I was browsing the MQL4 forum in the hope of discovering some more news about the apparent delay in the release of MetaTrader 5 when I beheld a surprising sight. In a banner across the top FXCM were promoting their UK operation once more. This time they were being terribly blunt. It's a question we have asked here at the Trading Gurus several times, and here is how the FXCM marketing machine expressed it:
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We've just added a new instalment to our course on how to build your very own forex trading system. This one explains a new variation on an old boiler room trick that can be used by scammers to show unrealistically profitable test results for MetaTrader robots.
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A couple of months ago FXCM told us that they were working on educational materials to explain the changes involved in complying with the new NFA "hedging" and FIFO regulations to their customers. Here is one of FXCM's new educational videos explaining to their customers how to manage risk in this brave new world of forex orders without built in stops. To summarise, FXCM are introducing a new type of order called "One Cancels the Other" or OCO for short, which will already be familiar to many futures traders.
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A new version of FapTurbo Evolution has been released! This was extremely welcome news for us here at the Trading Gurus because backtesting the robot was proving to be something of a nightmare. According to the email we received announcing the new version it has:
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I logged in to my demo FXCM Trading Station this morning to see a very welcome sight, to us here at the Trading Gurus at least. It asked me if I wanted to upgrade to the latest version:
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The headlines become more and more apocalyptic. Zero hour is almost upon us, and the Forex MegaDroid team have just sounded the loudest alarm call so far in the hype war over the new NFA FIFO regulations, which finally come into force this weekend. If you recall earlier this month Albert and John promised their long suffering customers that:
More on The Forex MegaDroid Says "Kiss Your FX Trading Goodbye"!
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At long last August 2nd has been and gone, and the dust has settled slightly. We'll cover what still works and what doesn't in a forthcoming post, but for today we're going to concentrate on who said what, and when. We'll do that by working our way down the list of retail forex brokers included in the CFTC report on the financial strength of Futures Commission Merchants. For some reason it seems the better capitalised a broker is the less it has to say about the FIFO fiasco!
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We've chosen Interbank FX as the first broker to examine in our status reports about what works and what doesn't following the long awaited implementation of the FIFO requirement of NFA compliance rule 2-43(b). We're looking at IBFX first because they made some impressive claims about MetaTrader 4 expert advisors in their July 20th announcement:
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The Forex MegaDroid team seemed to think that the NFA's new FIFO regulations were going to cause their creation some problems. On July 5th they sent an email to their customers promising that:
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We've been told by some of our readers that whilst the idea of using some sort of "robot" to make money on auto-pilot holds a lot of appeal, they don't understand a single word of our course on how to build your own forex trading system.
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