I´ve set my MPH to "auto exchange" to Ethereum and awesomeminer to "auto switch" and mine for the coins with the highest profit.
Let´s say awesomeminer is mining for Monacoin, do I still have to have a Monacoin wallet and put the adress of it into MPH or is MPH going to auto exchange them into ETH without me having a Monacoin wallet?
Mined coins are stored in MPH's wallet. If you autoexchange everyting to ETH, you only need ETH wallet for cash out.