As our regular readers will know we were not awfully impressed with the Forex Espionage MetaTrader robot (or should that be robots?). Nevertheless immediately after I bought his latest expert advisor(s) Steven Lee Jones was kind enough to make me a "One Time Offer" to buy his Forex Espionage Advanced System for a mere $77. Unable to resist any sort of an offer to buy anything related to forex trading, let alone one just about to expire, I parted with my credit card number for a second time.
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!
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!
Here are our Forex MegaDroid backtest results for May. The distinction may not be obvious, and may even seem irrelevant, but nonetheless although these are backtest results, the data used for the backtest was acquired on a demo account moving forward in time and not from a downloaded MetaTrader history. This test was performed using exactly the same input settings as in our MegaDroid Backtest Results for April.
I telephoned FXCM again about my latest problem with an expert advisor that was unable to place any orders. I eventually managed to speak to a very helpful lady with an American accent who is a MetaTrader specialist in their sales department. She'd obviously been asked this question before, and here is my understanding of her explanation.
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:
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!
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.
Somewhat later than anticipated after my recent trials and tribulations, here are our Forex MegaDroid backtest results for April. This test was performed using version 1.11 of the robot, since the original version now refuses to run backtests. This test used the default input settings, with the following exceptions, mainly required because the test used Alpari UK as the MetaTrader broker, and they support micro-lots and 5 decimal places.