Recently FXCM UK started allowing users of their proprietary Trading Station II platform to trade contracts for difference (CFDs) in a range of non forex instruments. Maybe they should change their name to CFDFXCM? The now misleading name aside, this allowed UK customers of FXCM to start trading gold, silver, oil and a range of stock indices from around the world.
More on FXCM Introduce Spread Betting on Indices, Metals and Oil
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Is sounds as though some US congressmen have been reading some of the thousands of complaints the CFTC has received about its proposals to reduce leverage on spot forex from 100 to 1 down to 10 to 1.
More on Congressmen Question CFTC 10 to 1 Leverage Reduction
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Following the example of the forex dealers a few weeks ago, a group of 6 introducing brokers have banded together to form the Introducing Brokers Coalition against the CFTC proposals for “Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries”. Unlike the forex dealers, first on the IBs list of proposals they would like to see changed is:
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MetaQuotes, the Russian company that produces the MetaTrader forex trading platform, has announced that it is reviving its automated trading championship in 2010. According to the post on the MQL5 website:
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Last Friday the U.S. Securities and Exchange Commission charged the investment bank Goldman Sachs and their London based Vice President Fabrice Tourre with fraud:
The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized debt obligation (CDO) that hinged on the performance of subprime residential mortgage-backed securities (RMBS). Goldman Sachs failed to disclose to investors vital information about the CDO, in particular the role that a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO.
More on “Morally Bankrupt” Goldman Sachs Investigated by SEC and FSA
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The publicity battle over financial reform in the United States gets ever hotter. A variety of glossy magazines are currently sinking their teeth into Goldman Sachs following the news that the investment bank is under attack by regulators on both sides of the Atlantic. Although its articles are sprinkled with the word "alleged", Time seems to have already judged Goldman Sachs and the rest of Wall Street guilty as charged. In one article this weekend Time highlights the irony that Gary Gensler, a former Goldman Sachs partner and now chairman of the CFTC, is currently gunning for his previous paymasters. According to Time:
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Over the weekend MetaQuotes released yet another new beta version of MetaTrader 5. This one is build 268, dated April 24th, and as we speculated earlier this month, at long last MetaTrader 5 now comes complete with a strategy tester!
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Now that MetaTrader 5 is finally able to perform backtests we've rewritten another of our example MT4 expert advisors to run on MetaTrader 5. Since the members of our forum seem to be particularly keen on moving average crossover systems at the moment, we've ported our robot example 3 over to MQL5 and tested it out using the MT5 strategy tester. If you want to try this for yourself please feel free to download our MQL5 source code.
More on Moving Average Crossover Robot Available on MetaTrader 5
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Having ported our example moving average crossover MT4 robot to MetaTrader 5 following the recent launch of the MT5 strategy tester we've now taken the next step. We've rewritten the expert advisor using the object oriented framework supplied by MetaQuotes as part of MetaTrader 5. You can take a look at our source code and see if this new way of producing robots appeals to you or not.
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A user of one of our example robots informed us that a system called 1 Minute Daily seemed to be getting people on the forex forums excited, and asked us to look into it. Apparently, unlike so many other forex trading systems sold through ClickBank these days, this one doesn't come complete with a "robot". The way it was described to us it sounded an awful lot like a member of the group of range breakout systems often referred to as "London breakout systems".
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