FAQs Expert-Advisor Magic-Champ II

1. How is the order process?

After you have purchased a version of the MC-II in our shop you will receive an e-mail to the address which you have stated in the order form. In this email all information on the next steps of order completion are specified. Depending on whether you bought a license which is tied to a specific broker (IB) or a broker – free version the following steps are:

1.1 MC-II without a specific broker non-IB

In order to complete your licence we need some specific data about, namely your account-number, your broker an the account-currency. Please download our Account-Checker, which will help you with this process, by producing a txt file for the needed data automatically. This data needs then to be send to us.

Based on the provided data we will produce a dedicated licensed file an will send this to you via e-mail. This may take up to two working days, usually you will receive it within a day. We are currently working on an easier download – solution.

1.2 Magic-Champ II with IB

For the most partner brokers of ForexInnovation it is sufficient to send an e-mail with the request to switch the account to IB of ForexInnovation. If you have ordered a MC-II as IB version you will receive a mail with all the necessary information including a template of the necessary text to be send to the broker. You only need to fill in the account number and send it to the broker's support team.

If you have not filled in the according fields in the order process or do not have an account opened yet, please send us the necessary information (IB-broker name, account number and account currency) via email in order for us to prepare the license.

Additionally we need your account information in order to complete the licence, namely your account-number, your broker an the account-currency. Please download our Account-Checker, which will help you with this process, by producing a txt file for the needed data automatically. This data needs then to be send to us.

As soon as we receive the broker's confirmation we will complete your individual licence and send it you. This procedure may take up to two work-days, we are working on a faster solution temporarily.

2. For how long is my license valid?

One license for MC-II starts on the day it is delivered and will expire for your account exactly after 365 days.

3. Can I switch my MC-II license to use it on another account?

No, one license will only work on exactly on account.

4. Can I purchase several licenses for different accounts?

Yes

5. Can I switch the broker after I have purchased the licensed software and have used it on an account already?

No, not at the moment. We are working on a reliable solution for the future.

6. What does the limitation of risk to a maximum of 500€ per trade mean?

MC-II is a high profitable system which has a proven track record of trading on live real money accounts for over 2 years. In order to find a fair pricing for both, customers with large accounts (e.g. 100.000 €) as well as smaller accounts (e.g. 3.000 €) we have set up the risk limitation. When both of the customers in the examples trade with a risk of 3% per trade the customer with 3.000 € will risk 90€, which is very much possible with the implemented maximum risk limit of 500€.

However the customer with 100.000 € would risk 3.000 €, which would not be possible with the standard license, i.e. risk limit of 500 €. Therefore the customer with a large account would have to buy more licenses in order to unlock the limitation and raise it to an fair amount.

7. My account is not in EURO – currency but in USD or GBP etc. How is the maximum allowed risk calculated from the original 500 €?

Please state in the order process you account currency. We will convert the max-risk to an EURO – equivalent amount based on the swap price of the currency pairs at the time of license release.

8. What can I do if the limit of 500 € risk per trade is too low for my account?

If you would like to trade the system with a higher maximum risk, please contact us for an individual offer.

9. What is the minimum account balance you recommend for trading MC-II?

We do not recommend a minimum account balance. We have customers trading the MC-II with an account balance of 500€ and customers with 500.000€, both running the MC-II on MetaTrader without any problems.

10. Which leverage do you recommend for my account?

If you set a high risk per trade and maybe also have a second system running on the account you should choose a leverage of >= 100. If you trade rather conservative (less risk than 3%/trade) and do not place any other trades on the account then the leverage of 50 or even lower is sufficient.

11. What influence does the leverage have on the performance?

NONE! The leverage only influences the necessary margin. It only determines how the volume (lots) you can buy with the available money on the account. With high leverage you can buy more lots, with small leverage you can buy less. The impact of a lot or minilot will however always have the same on your account balance, the leverage does not have any influence in this.

12. Does the system also work with ECN - brokers?

From our experience the system works better with ECN and STP brokers compared to DD – brokers. Technically speaking the system will run with all known MT4 – brokers and broker types (DD, STP, ECN). We have a customer base worldwide who use the different brokers. And with all customers the EA works. So far we never had any broker with whom the software does not function. For more information on broker types please check the following page: Broker Choice

13. Does the MC-II work with 4 and 5 digit brokers?

Yes. MC-II was programmed to work with all different broker types, i.e. 4 or 5 digits broker.

14. To what should I pay attention when choosing the „right“ broker?

The tighter the spread the higher the probability of success for the system.

For EUR/USD the spread should not be above an average of 1.8 points.

For GBP/USD the spread should not be above an average of 2.5 points.

Possibly our data feed – analysis of several brokers will help you to find the right broker of choice. Broker-Datafeeds

15. Are the trades independent of the broker I trade with?

NO. Unfortunately the Forex market does not offer the one, right data feed and pricing. Each broker has different liquidity providers who will offer different quotes. So there will always be minimal deviations in prices between the various brokers. This ultimately leads to the effect that trades will have different entry points and exits. However in the long run these differences should be negligible for similar brokers (e.g. both with very similar spreads).

16. Do I need to run the MetaTrader around the clock (24/7) and leave the MC-II activated?

YES! You must ensure that MetaTrader runs around the clock and is connected to the broker! You can run it on your PC at home or choose a server to run the software (MetaTrader and MCII) on.

17. Do you also offer professional servers for rent?

Yes, we have a very good German server provider as our partner. More details can be found here: Serverinformationen or under Trading-Server.

18. On which currency pairs does the EA work / run?

EUR/USD and GBP/USD

19. Do I have to activate both currency pairs?

No. You are free to decide for yourself if you would like to run the EA on both currency pairs (EURUSD / GBPUSD) or just on one of the two.

20. On which time-frame should I activate the EA?

In principle there is no specific time-frame the EA needs to activated on since the EA scans and uses all available time-frames. However please DO NOT change time frames when the EA is activated on the chart! For chart analysis etc. please use a separate chart.

21. Can I change the time-frame of trading for MC-II?

NO. Changing the time frame might lead to problems during trading since MetaTrader restarts any EA activated on the chart when changing time-frames. If you would like to do chart analysis for this currency pair please use another separate chart.

22. Does the EA also work on other currency pairs than specified?

NO. Currently the MC-II is only set to run on EUR/USD and GBP/USD.

23. What do I need to consider during installation of the EA?

Please read and follow the instructions you received when buying the EA!

# You MUST install the CodeMeter software

# You MUST drag the CodeMeter activation file provided to you into the licensing field of CodeMeter

# The Magic-Champ II EX4 file MUST be placed in the folder ...metatrader/experts!

# NO OTHER Magic-Champ II ex4 files are allowed in the experts folder!

# The DLL MUST be placed in the folder ...metatrader/experts/libraries!

# You MUST activate the DLL functions in MetaTrader (see instructions manual!)

# You MUST activate the Expert – Advisors button in order for the EA to trade (see instructions manual!)

24. What do I do if I don’t know whether everything is working alright with my EA?

In order to find any possible problems when trading the EA all key events and activities of the EA are logged / stored in a specific file. Each trade and the response by the broker is stored in the file path metatrader/experts/files/logs/magic-champ II ()/*.txt. Please send the files or the whole folder (please compress with e.g. Winzip / Winrar) to our support address in order for us to verify the logs.

25. How are the positions secured against losses?

EACH TRADE WILL BE SET WITH A STOPLOSS RIGHT AFTER TRADE OPENING! This stoploss is transmitted directly to the broker (no hidden SL), so that even if the connection to the broker breaks off the maximum risk of the trade is secured.

26. Does MC-II apply an form of martingale strategy?

NO! Each trade is opened with a defined (calculated) risk of x%. When the trade is finished a new trade will be calculated strictly on basis of the existing account balance (except for fixed lot settings). Even if the trade closes with a stoploss, the loss will be x% of the account balance based on the risk settings defined by the user. The EA will never scale into a position or increase the risk in order to recuperate any losses.

Also there will never be any trades without a SL (unless there is a technical problem, i.e. connection to broker)!

27. I have set the risk to 3%, however the traded lot size alternates a lot.

YES

The traded lot size with the Fixed-Fractional Money-Management is derived from 4 different factors:

1. Account balance

2. Set risk per trade

3. Tick value

4. Stoploss

The stoploss of MC-II variates from trade to trade between 15 to 45 points! Depending on the market conditions the MC-II calculates its optimal distance for the SL automatically with every trade.

The closer the SL is with order opening, the higher the lot size will be! A trade with 15 points SL will have a ratio of 3:1 against a trade with a SL of 45 points (if the risk setting is the same for both).

28. Which risk setting do you recommend trading the MC-II?

We do not recommend any settings. It is your money on your account, you must decide on yourself based on your preferences! In general we recommend to take it easy starting trading any system – nobody became millionaire within weeks trading an automated software – even if it is suggested in many advertisements. The system MC-II unfolds its possibilities through the number of trades and its statistics, so give it some to run on your account. Choose conservative risk settings and let the system run for a while. After it has generated the first profits you can start to adjust the risk if you prefer. However with the build in Money-Management there is no real need to change anything during the course of trading as long as the basic risk you set still corresponds to your preferences.

29. What advantage do I have buying a MC-II license as IB – version?

You receive a discount on the software!

30. What are the drawbacks if I choose to buy the MC-II software with IB, i.e. attached to a partner broker of ForexInnovation?

No. The trading conditions remain the same between an IB – and non-IB – version. Also an IB – account with one of our partner brokers offers the same trading conditions as for normal accounts, i.e. no spread widening, same commission payments, etc.. For you as the customer there are no drawbacks!

31. What is the difference between the Basic – and Pro - version?

Please have a look at the different back tests. The Pro – version generates roughly 30% more trades and is much more profitable. Also the Pro – version offers much more possibilities of adjustments for the money management (Adaptive-Money-Management, ReInvest-Management).

In order to offer a simple and easy way to start trading the Forex market we offer the Basic – version. If you decide to try out the Basic – version and then would like to change to the Pro – version along the way there is the possibility to upgrade during your license period.

More details on the differences between the Basic- and Pro – version can be found on our homepage under Magic-Champ II (LINK).

32. Is an upgrade from a Basic – version to a Pro – version possible? How much does it cost?

Yes, an upgrade is always possible. The upgrade costs 149 USD.

33. Is my license extended if I buy the upgrade?

No, the initial license period remains unchanged.

34. Can I run the MC-II on the Dukascopy JForex platform?

No, the software is designed for MetaTrader4 and only works on this platform in both versions, Basic and Pro.

For institutional application of MC-II however we can offer specific licenses for the Dukascopy – platform (JForex).

35. Does the MC-II run on MetaTrader 5?

No, the software currently only runs on the MetaTrader4 - platform.

36. Is the MC-II also available for MetaTrader5?

No, currently no version for MT5 is planned. However as soon as MT5 is fully established in the market we will also prepare a MC-II version for MT5. Right now the demand is just too small.

37. Is it possible to get a demo version of the MC-II software?

No, a demo version is not available. Magic-Champ has a proven track record of over 2 years trading on a live real money account. A demo version would not provide any additional information or added value. Also please note that a lot of EAs will produce much better results on demo accounts vs. live accounts, so please be careful with any demo versions in general.

38. Do you offer any support after I have acquired the software?

Yes, if you experience technical problems in connections with the Expert Advisor MC-II you can contact us through our support department.

Support via phone is not provided.

39. Do I receive updates for my acquired software?

Yes, if we issue any updates you will receive an e-mail automatically with the updated or download link for an update.

40. Are there additional costs for any updates?

No, updates are free of charge during your license period.

41. What kind of system is MC-II, a scalper, trend follower, etc.?

MC-II in general is a trend following system which realizes fast small profits. The trades usually last up to 60min, however, some will also run longer depending on market conditions and volatility.

42. Is there a money back guarantee?

No, you buy the software and trade with it on your own risk. Even though we have created the software we cannot foresee the future of the markets. Therefore we do not know if the MC-II will trade profitable in your designated trading period with your specific parameter settings. Please also see our terms of conditions as well as safety instructions.

43. What are the minimum requirements for the hardware and / or software to use MC-II and the encryption software from WIBU?

MetaTrader is only available for the Windows platform. Therefore you will need a PC/Laptop or server with Windows operating system. Otherwise there are no specific requirements for the hardware, however you need to ensure that the PC/Laptop or sever runs 24/7 and is connected to the Internet 24/7 with your broker. You can lease professional server space through ForexInnovation – please check for detailed conditions in our shop.

44. Which settings shall I take for the MC-II? With which settings does ForexInnovation trade?

Here, we cannot advise you. You may access our current setting on our website. Please notice, however, that these settings DO NOT represent any recommendation.

45. What happens if the MetaTrader crashes or the Internet connection breaks?

See under „How is an open position secured?“.

46. Can I set the EA to trade a fixed lot size?

Yes, but only in the PRO – version. However please bear in mind that with fixed lots the risk cannot be exactly controlled since the SL set independent of the fixed lot size.

47. Can I assign the MC-II a specific MagicNumber?

Yes, you can assign a MagicNumber per currency pair.

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U.S. Government Required Disclaimer

Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/ Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you. As with all investments, you should not invest money that you cannot afford to lose. Before deciding to invest in foreign exchange, you must carefully consider your investment objectives, level of experience, and risk appetite. Additionally, you must be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor. Past results are not necessarily indicative of future success. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold ForexInnovation and any authorized distributors of this information harmless in any and all ways.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

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