Announcing Official Expert Advisor
I would like to announce official “FirePips Expert Advisor”. This EA is currently getting coded professionally by a very experienced programmer and I am writing this post to welcome suggestions and comments.
From the feedback I received so far regarding signals service, this seems to be next step moving forward. This EA will contain a lot of advance features and we will improve it over time.
Key Features:
1. EA would read Orders from a file on my server that will be updated by me personally
2. All Orders are automatically checked for errors and typos
3. Option to hold on to Orders and place them only when price gets close to Entry price
4. Option to manually approve orders before placing them
5. Display Pending Orders on the Charts for easy reference
6. Option to trade 1 lot instead of 3 lots per trade.
7. Ability to enter extra pips to take into account brokers with wider spreads
8. EA would work on both 5 and 4 digit brokers.
9. EA would also work on symbols like EURUSDm and EURUSDmini.
10. Ability to login and verify Order details and Stats online
11. Inbuilt Risk Management
12. Admin features which will help me monitor sever load and perform maintenance
Note that this EA does not generate signals on its own. This EA is still work in progress and if you like to suggest anything then this is time to do it. Also note that not all features will be available straight away, they will be added progressively over time.
Another important point I like to add is that this EA does not undermine the efforts of others who have created and shared their EAs on this blog. In fact they are the inspiration behind all this.
VPS Hosting
Another area I am looking at is getting a Windows VPS to host your MT4. This way you won’t need to leave your PC on all the time and you can always remotely monitor and access your account. From what I know most people who use EAs on live account prefer this setup. So, if I see enough interest from everyone then I’ll pursue this further.
Other Update
On a side note, I am currently in contact with few investors who are quite interested in what we do here. One of them is offering their resources to backtest and analyze the strategy to get the full potential out of it. I am still contemplating on this will all work out and how everyone can benefit out of it. I’ll keep you posted on it.
Hi firepips, thanks a lot in advance. My question about the EA: will it work with an ECN broker?… I had an account with Fxcm and their MT4 platform (ECN) didn´t run buy-sell stop orders…
I´m sorry, the message wasn´t complete: "… didn´t run buy-sell stop orders WITH STOP-LOSS"
Do you mean to say you can't have place Stop Loss with your Buy/Sell orders?
Exactly, after a successful testing with my Ea in a demo account , I open a real one and no trade…. Fxcm explained me that due to the "performing" of the Ecn Mt4, the stop loss must be set AFTER triggering you Buy/Sell Stop order. Later I read that it was so with MBT too…..
Correct. On some ECN bropkers (possibly most? possibly all?) the OpenTrade order cannot contain the stoploss and takeprofit orders with it. I swear I have tested it with MBTrading and it simply ignored the stoploss and takeprofit portions and still placed the trade, but I cannot get it to do that now.
It simply refuses the entire order, and never gets into the trade.
So the code must open the trade in one command, and then on another tick it can put in orders for takeprofit and stoploss. In my EA, on EVERY TICK it checks to see if there is a stoploss order in place, and if not it puts one. So I could have VERY safely written it to just not include the takeprofit and stioploss in the original order, but I was not thinking about that when I was writing it.
And it's a simple fix too, I have fixed that part in my own code. But mine still doesn't work with ECN ans 5th decimal correctly, and I need to spend more time on it.
But to stay on ronnie's topic, he/you is/are correct. You can't have it place Stop Loss with your Buy/Sell orders. The buy/sell must be placed, and THEN the Stop Loss (and Take Profit) orders must be placed separately.
Quick Update…Yes, the EA would work with ECN / STP brokers.
Can it still work when the computer is shut off?
I always seem to have the problem that it stops looking for trades. I have done all the recommendations but it still seems to not work all the time.
Perhaps instead of when you "open a trade" — the tab can just always be set at True . Sometimes it turns off.
Perhaps there is a new download that have fixed some things. I am using one from awhile back.
Thanks
If you get a VPS service, and run an EA on your VPS, then yes it will still work fine when your computer is turned off.
It sounds as though you are talking about the EA that I wrote, because I put in the tab for "true" to "open a trade" The EA that FirePips is talking about in this thread is not the one I wrote, but that of another member working with him.
Mine is not a "professional" EA, by any stretch, and if a professional coder is working on his new one, I am sure it will be superior to mine.
As to mine, it can't work if it doesn't set itself to "false" when it finishes a trade, I know of no way to work around that. I do not know why it might work some of the time, but not all of the time.
More than that, let's take a discussion of my EA to the thread where that discussion exists; we do not want to hijack this thread over that. If you want to talk more about mine, do please ask in that thread and I will help you if I can.
Thanks for such a detailed response. I am not an active member of the blog so I was just speculating that was the same EA and basically he was gonna improve on it. It is good tho. You did a good job. I will have to get a VPS cause I can not be in front of the computer all the time. I am going to wait to see what ya'll come up with as the final package.
Hi FirePips,
Glad to hear this good news. Some features that you might want to consider is to:
1. Option for the user to select which currency pair they want to trade (For some with small account, they might only want to trade your profitable pairs)
2. Option to specify different lots size / risk level for different pairs (as soem might want to take a bigger risk for more profitable pair like EURUSD and EURJPY)
3. Trailing Stop option for those that might want it
4. Ability to adjust stoploss automatically according to your FAQ (This way, the EA will be able to adjust stoploss once it hit TP1 and TP2 without the need of you to manually update the file in the server)
BTW, are you still sending out Twitter updates as usual even with this EA?
Hi,
Sorry for shooting without really knowing how your EA work.
Is it a EA that only need to be attached to one chart and it will trade all the pairs (as in the Google Doc EA and Twitter EA) or is it a EA that need to be attached to all the currency pair you want to trade.
If it is the latter, then please ignore point 1 and 2.
Thanks for your suggestions mate.
1.2. EA needs to be attached separately to each pair at this stage. In future we can add a window that lets your manage everything from one place.
3. Trailing stop is a not a bad idea, however I've not tested it personally and don't know how it would behave in live trading. But it doesn't hurt in adding that option in.
4. I didn't mention this in the list above, I thought it will be obvious
Twitter updates will go out as usual.
Would be good to include option to trade smaller lot sizes (e.g. mini lots, micro lots etc) Perhaps, allow to specify base lot size (be it standard, mini or micro), then EA will simply multiply the input by 3
Hi Danny, That's what EA is meant to do…but I'll double check it anyways.
Please add ability to trade micro and mini account. I would like to trade 0.03 lots size and build my account slowly.
EA will let you select trade size…so it should not be a problem.
Yes please. For the starters and some of us that has been swept by forex before now, we request that option to trade micro lot of 0.01 possibility be there for us. The Young Shall grow.
Thanks Amdegia for this suggestion
Sounds like exciting times for you FP.
Looking forward to the EA and perhaps some great deals on the VPS hosting.
Regarding VPS, my aim is not to go for the cheapest but chose the most reliable.
I guess I would like to ask a general question…”Where is all this going”.
Currently you are offering a great service for free but what is in the future, are we being primed for a paid subscription service??….or do you intend to run it as a “FREE” service indefinitely?
I am just going with the flow. I didn't had all this in my mind when I first started.
Regarding free signals, I'll continue to provide free signals one way or the another..can't guarantee "indefinitely", everyone has only certain days on this earth, unless you from Planet X or something like that
To be honest guys, I don't mind. I do see value in the service and if it makes me money then whats wrong with paying for it.
I am certainly no expert programmer! But I do think that it is much better to attach it to whatever chart you want to trade it. I believe that trying to make it trade multiple pairs from being on just one window is needlessly convoluted, and makes it it more difficult to monitor and stay on top of.
Eng's EA doesn't have this problem because it is intended to replicate trades, rather than assist a trader in placing and monitoring trades.
With that said, I'll love to to try it and use it! Looking forward to its release!
Hi firepips,
Do you have an approx timeframe on the first release? And will you be charging for the use of the EA? Having followed your trades over the last 2 months I wouldnt mind paying for something that will pick up the trades I usually miss. I have been following your trades but am disappointed as I seem to miss the good trades due to the time when the more active trades occur, so an EA that can trade on the pairs I choose without me being around would be great (lazy I know but you can't let a good chance of making extra money pass you by).
Thanks
Michael
I am expecting first version to be out by end of this week or early next week. At this stage I've not thought about the fees…I need some time to sometime to think about it. We are moving quite fast right now and I've other things on my mind.
Hi FP,
is this EA only for MT4? coz i am using trading station..
MT4 only at this stage. If I seen enough interest for other trading platforms then I'll look into them as well.
Another important point I like to add is that this EA does not undermine the efforts of others who have created and shared their EAs on this blog.
In fact they are the inspiration behind all this.
This is an answered prayer to the request I made on how you can autotrade this signal.
For we the newbies, this is a breakthrough. Please I support this 100% plus. God Bless Fire Pips, God bless EA developers, God bless all fire pips Members.
It seems that all necessary is already here… in posts…
So the main thing IMO is stable work of the EA and the options of flexible lot size suitable for every one.
Yes, Miro, that EA would have that feature as well.
The last version closed the hole order at the first profit target. Can you make it so that it closes just a third of the order at the first profit target and so on. I think the orders should be separate in order for this to be done.
First of all I would like to publicly thank you for your efforts, I don’t know if people realize that giving updates every four hours is very limiting for you to be able to do other things throughout the week and you are prepared to do that, I know making money is fun but at the same time you are very generous. i would be extremely interested in the ea as I have tried others and have not been happy with them, none from your group, I hasten to add and I know that something like this from you would be the very best that it could be otherwise why would you release it? Knowing your standard of work. Again, thank you for all that you are doing.
Appreciate your comments mate. The idea is to create an EA which does provides all necessary features and yet customizable to fit individual needs.
I sometimes hear that LINUX based VPS are more stable (no windows updates required …). There is a way to install MT4 on LINUX also. You should have a look into this also
From what I've read is that Linux servers needs to un VMware to emulate windows. This takes up extra processing & RAM and which would limit performance.
Windows VPS can be disabled from receiving automatic updates and find them easier to configure, at least for MT4
Correct me if I am wrong.
Would appreciate an audible alarm alert when a pending order is placed or is imminent. This would be useful for those of us that take signals from metatrader but actually trade on a spread bet platform
Re point 2… Do you mean orders will be checked by your good self or computer? Just wondering about the consistently safest way of doing this..
You mentioned in the past about text/sms alerts can this be incorporated at the same time? Or maybe added to the 'to do list?'
More power to your elbow yr doing a great job – much appreciated!
Audible Alarm…Noted
The HTML page where I enter trade would have checks in place to stop me from making typos or entering incorrect prices.
SMS alerts…Noted
Hi FP,
Just to say thank you for all your forex signals and efforts on the forthcoming EA. I am a 66 yr old retiree and I love trading the forex but I'm not computer savvy and any help to make it easier to trade is most welcome. I'm trading just to pay the bills but have not been successful to date. Kind regards.
Lets hope this EA helps !
hi firepips is the EA free? and when are we expecting it?
To be honest I've not thought about any fees for it. Lets see how it goes first.
We should have a the first release towards the end of the week or early next week.
might all manage our-self just slightly better, your post merely emphasises that.
Awesome…your EA will be a valuable asset…since it will be updated from your server to get all the trades that you would post anyway! So if we can match your results this will be AMAZING! Regarding VPS…i have already FOREXVPS and so far so good for me.
In sum, the key point is to be able to get into your trades when we are not around and this is what your genius plan will allow.
I'm going bonkers just waiting!
Hello Fire…Greatly appreciate what your doing….I just thought I would mention (for your consideration on VPS) that my broker recently began offering free VPS for actively traded accounts….I am just setting it up myself so I can't comment on Quality….but I am happy with my broker/services overall.
Dear Trader:
FXCM LTD has been listening to our MT4 trading community and we have now expanded our MetaTrader 4 offering. We are proud to offer you a free Virtual Private Server (VPS) for 12 months to use with your MetaTrader 4 trading account. Actively traded accounts will be offered free VPS beyond the 12 month period, which is open to all FXCM MT4 accounts
That's good to know…thanks for the tip Randy !
To identify the trades could the EA add a note in the comment line Order ID 10 & if the user is trading in 3 lots then FP10-1, FP10-2, FP10-3.
With regard to VPS I would steer well clear of Crucial asany time i had questions for them they maintain it is an unmanaged service whilst Commercial Network Services is a managed service & they go over & beyond to assist with problems.
Chhers Peter
I am not sure at this stage what comments on chart would look like. I'll wait for the first version and then we make further changes to it.
Great news re the proposed EA which is exactly what I've been looking for. Would be happy to contribute to this project by way of donation if that would help. So refreshing to find a site where there is no inbuilt rip off you only discover later. Thank you Firepips and everybody else who has made this what it is.
Hi, Also I DEFINITELY propose to have in the EA the OPTION TO SELECT PAIRS to trade….such as enabling EUR/USD and the other top 3…well, I guess then we can just drop the EA in the chart pair we want to trade…..so nevermind.
Like any other EA you need to enable it on a specific chart. This way you can chose what pairs to trade.
Doesn't have to be that way. As long as you don't need to read data from the chart, you can enable it on just one chart and trade all pairs. That's how the script we use right now (successor of the 'google doc' version you have on your site, which behaves like that as well) works. Just attach it to one chart and that's it.
Hi Patrick,
Each version had its own merit:
To enable it on a specific chart, there will be less job to do when FP decide to introduce new Pair.
For me, when I wrote the Google EA and subsequently Twitter EA, my main worries then was that if I wrote it as individual EA, that would mean 1 person will have 5 charts open and imagine if there is 1000 people using the EA, that will be 5000 EA pulling data from Google Doc and I was afraid I will be banned by Google for trying to crash its server
Moreover, as my EA needs to write the file "Orders.csv" to the local harddisk, having mulitple EA running doing the same thing would corrupt the file and cause the EA to stop function as it can't read any file.
However, the negative with this is that it would need to be updated everytime there is a new pair introduce.
Thank god and you that this EA does not generate signals on its own.Machine doesn't know current news so EA's fails most of the time in long run.
Wish you all the best.
abhijit
Have you looked into Tradency ? They are the company who FXCM uses for their automatic trading system. The company, Tradency' seems to recruit people with ea's to join them. Tradency.com
Mark
No, I have not. But thanks for suggestion, I'll check them out.
Please be careful with Tradency, Zulutrader ect.. lot of people got veeeeeeeeeeeeeery bad results follow good strategy….Don't lose your freedom and uniques..
Thank you!!
I have seen suspicious results on Tradency; I had a bad experience with Zulutrade. What FP is doing here is close to ideal. He's quite transparent and talks to us. There is another service, Rentasignal, that has a forum so the signal providers can interact with the subscribers. They aren't tied to any brokers. FP has a dream to manage a hedge fund but maybe everything people look for in a hedgefund will be integrated into online "virtual hedgefunds" in the future. This is exciting.
I've had similar experience on Zulu. What we have is more than good enough. Don't listen to just anyone FP.
After trading your signals I've noticed that price action tends to hit the first or second target profit levels more often then the third tp, can there be an option to to trade only the first or second tp?
It would also be nice if once the TP is hit, the SL could be moved up/down to breakeven or secure profits.
If you look at stats I posted earlier and notice EURJPY & EURUSD, then third lot seems to collect more pips than 2 other lots individually. But we can have this feature available in future versions regardless.
Hi FirePip,
I am very interested to test the new EA. How often will the EA poll the file server for updates?
Do you know if the file server will be available for us to write our on EAs?
Thanks,
Mark
EA would poll sever every 1 min for 15 mins after new candle. Initial testing would tell us whether server could hold this load.
Server I'll use is the same for this site, nothing special. Not sure what you mean by write you own EA on it?
Sorry what I meant was "will the location of the file on the server which holds the trades be made public so someone writing their own EA can use it." I just started looking at MQL coding and it is similar to C/C++ which I have been coding for years. I have modified the EA DietPepsi provided for my own use by making it 5 digit compatible, adding BE strategy, trailing stops, etc. So I find them fun and challenging.
Of course if your EA does everything I need, then I will use it.
Cheers,
Mark
I am not intending to disclose the location simply due to issues with hacking and DoS attack. This will effect everyone using EA and I can't have that.
If you really need then you can email me but I am not sure what format signals would in be in the file.
Heeeee, Our Man. When do we expect to have this miracle.
We are eager to see it live.
Thanks alot
Fovoured111
This is great news! Most of this has been mentioned but I vote for:
1. Ability to select which pair(s) to trade.
2. Ability to select to close trade after the first TP reached (or second, etc.).
3. Ability to move stop to breakeven at first TP; then, as price moves up, maybe the BE stop can convert to a trailing stop with the TP removed.
Many thanks to you Firepips, and the skilled team you have assembled here. I look forward to more great things.
1. Like any other EA you need to enable it on a specific chart. This way you can chose what pairs to trade.
2. & 3. These advance feature will be available in future releases
Hey FP,
, see you mentioned you were looking at intraday strategies looking foward to this. shouts to Dietpepsi also, was trading live before and lost lots of money, now I am confident again because of your knowledge and advice! time to go live again. what broker is good to start small? mcro/mini (no more 1 lot for me)
you are like a pop star, keep up the good work, been out for a while stuuyding so now I am back and still see you doing excellent work. May the Universe continue to bless you with prosperity and (pips), my wife says I spend more time on your blog than I do with her
know you have heard this before, but here goes, you are a blessing, and you and your family will stay blessed for generations to come.
thank you
Thanks Andrew…funny my wife says the same thing
Regardless of what size you trading I always recommend an ECN broker. MB Trading is quite good and they let you trade small sizes.
That's funny! MY wife says the same thing ALSO!!
MBT allows down to $1,000 worth of currency per trade, which is 10 cents a pip on EURUSD for example. They once used to allow down to $100 worth of currency per trade, which was 1 penny per pip, but they don't anymore.
Trading Firepips method to the letter, if you open a $500 account, and trade in 10 cent sizes, you are taking a fairly aggressive risk. With a $1000 account and 10 cents sizes, you are taking a moderate risk. I am writing an article on that subject, hope to have it finished and post it soon
If you want to trade much less than $500 you'll really need to find a broker that allows the next smallest size. I don't know an ECN that does that, but there are some MM brokers who do, and if trading with less than $500 nothing a broker could do is really very catastrophic.
Hi, Why do you recommend ECN? too much commissions, right?
Looking in here is becoming a habit..LoL
OK..FP…Interesting and challenging development/business model..but certainly a good choice..In longer term a C & VPN model for comms might be more robust.
HOWEVER…
Can we assume then, that you will run this EA on a small MT4 live account yourself, which can be published on something like MT4Stats.com… which will provide completely automatic realtime account monitoring?
That would afterall, answer …
1.ALL THE PERFORMANCE TRANSPARENCY QUESTIONS.. that have been raised in the last weeks?
2. ALLOW EVERYONE TO VIEW $$ PERFORMANCE ..RATHER THAN PIP PERFORMANCE (which is completely inadequate…)
3. SERVE TO MOVE THE DEBATE INTO THE VITAL AREA OF MONEY & RISK MANAGEMENT…
Regards
Ed
If FP does not want to do this, with his agreement, I will be happy to. I have missed only one candle altogether in two months or more, so my results would be a very close mirror.
However:
1 – I trade identical lot size on each JPY pair trade, and identical lot size on each USD pair trade, (where some risk more and some risk less) so that each pip is always worth exactly the same dollar figure. Not as correct of money management, but adequate if the correct sizing is used for the amount of the account. And it makes for very simple correlation between pips gain/loss and money gain/loss, because it is exactly directly proportional. But it will not illustrate any of the more complex money management that makes the pip count less relevant.
2 – I of course do not get identical fills to FP, as no two of us on here will get identical fills. A pip or two is not that important, but it REALLY matters if
. . . . . . A – I hit a stopout that FP misses by 1 or 2 pips, and then goes on to profit, or
. . . . . . B – I hit a target that FP misses by 1 or 2 pips and then stops out.
Both events have happened. So that will skew the results. But even if FP does open a small live mt4 account for the purpose of mt4stats, that is still going to happen some, sooner or later.
Still, short of tying directly to his real open and close orders (which we cannot do if he makes his live trades on NOT a mt4 broker, it is the best we could get. And if his new EA will work as to get the numbers from his server, that will even remove one more element of chance; bringing it still slightly closer to the same performance he has.
And so if he does not wish to open a mt4 live account for this purpose, and if he does not have an issue with me posting mine, I will be happy to.
DIET..
Just seen your post..
THAT WOULD BE EXCELLENT,Diet
Dont understand how ANYTHING that serves the interests of CLARITY here COULD POSSIBLY BE OBJECTED TO by FP????????????????????????????
Can you?
Of course there will be differences in detail between brokers, from week to week.. caused by feed differences. Because of that I think think it would be valuable for a couple of accounts based on different brokers feeds to be published.
Incidently the EA SHOULD AUTOMATICALLY ADJUST FOR SPREAD..its a simple bit of code for a proMT4 programmer..
Regards
Ed
Hi Ed,
I've no objection with clarity of course. Let see what we have so far:
1. Every trade is posted on this blog for everyone to see.
2. Couple of days I posted a complete statistical analysis up until last week
3. Diet Pipsi diligently maintains pips table week by week
I don't understand why we need to do the same thing over and over again at several different places. Another group of people suggest I should publish trade on Zulutrade for better clarity. Question is where does it stop ??
Why I keep getting this feeling that I need to keep proving myself or the system? I am not in a competition to prove myself above all or want my system feature on front page of ZuluTrade.
I want to focus more on trading, backtesting strategy variations and coming up with new ideas. Just so you know I tried registering with MT4live and someone already has taken my username.
Please try and use small caps.
FP..Thank you for your reply.
I am making one simple suggestion here.And it involves NO extra manual input or effort. Only organisation.
I will suggest it again…
Create and publish full public access a small live Model Live Account (MLA) with MT4 broker..that faithfully trades your calls,
and I promise that 90% of the confusion, duplicated effort, and demands for further "proof" of you and your system will disappear.
Why do you need to do this? because otherwise there is no "official" or common data record for the system on which everyone who wants to contribute, can base their analysis. Diet can do this but.. you will then have lost control?
What do you achieve by my suggestion..of a MLA?
1. NO ONE, (except the terminally ignorant) can argue with the results. (by terminally ignorant I mean those that do not understand the differences , datafeed, spread and slippage can introduce in live market trading between one platform and another)
2. All the key raw trade data required for further independent analysis, of the type that you so generously provided last week, is openly available from that account to other serious traders, who can then input their contribution in a more sensible way than writing "Cool FP,, you rock",
(And Diet will not have to waste his time reprocessing data for publication "in the interests of clarity")
3. The whole nonsense of ascessing, discussing and optimising system performance in "PIPS" can be put in its very limited context.. and the real issues of $$ performance lot-sizing risk and moneymanagement can bring this whole project to a real world level, to the relief of the experienced, and the benefit of the uninitiated.
Ive nowhere suggested that you engage Zulutrade..or GFSignals or RentaSignal.
Having a sense of your objectives for this project here, I fully understand and concurr that that road would be a mistake.
Finally you say, given all the demands contributers here have suggested …. "question is, where does it stop"
Well FP, if you implement the Model Live Account (MLA) business model…it STOPS here.
Every person visiting your site will have direct access to indisputable live account results, with all the access to trade detail that they would have if that account were their own. Data in a form that can be freely imported into any analyical package and subject to any analysis they like… from which no doubt informed discussions suggestions and innovations may be pursued and considered to the real benefit of the system.
Is MLA more work? ..NO. Is there an additional upstream process cost? NO.
Thanks to the EA, the signals when issued can be automatically entered into the Model Live Account.(MLA)
(Youve said… "I want to focus more on trading, backtesting strategy variations and come up with new ideas"..something everyone would want for you.)
Finally FP… you wrote.. "Just so you know I tried registering with MT4stats and someone already has taken my username."
Well.. you have friends..Yesterday I retrieved your MT4Stats username.. and password. ..and have emailed them to.
Job done. Firepips.MT4Stats.com is yours.
Now over to you.
You have an interesting project here. Build it on the right business model..
You deserve success.
Ed
Agreed, having a LIVESTATS would be pretty much all that is needed and will STOP THERE, lol!…it really is a SET and FORGET thing…just make sure you have it running on a VPS so the EA will trade uninterrupdely. …setting up the MT4Live stats literally only takes a minute and it is done….i'm sure everyone will bookmark it and will refer to that page and will surely free up some time for FirePips!
In my humble opinion the results are already undisputed. Ed if the existing results are not enough to convince you then honestly don't know what else would convince you.
The results provided on Zulutrade, MT4stat etc are so much better then why not you subscribe to one of those providers and make millions.
"Micheal"..
Ive just told Firepips what will convince me. An MLA.
Which bit did you not understand?
A onestop solution that involves no additional processing. Provides instant professional standard access to independently published raw trade data for analysis,and saves Diet all that work.
If thats a problem? I gotta ask Why?
Ive seen it all before. LoL
Regards
Ed
FYI weve traded futures commodities for over 10 years.
Our curent combined trading accounts in fx are over 7 figures.
We privately advise twice that sum..for much of which we use London and UK based < Reference removed > whom we do extreem due dilligence.
Only one recent webbased exception..( < Reference removed > )) and we are analysising a second…
With great respect your irony is wasted on the wrong guy..Lol
Well I said I was happy to provide a live account for mt4 stats if FP agreed. And I still will if he does.
But I did NOT agree that it would save me any work. You hit the nail on the head when you said that mt4stats provides raw data ONLY. No one can look at that raw data at a glance and see and understand what is going on with these trades. It would literally take hours EACH WEEK to take that raw data and come up with the results I post. And while you may have traded profitably for years without knowing that info, unless you planned the trades and took them yourself, seeing just the data without the interpolation is a useless piece of information.
And just because a lot of uninformed traders would make erroneous conclusions from having it, doesn't mean that it actually would be a useful thing for them to know.
It would prove that FP, or someone, did actually take the trades in a live account. But what difference does that make? If YOU did not take them in YOUR live account, then they didn't make you any money.
Proof that the calls are legitimate is all that's needed. And that's all I think you are looking for, unless I am reading you wrong. It takes only a few minutes to pick any trade at random off my chart (or even off of FP's trade updates), go to that spot on the chart and see that prices hit exactly as reported. Then by simply realizing that FP called those points BEFORE they hit, that is all the proof needed.
Sorry to disagree with you so bluntly here Ed, but IMO mt4stats give much too INCOMPLETE a picture of the trades, and in this case would provide absolutely nothing of any additional use.
Agree with DP. I've followed signals since last week of Jan and I can vouch that every trade is legit and is published correctly.
In regards to analyzing data, I do it on my own and it matches perfectly with what FP posted earlier.
Diet .. Thank you for your reply.
I wecome your engagement in the points Ive raised. I am also glad to continue this discussion back here out of the limelight of the current weeks blog, because it is not my intention to "rain on FPs parade".. rather to suggest a good business model on which he can build and to suggest ideas based on deeply held convictions that I have reached about signal providers data over the years, from extensive practical experience. You have the advantage of me. You refer in your post to "interpolated results" and say "It would literally take hours EACH WEEK to take that raw data and come up with the results I post."
Where do you post these interpolated results.Forgive me I have missed something here.
Im just a Joe that clicks on the Blog link and expects all the data, links and analysis to be on the same page?
I have alot to say but I clearly need to read these issues you refer to before any reasoned response.. LoL.
The chart of closed trades and totals to date is interpolated from the raw data. Seeing only the raw data would give a fuzzy picture at best; but seeing the chart I am posting tells exactly what happened to each and every trade.
Without such a chart at the end of the week, you'll know if you made money or not, by looking at your balance, but you won't really know why (unless you were the one planning all the trades and watching them yourself as you went).
When you click the blog, it shows all the trade calls, and all the results of each trade to date for the week on the chart. It couldn't get any clearer than that.
The only thing that is NOT on the results page is the lot size. And FP does not state specifically what lot size he took on each trade, other than to say he opens with "three lots". I have no clue if those are "standard lots". But I don't care. I know exactly what lots I trade with, and what the dollar value per pip is, and can know then at a glance what the money would look like for the trades posted.
Granted, I don't say that in each blog post. FP's discussion of lot size is in the FAQ, and I am writing an article on Money Management that will be posted in a separate article on the blog.
But the mechanics of how to manage the money cannot (and should not) be attempted with a cursory glance. One SHOULD have to read the instructions for the method to know that.
Or for experienced people, look at the average stoplosses, do the math in my head, and know at a glance what lot size I would be using, and know the money from that immediately. Which will be different for every trader.
There is nothing to read into what's posted, the chart simply contains the data for each trade, and is as concise as it can be made.
Forgive me for being stupid.. Diet..but
WHERE IS THIS CHART you keep referring to?
The chart is on each blog page with the current updates. It's a table that is titled "Table of Closed Totals For This Week's Trades (as of *date*, *hour* hour candle):"
It shows every current and closed trade for the week, with the correct pip count for each trade (either the full count for the closed trades, or the count so far for open trades that have closed the first or second targets).
If Firepips opens a new blog page with a new business day in the middle of the week, he'll move it over to that page, but the blog page that has the last day for each week it is left there and a new one is started for the new week.
This week, trades 12 and 14 closed during the 04:00 bar on Thursday, and the closed trades chart showed -305 for the week total so far. Later, Firepips posted that we were ending the week for an early Easter, and so that becomes the week's total, -305 this week. But it is and was kept in real time, with the full and correct pip count trade by trade.
Again, it does NOT count money, and of course money IS more important that pips. But of course unless each trader was going to manage the money the same way, no two would get the same profit or loss from -305 pips anyway. It serves no useful purpose to show what one trader got from those pips, unless everyone is going to do it the same way, which they are not.
I cannot wait for the new EA. I already have VPS through FXCM and would love to try it out with the EA. I have only been trading your signals for a couple of weeks now and it seems that I inevitable miss a good trade during the night or try to trade on my own and stop out. Waiting with baited breath for the post that it is ready!
Me too…this could be the best, and most importantly, profitable service/EA in the world! If it can match or even make half of the pips stated…..i'll be grateful…and after year we can have a playboy party at my place in a year….yes..girls will be provided as well as airfare for around 20 people..and VIP status for FIREPIPS himself!
man…VIP status for FIREPIPS…..hope the wife wont get mad at him tho hehehehe
Firepips,
While having a 1 or 3 contracts option is great, would you consider a 3rd option for additonal risk controls? Stepping into the trade with 1 contract; as 10% of first goal is reached an additional contract added; then with 20% of the first goal is reached a 3rd contract is added. Or possibly have "step into contracts" options, with settings? What do you think?
Thanks for the suggestion Dan. To be honest I've not thought about doing this way yet. I wonder how much value would it really add. Only backtesting can show us if it is worth doing this way. Let me think about it.
Hi FP. Greetings from Hong Kong. I have following your signals for over several weeks and quite impressed with the success. I have been trading FX for a few years with some success, but must admit your signals outdo them. I have reading on your intro to EA & VPS, honestly speaking, I am totally lost. I would like to continue to follow you through traditional methods, but understand it's not feasible with limited time and manpower. Any suggestions? I'm willing to try and learn more about EA & VPS, but would you or someone be kind enough to walk me through the basics. I went through your past blogs and didn't find any… perhaps, I am not looking in the right area.
Thank you for sharing your signals. With all this hard work and dedication I'm sure there will be a good payback, keep it up!!! Cheers, Mahesh
Hi Mahesh, First of all thanks for comments.
As you know that signals are send every 4 hours, for some traders it is not convenient and they sometime miss trades. With this EA they can set their MT4 platform to receive signals in real time.
VPS on the other hand is a windows server which can run MT4 and EA for you. Benefits of which are already listed in the post above.
To set this both up is quite easy. If you google you can find all the info you need.
Thanks FP, please continue the good work… Hardwork + Dedication always pays out… Cheers, Mahesh
I use FOREXVPS(dot)com very easy….!
Hi Firepips
I'm from Vietnam and i've been following your signals but haven't traded them yet due to my working schedule. It would be great if you can offer us an EA that autotrade your signals since many of us can't trade your signals on time . My hat is off to you for your hardwork and kindness.
Trung
Is there any chance to have a simple 2.0 version of the Diet Pips EA?
I continue have problems with that. Some crosses doesn't work and I dont know how to fix it.
I think DP EA is good enough.
thanks in advance
Sometimes it opens trades and close them after few minutes without a reason.
Am I the only one with this problems?
thx again
Hi Muratt, Please post EA questions in relevant sections. You can find the discussion post for each EA on the top under "Download" page
hi FP i think your server will not handle thousands of EA trying to get the signals it would be a disaster for traders of real account i think at least the first week would be a testing one on demo only to see how it will work
let download and try this best way to know i wish if this work on my mt4 with forex.com
with small size of deposit
Hello everyone.
When is coming the official expert adviser?
Installed firepips EA 7 hours ago.. that do nothing yet- wrote on the chart "not looking for a trade right now".. When it does?
vector – did you install the DietPipsi EA found on the "Downloads" link at the top of this page?
If you did you just need to read the document that explains how to use the EA. The instructions are linked right next to the EA. You have to enter the parameters of the trade then the EA takes over from there otherwise the EA is not looking for a trade.
If you are talking about something else, my apologies.
Good trading!
Kerst1
When each candle comes out, and a new trade is called, you input the trade parameters in the EA. Then it will change to show the trade it is waiting for.
I wonder if you missed the post with the instructions for using the EA. If you click on "downloads" at the top of this page, listed by the EA is a link that says "instructions" and in there it tells how to use it.
It is not an EA for fully automating the entire trading process; it is an EA for managing the entries and exits for trades when you set the specific parameters.
Hopefully helpful – -
Hello There,
I hope everything is going well for all of you !
I just would like to know if there's a date for the EA release ?
If you need any help for some testing, please just let me know. I'll be more than happy to participate.
Jed
waiting EA release…hopefully on next day….:)
ME TOO…
Great initiative the EA, clearly like this anyone who wants can replicate your performance, (of course taking into account different brokers, etc.)
Reading the features, it is not clear that you offer an option to select which pairs we would like to enable. For example it seems that E/U and E/J are the best pairs, many people would just like to take orders from these pairs. Having an option to enable trading for any of the pairs would be a really useful features.
I just found your website and I am very impressed and interested in your new EA as I work 12 hour days and difficult to check my computer too often. I have VPS so this is awesome.
Thank you for sharing all this information with us.
I cannot instal Fire Pips EA, i need a tip, i already put it in expert's directory and reebot the MT4 but it still does not apear
Greetings. Really enjoy your article it is wonderful.
Is this EA available yet?