first encounter with NinjaTrader (NT). In my trading “career” I used many platforms and it was relatively easy to install it and start using it.

Most of us are used to trading with MT4 and a Forex broker, so I think it will be easier to speak about a NinjaTrader Review using examples from MT4.

NinjaTrader Review: Charting

NinjaTrader Review: Charting

NinjaTrader Review: Charting

More than 100 indicators and all possible drawing tools. Easy to add text, arrows etc. Colors, font sizes can be adapted. Apart from candle, bar and line charts you can have tick charts, range and volume charts. You can adapt your time frame. If you would like to have 20 min bars or 2h bars it is easy to do so. This is useful if you want to watch different time frames. It makes more sense to use 5,15 and 45 min charts or 2h,4h,8h instead of the usual 5,15,1h or 1h,4h,daily.

If you want to simulate the profiles facility from MT4 this is also easy and much faster than MT4. Templates are available to save your preferences.

Something that I find particularly useful is the difference between ray and line. In NT those are 2 different drawing tools. The line has a start and an end and the ray will extend indefinitely. And those lines stick to points you draw them. MT4 likes to move them from timeframe to timeframe and I find this frustrating.

NinjaTrader Review: Trading and Support

There are 2 ways to trade. Either using the SuperDOM or the Chart Trader.

NinjaTrader

When trading futures, volume is an important element. Since the futures market is centralized, volume is real. Using the SuperDOM you can place trades and watch pending orders 5 ticks above and below current price. I do not use market orders but limit and stop orders.

Trade  Management

NinjaTrader

As you can see from the ATM Strategy Box you can specify the number of contracts (lots) that will be used to open the trade and you can specify your exit strategy. So after closing a part of your trade you can have the stop loss moved to break even and trail price.

Support and Education

NinjaTrader organizes regular webinars and has a library of videos covering every aspect of the platform. What I find very interesting is the online manual that except of the usual text also includes videos for all the program functions.

To try NinjaTrader yourself, please click here.

I hope you enjoyed this NinjaTrader Review


NinjaTrader

 

Forex Trading Apprentice Review

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Forex Trading Apprentice

The Forex Trading Apprentice is a new Forex system by Alberto Pau and Ron J. Wills. They claim that it is the same system that is used by large investment banks like Deutsche Bank and Barclays Capital and that it can deliver enormous profits into your account for just minutes a day of work.

So far so predictable. But does the system have any merit?

According to the makers, the system utilizes an extremely tight stop loss and uses a simple combination of an indicator and price action to detect and scalp breakouts and then utilizes a “smart trailing stop”.

Forex Trading Apprentice have also made an Expert Advisor for the system, and claim an 86% win ratio, plus a very high number of trades (meaning it could presumably be used for broker rebates).

Forex Trading Apprentice Expert Advisor

The makers have posted some backtest history on their website, along with live trading results (obviously the latter can be fudged heavily and we won’t truly know if they were on a live or demo account).

Forex Trading Apprentice

The above graphic is taken from the vendor’s website and, whilst the results look impressive, the first thing to notice is that the modelling quality is 40%.

It is incomprehensible that this could be an error, and only a total newbie would fail to spot this critical detail.

Any EA can show good results on such poor modelling quality (even MetaTrader’s one minute data at 90% quality is unreliable at best), so either this is deliberate deception or total incompetence – either way it does not inspire much confidence.

It should also be noted that the system runs on the 30 minute time frame, so at least we have SOME idea of what this system is and how it works – the sales page has so little information on the actual product it is pretty much a joke.

The other worrying aspect of the above backtest is that the Risk:Reward ratio is completely skewed the wrong way (assuming we can trust any of this information at all due to the poor modelling quality).

The average winner was $280 whilst the average loser was -$720 – so the average loser is almost three times larger than the average win!

We certainly wouldn’t trade this way and this further diminishes our confidence.

Forex Trading Apprentice – Conclusion

We don’t want to belittle this product but it looks and feels like so many other Forex products which appear to be designed to make affiliates and the product vendor wealthier at the expense of the traders who buy it.

We can’t definitively say that this is the case with this product but the signs are depressing in their familiarity.

When it comes to the EA, you may want to consider adding this to your portfolio, but you would probably be better off sticking to a known performer like Million Dollar Pips, which has been used successfully by hundreds of traders and is a known variable.

At the present time, the jury is out, but if you do buy this to try it, it does have a 60 day money back guarantee.

Please leave your comments below if you do decide to try Forex Trading Apprentice

Forex Trading Apprentice

Fast Forex Millions Review

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Fast Forex Millions

Fast Forex Millions is a Forex Expert Advisor that trades the Forex market for you on autopilot.

It places trades based on its own set of rules (black box) and can be run without manual confirmation of trades.

Fast Forex Millions is the latest creation from the makers of Million Dollar Pips, which is possibly one of the best of the new breed of Metatrader 4 EAs.

Fast Forex Millions – What it Does

Although the name is abysmal (one can’t help being reminded of the Homer Simpson quote: “Ooh, mama! This is finally, really happening. After years of disappointment with get-rich-quick schemes, I know I’m gonna get rich with this scheme…and quick!), the fact that so many people did well with Million Dollar Pips means we should pay attention to this EA.

Here is what we know so far from the vendors website:

  1. FFM trades 5 currency pairs: EUR/USD, USD/CHF, GBP/USD, USD/CAD & AUD/USD
  2. The average stoploss is just 20-30 pips per pair and the average win is 50 pips! This gives the EA a positive risk:reward ratios of around 1:2.
  3. Average win percentage appears to be slightly over 50%.
  4. All Largest wins (in pips) were more than double largest losses (in pips) with the exception of the USD/CAD. We like to know that surprises to the downside will be dwarfed by surprises to the upside.
  5. 2 out of the 5 had NO monthly losses in their tests and the other 3 only had one each. Pretty sure no explanation needed with that one!
  6. All monthly return numbers seem to be very large with some MONSTER months in there. But we will have to see how it performs on real accounts.
  7. Does not seem to be broker sensitive. The strategy seems to suggest a much longer holding time, so frantic entries, order modification and closure are probably not necessary

Fast Forex Millions – Conclusion

Omar, our resident automated trading expert, is testing Fast Forex Millions in our Forex Forum.

If you would like to follow Omar’s progress (and you should, he made over 198% PLUS broker rebates using Million Dollar Pips in just a few months!) and also trade with his settings, we have good news – we have secured an earlybird 20% discount, which you can get by clicking the image below:

We look forward to working with you in testing Fast Forex Millions

Fast Forex Millions - 20% Discount

Forex Profit Predictor Review

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Forex Profit Predictor Review

Forex Profit Predictor is a new release from Derek Frey. You may be familiar with Derek’s name as he is a regular contributor to FX Street and is also heavily involved with FX Traders Daily and FX Groundworks. Derek is well known for an unusual approach to the markets, as he combines Chaos theory, harmonics and gaming theory into his overall trading method.

The new Forex Profit Predictor will be released tomorrow and has a fairly convoluted story connected to it, that may or may not be true.

Allegedly, Derek had a client that knew a guy who designed vibrational analysis systems for aircraft components to predict when they would fail. This algorithm was applied to financial markets and it turned out that it worked on markets too.

This system was first used for commodity trading and has, for quite a few years, been used to create financial articles on the Dow Jones. It has now been converted into a Forex buy/sell indicator for the first time.

You can find out more by watching the video of how the algorithm works here.

Forex Profit Predictor Performance

From the video we have seen of Derek logging into his TradeStation account, the Forex Profit Predictor system has given the following performance over the last four and a half months:

  • the account is 605% in profit (a $5,000 account is now at $30,000).
  • 60% profitable trades (interestingly most were short – from the video we have seen of how the algorithm functions when applied to markets, this makes sense).
  • Profit factor of 1.44
  • 1,425 trades (around 15-20 trades per day).
  • Average risk:reward of 1:2

As we can see from these statistics, it looks like Derek must have been trading a lot to generate these figures, although he does concede that himself and says that most users won’t take that many trades.

One thing he didn’t cover in the video (and I was unable to see the statistics as he scrolled through) was the draw down – the equity curve was certainly not straight up, but it was pointing in the right direction!

Forex Profit Predictor Conclusion

Forex Profit Predictor is released on the 16th January 2012 and we are sure that more details will be forthcoming at that stage.

At present we do not know if this will be for TradeStation in addition to MetaTrader but we will find out.

We also don’t know if the system will use alerts, and finally, from what we have seen it looked quite mechanical, so why it is an indicator and not an EA is not known.

We have asked for answers to these questions and will report back when we hear more information. We have also asked for a review copy – if we get one we will post the results in our Forex Forum.

If you decide to try the system, please leave your feedback for other users below.

We look forward to updating you on the above details for Forex Profit Predictor

 Forex Profit Predictor

Trading Psychology – Disciplined Trader Review

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Trading Psychology with Norman Hallett

In October 2000, Norman Hallet and his wife Tisha co-founded the Subconscious Training Corporation.

In July 2008, they created The Disciplined Trader Intensive Program. This training program merges Norman Hallett’s background as an entrepreneur, mathematician and CTA with Tisha’s background as a subconscious trainer.

Just to avoid confusion, The Disciplined Trader is (as far as we can see) nothing to do with The Disciplined Trader book by Mark Douglas (also of Trading in The Zone fame).

Many people assume that it is their trading system that is to blame when things go wrong, but often this is not the case: have you ever wondered why some traders love a particular system and are making money but another group are losing, despite using the same system? Some of this comes down to money management but a bigger part is due to discipline and the mental aspect of trading.

Regardless of whether you have problems with staying disciplined when trading (e.g. getting bored and placing orders “to see what happens”) and not sticking to the trading plan, or if you have psychological issues: for example not pulling the trigger through fear or “paralysis by analysis”, or not letting a winning trade run, this course is designed to help.

What is Offered with this Trading Psychology Course?

The course offered by the Hallet’s and their team is almost certainly the most comprehensive around at the moment.

A lot is on offer and they take a holistic approach with a panel of six experts (including Norman and Tisha).

They offer:

  • Subconscious training and affirmations – train your subconscious to overcome your trading psychology challenges.
  • Life Training (for everything in life including training)
  • Articles and eBook library.
  • A Members Forum.
  • Interviews.
  • Conferences.
  • A selection of trading system reviews.
All in all it is hard to think of another trading psychology site that offers so much, and at just $47 a month the price is hard to beat too.

Is Trading Psychology Really Important?

Here at Forex FX Trader, one thing that we find repeatedly with traders is that trading psychology is by FAR the biggest problem people have.

After a while, entries on trades are the easiest thing. It’s how you manage the trade and your emotions that stops most intermediate traders moving to the next level and it is absolutely imperative that you master the trading psychology aspect if you want to be profitable on an ongoing basis.

Therefore we recommend that, if you are struggling with this part of trading (and most people either will do or are now), then you need to address it to achieve your goals. The training offered by Norman Hallett is definitely worth trying.

We wish you good luck with your trading psychology 

Trading Psychology

Million Dollar Pips Live Testing – Update

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Hi, I thought I would give you a quick update on our ongoing Million Dollar Pips live testing this week. Due to the excellent broker rebates I receive from Think Forex (more details below), I am up 40% so far despite the EA breaking even on trades.

If you haven’t heard of this EA before and would like to know more about it, please checkout our Million Dollar Pips Review.

Million Dollar Pips Live Testing

Million Dollar Pips Live TestingThe Million Dollar Pips (MDP) EA continues to intrigue me.

As a trading strategy, it’s probably not the greatest ever devised – it does make money but clearly not millions as the title would suggest!

Million Dollar Pips Live Testing with Broker Rebates

However, the main reason I think this EA has merit is that it enables you to take advantage of the broker rebates with Think Forex – an excellent, relatively new broker (sadly they don’t accept US clients).

Although I used the wrong settings and had a large draw down that I shouldn’t have, the EA has now broken even for me BUT has placed 2,406 orders!

Since we can get rebates from the broker on the trades, the trading activity of the MDP robot has delivered the goods in terms of profits – as Million Dollar Pips has traded 116 lots at $3.50, the rebate so far is $405 or 40% profit in 5 months.

Million Dollar Pips Live Testing – How to Join In

You can get detailed updates from Capsmart and other users in our Million Dollar Pips Live Testing Forum section:

==> Million Dollar Pips Forum

If you want to join in the action, you can get a copy of Million Dolar Pips from the link below:

==> Million Dollar Pips EA

Have a great week and I hope you enjoyed this update on our Million Dollar Pips Live Testing

Haru EA Review

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Haru EA Review

The new Haru EA by Haru Miyagi is an automated trading system for the MetaTrader 4 platform.

Unlike many Forex robots it is a not a scalper (i.e. a robot that makes regular trades for small profits – often with a huge stop loss). Instead the Haru EA trades for longer periods of time, with much larger take profit levels and is therefore trading (at least in theory) closer to how most members of the Forex FX Trader site would prefer.

The marketing bumpf claims that this EA has over 9,000 lines of code and that the strategy adapts to current market conditions.

Does the Haru EA Work?

Like the new News Trade Sniper we just reviewed, this new EA doesn’t seem to have a lot on its website to back up it’s performance. The HTML statement only covers the 28th April – the 23rd May 2011, which is somewhat useless, although there is a screenshot from myfxbook on the site (why only a screen shot I am not sure…).

A look at one of the back tests on the site yields the following information:

- The EA wins about 50% of the time but has a sufficiently good Risk:Reward ratio to enable it to be profitable.

- The average win (in $) is $254; the average loss is $175.

- The other important variable to consider is the profit factor – a fairly low (but realistic) 1.47.

The other thing to consider from the back test image, above, is that the settings used produced a very flat equity curve for the first 231 trades! One would assume that the settings in this long back test would be the best the system creators found, so I would suggest that these are not too impressive, although this is only on the GBPUSD pair and the EA may have done better on multiple pairs.

Haru EA – Conclusion

Whilst I like the fact that this new EA trades with a sensible Risk:Reward ratio, the published data is not strong enough to make me want to use it. If more data becomes available, I might change my mind, but right now I believe that FX Integrator (backed up by live forward testing results) and the News Trade Swiper (which we will be testing) are the more interesting choices at this moment in time.

I hope you enjoyed this review of the Haru EA

 Haru EA

Jason Sweezey “1 Hour Forex” Review

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1 Hour Forex Review

Jason Sweezey is a professional Forex trader who has been actively trading the Forex markets since 2001. He has previously released “4XPipSnager” and “Forex UTurn”, which are generally regarded as being solid manual trading systems.

The 1 Hour Forex system is designed to work on H1 charts (as the name suggests), and is a manual trading system. The system is designed to work on MetaTrader4 although you can just use this for charting and place your orders on other platforms if required.

Does 1 Hour Forex Work?

1 Hour Forex is based on very sound principles – whole numbers, support/resistance, Fibonacci and pivot points. In other words, support and resistance of varying kinds are deployed and used to provide fairly easy to spot entry points and targets.

The package consists of a 28 page manual, several training videos, two custom indicators and two template files for easy installation and operation.

The manual itself is concise, to the point, and gives plenty of useful information, including the best times of day to use the system (UK Session 7:00 AM 8:00 AM 9:00 AM GMT and US Session 8:00 AM 9:00 AM 10:00 AM EST).

Having being kindly provided with a review copy, there is no doubt that this system will work. While the concepts are not in anyway sexy (no squiggly indicators here!), if you give this system a go, there is no doubt that you will do well with it and will have learned to trade “properly”.

1 Hour Forex – Conclusion

It’s a fact that too many traders are looking for the “Holy Grail” – crazy multi coloured indicators, robots with “ultra advanced trading algorithms” and other such nonsense.

This is a very solid, concise, no thrills system that will teach you the right principles to trade with, and tell you which times you should be trading.

There is nothing fancy here, nothing particularly new or exciting either, but if you are new to Forex trading, or if you are more experienced but struggling, this could be just what you need to start making profits in the market.

I hope you enjoyed this review of 1 Hour Forex

Jason Sweezey "1 Hour Forex"

News Trade Sniper Review

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News Trade Sniper Review

News Trade Sniper is a new Forex signals service, training system, live room and automated news trading tool that claims to deliver exceptionally good results.

The traders behind News Trade Sniper (Nelson Anderson and David Norris) are a team of professionals who specialize in trading during financial news, and they offer:

  •  A live trading room averaging thirty five webinars a month. This is a mixture of live trading in real time so you can copy their trades and Forex training.
  • An automated trading tool that enters and exits trades on the very large candles that often form during news announcements and the markets struggle to come to terms with what is being announced.
  • A Forex signals service, based on long-term swing trading.

From a personal perspective, I am most interested in the last feature – I love swing trading but it’s very hard to find someone who can offer signals that are profitable.

Since just about every Forex signals service to date has gone out of business and news trading seems to go through cycles of being profitable and then not profitable, it’s easy to overlook this service based on the past record of others.

However, gains of 322% over a 22 month period are excellent, and definitely not to be overlooked, and the system is advertised as having never had a losing month (which is really arbitrary in the grand scheme of things, but can be problematic for those subscribing to Forex signal services – as we detail in this article).

So let’s take a deeper look and see whether the News Trade Sniper service is as special as it claims.

News Trade Sniper Results

Unfortunately, there are no accounts linked up to myfxbook, MT4i or MT4Stats on the website, which is a bit of a shame, so we need to rely on the statements on the News Trade Sniper website.

Having gone through these in great detail, I was relieved to see that every trade had a stop-loss, which has been the bane of my life when dealing with Forex signal services recently.

One thing I was looking for but could only see on the Alpari statement was the lot size – in that instance it was $1 per trade. This isn’t a complete statement and definitely looks “too good to be true” – from the 5th of August 2010 – 31st December 2010 (the date range for the statement and incomplete compared to the rest), there were:

- 379 trades.

- 1 small loser

- Average win: 36 pips

- Total pips: 13,677!

The other statements have more losses but these range from 39 to a maximum I have seen of 100, which for swing trading is more than acceptable.

Forex News Trade Sniper – Conclusion

At present, Forex News Sniper is something of a conundrum – it certainly looks and sounds like the service many people have been waiting for for a long time. The website is fairly restrained compared to some of the other mega-hyped launches we have seen this year, so that is also in its favour.

However, it is very difficult to work out whether this is the real deal based on the information provided.

I am very intrigued and, in addition, the News Trade Sniper swing trading signals are potentially something I have been looking for…forever. So much so that I am planning on signing up for the service and will share my experiences on the Forex FX Trader Forum.

News Trade Sniper

I hope you have enjoyed this review of News Trade Sniper

FX Integrator

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FX Integrator Review

FX Integrator is a completely different automated trading system, trading engine and is possibly the most advanced piece of MT4 software ever devised, with a host of never-before-seen features.

Created by David Curran, a professional trader and mentor, and a very experienced coder (who helped invent the digital phone and also worked on Google Earth), this trading system has been in development for over a year, and automates one of David’s best trading strategies.

About FX Integrator

The current settings have resulted in a 50% win rate, but the risk:reward ratio is at least 1:2, meaning the system makes good profits and has small losers. The current system parameters have been specifically designed to minimize drawdown (money management and minimizing risk is at the heart of the system, which is almost unheard of in a robot). Maximum drawdown to date is a tiny 1.46%.

Part of this is down to the two-stage trailing stop feature that first reduces risk (stage 1), then locks in profit on stage 2.

There is also a very clever “anti spike” feature that stops the system from entering on very large candles.

FX Integrator is probably the most advanced automated trading system that has ever been released to the public and the results so far have been impressive.

Get FX Integrator

The system is being made available for a short time from today and for a very select group of traders – the full release will be in January and the product will likely sell for a much higher price, so if you want to see this advanced system for yourself at the current low price, you need to act quickly.

David is hoping to create a vibrant community for the system, with members sharing their settings and using open source concepts to come up with the best parameters for all users.

You can find out more from the link below:

—> FX Integrator

 FX Integrator

Manual Forex System: Paint Bar Forex Review

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New Manual Forex System – Paint Bar Forex

Paint Bar Forex Manual Forex System

The Paint Bar Forex system is a discretionary manual Forex system that is designed to work on any time-frame and any Forex pair.

According to the testimonials on the previous website, the system can be used standalone, but many users incorporate the indicators into their own existing system.

The system was originally designed for the Futures markets and has been available for TradeStation, MultiCharts and NinjaTrader for quite some time.

The new MT4 version looks to be a faithful port of the other versions, but for the first time, the system is available for a monthly lease in addition to the lifetime license, which applies to the other platforms.

The Paint Bar Forex system has been designed by a professional trader for his own trading, and consists of eight indicators that are designed to work together to provide accurate trading signals.

These indicators are leading indicators – they don’t lag like most, but are smoothed so they aren’t choppy. I certainly haven’t seen a system like this before in terms of how it operates, although some of the indicators superficially resemble those that are available on Forex forums (e.g. Heiken Ashi, Bollinger Squeeze).

Does the Paint Bar Forex Manual Forex System Work?

The Paint Bar Forex system is not a mechanical system. It is designed to allow users to easily see the market structure but it is primarily used to allow the trading of price action.

Paint Bar Forex Manual Forex System

Support and resistance is important to the system, and traders who like to buy and sell pullbacks in a trend will appreciate the way the system works.

The system also works for counter-trend traders using divergence on the Squeeze indicator.

It must be stressed that, while this manual Forex system has rules, it is extremely flexible, and can be used in many ways. There are several ways to use the system in terms of entries (either using the Squeeze indicator and/or using the 3FMA indicator) and the other components have been designed to help you manage your trades, scale in and out and exit in profit.

The Paint Bar Forex system works extremely well on range bars, renko charts and tick charts. With the element of time removed from the equation, the additional smoothing of price action based on these chart types makes this one of the best manual Forex systems I have seen to date.

Paint Bar Forex Manual Forex System – Conclusion

This is a great package for traders that want to focus on the most important element on their charts – price action.

If you are looking for a simple manual Forex system with simple rules, this will probably not be for you.

However, if you are an advocate of support and resistance, buying/selling pullbacks and price based trading (which you should ultimately be doing), you will very much appreciate this system.

So, ultimately, this manual Forex system is not the cheapest and will not appeal to people who want a quick and easy way of trading.

However, we all know that 90%+ of Forex products aren’t very good, and it is worth trying this system as it will give you a skill for life if you persevere. This is a professional-grade trading package and if you put the time and effort in, there is a good chance you will become a profitable trader.

You can find out more about the system here:

PaintBarForex Manual Forex System

Paint Bar Forex Manual Forex System

Paint Bar Forex

Million Dollar Pips Review Update- 181% Bonus

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Hi, If you have not yet seen our review of the Million Dollar pips forex ea then here is the link: Million Dollar Pips ea Review

I was taking another look at their sales page and noticed that they are using thinkforex.com – (I have a number of accounts with them including a substantial pamm account and have found them to be a decent broker & thus far I have had no problems and their support is very good as well).

Thinkforex.com are part of the Aslan rebate program we are part of. For every lot that you trade you receive a rebate (via paypal or bank transfer) at months end of 0.35 pips/lot, this is what Gavin of Aslan has just explained to me:

Hi Marc, I know you have been testing the EA Million Dollar Pips and the developer is very high on ThinkForex as the broker.

The results have been quite impressive but what is often overlooked by the client is the potential rebate revenue they could be earning. Look at the developer’s live ThinkForex Account

Million Dollar Pips My Fx Book Stats

The gains have been outstanding but equally impressive is the 519.26 lots that have been traded! Keep in mind this account was funded with $1,000 and has only been trading for 2 months.

We have just announced an increase in rebates at ThinkForex to 0.35 pips/lot meaning this account ( if it had been under our IB ) would have earned $1,817.41 in rebates to the client. That’s a return of 181% on invested capital on the rebates alone!

Even if the EA has a bad stretch, any losses are pretty heavily subsidized by rebates.

So, if you are going to give this ea a try it will also be worth your while opening a thinkforex.com account through this link (it only took 24 hours to open my first account with them – and you have a choice of currencies which is an added bonus)

thinkforex.com/aslan

Heres the link to buy the ea: million dollar pips ea:

I will put the ea on a 1000Gbp “live” account and post a link to my account in the forum for everyone to see as well.

I have also asked million dollar pips to let me know if there any other recommended brokers and those which they do not.

Marc

Million Dollar Pips EA Review

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What is the Million Dollar Pips EA?

The “Million Dollar Pips” EA is a new Forex Expert Advisor (EA) for MetaTrader 4. Like many EAs, this one is a scalper, meaning it tries to make small but frequent profits.

The makers of Million Dollar Pips claim that their system is highly accurate and uses a unique strategy. Of course we have heard that from every EA ever released and the trading method is “black box”. The money management element does look good so far though, as we shall examine in a moment.

The Million Dollar Pips robot does not use hedging and does not employ Martingale (doubling the stake after a loss to recoup gains – which can get scary very quickly!).

This EA works with all MT4 brokers and is fully compatible/compliant with NFA regulated US brokers as well, respecting all the (stupid) FIFO rules.

Does the Million Dollar Pips EA Work?

The sales page is the usual nonsensical mixture of bold claims, backtests and braggadocio. One thing that didn’t do much to convince me regarding the backtests was that the data quality was only at 25% instead of the usual 90% (though 99% is possible with technical expertise, Dukascopy tick data and a lot of patience).

million dollar pips ea review

At 25%, any MT4 EA can be made to look good, so just be careful of that before you get too excited!

Having said that, backtests are largely irrelevant anyway – they merely give an indication of possible future results, and the danger of curve fitting results to historical data is high. The most reliable analysis of performance is live trading and so far the results for Million Dollar Pips have been excellent.

The live trading results on Myfxbook so far show that the Million Dollar Pips EA has grown an account almost 200% in a matter of two months. Drawdown was 29.6% which is far too high for my liking BUT you could have traded at half lot sizes for 100% account growth and a more palatable drawdown of just 14.8%.

Despite the drawdown, the EA did almost 68% growth in May 2011 and a whopping 134.34% in June.

Some more key statistics:

- The system is running at a 65% win rate so far – the fact that it is making a profit shows it is a LOT better than most other scalpers, many of which rely on a 90%+ win rate to breakeven and a 98% win rate to make a small profit!

- Average win is 2.65 pips; average loss is 3.61 pips; the Profit Factor is 1.32.

- Biggest win was 22.7 pips; biggest loss just 8.6 pips.

You can check out their results (independently verified by myfxbook) Here (scroll down the page to the myfxbook link) : Million Dollar Pips Results

IMPORTANT UPDATE: If you join the recommended broker (thinkforex.com) via our Aslan Group rebate program (its free to all members & visitors to this site) then you would have made AN EXTRA 181% Profit in the last 2 months, which equates to over 400% return in 8 WEEKS

I was taking another look at their sales page and noticed that they are using thinkforex.com – (I have a number of accounts with them including a substantial pamm account and have found them to be a decent broker & thus far I have had no problems and their support is very good as well).

Thinkforex.com are part of the Aslan rebate program we are part of. For every lot that you trade you receive a rebate (via paypal or bank transfer) at months end of 0.35 pips/lot, this is what Gavin of Aslan has just explained to me:

Hi Marc, I know you have been testing the EA Million Dollar Pips and the developer is very high on ThinkForex as the broker.

The results have been quite impressive but what is often overlooked by the client is the potential rebate revenue they could be earning. Look at the developer’s live ThinkForex Account

Million Dollar Pips My Fx Book Stats

The gains have been outstanding but equally impressive is the 519.26 lots that have been traded! Keep in mind this account was funded with $1,000 and has only been trading for 2 months.

We have just announced an increase in rebates at ThinkForex to 0.35 pips/lot meaning this account ( if it had been under our IB ) would have earned $1,817.41 in rebates to the client. That’s a return of 181% on invested capital on the rebates alone!

Even if the EA has a bad stretch, any losses are pretty heavily subsidized by rebates.

So, if you are going to give this ea a try the most profitable way is to open a thinkforex.com account through this link (it only took 24 hours to open my first account with them – and you have a choice of currencies which is an added bonus) thinkforex.com/aslan

Heres the link to buy the ea: million dollar pips ea:

I will put the ea on a 1000Gbp “live” account and post a link to my account in the forum for everyone to see as well.

Million Dollar Pips EA – Conclusion

Anything that can make 400% return on investment in two months is simply incredible. The more conservative forex traders amongst you might want to consider halving the risk which still gave 200% growth but would have halved the drawdown. If you decided to trade the robot on a larger account then you might even wish to consider only 25% of the recommended risk.

If it costs $99 and means you do no work apart from set it up, that’s also a bonus. :)

I will continue to be sceptical about all forms of automated trading, despite the fact that I would love it to work all the time (who in their right mind wouldn’t?).

That said, the Million Dollar Pips EA looks great so far and members will be testing it in the Forum. We have a copy of the EA set up on our VPS and linked to our MT4i account here – Million Dollar Pips MT4i


If you are interested in joining our testing, tweaking and tinkering, you can get a copy of the system from the vendors website: Million Dollar Pips

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