Yesterday’s post (“Forex Robot hits the Road – Trades Credited” explains why we are considering various alternatives for our managed day trading online program. If you haven’t read the previous post yet, please do so at this time.
Please keep in mind that the options I’ll be telling you about today are not mutually exclusive; i.e., you might decide to participate in more than one, whether you are an existing client or a new investor. Part of the reason I’m providing these options to you is because some of you might not qualify (“for reasons beyond our control”) for our existing online trading program going forward.
For a while, I have been considering the Strategy Runner-Currenex combination as an option for our current scalping program. We are already set up at a Currenex firm that works with Strategy Runner (SR) and funds for live testing should be coming in tomorrow or Thursday. If all goes well, live test trading might start late this week or early next week. If these live tests are successful, this might certainly be an option for Nigel’s program. I’ll have a better idea by next week.
At the end of this month, a Currenex firm that we’re working with is supposed to launch a true Currenex-MT4 combination (unlike what we had at FXLQ). If successful, this will be the first of its kind (to my knowledge) – an ideal environment to run the current forex scalping program. Having said that, here are our future options:
Trading with Strategy Runner – Strategy Runner is fast and works well with Currenex. It offers one-click execution and the ability to automate stops. The disadvantage of this option is that the account minimum for the Currenex broker we’re working with is US$25,000. This will leave many investors with $10,000 out of this program.
Trading on Currenex via MT4 (when ready) – In about three weeks, this option might be ready. This would be an ideal scenario because all of the indicators and “gizmos” used for the current scalping program are written in MT4 language. The problem with this option is that the broker might run into unexpected difficulties that delay the program launch. Remember that MT4 was not really designed to execute on Currenex. It must be rigged to work with it. Another drawback of this program is that a minimum of US$25,000 (possibly $50,000) is also imposed by the brokerage firm.
Using a Different Day Trading Program on MT4 – Nigel’s scalping program is no doubt excellent, but only the above two options are available right now to trade a certain amount of capital with it. All existing MT4 firms will shut us down once Nigel starts trading more than a few lots at a time. This might change in the near future, but it’s the reality right now. In the future, it might also be possible for us to accept $10,000 again for our current program (using the first two options), but not at this time. That’s why I have been filtering many traders in the background. I have four that I’ll be running through our final analysis this week; two running fully-automated robots and two manual day traders. Their systems will work with another MT4 firm that we have started working with already based on the recommendations of various system day traders that we know and trust. These systems are very short-term in nature, but operate in a way that won’t get them shut down by the brokerage firm. While these programs won’t replace our current scalping program with Nigel, they complement it and provide further diversification for our existing clients.
Please feel free to call our office to discuss these options. If you are an existing client, I ask that you give me until early next week to make a final recommendation.
To more prosperous days ahead!
