PipDefender alternatives

I  love PipDefender! Using it, I can do a virtual trailing stop on pairs with very high stop level.
There isn’t another trade manager as versatile as it. And it’s free!
The problem is that from the end of June is no more usable: the public version is expired, links to the SteadyOnFX website, but you can’t download a new one.
Awaiting that Daltanious (the coder) has some free time to release the new version, I need an alternative! Which? I searched for hours, but there isn’t an equivalent product…
This is what I found:

CompuForex Trade Manager

Pros:
  • Free
  • Trailing stop
  • Can manage losses in a cool way
  • Many features
  • “Greedy mode”, after a set hours, it moves gradually the stop loss to the current price, to maximize the profit if a retracement happens
  • Since the code it’s totally contained in the EX4 file, I there are not those deactivation problems when a communication error happens between the server app and MetaTrader
  • English language

Cons:

  • No hidden/virtual stop loss (stealth)
  • I didn’t manage to make it work very well: every trade was going breakeven

TrailEvo 2

Pros:
  • Free
  • Trailing stop
  • Many features
  • Since the code it’s totally contained in the EX4 file, I there are not those deactivation problems when a communication error happens between the server app and MetaTrader

Cons:

  • No hidden/virtual stop loss (stealth)
  • Only in Italian language
  • You have to register to that italian forum to download i

Stealth EA

Pros:
  • Trailing stop
  • Stealth management 
  • Many features
  • Since the code it’s totally contained in the EX4 file, I there are not those deactivation problems when a communication error happens between the server app and MetaTrader
  • English language

Svantaggi:

  • You can only set virtual stop losses
  • It costs 120 euro

To compare it, I insert pro and cons of PipDefender:

Pros:
  • Free
  • Trailing stop, stealth or normal
  • Many features
  • “Greedy mode”, after a set hours, it moves gradually the stop loss
    to the current price, to maximize the profit if a retracement happens
  • English language

Cons:

    • Expires every now and then (more than 60 days are passed from the expiration day, but we don’t know when the new version will be released – you shouldn’t look a gift horse in the mouth, but it’s still annoying)
    • The main code is contained in a server application that communicates with the MetaTrader – it happened to me sometimes that the server application exited for some error, leaving my trades unmanaged.

    Be careful with PipDefender

    If you are wondering about what happened in my experiment with PipDefender, well, it failed miserably. 20 pips winers traded irresponsibly, cheating with trades on gold to hide the huge drawdown on the ZuluTrade graphs. (Soon I will write about this big ZuluTrade problem…)
    However, after the epic margin call that left me almost dry on AAAFx, I decided to try to use PipDefender to monitor reverse trades on ZuluTrade.
    Some data on this signal:

    • Trades only GBPJPY, 3-4 times a day
    • Every trade gives a 15 pip loss
    • Every trade has a 91% chance to be losing
    • When it wins, it makes 120 pips.
    In a perfect world, if I reverse it, I will get big profits!
    In real life, instead there are three problems:
    • The spread on GBPJPY is 6 pips, so when you open a trade you will start at -6 pip (with AAAFx)
    • The minimum distance to place the stop loss is 14 pip (with AAAFx)
    • Inverting the values, the spread isn’t calculated
    So, the disaster is only waiting to happen.
    With PipDefender, in theory it’s possible to fix the problem, and for the first week it did a good job.
    Around Thursday I noticed that the trades were closed with big delay (8-10 hours) compared to the master trade. Strange, I though, maybe it missed the take profit by one pip and it didn’t start.
    Today I go to see the MetaTrader and I see the empty GBPJPY graph…
    After a while I realize…. “hey, here shouldn’t be an EA running???”
    So here is the log:

    2012.06.06 21:59:37 PipDefender_client GBPJPY,M1: removed
    2012.06.06 21:59:37 PipDefender_client GBPJPY,M1: uninit reason 1
    2012.06.06 21:59:37 PipDefender_client GBPJPY,M1: deinitialized
    2012.06.06 21:59:36 PipDefender_client GBPJPY,M1: Alert: PipDefender ABORT: the EA will be removed from the chart!
    2012.06.06 21:59:36 PipDefender_client GBPJPY,M1: [X] ==>       Bridge.dll error while sending: GBPJPY pair info data (msg= 10302 GBPJPY 122.61500 122.64600 140 0 1339011320)
    2012.06.06 21:59:36 PipDefender_client GBPJPY,M1: Alert: Bridge.dll error while sending: GBPJPY pair info data (msg= 10302 GBPJPY 122.61500 122.64600 140 0 1339011320)

    So, PipDefender has a great power, but you have to be careful, otherwise you trades will be unwatched and can make a potential disaster.

    Experiment #2: Tecnotrader + PipDefender = ?

    Immediately after I had written about the 20pips winers + PipDefender experiment, I went to see what happened to Tecnotrader, and I saw this:

    If the signal would have followed in reverse, it would have been very profitable!
    Unfortunately, I already had a bad experience with the reverse function: the trade is replicated in the opposite direction, but the spread between buy/sell prices is not taken in consideration. The Take Profit and Stop Loss are simply inverted. Hence, when six months ago I tried that function, happened many times that the take profit was missed by a few pips: the trade was closed on the signal account, but not on mine, become “orphaned”, and unmanaged. The signal was losing, and I was losing too!
    Moreover, the long-term objective of signal providers it’s to make profits, not losing (also because if at the end of the month the balance is negative, they wouldn’t get any commission rebate).
    I’ll pair the reverse with PipDefender, to make sure to have a safer profit, as I did in the experiment 1. Will it work? Funzioner√†? Stay tuned!

    Day 1 of Experiment 1

    Yesterday I got the idea to manage with an external EA the ZuluTrade trades.
    How was the day one?
    The four trades were closed 40 minutes earlier with an about 50 pip profit. The signal instead waited a little longer, making the double.
    Did I broke my own rule, said three months ago? Who am I, inexperienced trader, to mess with the decisions of a professional trader? I manually fiddled and I made less money.
    Do I regret that? Absolutely not! The trading style of 20pips winers it’s too dangerous for my tastes, in this way I can sleep better.
    We will see in long term how it will end.

    Experiment: 20pips winers + PipDefender = ?

    Two months ago I deemed 20pip winers as dangerous.
    But, I continued to follow him with just one microlot and I noticed that, in most cases, the losing trades could be winning, if closed at the right time.
    Hence, I decided to try to let PipDefender manage his trades. It’s an EA for MetaTrader 4 that, once the trade reached breakeven + 10 pip, will follow the price pip after pip, from a 5 pip distance, in a way to maximize profit.
    So, if it goes bad, I’ll be with just 10 pip, if it goes good, I’ll be with more pips.
    Will it work? Stay tuned.