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.
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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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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.
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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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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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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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Yesterday I received another email from Forex MegaDroid support, containing what Albert and John say is "some exciting news… Version 1.10 of Forex MegaDroid is ready for release". Actually it seems it's not quite ready yet, because "we are simply finishing the updates to the manual before making it available."
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US based forex brokers that offer the MetaTrader platform will have some work to do to comply with the latest regulations from the National Futures Association, which will be introduced on May 15th. So will the developers and users of a lot of forex "robots".
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Yesterday I received an email from Forex MegaDroid support. It seems as though I'm not the only one having some trouble getting profitable backtest results. Here is an extract:
Due to the many variations in broker-end settings (server time offset, trading times, differences in pricing and spread) coupled with the fact that some brokers implement Daylight Saving in actual trading but do not always apply it to their back-test data, users have experienced a lot of confusion and frustration while attempting to produce reasonable back-tests.
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