New Lesson on MetaTrader Scammers

We've just added a new instalment to our course on how to build your very own forex trading system. This one explains a new variation on an old boiler room trick that can be used by scammers to show unrealistically profitable test results for MetaTrader robots.

To go with the new lesson we've also added another example to our series of educational MetaTrader robots.  This one implements a robot that uses the very same trick to generate results that show no losses whatsoever.

As I was typing this it suddenly occurred to me that here at the Trading Gurus we now have a robot a bit like Forex Megadroid in so far as it would show no losing trades for any period of time we wished to test it over. I tried backtesting our example scam robot using the EUR/USD pair starting from March 20th 2009, and this is what the MetaTrader 4 strategy tester showed me:

Sure enough there were no losing trades at all, at least not until the MetaTrader strategy tester closed all the losers we were allowing to run at the very end of the test. That all adds up to a 100% winning record and 460% net profit in 4 months.  I'm sure you'll agree that's a pretty impressive record. Assuming you can't see the right hand side of the graph, that is.