I don't know about you, but when I use a forex trading robot I expect to be able to upload it to my server, set it running, then wait for it to start trading. Beyond that, I expect it to keep on trading whatever accidents might befall it, including recovering gracefully after losing its connection to the internet for a while, or restarting after an unanticipated server reboot. It seems that in the case of Forex MegaDroid this was far too much to expect.
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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.
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As we suggested it seems as though some forex brokers have complained to the NFA that they cannot implement the programming changes necessary in time for the original deadline of May 15th for the now notorious compliance rule 2-43(b). In their new notice I-09-12 the NFA say that:
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In an announcement on their website forex broker FXDD say that:
In our effort to provide the best solution for your trading regarding the NFA’s new rule on hedging, please know that we have been in contact with the NFA and have offered several solutions which we believe will accommodate almost all types of trading strategies and comply with the NFA rules. Our discussions with the NFA are ongoing and we will keep you advised. In the mean time, know that FXDD is making no immediate changes to any platforms and that you will be fully advised prior to any proposed changes.
In the Frequently Asked Questions section on their website FXDD still say that:
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As zero hour approaches FXCM are taking a different approach to the NFA ban on hedging. If you go to their website today, and wait for a while the banner will change to promote their new UK based website.
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Gain Capital are another foreign exchange broker who are now promoting their MetaTrader platform through an FSA regulated UK company. Gain have long used the FOREX.com brand in the United States. According to the press releases section of their website:
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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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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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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 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.
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