fxpromaker 1.47

[NipThePips]

Are you running it all day or only at Asia session ?

I started off running it on asian session only (well 6PM EST-8AM EST) until the account got to about 75K, then I have been doing all day, since the balance was sufficient enough to take the ups and downs

 

[NipThePips]

Please beware of using real money with this EA. If you are lucky for 2-4 weeks you may double your acct, if not......look at this statement.

Couple of things I disagree with in your statement. First thing, why would you trade at .1 lots, when this EA can go up to 51 lots in one cycle!? I wouldnt trade .1 lots unless I had at least 50k in the account. If I show you my statement from this trade, you will see a cuople of times my trades went up to 12.8 lots, but since I had the equity, it ended up lasting...your account simply didnt have the equity to survive those trades. With a 10K account, you shouldnt be trading anything more than .01 lots.

Second thing, you were trading 2 PAIRS! Again, this EA uses up a lot of margin, you cant afford to trade 2 pairs with it!

Third thing, we have different profit targets, on EURGBP, I was only aiming for 5 pips initially, which saves a lot of headache and time.

I would recommend you try it again, and if you are going to do 10K account, trade .01 lots. And only trade 1 PAIR! Then, try similar settings to what I had. You should really look at the way you traded before saying that this EA would blow your account. It would of been wise to analyze how the EA works, and how to protect your account from it.

Now, I am not saying this EA is perfect, and thats why I am doing long term testing....but, so far I have yet to see that much bad from it.paidpaidpaidpaid

-Nip

 

[Starry]

Please beware of using real money with this EA. If you are lucky for 2-4 weeks you may double your acct, if not......look at this statement.

Haiz...I am not sure how many times must I say this. I will repeat it anyway.

The problem is not on the EA. It is on the way you set it up.

In most martingale system, you just have to take care of 3 things:

1) Your starting lot size. Always start with 0.01 lots to be really safe (even if you have 50K account) because if you start with 0.1 lots, it leaves very little room for your EA to "step up" before it meets the maximum 50 lots set by most brokers. Check what is your maximum lot size allowed by your broker for the pair you are running. If they say 100 lots, then by all means, go 0.1 lot if you have a big account. Otherwise stick with 0.01 or 0.02 as starting!

2) Your account size. At 10K and using 0.1 lots for 2 pairs, you are effectively only having $5,000 for each pair at 0.1 lots! And you are using Alpari, which means at 0.1 lots, that's $1 a pip. $1 a pip on a $5,000 a pair??? You are commiting suicide my friend. Even at 10 cents a pip, it would be almost suicide. Didn't you read the manual that says if you want to use 0.1 lots, you need to have a size of 50K? Even that I think is not safe. Should use 0.01 or 0.02 lots as starting as long your broker has a max of 50 lots. Ar 10k, you should be using interbankFx mini demo where 0.01 is at 1 cents a pip, and for 10K, you can run up to 4 pairs safely with that account.

3) The third point is for all people running martingale. Don't be greedy!!! Aim for 1-2% gain a day. That's all!If you try to double your account in 2 weeks, then you need a lot of luck and quite often, that would blow up your account.

If people take care of the 3 points above, martingale systems are very profitable. I have been running FxPormaker, Blessing 2, forex funnel and I have yet to blow one account.

 

[NipThePips]

Haiz...I am not sure how many times must I say this. I will repeat it anyway.

The problem is not on the EA. It is on the way you set it up.

In most martingale system, you just have to take care of 3 things:

1) Your starting lot size. Always start with 0.01 lots to be really safe (even if you have 50K account) because if you start with 0.1 lots, it leaves very little room for your EA to "step up" before it meets the maximum 50 lots set by most brokers. Check what is your maximum lot size allowed by your broker for the pair you are running. If they say 100 lots, then by all means, go 0.1 lot if you have a big account. Otherwise stick with 0.01 or 0.02 as starting!

2) Your account size. At 10K and using 0.1 lots for 2 pairs, you are effectively only having $5,000 for each pair at 0.1 lots! And you are using Alpari, which means at 0.1 lots, that's $1 a pip. $1 a pip on a $5,000 a pair??? You are commiting suicide my friend. Even at 10 cents a pip, it would be almost suicide. Didn't you read the manual that says if you want to use 0.1 lots, you need to have a size of 50K? Even that I think is not safe. Should use 0.01 or 0.02 lots as starting as long your broker has a max of 50 lots. Ar 10k, you should be using interbankFx mini demo where 0.01 is at 1 cents a pip, and for 10K, you can run up to 4 pairs safely with that account.

3) The third point is for all people running martingale. Don't be greedy!!! Aim for 1-2% gain a day. That's all!If you try to double your account in 2 weeks, then you need a lot of luck and quite often, that would blow up your account.

If people take care of the 3 points above, martingale systems are very profitable. I have been running FxPormaker, Blessing 2, forex funnel and I have yet to blow one account.

Great advice, and even though I went against some of it, I totally agree with all of what you had to say

Have you been trading those systems live? If so which broker do you use?

Thanks

 

[Starry]

Great advice, and even though I went against some of it, I totally agree with all of what you had to say

Have you been trading those systems live? If so which broker do you use?

Thanks

Not yet live, but I have been testing them for 3-4 months now.

Obviously, me too blew up a few demo account when i first started but now I realize how it works by studying the reasons why the account blew.

Of all the martingale systems, Blessing 2 is the safest because you can adjust the multiplier. So instead of stepping up by 2X like FxPromaker and Forex Funnel, you can adjust it to step up by say 1.5X. Of course it also means that the gains may not be as fast as FxPromaker.

 

[Radu]

Starry & Nip, thank you for your points. I hoped somebody will pick up the realities of Martingale and both of you did well.....and I hope somebody will learn more out of this than by just applying the EA on the chart.....
Starry will you please post some of your forward test accounts and the setup you used for them? (like Nip did..)
Also, they are not many brokers wich allows you in real live account a TP=5 pips. If you know some of them please post it here as well.
Looking forward for your reply!

 

[Starry]

Starry & Nip, thank you for your points. I hoped somebody will pick up the realities of Martingale and both of you did well.....and I hope somebody will learn more out of this than by just applying the EA on the chart.....
Starry will you please post some of your forward test accounts and the setup you used for them? (like Nip did..)
Also, they are not many brokers wich allows you in real live account a TP=5 pips. If you know some of them please post it here as well.
Looking forward for your reply!

Hi Radu,

You mean you need the setup for FXPromaker right?

Ok....will show you the setting tonight, but I remembered I just put the starting lot size as 0.02 and uses a micro account. The rest are default. On USD/JPY H1, interbankFx mini demo, 1:200 leverage.

For the forward statements, I am not sure if I have it because InterbankFx reset the account history every week. But I do know that for 2-3 weeks, the FxPromaker has grown from 1500 to 1700 yielding about 14%. I only use small accounts in order to test martingale because if small account survive, big accounts should have no problem provided the settings are right.

Another thing to remember about martingale. Don't use it on high volatility pairs like GBP/JPY or Euro/JPY. For FXpromaker, the default setting call for 30 pips per step, so if you start with 0.01 lots, it takes about 13 steps to reach near the 50 lots maximum set by the broker. 13 steps sounded a lot, but it's just about 400 pips. Those high volatility pair can easily go more than 400 pips one shot without retracement and so it will blow your account.

Low volatility pair like Euro/GBP would be safe, but no growth for a martingale system.

So the best is choose a mid-volatility pair like Euro/USD and USD/JPY. While there is no gurantee that these pairs would not jump 400 pips one shot, the chances are rare. This is why FxPromaker closes trade every Friday to avoid the NFP days where there are always surprises.

 

[Radu]

Starry thank you for explanations. Wait for your setup, I'd like to set it up and run it that way on the EU & UJ

 

[Fluchtplan]

I think its better only to run fxpromaker only durning asia session.

I`ve tested it with 3 Pairs:

EUR - GBP
EUR - CHF
GBP - CHF

Only with the scalping theorie - But SL of 150 pionts

Start 22:00 - End 06:00 - German Timezone

 

[Starry]

I think its better only to run fxpromaker only durning asia session.

I`ve tested it with 3 Pairs:

EUR - GBP
EUR - CHF
GBP - CHF

Only with the scalping theorie - But SL of 150 pionts

Start 22:00 - End 06:00 - German Timezone

You use a $300 deposit for 3 pairs?

Very dangerous game...