I have two new warnings to issue about 1) signals, and 2) VPS offered by a broker.
Starting with 1) DO NOT COPY STOPLOSS/TAKEPROFIT.
This just happened to me a day or two ago and, apparently, many people on the JohnPaul77 signal, and who knows how many signal subscribers have been affected by this? 6 XAUUSD trades were opened on my account which all lost at the exact same SL TP value. These losing trades were not made by John Paul, well at least not all of them, probably only the very first. Here's what I'm assuming happens and I'm probably right as I usually am: If you synchronize stop loss and take profit of a signal and you are using a different broker with a different price feed, and if your broker's symbol price either triggers (or hunts) the stoploss then you lose that trade, and if the signal providers price does not hit his stoploss at the exact same time then your platform will try to re-synchronize the trade again (always at a worse price than signal provider) and the stop loss can be triggered over and over again until their trade actually closes. So let me repeat: ONLY SYNCHRONIZE POSITIONS/TRADES, but NEVER SYNCHRONIZE/COPY SL/TP.
how?, someone asked in the review section of JohnPaul77, since I can only post one review I cannot answer that question there. here follow this simple step:
MT5->Tools->Options->Signals -> make sure the "copy stoploss and takeprofit levels" box is NOT checked.
Now for warning 2) DO NOT USE A VPS OFFERED BY A BROKER
When you restart your computer at home you can re-open MT5 and all your EAs will still be on a chart. My broker this week warned about needing to restart the VPS. That was a blatant lie- it was not a restart but rather a complete system reset. See I had only 2 MT5 platforms open, I log in today and notice all 5 platforms are open, but none of the charts I was using were open and all EAs completely shut down, funny because my EA has profitable positions on about 3/4 of the open symbols. If they just re-started the VPS, my EAs should still be on the open charts, but no, they saw a threat to their profits and tried to find a 'legal' way to deal with it. Ok that's my paranoia talking, ignore that. Seriously though this is a real problem with VPS managed by someone other than YOU. You can privately ask me who the broker is. If they do not fix this problem I told them our business together is finished. I will update this thread if they fix the problem. And also if issue #1 above is dealt with.
Its incredibly annoying to spend several hours setting up EAs on an account and then to have positions on over 20 symbols then suddenly the broker does something to the VPS causing all the EAs and their charts to disappear. Its unprofessional, rude, and hostile to the customer. What's even more annoying is that I was VERY hesitant to set up the VPS in the first place and the person who "sold" me on the idea said my EAs would never be interfered with. Yes I sent them a message since then, no I have not received a response.
my email to them:
"To get me to open a
VPS you told me it would not be interrupted. When you do vps maintenance and
need to restart them that's fine, but MT5 is supposed to close and open with
all the same charts with the EAs open on them too, I don't care if you need to
restart the vps, but to actually completely reset it so that all the MT5
instances start fresh- that is an actual interference- disruption. I only had 2
MT5s open, now all 5 are open, and none of the charts I had an EA on are open-
over a dozen! That really seems like manipulation to me and I'm sort of upset
about it now. My computer at home can restart and when I open MT5 all my EAs
are still there on the charts, there's no reason why it can't be the same on
VPS. Please fix this problem or our business together is finished"
If they respond I'll post it here too.
Ok if you've read this you've been warned, heed my advice and you will have...fewer...problems with your trading :)
Best regards world!
I have two new warnings to issue about 1) signals, and 2) VPS offered by a broker....
Thank you Jeremy, this pair of warnings are very useful for any trader. I believe the application of these warnings would be a nice form to reduce the risk involved in any kind of trading, very important!!!
I totally agree with Jeremy. It's better to have a VPS with complete control. MQL5 also provides VPS and very affordable and useful to setup; however, if you are planning to run more than 1 terminal, it is more cost effective to operate a self managed VPS. 1&1 VPS and Microsoft Azure offer a trial. Few important notes though when using VPS: