As I’ve started to quickly convert one of my most trusted scalpers to MetaTrader5 (to trade on the Alpari UK ECN MT5 platform) I found this little gem: http://www.mql5.com/en/articles/81
It quickly describes most of the changes needed to get a MQL4 based EA running. When I go through the list I actually can’t understand why some of these have changed. Change without reason is always bad. It does omit trading functions, which is changed quite a bit in MQL5. It is probably a good idea to implement these from the ground up.
By accident I just visited the site of Alpari UK and noticed that their MT5 offering now is enabled for live trading (last time I looked it was only open for demo trading). MetaTrader 5 hasn’t been able to replace the old and trusted version 4 despite being available for quite a long time now.
Alpari UK is apparently hoping this will change if they sweeten the deal a little and is currently offering a MT5 ECN account without commission (!). And you only even have to deposit $200 to test it. The promotion is valid until 2nd of July 2012. Unfortunately I have no EAs to trade the account with, but hopefully I can convert some of my old MQL4 bots without too much trouble.
It is possible to trade micro lots and DOM is available (6 levels). Sounds really good when combined with razor thin spreads without commission (after the promo they will be $6/lot round turn, which is competitive for sure). I’m signing up as I’m writing this 
Check it out: http://www.alpari.co.uk/en/trading-accounts/ecn.html (don’t know if you get any rebate by signing via Cashbackforex.com since you don’t pay any commission, but it never hurts either so do it. After the promotion is ended it could be a good idea).
I recently stumbled upon a tool for backtesting and validating EA strategies in MT4 that is quite interesting actually. I have manually been doing the same a few times, but it is a lot of work. The testing strategy is called a Walk Forward Analysis.
Check out the Walk Forward Analyzer. There is a 14 day free trail and cost (only) $30.
I was browsing for eligible brokers when I stumbled across a feature at IBFX AU (which actually seems quite nice. There are some remarks of stop hunting thou…) that I found quite funny. They publish clients positions, in real time. The graph over open positions (of the members) quite clearly shows investor sentiment. Right now everyone seems to think that you should short GBPUSD.
They also seem to have some contest including a quite funny one where you are to guess the coming Non-farm Payroll figure. $1000 to the one who guesses closest to the actual figure.
Check it out at: https://www.ibfxconnect.com/
Wow, it has been a long time since the last positive news in this story now. I’ve actually been traveling through out Africa for for the past 3 months and have tried to not think about it. Just got home this weekend and to no surprise I found no check in the mail. After reading through the forum at Donnas I found out that there should have been some correspondence from the NFA thou, but I have not received any. I’ve sent a email to the appointed contact at NFA and hopefully they will confirm that I’m on the list of account holders and that they won’t miss me when ever they come around to actually giving our money back. Or what is left of it after “administration fees”…
When I finally get my capital I will split it in two accounts. One at Pepperstone and one at FXCC (of course with rebates from Cashbackforex).
Well, first off, I haven’t gotten anything yet, so my hopes are still low. But there are news from Tracey at the CFTC reported through the forum at Donnas (strange that they can’t email us all, they have our contact information). It seems that the Court has finally approved the NFA to start reimbursing the customers. Good news!
But we’re looking at getting 50-60% back according to Tracey, and it isn’t even clear if that is 50% of the account balance on March 1st (when the CFTC shut down JadeFX) or 50% of deposited funds. Additional bad news is that they can’t wire us the money. Instead they will use a time machine, go back to the 1980’s and mail us a check! So silly. American checks are really expensive to cash here in Sweden, and it takes a long time to process. Bad news…
I’ve been noticing this a few times now when scalping GBPCHF around NY close (23:00 GMT). I use very tight stop-losses when price have been trapped in a clear channel for the day (or at least NY session). Sometimes of course this doesn’t work out, price breaks out of its channel. But now and then price have stayed in the channel, but I’ve hit stoploss anyhow on a few account, not all. The one below is a GoMarkets Demo account.
I (or rather my EA) have been scalping the channel both high and low successfully during the timeframe I scalp GBPCHF. I would say that every entry is sound and should be profitable (or close for a break even after a specified time, which is how this EA is programmed). But the first sell (red) order in the picture actually closed at it’s SL level at preciesly 23:00. A level that never was reached if you just check the chart above.
The problem of course is that the broker, GoMarkets in this case, for just a few ticks had a huge spread in this exotic pair. It was probably around 20 pips (but I don’t have the exact ticks saved so I don’t know exactly). This triggered the stoploss and a loss was realized. Just ticks later the spread was normal again and the trade would have taken profit or at least closed out for a break even result.
The solution is to move the stoploss higher, but since I risk a set percent of my total account on each trade I stand to make less profits if I adjust this. Another way would be that the stoploss is moved higher from 22:59 to 23:01, by the EA in question.
I think I will have to try the second solution actually. It would mean that I risk more than I really want for 2 minutes, but on the other hand hopefully filter out these unwanted stop-losses that occur just because there is some turbulence in pricing at NY close.
I’ve written a bit about this before. But now the live Pepperstone account have traded for a while, and I would classify the second half of September as quite hard because of the turbulence in the markets. Seems as Forex Shocker v3.0 is quite picky when to trade, which is good if it picks the wright times of course. And, well, it has. Do remember that they had losses in early August, but that they restarted the MyFXBook account to hide them. A silly move of course because no one cares about losses if they are balanced with more profits. A system that never loses doesn’t exist.
http://www.myfxbook.com/members/shockerv3/shockerv3/148370
As you may recall I entered the MyFXBook trading contest at GoMarkets that ran during September. It didn’t go very well, I lost 13%. I blamed the high spreads at GoMarkets partly (for my scalpers), but mostly the extreme turbulence we saw during the second half of the month. When the contest was over I started a new demo with GoMarkets in the same terminal, IE with the same settings. I choose a $5000 account this time thou, it is more realistic for me. Then I forgot about it, it is on a VPS over at SWVPS that I don’t use much anymore, but have payed for a year in advance.
I checked in yesterday. The account has exploded to about $11200, which equates to about 124% gained in 14 days. At first I thought that I had mistakenly started a $10000 demo, but after checking the trading history I can just say that the EAs in the account has made a great job during these weeks. The performance is not possible in a live account thou, because I forgot to adjust the lotsize of one of the EAs. It still used fixed 1.10 lots for trades, this number was based on the $50000 account size of the contest account. IE I have been taking 10 times the risk in this demo. The interesting thing is the gained pips thou, and in that respect this strategy (a midterm intraweek EURUSD strategy) have been doing very well with 6 trades resulting in 542 pips. I have corrected it to take 2% risk now, which is more realistic for a live trading environment.
All the other EAs have been doing great also, including my main scalper. I really can’t wait to get my money from JadeFX now so I can start a live account at Pepperstone (via cashbackforex of course for the kickback) and really get into this again.
Here’s the account (demo at GoMarkets): http://www.myfxbook.com/members/someguy/ea-portfolio-gomarkets/179700
It’s been quite some time since I traded accounts with any sums to talk about (I have a very small account at Alpari UK funded still, but it isn’t doing well with automated strategies, it’s okay for manual mid term strategies thou). I’m still waiting to get my money back from JadeFX to start trading automatically seriously again. The last word is that the NFA is going to get access to JadeFX accounts in November and that they then will start the distribution of funds. It will be interesting to see how much I will receive since I had quite a bit more in the account than I had deposited (I had profits of 143% during 2010H2). I’m guessing I won’t get the profits back, but at this point really anything is better than nothing. I’ve been waiting for 7 months…
In the meantime I have been testing different strategies out in demos at FINFX and Pepperstone. I was quite confident that I had a nice setup with 5 different EAs after the summer, but the last contest at MyFXBook unraveled some disturbing losses. The scalpers really suffered from the relatively high spreads at GoMarkets (they have been optimized for the low spread trading environments at ECN-brokers like Pepperstone and FINFX). More disturbing was that some intra-day strategies didn’t work well when turbulence hit the markets in mid September. All in all I lost ~13 % during the month, and I was up about 10% halfway through. I know that if this would have been a live account there would have been days I would not have traded because of the turbulence in the worlds markets, so I think a live account would have managed a break even month. I would like the EAs to take this “no trade” decision themselves thou, and it is something I am working on.
I think that you will see more activity in this blog once I get my (forex) trading capital back from JadeFX. Until then I will try to take some time and update the Forex Guide. It is long overdue.
