I suddenly find myself writing my second blog post of April 1st 2011, and this one is no joke either! I'm already a GFT spread betting customer here in the UK, but nobody from GFT called or emailed to give me this news. I heard a whisper on the grapevine and called my account executive who confirmed that I could indeed open a MetaTrader 4 account with GFT today, as long as I didn't mind parting with at least £150. I said I didn't, and so I am now the proud possessor of a brand new GFT MT4 account. I'm told if you're a GFT client anywhere else in the world you can do this too. Everybody else will have to wait for a few more weeks.
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In the first of our series of interviews with senior figures from the Forex industry following the release of the final version of the new CFTC regulations, I spoke yesterday with Daniel Skowronski, recently installed Chief Executive Officer of Alpari (US) as well as Chief Commercial Officer of the Alpari Group. Daniel was also Managing Director of Currenex before moving to Alpari. I started off asking the question on everyone's lips these days about the effect of the new regulations on retail forex in the US, including their impact on introducing brokers. We then went on to discuss Alpari's plans to broaden the range of it's product offerings, whilst also expanding into new areas of the globe.
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I was browsing around the Boston Technologies website yesterday for a very different reason, when I made an interesting discovery – the Boston Technologies History Center. As we reported recently, the historical data you can download into the MetaTrader 4 History Center seems to have developed some big gaps recently. If you're new to MT4 backtesting, or if you haven't been religiously logging in to your account regularly to keep your data up to date, this might well cause your backtest results to be rather misleading. This problem has affected the backtesting of some members of our Community, and they now have another solution to their difficulties apart from waiting for me to export some of my own data from MetaTrader!
More on Boston Technologies History Center Rescues MetaTrader Backtests
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For the last month FXCM have been busy migrating all the new customers they acquired when they took over UK broker ODL. I have now received several emails from ODL on the topic. The one I received on May 21st informed me that:
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Now that MetaTrader 5 is finally able to perform backtests we've rewritten another of our example MT4 expert advisors to run on MetaTrader 5. Since the members of our forum seem to be particularly keen on moving average crossover systems at the moment, we've ported our robot example 3 over to MQL5 and tested it out using the MT5 strategy tester. If you want to try this for yourself please feel free to download our MQL5 source code.
More on Moving Average Crossover Robot Available on MetaTrader 5
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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!
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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!
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As you know, I was idly perusing the Boston Technologies website the other day when I happened across their very own MetaTrader robot, which seems to have developed an unfortunate habit of losing money rather than making it hand over fist.
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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 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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