NFA Posts

CFTC 1:10 max leverage proposal

Other

As you might know, the US CFTC (Commodities and Futures Trading Commission) has put out a proposal of introducing the maximal leverage of 1:10 instead of the current 1:100. If this proposal ever goes into effect, it will mean a serious harm to retail Forex overall and any Forex-related business in particular (just imagine what it’s like trading a live account with a 1:10 leverage). The change will concern absolutely all US-regulated brokers, not just the NFA members. Comments on the proposal are currently being accepted from the general public until March 22, 2010 at secretary@cftc.gov with the words “Regulation of Retail Forex” in the email’s subject line.

Retail traders are campaigning massively against the measure, with over 6,000 comments having been submitted to CFTC to date (heck, even a known Forex magnate Michael Greenberg sent one).

I therefore urge everyone reading my blog to join me in this effort and submit their comments to the above email address.

Some news and useful information

News and Events

I wanted to inform everybody, that MegaDroid team is working on new version of MegaDroid which is trading more often and earning more profits with constant accuracy ~90%. I am not sure that this is truth, but I also heard that they will offer a discount for active MegaDroid members, so don’t hurry up to make a refund as soon as you have a little loss.

Also I wanted to inform you that IMHO, Ivy Bot is worse than MegaDroid. They are getting a lot of refunds and soon their ratings will fall down.

Another thing that I wanted to tell you and which is important is that MegaDroid is working without problems on NFA brokers. The only thing you should be afraid of is that you can’t set various advisors on the same MT4 platform, because they will conflict with each other.

As you know there are a lot of modified versions of MegaDroid, versions with opened configuration options and advanced trading tactics. I don’t want to let you think that they all are fake, I just want you to remember that this guys didn’t develop MegaDroid and they don’t understand how it works like MegaDroid guys do. Don’t think that MegaDroid team is stupid and didn’t make that because they haven’t this idea.

Brokers for Forex MegaDroid (PRO) robot

Forex MegaDroid, News and Events

Because of new NFA regulations, creators and developers of Forex MegaDroid and MegaDroid Pro robots recommended two brokers to trade with:

1) FXCM UK (Minimum deposit for MegaDroid clients: $500, standard: $2000)

2) ForexMeta (Minimum deposit: $100)

But I recommend you to use FXCM UK as a broker because it’s spreads are much better than on ForexMeta.

You can register at FXCM here.

Note: If your phone number is not accepted then enter 123-456-7890

I have another thought, that MegaDroid’s won’t be affected by new NFA rules. I heard that they are going to release an update, but I don’t know when. If they release it - I will inform you immediately.

NFA Rule about hedging positions

News and Events

Almost everyone knows about new NFA Rule about hedging strategies. Now almost every broker from NFA denied it’s clients to open hedging positions.

But this rule doesn’t affect Forex MegaDroid expert advisor, because it’s strategy is not hedging. Of corse there is always a possibility that robot’s strategy will open hedging position because of strategy signal. This may happen accidentally and if it happens the second trade won’t be opened and this is quite normal.

I’ll keep everyone updated about some news and limits imposed by brokers.