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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The headlines become more and more apocalyptic. Zero hour is almost upon us, and the Forex MegaDroid team have just sounded the loudest alarm call so far in the hype war over the new NFA FIFO regulations, which finally come into force this weekend. If you recall earlier this month Albert and John promised their long suffering customers that:
More on The Forex MegaDroid Says "Kiss Your FX Trading Goodbye"!
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It's now three month's since "Forex MegaDroid landed on the Forex industry like a BOMB". The time has come to try and tie together all the backtesting, forward testing and live testing, and to decide whether to keep the Droid running on our virtual private server for a while longer. Unfortunately this is not an easy task!
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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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