Comments on: Forex Megadroid Review

By: Jewels

Jewels — Mon, 03 Aug 2009 04:12:46 +0000

Hi Lateef,

Thanks for the heads up on the humanoid, when you say 0.5 lots on your account what do you mean?

thanks for sharing Jewels

By: jerrycollie

jerrycollie — Sat, 01 Aug 2009 16:36:52 +0000

Hi Chris,
The FIFO ruling depends on your broker. If your account is not in the USA, you have no problem. IBFX is in the US; but they have worked around the FIFO ruling with some back office re-accounting; so IBFX is not affected and MT4 will still work, except no hedging. Robots will work on IBFX. Some other US brokers have transfered accounts to their overseas offices. Check with your broker to be sure. You may have to switch brokers.
The FIFO rule essencially replaces our separate order accounting with positional accounting, in which all orders are consolidated into one position for each forex pair. This eliminates conditional buys, sells and stops for each separate order. In other words Metatrader 4 looses most of its functionality. Most robots will not function properly under FIFO.

By: Chris

Chris — Sat, 01 Aug 2009 14:08:47 +0000

Can anyone tell me what effect this new ruling is going to have on MD? I’ve heard they are coming out with a new version to work within the rules, but I have not seen anything yet. I’m very new at this and would like to understand what’s happening. Thanks.

By: jerrycollie

jerrycollie — Sat, 01 Aug 2009 13:54:58 +0000

Hi Diego,
I wish I could be more positive; but in my experience I would say you will eventually loose all of your money with your signals trading. See Nigel’s comment just above mine. You need to test all strategies and robots for a long time at a very low lot size before you risk any large amount of money. Only trade the money you can afford to loose. We are retail traders. The system is set up to favor the banks and brokers who take the opposite side of our trades. You have to be smarter than they are to make money in this game. Be very cautious! Only take the very best looking trades. Trade the EUR/USD because it has the lowest spread. Use robots, they are smarter than we are.

By: jerrycollie

jerrycollie — Sat, 01 Aug 2009 13:41:50 +0000

There is a reason why we trade the EUR/USD, low spread!
Trading the EUR/USD live on IBFX week of 7/27 thru 7/31:
Megadroid: 7 robots set to go long, no trades
Maestro: 4 robots set to scalp and go long:
7/27 06:30 to 07:07 GMT won 10 pips
7/27 06:30 to 07:07 won 10 pips
7/27 06:39 to 07:06 won 10 pips
7/27 06:42 to 06:51 won 10 pips
7/27 07:15 to 07:45 won 10 pips
7/28 21:00 to 00:50 won 13 pips
(Maestro is an aggressive, but dangerous robot).
Humanoid: 4 robots on 5 min, 15, 30 & 1 hour, default settings
7/30 On the 1 hour 23:15 to 06:35 won 48 pips in a breakout trade
Ivybot: 4 robots, default settings, no trades

By: Wilson

Wilson — Sat, 01 Aug 2009 10:15:23 +0000

Hi Calvin, you mentioned about FXCM. I know there’s two branches, which are one in UK and one in AU. I have checked their website. It seems that they do trade in MT4. Are you saying that you are only recommending their non-meta4 service?

I’m still an FXDD customer. Waiting to see how the FXDD handle this NFA issue. It seems like FXDD may not bound by the NFA rules due to their ‘pending’ membership.

Have a nice day guys. MD rocks!

By: Nigel

Nigel — Sat, 01 Aug 2009 07:01:46 +0000

Hi all

Well forget about “signal trading software”. I think it only works in ranging markets. I lost $1000 in 3 trades yesterday. The indicator said sell GBPUSD at 16550 and it jumped in half an hour or so to 16730. There go all my dreams!!

It’s robotic trading or nothing for me now.

Latief, thanks for the info on set up for Humanoid. I’m taking it off GBPUSD in a hurry. By the way is 3% risk a setting of “30″?

MD Pro also hasn’t yet traded. I’ve got it on all 4 pairs. Trying different periods now.

Rgds to all (from a rather disheartened Nigel)

By: Diego

Diego — Sat, 01 Aug 2009 02:36:49 +0000

I have a question (not sure if it is related with the topic. I’ve bought the MD and I wanted it for the following purpose:
Get U$S125 daily, from a $12500 account, trading manually using the “Upward/Downward impulse detected” and the “Fading” signals.
My question is:
Is this a probable scenario? In fact, I want to make $125 each time the impulse is detected, so after ~20 impulses (in a month) I get U$S2.4k, which in my country (Argentina) is enough to have a decent life.
And then, Which lot size/pips is adequated? (I mean, getting only 1pip with 12.5 lot or 12.5 pips with 1.0 lot?)

Thanks a lot!

By: Lateef

Lateef — Fri, 31 Jul 2009 23:20:14 +0000

Hi Jewels and Nigel:

I run the Humanoid Ea on EURUSD and believe this will only work on this pair. I run on a 3% Risk on 0.5 lots. The other thing I do is I close a position (manually)around $200+ and I do not let the losses run more than $125, I watch the trend and take a decision. Once I let it run and I had a whopping loss of $277.
But so far I am ahead. Also I changed my Max Trades to 1, default is 2. Looks like Humanoid support is non-existant.
Have a good weekend

By: calvinxs

calvinxs — Fri, 31 Jul 2009 14:47:25 +0000

Hi guys,

Friday in UK and Megadroid slept all week again.

With this ‘one week on – two weeks off’ I am starting to think it works for British Airways. lol. (You’ll understand if you are from UK )

Anyway, I feel really sorry for you fellas in the US!
Why?
Because I just read the new NFA rules on forex which come in next week. OMG. Are they kidding? This is gonna really disable a lot of traders.

Sounds like a lot of you will need to open up new broker accounts.
I’m no tout and but am an ex-banker and will only ever use fully regulated quality financial providers.

I can recommend 2.

Alpari UK – which I use and have never had a problem.
They are a meta4 broker. And except EA’s.

and FXCM – which is a non-meta4 account (non EA). You need to go to forexmicrolots (dot com) to get a low spread micro account with them.

If you do take up my recommendations I would be grateful if you let them know it was me.

I am Calvin Williams.

That’s it. All touting over. Just trying to give some of you poor US guys a heads-up.

Have a good weekend.