For the last month FXCM have been busy migrating all the new customers they acquired when they took over UK broker ODL. I have now received several emails from ODL on the topic. The one I received on May 21st informed me that:
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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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Another new MetaTrader 4 expert advisor launched last week. Since it's name is "Forex Espionage" I was astonished at the lack of secrecy surrounding this event. Even I noticed all the emails accumulating in my spam folder. Normally when we here at the Trading Gurus review a new trading system we perform lots of backtests, forward test on a demo account for a few months, then forward test some more on a live account before delivering our final verdict. In the case of the latest forex "robot" let loose on unsuspecting trading accounts around the world all that won't be necessary. Here is our considered Forex Espionage Review. It Sucks!
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Here at the Trading Gurus we've been testing our three example MetaTrader expert advisors with another month's worth of data. Things are still looking good for our dumber than dumb forex robots!
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As you know, I was idly perusing the Boston Technologies website the other day when I happened across their very own MetaTrader robot, which seems to have developed an unfortunate habit of losing money rather than making it hand over fist.
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Whilst browsing around the Boston Technologies website idly looking for a technical support number to call I noticed that they were offering a "free, very promising, MetaTrader 4 Expert Advisor".
I know that there's no such thing as a free lunch, but in all the circumstances I couldn't resist the temptation to download it and do some backtesting. The first thing I noticed was that unlike us here at the Trading Gurus they don't supply the source code for their EA, only the executable version. That means you have to take their word for it when they explain that:
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I still haven't heard back from FXCM and/or Boston Technologies about the problems I'd been having getting one of our more complicated expert advisors working on their MetaTrader platform. I figured I'd try a very basic one instead. I fired up our second example robot, which enters the market at random with a fixed stop loss and profit target, and uses a Martingale style money management system. Or maybe that should be mismanagement? I digress!
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The FXCM Limited MetaTrader banner promises:
No Dealing Desk Execution
Hedging Capabilities through FSA Regulated Entity
Spreads as Low as 1 Pip EUR/USD
Accept ALL MT4 Expert Advisors
The Trading Gurus are based in South West England, so we're not too unhappy about the idea of opening a live account with an FSA regulated forex broker based in the UK. Those bullet points sound exactly like the sort of brokerage account we've been waiting for, so I opened a demo account with FXCM UK, and fired up one of our Expert Advisors.
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