How to Start ?

[Harri]

I have planned to start using Md in alpari uk micro account with minimum opening deposit 200$ and vps host could be http://cheapvps.co.uk/plans is there Ram and Bandwidth enough = RAM 512MB Disk Space 40GB Bandwidth 800GB ... i will try to start with cheap budget and what settings i should use in micro account what LotSize and RiskLevel i should set ? and is that broker and vps good to start with or is there any other suggestions with small budget .

[Colleen]

Hello Harri,

Welcome to the forum... good place to start...

Well, here goes...

You plan to open an alpari uk micro account with minimum opening deposit 200$ - please check my website to see how you can earn extra monies just for trading... http://S2.WebStarts.com/colleensforex & Check out The Aslan Group & their Rebate Plan! Look up Alpari for the info to sign up with the Rebate Plan! So far, this sounds like a good start!

Now VPS - foreign territory for me now because I do not run a VPS at this time... I have way too many platforms and things on the go here with my setup... I would have to defer to others on this...

Microlotting is a good idea with the equity of $200... and LotSize and Risk Level... If you opt to set the LotSize at let's suggest .02 then the Risk Level should be set at 0.0... or if you opt to use the automated Risk Level of the Megadroid 1.21 bot then refer to the Manual page 52... and there's more info there for you to check out...

Here's some example settings for Forex.com/UK trading at .05 lotsize

Version_1.21=
_1=System Parameters
Stealth=1 - Default Setting to allow Stealth Trading - you need at least Stealth Trading to 1 to get the bot to trade...
Aggressive=1 - Default Setting to allow Aggressive Trading - 0 would disable the Aggressive Trading
NFA=0
GmtOffset=0.00000000 - check to see what this is for your broker - see The Manual
AutoLocalGmtOffset=1
AutoServerGmtOffset=1
S1_Reference=11223344 - change these regularly - like weekly maybe as suggested from The Manual
S2_Reference=44332211 - change these regularly - like weekly maybe as suggested from The Manual
ReceiptCode=XXXXXXXX - this is your own Receipt Code you must enter for one Live License and also for several Demos if you like
_2=Comment Position
TopPadding=30
LeftPadding=20
TextColor1=16119285
TextColor2=13882323
_3=Strategy Parameters
Slippage=3
SendEmails=0
OrderComments=Megadroid 1.21 - this is something I entered in for my info that appears on the MT4 Platform while the bot is trading for me
_4=Order Management
LotSize=0.05000000 - I entered this amount myself to choose 0.05 lotsize
_5=Ratio Order Management
RiskLevel=0.00000000 - I set this to zero so the bot does not decide my lotsize for me
RecoveryMode=1 - this is default to being set to 1 which is on for the Recovery Mode - 0 would disable the Recovery Mode - Recovery Mode makes the lot size double for the next trade after a losing trade so disable this if you do not wish this to happen...

Hopefully this helps you a bit with setting up... If in doubt, run in DEMO for a while before you go LIVE!

Cheers,

Colleen

[tedryan01]

Colleen if you don't mind....a few thoughts.

I have been running MD for almost 4 months. Almost 2 months live cash. I would reccomend to anyone a few key things I have learned.

Brokers matter. IBFX is my best right now. I may go live with Tadawulfx this week. The only one that does not do as well, though still profitable is FXCM. Alpari did well on demo for me.
MD is trying to make 10 PIPs per day. At that level, every bit of the spread matters.

A VPS is good but not critical , particulalry if you are starting very small. It will eat up your profits. I run three VPS servers with ForexVPS and CNS. ForexVPS has a London server. Both good. Great service. Do make sure that you have a fast reliable PC and internet connection and that you do not run any other applications during the MD trading window. A laptop is particulalry good since it has a battery, but run it on AC. If you are very worried buy a UPS for your internet modem. If you are far away from NYC where many of the broker servers are located, you might consider a VPS in the US.

Perhaps most important. Run MD on a demo account for at least a month or two. Watch how it performs. Learn to trust it. Learn to not second guess it. You may have the misfortune of a SL right out of the box but that would be against the odds.

Personally I run the default settings right out of the box. The only thing I change is the risk level. I started at 0.1 and now run all except FXCM at 0.3.

Be ready for sheer boredom. I am only seeing 9 trades per month average.

[Colleen]

Hello tedryan01,

Yes Brokers do matter with trading the Megadroid bot... I used to run it on FXCM/US and UK and it did not make too many trades... and then I had issues with the FXCM/UK powered by Boston Technologies platform and well, I've moved onto other brokers now...

FXDD also was a bit slower trading the Droid for me last year so I did progress to Forex.com/UK for a bit - was happy with this broker, MIG is my main trading platform now and I do have success running the Droid on my Tadawul FX so if you're thinking about Tadawul FX - I'd have to say you'll be happy there too trading the Megadroid ea there... I have a small account here approx. $500 equity...

Other brokers can also run the Droid bot successfully if their spreads are below the Magic Number of 3 Maximum for the brokers during the Asian timeframe...

And lo and behold, in this forum and others, there's a definite broker variance with Megadroid results... I'm happy with the ones I am running the Droid on so far - and so I conclude - so far so good for moi!

I'm still not keen on VPS for my setup... I am running quite a few platforms and do have backups in place... ie backup internet connections, laptop if needed, backup powerbox for electrical blackouts, 2 landline phones, 2 cell phones and definitely SpeedDial to my brokers when and if needed... rural living here...

And thank you for your input on VPS usage here though... as well as the rest of your previous post - I appreciate everyone's input and viewpoint...

And this bot only executes a few trades a week if lucky yet they do seem to find profitable pips more oft than not...

So, let's see if you and I and others can find the Profitable Pips together trading the Droid!

Cheers,

Colleen

[stewlsa]

Why does anyone want loads of trades with 80% failure. MD 1.21 IS the answer. I am using 3 droids MD, Forex Scalper, and for some fun EuroBlaster (same coding as Overdrive). I also have MDpro and Fish Forex on demo.

What you say is right about the brokers - many are wise to MD trading and throw in irregular wide spreads into both the EUR/USD and EUR/GBP pairs at around the time MD trades. During this time I watch the prices and when a high spread occcurs which forces MD into DAY strategy. As soon as the spread returns to normal I reload MD. So far using this method I have only missed 1 trade and that was because I was not expecting a second trade the same night. This happens about once a month when both strategy 1 and strategy 2 are triggered at or near the same time.

Another point to bear in mind to avoid large losses is similar to what Colleen does. When a trade starts watch it - if its trading well watch for any downturn and take a reasonable profit. I find this works best using a decent risk, 1.0 to 2.0. Even if the trade is losing it rarely goes straight down. So there is usually the opportuniy to get out with only small losses. If you let it run to the stop loss then the amounts are much larger.

A stop loss is only an insurance policy ideally no trade should be left to hit the stop loss. By watching the trades you can get out well before the stop loss.

On the positive side using a high risk means any positive trade can end very quickly Like last night MD had a double trade and the first one was up to £90 ($150) in about 30 seconds which is when I cashed in. If I had let it run its course to the end of the MD trade I would have made $60.

So the lesson here is watch the trades, try and outflank the brokers, maximise profit or at least get out when you have a reasonable amount ( don't be greedy and hope the price will move more in your favour) and lastly get out of losing trades ASAP even if the end result is that the trade actually makes a profit. That way you will not have a massive loss now and then.

Hope I have been of some help after all its all about money management.

[Colleen]

Hi Folks,

Here's a pm I sent a "Newbie" today - I was asked the following question...

Hi Colleen

If I am going to purchase my first Forex Robot which one would you suggest. You seem to use a few.

I am a complete beginner can I just put some money in a trading account and let these robots work for me or do I have to constantly monitor them?

Thanks

For a Newbie Forex Trader, I would suggest you try the Megadroid ea... you can purchase for only $97 (same price I paid for the original copy over a year ago) if you purchase in the near future - the website says that the price will be going up soon...

Here's my Blog entry on this http://dld.bz/phu8

This would be the first ea I would suggest you try on your Forex account.

Since you're new, perhaps Demo might be the way to go for you...

I like the Forex Brokers as checked out by The Aslan Group, an Introducing Broker I have worked with for over a year and they only work with reputable Brokers - for more info on The Aslan Group and the Brokers they work with - visit the Forum here - http://www.forexmegadroid-forum.com/viewforum.php?f=28

Depending on the amount of money you plan to start with, you might want a broker that offers Microlots (trading from .01 and up) ie. Forex.com/UK or even Nanolots (trading from .001 and up) with GoMarkets... - but your equity cannot go above $500 with GoMarkets for the LPlate Account ( you can just remove funds from the account at this point or you will be moved up to another level with the broker's account size)... The reason I would suggest these brokers then is because of the lotsizes you can trade with... Alpari/UK is another account I have and I trade with Microlots (.01 and up) with it but the Rebate Plan amount is lower than Forex.com/UK...

I also like the Swissy Accu Scalper and the Megadroid Pro bots - and here's where you can get the info to purchase these for $197 if you buy another ea called Forex Legend you get the Swissy and Pro bots as Bonus Bots... which is a good price at $197 as the Megadroid Pro will be $699 in the next few weeks as per info posted by the Megadroid Support...

Depending upon the amount of equity you intend to start with, proper money management and risk management are things you should consider... I like to set up like this... for Megaroid 1.30, with $1,000 I like to play at .1 lotsize... if I had $500, I might prefer to play at .05...

With the Swissy playing also... you may wish to have $1,000 and play the Megadroid at .05 and the Swissy also at .05...

And if you're playing with the Megadroid Pro... you might prefer to run at a .02 lotsize for all six eas to run on one platform with $1,000 equity - I asked Megadroid Support if I could play all 6 bots on one platform and they replied that I could...

So here's a few scenarios for you to consider to help you get started - hope I've been of some help to you!

I believe that if you set up using money management and risk management, you could confidently trade with these eas and not have to watch them...

Colleen

So as stewlsa's post suggest, you can run several eas together but as we both say, watch the risk and money management practices you have in play... if you are playing at a high lot size in relation to your equity, scalping out may be something you might wish to consider to acquire the pips in profit - that's not my game to play outside of my risk/money management strategy but others are bolder - may the pips be with those bolder traders... too scary for me to dabble like that though...

And I see stewlsa is a bit of a savvy scalper guy... Best of Luck with your Scalping along there Stewlsa... Luv that game but I'm a bit busy lately to scalp the Droid and other eas I've got running... Think Hubby got his hand in on last night's trades - happy to say the Megadroid 1.30 scored a couple of trades in profit last night for us! Happiness with the Pips there!

[Colleen]

Hey Folks,

The link through Forex Legend doesn't work anymore it seems to acquire the Megadroid Pro bot or the Swissy bot it seems...

The Megadroid Pro software isn't included in the package anymore.

But I found the link for the Megadroid Pro and it can be acquired if you purchase the Forex STF through the Megadroid Affiliate Link still... $97 it seems is the price...

Here's the link from the Megadroid Support Team http://www.forex-megadroid.net/forexstf-live.html

You will get these 2 bonus bots once you purchase the Forex STF...

1. Forex-STF is LIVE

2. Special Bonus #1: Forex Megadroid Pro Edition

3. Special Bonus #2: Forex Scalpa Robot

I hope this helps you get the Megadroid Pro bot!


And for the Swissy Accu Scalper bot...

The Swissy Accu Scalper bot was last offered as a bonus bot through another affiliate marketing thing the Megadroid Team was endorsing... but that was a couple of months ago... I do hope the link still works...

http://www.stealpips.com/?hop=fxdroid

Seems to still lead to the selling page for the Steal Pips EA for $97 and you score the Swissy Accu Scalper and the Forex Auto-Scalper EA as the bonus bots here...

Colleen