You may well remember that when the forex markets opened on August 3rd the controversial new NFA First-In First-Out regulations came into force. You may well also remember some publicity about a MetaTrader 4 “robot” called Forex MegaDroid, which according to it’s website has still had “No Losing Trade Since 20th March 2009!” If you’ve got a very good memory and you are on their large mailing list you may even remember that Albert and John and the rest of the Forex MegaDroid team said way back on July 5th that:
We decided it would be a good idea to let you know that we’re working on a new release of Forex MegaDroid that’ll allow it to continue trading once the new rules take effect.
Whilst the Droid was being overhauled the team at MetaQuotes, the Russian company that created the MetaTrader 4 platform, were burning the midnight oil too. They announced FIFO compliant build 225 of MetaTrader 4 on July 10th. Now take a guess when that artificially intelligent wonder of modern technology that is the Forex MegaDroid learned to understand FIFO…..
Last weekend! All those loyal Droid lovers who were still fervently hoping that it would make them rich quick discovered that it had stopped working completely! Apart from displaying a message that said a new version was required, that is. It seems the Droid team had released a new version of their creation which finally included:
NFA mode to allow correct operation with NFA-registered brokers who have adopted the “no hedging” and “FIFO” rules
Forex Trading Disruptor Sees Growth Thanks to Offshore Regulated StatusGo to article >>
What on earth were all those unfortunate traders who hadn’t moved their money offshore and were stuck with an NFA-registered MetaTrader broker supposed to do for the seven weeks it took to get the Droid’s NFA mode working after FIFO came into force? Maybe there are none left, or maybe Forex MegaDroid didn’t grind to a halt after all?
I’m offshore already, so my Droid certainly didn’t stop working until September 20th. Here’s how it performed on my live account during August 2009:
That’s a grand total of 3 small wins and one enormous loss. On that evidence I’m more inclined to believe that the main reason for the new release was another bullet point in last weekend’s email:
A revised strategy method which has resulted in better results in recent testing (trade frequency has improved too)
Better results than a 100% winning record? Pretty impressive stuff, I’m sure you’ll agree.
As if all that wasn’t enough, there’s another problem looming for the Droid team too. It seems that the long awaited new MetaTrader 5 might be about to hit the streets at long last. I wonder how long it will take until the next generation of Droids are able to make nothing but winning trades with MT5?