MB Trading : No Trades GO Markets : 1 Trades: 0.4 pips InterbankFx : No Trades InterbankFx AU : No Trades FxPro : No Trades Alpari UK (Micro-1): No Trades Alpari UK (Classic): No Trades FXDD : No Trades AxiTrader : 1 Trades: 1.0 pips FxSol : 1 Trades: 1.0 pips TRADE DETAILS: Read More...
Monthly Archives: February 2011
Megadroid Broker Changes
Hi everyone,
I’ve decided to make a few changes to the brokers I’m using. These changes will take effect from March 2011 onwards
1. Ceasing trading at Forex.com
Megadroid performance at this broker has been generally poor, and I’m becoming increasingly concerned about the reports I’m hearing that this broker is trading against their clients. They have recently been investigated by the NFA over these matters, and were fined $459,000.
Here’s a link to the recent NFA Case against them:
http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0339826&case=10BCC00015&contrib=NFA
They have also been fined by the NFA in 2007 over other matters:
http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0339826&case=06BCC00037&contrib=NFA
2. New Broker – Adding Fx Solutions
I”m using FxSol Australia who are regulated by ASIC. They offer 1:400 leverage. It’s a fixed spread broker. The spread on EUR/USD is a little high at 3 pips. It’ll be interesting to see how it performs. If the fills are good, the higher spreads shouldn’t matter since many of the variable spread brokers have spreads ranging up to 10 pips during the Megadroid session anyway.
3. FxPro – Megadroid Ban
At this stage Megadroid is still being blocked by this broker. I wrote this article on the matter (HERE). I did contact them and they said the disabling of Megadroid is only temporary but they refused to say how long it would remain in force.
The reason they gave was “low liquidity”, which I personally find hard to believe, considering EUR/USD is one of the most liquid forex pairs, and I have not observed any drop off in liquidity in the EUR futures contract (6E).
I suspect the real reason is that they’re finding it difficult to hedge against Megadroid, which has performed well at FxPro.
Anyway, I’ll keep my FxPro account running with Megadroid this month and see what happens. Hopefully they’ll re-enable it soon, but there’s no guarantee’s.
4. FXDD – Changing from a 5 digit account to a 4 digit account
Early in January FXDD introduced fractional pips on their MT4 trading platform (see HERE). This meant the EUR/USD quotes had 5 decimal places instead of 4 like before. They did give the option of keeping the account at 4 digits. I have a few FXDD accounts, and have been running some tests with Megadroid and noticed that I’m getting more Megadroid trades through on my 4-digit FXDD account.
So, starting from March 2011, I’ll start using my 4-digit FXDD account instead of the 5-digit account. It connects to “FXDD-MT4 Live Server 6”.
Megadroid Results: Wed 23rd Feb 2011
MB Trading : No Trades GO Markets : 1 Trades: -1.4 pips InterbankFx : 1 Trades: -0.2 pips InterbankFx AU : 1 Trades: 0.0 pips FxPro : No Trades Alpari UK (Micro-1): No Trades Alpari UK (Classic): 1 Trades: 0.4 pips FXDD : No Trades AxiTrader : 1 Trades: 0.1 pips Forex.com : No Trades TRADE DETAILS: Read More...
Have FxPro just banned scalping EA’s including Megadroid?
I just discovered this message in the MailBox of my FxPro MT4 Terminal:
Please take particular note that any active trades, between these times, will need to be closed manually via your terminal.
Normal trading without the use of an Expert Advisor will not be affected, in any way.
Dealing Room
https://www.FxPro.comFXPRO Financial Services Ltdinfo@fxpro.com”
So they are disabling EA’s on their trade server from server time 21:00 hours to 2:00 hours. That corresponds to 2PM EST to 7PM EST. Megadroid trades from 4PM EST to 6PM EST, so according to this email, Megadroid won’t be able to place trades.
Update 25th Feb:
- It now seems that these changes are temporary, and will only effect certain EA’s inlcuding Megadroid.
- At this stage, we still don’t know when Megadroid will be able to trade again at FxPro.
Megadroid Results: Mon 21st Feb 2011
MB Trading : No Trades GO Markets : 1 Trades: 1.1 pips InterbankFx : 2 Trades: 2.7 pips InterbankFx AU : 2 Trades: 3.7 pips FxPro : 1 Trades: 5.5 pips Alpari UK (Micro-1): 1 Trades: 5.4 pips Alpari UK (Classic): 2 Trades: 14.5 pips FXDD : 1 Trades: 1.0 pips AxiTrader : No Trades Forex.com : No Trades TRADE DETAILS: Read More...
Megadroid Results: Thur 17th Feb 2011
MB Trading : No Trades GO Markets : 1 Trades: 0.7 pips InterbankFx : No Trades InterbankFx AU : No Trades FxPro : No Trades Alpari UK (Micro-1): 1 Trades: -0.1 pips Alpari UK (Classic): 1 Trades: -0.3 pips FXDD : No Trades AxiTrader : No Trades Forex.com : 1 Trades: 1.0 pips TRADE DETAILS: Read More...
Megadroid Results: Tues 15th Feb 2011
MB Trading : 1 Trades: -60.5 pips GO Markets : No Trades InterbankFx : 1 Trades: -55.3 pips InterbankFx AU : 1 Trades: -52.4 pips FxPro : No Trades Alpari UK (Micro-1): No Trades Alpari UK (Classic): No Trades FXDD : No Trades AxiTrader : 1 Trades: -51.1 pips Forex.com : 1 Trades: -52.0 pips TRADE DETAILS: Read More...
Megadroid Results: Wed 9th Feb 2011
MB Trading : No Trades GO Markets : 1 Trades: 9.7 pips InterbankFx : No Trades InterbankFx AU : No Trades FxPro : No Trades Alpari UK (Micro-1): 1 Trades: 9.2 pips Alpari UK (Classic): 1 Trades: 9.2 pips FXDD : No Trades AxiTrader : No Trades Forex.com : 1 Trades: 9.0 pips TRADE DETAILS: Read More...
Reason for the lack of trades recently?
The last few weeks have been incredibly quiet for Megadroid. Apart from one trade on my MB Trading account yesterday, I have had no trades for the past 2 weeks or so.
The reason for the recent lack of Megadroid trades, is the unusally stable price action between 4PM EST and 6PM EST i.e the period when Megadroid places trades. Megadroid is basically a range trading system. During this time window when the EUR/USD price moves significantly Megadroid will place a trade in the opposite direction. However recently the EUR/USD hasn’t been moving sufficiently to generate a trade signal.
To illustrate the problem, I’ve included a chart of EUR/USD during today’s Megadroid trading session. As you can see EUR/USD barely fluctuated 10 pips. Not enough to get a trade signal. So the problem at the moment is a lack of volatility.
Megadroid Results: Mon 7th Feb 2011
MB Trading : 1 Trades: 7.0 pips GO Markets : No Trades InterbankFx : No Trades InterbankFx AU : No Trades FxPro : No Trades Alpari UK (Micro-1): No Trades Alpari UK (Classic): No Trades FXDD : No Trades AxiTrader : No Trades Forex.com : No Trades TRADE DETAILS: Read More...