At long last August 2nd has been and gone, and the dust has settled slightly. We'll cover what still works and what doesn't in a forthcoming post, but for today we're going to concentrate on who said what, and when. We'll do that by working our way down the list of retail forex brokers included in the CFTC report on the financial strength of Futures Commission Merchants. For some reason it seems the better capitalised a broker is the less it has to say about the FIFO fiasco!
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We've chosen Interbank FX as the first broker to examine in our status reports about what works and what doesn't following the long awaited implementation of the FIFO requirement of NFA compliance rule 2-43(b). We're looking at IBFX first because they made some impressive claims about MetaTrader 4 expert advisors in their July 20th announcement:
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The Forex MegaDroid team seemed to think that the NFA's new FIFO regulations were going to cause their creation some problems. On July 5th they sent an email to their customers promising that:
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We've been told by some of our readers that whilst the idea of using some sort of "robot" to make money on auto-pilot holds a lot of appeal, they don't understand a single word of our course on how to build your own forex trading system.
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