Category Archives: Announcements

Might be time to get back into forex trading

forex spread recorder

Hello everyone! I am not sure how many of you are still following my blog still, but I’ll make the post anyway. After a very long time away from the forex trading game I am seriously considering getting back into active trading both manually and via automated systems (EAs). I’m going to also start to slowly test and review some of the latest forex products I can get my hands on.

Right now the field of possibilities is open to me and I haven’t decided on what I want to focus on more. I am leaning to initially start with a bit of autotrading via social trading tools like ZuluTrade, and then revisit my manual trading systems and some of the old classic EAs that I used to use (like Forex MegaDroid, etc)

So anyways, I shall end this post here. I am almost officially back in the challenging forex game. Wish me luck!

Cheers,

Alan

I’m switching mailing list providers

Hi everyone. I just wanted to let those of you that are subscribed to this blog’s mailing list know that I’ll soon (like n the next few days) be switching mailing list providers. So from that point onwards all my mailing list broadcasts will become from Ymlp (Your MailingList Provider) instead of Aweber.

Why switch? Well, the only reason is cost. I like Aweber, but finance are a bit tight for me recently, so I have to cut costs where I can and Ymlp offers the same service at a much more economical rate. Also I rarely send out e-mails so I can’t justify paying $29 for a service that I infrequently use. However, aweber is great if you’re one of those big shot online marketers who sends e-mail on a very regular basis and you need advanced analytics and other such fancy pants features.

So yeah just a heads up that my next broadcast will be coming from Ymlp so don’t panic, unsubscribe, or flag the e-mail as spam. It will still show in the “From” field as “Alan’s Forex Blog” so you know it will be from me.

Thanks for your attention and I wish you all the best.

Cheers,

Alan

Forex Robots Forum – Dedicated to Commercial Forex Robots

Hi everyone! I’ve been busy lately with a new website idea, and I’d like to let you all know about it as I’m sure it would interest most of you. This new website of  mine is a forex forum dedicated solely to commercial forex robots – meaning forex robots or “expert advisors” that you have to pay for.

There are a TON of these products floating around and it seems  everyday a new one comes out. A lot of them are pure junk, but some of them end up being solid money makers. The idea with this forum is to bring together a many people who are interested in these forex robots as possible so we can all share performance statements, experiences, ideas, etc. Thus using the power of a community effort we can sort out the wheat from the chaff – as incidentally is the forum’s motto.

To become a member of the Forex Robots Forum please click the link below:

http://www.forexrobotsforum.com

See you there!

Cheers,

Alan

Forex Roboteer Forum

Greetings everyone!

I’ve got some news to report here. I’ve decided to re-open the old RangeTrader forum and rechristen it as the Forex Roboteer Forum to reflect the fact that RangeTrader has now morphed into Forex Roboteer. RangeTrader? Forex Roboteer? If you’re confused, don’t worry as I’ll clear things up for you.

Basically the story goes something like this. A while back when I was a forex newbie I came across RangeTrader on a forum thread somewhere and after doing some investigation I decided to buy it. In fact I think RangeTrader was the first commercial fore robot that I’ve purchased. After buying it I happen to do a search on Google to see if there was some sort of support forum where I can chat with other RangeTrader owners. I did manage to find one (and it was the only one) but the drawbacks of that forum were numerous. First off the layout was poorly organized and it used some free web hosting very basic forum software that I did not like at all. So I got together with the creator of that forum and we setup a spiffy new forum using the latest and greatest forum software package available at the time. And thus the RangeTrader forum was born.

As time went on the RangeTrader community grew nicely and everyone was making money with that peppy little forex robot – including me! I took a puny “test account” from $250 to way over the $1000 mark in a few months, and I did it with the lowest risk setting possible. What was happening at the time is that the Euro was in that massive uptrend that eventually hit 1.60 – remember that? – and RangeTrader was kicking ass.

Sadly though as the uptrend hit a brick wall and the market started getting choppy RangeTrader started to flounder and many people lost faith in it and moved on to other things. That’s when the RangeTrader forum started to decline. All great things must come to an end I suppose. I met a lot of similarly minded people by administering that forum and it was an enjoyable experience.

By the time everyone ditched RangeTrader, Peter Parson came out with a new forex robot called Forex Roboteer. What set Forex Roboteer apart from RangeTrader is that Forex Roboteer was designed to automatically download settings optimized for the current market conditions. However, to have access to the optimized settings you have to pay a monthly fee.

When RangeTrader started getting its but kicked by the market I too decided to ditch it and move on to other things. By the time Peter released Forex Roboteer I was too busy with other things to give it a second look. But I’m thinking now may be the perfect time to give it another try. I recently came across Peter’s live account performance statement on MT4Stats, and to me it looks pretty good thus far. Check it out here:

http://roboteer.mt4stats.com/

If Forex Roboteer really starts to gather support I can definitely see a return to the old days when the RangeTrader forum was blazing with activity.

So if you already own a copy of Forex Roboteer please drop on by the Forex Roboteer Forum over here:

http://www.forexroboteerforum.com

If you’ve never heard of Forex Roboteer I’d recommend you visit its homeapage over here:

http://www.forexroboteer.com

Cheers, and see you on the forum side!

Alan

Upgraded WordPress to the latest version

Hi everyone. I just wanted to let you all know that I upgraded my blog software to the latest version, so you may run into bugs and other issues (hopefully not, but you never know!), and if you do I would really really appreciate if you send me an e-mail at: alan [at] alansforexblog.com letting me know!

Thanks for reading my blog. I wish you all many pips!

Cheers,

Alan

CFTC Proposed Leverage Changes

CFTC

Hello fellow traders. Did you guys hear about the CFTC’s proposed leverage changes? First the NFA FIFO regulations, then the lowering of max leverage to the existing 100:1 limit, now this!? What’s next? No leverage at all?

The U.S. Commodity Futures Trading Commission (CFTC) announced on January 13, 2010 that it is seeking public comment on proposed regulations concerning retail forex trading.

As part of the proposed regulations, “leverage in retail forex customer accounts would be subject to a 10-to-1 limitation,” which means 10:1 leverage would be the maximum amount allowed for forex traders in the U.S.

An example of how the proposed regulatory restrictions would affect a major currency pair appears below:

Maximum Leverage under

Current Regulations Maximum Leverage under Proposed Changes
USD/JPY USD/JPY
100:1 leverage (one percent) 10:1 leverage (10 percent)
1 lot (100,000) 1 lot (100,000)
Margin requirement: $1,000 Margin requirement: $10,000

If you feel strongly about the proposal, I encourage you to give the CFTC a piece of your mind. You may be able to help make an impact by sending comments directly to the CFTC at: secretary@cftc.gov

Please include ‘Regulation of Retail Forex’ in the subject line of your message.

You can also submit your comments by any of the following methods:

* Fax: (202) 418-5521
* Mail: David Stawick, Secretary Commodity
Futures Trading Commision 1155 21st Street, N.W.,
Washington, DC 20581
* Courier: Use the same as mail above.

To find out more about this visit the CFTC’s website at:

http://www.cftc.gov/?sssdmh=dm23.118459

I must admit that I really wonder if all our complaining will even make a difference – I tend to think not. They succeeded in pushing the FIFO rules, and also in lowering leverage to the current maximum of 100:1, so their recent change will most likely come into effect regardless of what we have to say. I don’t think they give a damn what the public thinks. The fact that they even attempted to “put it to the masses” as it were is just pure PR in my opinion.

The reality is that they’re regulators and without something to regulate and something for them to stick their noses into they are out of a job. Even though the retail forex industry had absolutely NOTHING to do with the subprime debacle they must do something right? They’re regulators so they must regulate, especially with the markets falling to pieces.

Or just maybe this is happening because of the jealousy of people in the Futures market (especially dealers) who’ve lost business to the retail forex industry.

Anyways, enough of my rant. Hey if you wanna chat and generally share your two pips with other traders regarding this topic jump on over to this forum thread:

http://www.forexnirvana.com/f7/cftc-proposed-leverage-changes-1355/

Alrighty, now it’s time to get back to my charts.

Cheers,

Alan

http://alansforexblog.com

Forex Megadroid’s price is going up to US $149 soon!

forex-megadroid.jpg

Greetings fellow trader! I hope the market is treating you well and you’re making pips.

Now let’s get down to business. As you can tell by the title, this post is related to the popular Forex MegaDroid Expert Advisor (EA) – forex trading robot for those of you new to the world of forex trading. I have been using this EA with success for some time now on my live FXDD account and I feel comfortable in saying that it is the best commercial EA I’ve used so far.

By the way, you can checkout my live account performance by reading my Forex MegaDroid performance update blog postings:

Click here to see the first performance update post

Click here to see the second performance update post

Now back to the subject at hand. The main reason for this post is because I wanted to let you all know that I just got word from the Forex MegaDroid team that they plan to increase the price of their product from $97 to $149.  Thus if you’ve been sitting on the fence until now (or if you haven’t heard about Forex MegaDroid before) make sure you get your Forex MegaDroid copy before the price goes up. Their current asking price of $97 is a bargain in my opinion. Heck, knowing what I know now I would even may $149 and more. My Forex MegaDroid has already paid for itself so I’m riding the money train now and I’m pretty happy so far.

So once again….

Forex Megadroid’s price is going up to US $149 on Friday, January 22nd, 2010

I really wish the Forex MegaDroid developers gave people more than just 2 days, but what can I do, it’s their product and they decide what do with it.

To make sure you get a copy of this excellent forex robot before it goes up in price please see the Forex MegaDroid homepage:

http://www.forexmegadroid.ca

Good luck!

P.S. As usual I will continue to trade with this EA and report my performance results here.

Cheers,

Alan