Forex MegaDroid

Nope, I haven’t.

The new leverage shouldnt effect the trading at all, just the margin deposit needed to open a trade. As long as you have enough free margin to maintain your positions you should have any problems. I switched my demo accounts to 50:1 several weeks ago in preparation and have had no problems at all, without changing my position sizes. I did however lower my sizes by half on my live account this week.

US residents cant legaly switch to an offshore broker anymore. All the brokers that were advertising for US accounts have stoped, and are now refusing US accounts.

FIFO and hedging rules were pretty easy to get around. FXDD just switched their Metatrader accounting to their internal position based reporting system with their own platform. All transactions on Metatrader work as usual, but they are reported on a net position base. I can open multiple long or short orders and close them in any order. But they did have to stop offering their FXDD Malta branch to US accounts.

This does not appear to be the case, Ken. Below is a list of offshore brokers that confirmed in writing they will continue accepting US citizens after October 18, 2010 when the new US CFTC rules became effective. Those brokers do not maintain any US presence and therefore do not feel they are subject to the US CFTC regulations while servicing all customers (including those from the United States) strictly in places of their domicile:

Members of the Yahoo MTandI list have developed a list of brokers
who will accept US residents and offer leverage of 100:1 and
higher. We are providing this list to help traders who are
interested in pursuing accounts with brokers who offer greater than
1:50 leverage. We have not vetted this list and do not endorse any
particular broker. It’s offered as a starting point for further research.


Revised List 10-19-10 10:45 am CST

Brokerages that Will Accept US Citizens

2pipsforex.com (added 10-18-10 Jake)
AAAFX (added 10-12-10)
ActivTrades (UK) ((added 10-18-10 Jake)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
FBS (added 10-12-10)
Fin FX (added 10-15-10 C Franks )
Forex4You (added 10-13-10 Jake)
Forex FS - Australia (added 10-16-10 Jake)
Forex Metals (Panama) (added 10-18-10 Jake)
FOREX MMCIS: (added 10-13-10 Jake)
ForexClub.biz (added 10-18-10 Jake)
FXCast (added 10-17-10 Will accept US citizens if they provide a
non-US address and maintain a bank account outside the US-
Jake)
FXCBS (added 10-13-10 from CashBackForex). Jake confirmed.
FXCompany (added 10-12-10 NB: The Govt of Mauritius stated
it’s revoking the business license of FXCompany in May 2010.
Current status is unclear)
FXM Trade (added 10-15-10 Jake)
FXOpen (May be the same as FXCompany. They have
unresolved regulatory issues with the government of Mauritius -
Jake)
GotMoneyFX (added 10-13-10 Jake)
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorsEurope.com (added 10-14-10 Jake)
LiteForex (added 10-19-10 Jake)
MF Financial (mffx.com) - UK
MRC Markets (Austria) (added 10-18-10 Jake)
Marketiva
NordFX (added 10-17-10 Jake)
PrimeBank Forex (added 10-15-10 Abhay )
RFXT (Lebanon) (added 10-18-10 Jake)
RVMarkets (added 10-13-10 Jake)
SmartTrade FX - Canada (added 10-17-10 Jake )
Tadawul
TradeNext (added 10-19-10 Jake)
Uni-FX (UAE) (added 10-18-10 Jake)
United World Capital (added 10-14-10 Jake)
Varchev Finance (added 10-19-10 Miro Rusev)
Windsor Direct (added 10-12-10 Brian Durnil)
WSD Global Market - New Zealand (added10-18-10 Jake)


E Forex: Will maintain existing US clients but will not take new US
clients after October 18th.


ACM Forex (Swiss-based) (added 10-12-10) Note: FPA
recommends caution in dealing with FCM due to legal action
against them

But, they cant do it legaly as per US regulations. My understanding is that this goes beyond just CFTC regulations, and includes any brokers registered and regulated in other major countries. There are unregistered brokers around the world who will accept our money, but would you put any amount of money with one of these brokers? If there were ever a problem, where would you turn? These brokers could do anything they wanted with your money, and there would be nothing you could do about it.

I for one, will stick with the major US regulated brokers and learn to trade with 50:1 leverage. It a minor inconvenience, but certainly not game ending.

All brokers on the list are registered and regulated in a variety of countries. They wouldn’t even be able to maintain and operate bank accounts if they had no registration and licenses. Likewise, their local legislation does not prohibit them from servicing foreign customers, including those from the US. On the other hand, the new US CFTC rules do not impose any restrictions on individual US traders but on brokers servicing them instead and cannot be enforced on a broker if it does not have any US presence.

As an analogy: you come to Mexico and are serviced by a local Mexican hotel which has no US presence. Under which country’s laws your deal with the hotel is carried out - the local or the US ones? Correct, the local ones.

Certainly interesting, and I dont disagree. I’m just not sure I would want to go that route. There are a few brokers on the list that I have heard of, but the bottom line is still security and how much money would you feel comfortable placing with a broker in a foriegn country that you had no way to know if you would ever see again. $1000, maybe. $100,000, never. Large accounts can trade perfectly well with 50:1 leverage. Most manual trading can easily adapt to 50:1 leverage. Its just these little scalping robots that have problems making enough money without huge position sizes.

When it comes to Swiss firms that also hold a status of a bank, such as Dukascopy and MIG Bank (both of which have confirmed to me they will continue to accept and service US customers after October 18, 2010), I would confidently trust them with any amount of my funds. The Finnish brokerage FinFX, which is recommended by the Forex Megadroid team, also looks pretty solid in this regard. The same applies to the reputable UK-based firms, such as ActivTrades and HY Markets, which have also confirmed their acceptance of US customers after October 18, 2010. The level of regulation and law enforcement in all of the aforementioned countries is by no means lower than in the United States.

decent sized list there actually.

Yes, incredibly good list. Thank you. I had no idea there were so many available. However, its really the two Swiss brokers you mention, and a few others that have been recomended that are most interesting to me. These are the ones I recognized initially that I would consider establishing a larger account with at some point.

For now I’m taking no action other than adapting to what I already have. The few brokers I contacted prior to this were of the same mind. Once things settle down we will get a better idea of what is possible and easiest.

Any one had any MD trades since the change was in place for USA traders?

Garry

I’m with GoMarkets but am still useing 1.21. Last week I had 3 trades (the third being a loss of 40pips), this week I have had 5 trades all winners.
I think I’m up about 40 pips for the 2 weeks. Prior to that I think I had a couple of B/E’s and a win at the start of the month.

Astounding +369% of pure profit on my Forex Megadroid account with FXPro to date: FxPro_MD System | Myfxbook

Perhaps it does not apply to me, who live in Sweden, Europe, but:

I had two trades the 19th, one the 20th and one the 21st. Really busy week for MD this week. :wink:
All trades were winners, however one of the trades from the 19th looked REALLY bad for a while, but ended up one or two pips win…

Setup:MD 1.3 on FXDD Malta
Risk: 0.3
Aggressive: True

Carl

Not even verified.

Hello there, just regged, thinking about purchasing MD. I just checked the 2008 data on their website, and looked at these two big losses.

271 2008.09.25 00:48 sell 136 8.48 1.4633 1.4747 1.4623
272 2008.09.25 08:35 s/l 136 8.48 1.4747 1.4747 1.4623 -9667.20 21331.43

289 2008.10.14 00:42 sell 145 18.02 1.3604 1.3708 1.3589
290 2008.10.14 12:05 s/l 145 18.02 1.3708 1.3708 1.3589 -18740.80 11885.15

The first took away 30% of the account, the second too away 60% of it. I wonder if money management settings were changed from being ultra-risky (30%) to gigamegaultra-risky (60%) in between those two trades, or this is normal behaviour of the robot… (I can imagine that risk levels automatically change from 30% to 60% depending on market conditions, if user selected a hypothetical risk, or agressivity setting of “7” for example…)

Any input is appreciated, thank you!

has anyone experienced any successful trades in the us under the new margin requirement? Also does anyone know if forex-robots.com is under the us restrictions as well?

Hi!

That looks like the “Recovery mode”. It is a bit dangerous, but I have it enabled nonetheless. It works like this: If the robot causes a loss, it will DOUBLE the risk for as long as it takes to cover the loss. That is, until the balance is as high as before the losing trade.
The reason for this is that losing trades seldom follow close to each other, and therefore it should be able to recover in between them with a higher risk. However, in the case above, there was a losing trade DURING the recovery, hence the double risk.

That is how I think it happened.

I have been trading with MD since July 2010 ( soon 4 months), and have only had ONE losing trade (2 pips), so for me it has been really great. I run the EA on an FXDD Malta account (non-US). I have recovery mode on, Aggressive On, and the risk setting at 0.3. So for these four months, the balance has increased nearly 30 %. I think there have been a little too few trades (only 25 all in all).

Uh-oh. I see that my MD opened a trade a few minutes ago. And it does not look good… Ack. Hope EURUSD recovers in time…

Regards
Carl

An updated list of foreign brokers that confirmed in writing they will continue accepting and servicing US customers after October 18, 2010 with no leverage restrictions:

Members of the Yahoo MTandI list have developed a list of brokers
who will accept US residents and offer leverage of 100:1 and
higher. We are providing this list to help traders who are
interested in pursuing accounts with brokers who offer greater than
1:50 leverage. We have not vetted this list and do not endorse any
particular broker. It’s offered as a starting point for further research.


Revised List 10-25-10 1:45 pm CST

Brokerages that Will Accept US Citizens

2pipsforex.com (added 10-18-10 Jake)
AAAFX (added 10-12-10)
AccentForex (added 10-20-10 Jake)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
City Credit Capital (added 10-25-10 Jake)
dbFX - Deutsche Bank (added 10-22-10Jake)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
F|B Capital Markets (added 10-22-10 Jake)
FBS (added 10-12-10)
Fin FX (added 10-15-10 C Franks)
Forex4You (added 10-13-10 Jake)
Forex FS - Australia (added 10-16-10 Jake)
Forex Metals (Panama) (added 10-18-10 Jake)
FOREX MMCIS: (added 10-13-10 Jake)
ForexClub.biz (added 10-18-10 Jake)
FXCast (added 10-17-10 Will accept US citizens if they provide a
non-US address and maintain a bank account outside the US-
Jake)
FXCBS (added 10-13-10 from CashBackForex). Jake confirmed.
FXCompany (added 10-12-10 NB: The Govt of Mauritius stated
it’s revoking the business license of FXCompany in May 2010.
Current status is unclear)
FXM Trade (added 10-15-10 Jake)
FXOpen (May be the same as FXCompany. They have
unresolved regulatory issues with the government of Mauritius -
Jake)
GotMoneyFX (added 10-13-10 Jake)
HotForex (Mauritius) (added 10-22-10 Jake)
IKOFX (Cyprus) (added 10-22-10 Jake)
Inovatrade (added 10-21-10 Jake) Per Panamanian CNV (the
financial services authority of the Republic of Panama)
Panamanian forex dealers can service US residents if they want to
and there’s nothing the CFTC can do since there’s no local
regulatory group to enforce CFTC regulations
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorsEurope.com (added 10-14-10 Jake)
LiteForex (added 10-19-10 Jake)
MF Financial (mffx.com) - UK
MIG Bank (Switzerland) (added 10-30-10 Jake)
MRC Markets (Austria) (added 10-18-10 Jake)
Marketiva
NordFX (added 10-17-10 Jake)
OMFinancial (New Zealand) (dded 10-22-10 Jake)
PrimeBank Forex (added 10-15-10 Abhay )
RFXT (Lebanon) (added 10-18-10 Jake)
RVMarkets (added 10-13-10 Jake)
RoboForex (added10-24-10 Terri Horton)
SmartTrade FX - Canada (added 10-17-10 Jake )
Tadawul
TradeNext (added 10-19-10 Jake)
Uni-FX (UAE) (added 10-18-10 Jake)
United World Capital (added 10-14-10 Jake)
Varchev Finance (added 10-19-10 Miro Rusev)
Windsor Direct (added 10-12-10 Brian Durnil)
WSD Global Market - New Zealand (added10-18-10 Jake)


E Forex: Will maintain existing US clients but will not take new US
clients after October 18th.


ACM Forex (Swiss-based) (added 10-12-10) Note: FPA
recommends caution in dealing with FCM due to legal action
against them
ACM | AC-Markets.com | Advanced Currency Markets reviews and ratings by Forex Peace Army
markets.com

why not verified please ??:confused:

Quite ludicrous I must say.