Dukascopy MetaTrader 4 and JForex
Regular readers of the Trading Gurus blog will know that the Son of Ray the Random Robot™ has been simultaneously spreadbetting a variety of live MetaTrader accounts for nearly two years now. The equity curve for his live GKFX MetaTrader 4 account can be seen to the left of this article.
Last weekend LMAX quietly announced to those of their customers carrying trades over the weekend that they were introducing what MetaTrader brokers refer to as micro-lots on their spot forex contracts. Whichever way you look at it, that title is something of a misnomer, but we'll explain what it means to a client of LMAX.
Michael Greenberg posted an article over on ForexMagnates.com earlier today stating that:
MIG Bank – due to their bank status they will be able to accept US clients despite latest CFTC rules. The situation is not very clear for all offshore brokers now but MIG Bank were the first to announce publicly that they will be accepting US clients at least until July 2011.
I've been on the phone to Switzerland most of today trying to get confirmation of this report. I've even sent a few emails to MIG also, but I have yet to receive from them any clarification or confirmation of Michael's report.
It's been an extremely busy week for Ray the Random Robot™, and he has undergone a number of cloning operations. First of all the MetaTrader 5 Automated Trading Championship 2010 finally got underway at midnight on Sunday, Moscow time. Ray's multi-currency MT5 clone started perfectly, but he has had some teething troubles with EUR/USD and has now slipped back to 273rd position out of 314.
We burned a lot of midnight oil here at the Trading Gurus last night trying to make sure our shiny new multi-currency upgrade to Ray the Random Robot™ wouldn't fall at the first hurdle in MetaQuotes entry into the 2010 Great Object-Oriented Robot Wars (GOORW for short). The deadline for entries into the MetaTrader 5 Automated Trading Championship 2010 is later on today. At least that's what we thought when we finally got to bed! This morning we awoke somewhat later than usual, only to discover that MetaQuotes have just extended that deadline:
As anticipated I received an email from FXCM last night, but it did seem just a touch impersonal. It started out by saying:
Code and Compete for a chance to win cash prizes in the FXCM Automated Trading Challenge. Sign up for a contest demo and put your automated strategy to the test with zero risk to your own money.
A bit further on it posed this rhetorical question:
FXCM Strategy Trader Delivers the Next Evolution in Automated Trading.
Despite this their Strategy Trader home page (now retitled "Automated Forex Trading") is still at pains to point out that:
Thanks to yesterday's disappointing Non-farm Payroll numbers the greenback fell and my troublesome sell limit order at European broker ActivTrades finally got filled. Consequently my new Interbank MetaTrader 4 micro-lot account with them is now fully funded, and open for business. As you can imagine, I have had one or two long discussions with ActivTrades over the last couple of days. During the course of those they pointed out to me that enough of their liquidity providers are now willing to quote and fill a 1K trade that it had now proved possible for them to introduce micro-lots on their "Straight Through Processing" (STP for short) MetaTrader Interbank accounts. When I enquired what "enough" meant in this context, the number three was mentioned. Unlike their Standard account, there is no "averaging algorithm" inserted by ActivTrades between you and the banks on their Interbank account. Instead they just add a bit to the spreads they are quoted, since they have to earn a crust somehow just like the rest of us.
To celebrate the fact that forex broker Dukascopy have at last officially become a Swiss bank we have rewritten our first example robot to work on their JForex platform. Take a look at the JForex source code on our community forum.