The Forex Robot World Cup is a competition for the developers of forex robot “Expert Advisor” or EA software that runs with the popular forex trading platform MetaTrader 4. The contest’s official website can be found at www.forex-world-cup.com
Each of the Forex Robots/EAs submitted to the competition first need to qualify before they can contend in a live trading environment to see which trading forex robot can generate the most profits in a given period of time.
Thus far, the Forex World Cup has attracted 329 EA entries from 63 countries, and it basically pits independent and non-commercial EAs and their developers against one another to see who has the better bottom line. The winning Forex robot/EAs will then be offered for sale to the public directly from the FRWC website after about two weeks from the end of the competition.
In terms of prize money, the contest sponsors offer an impressive U.S. $150,000 in prizes to developers of the best-performing expert advisors which they then get the rights to market. The developer of the winning robot takes home a hefty first prize of $100,000, while the developers of the second and third place robots take home $30,000 and $10,000 respectively. Developers of the fourth to thirteenth place robots receive $1,000 each.
Forex Robot World Cup Website Features
As becomes quite clear from the initial entry page to the competition’s website, FXCM or Forex Capital Markets sponsors the competition, along with Boston Technologies, a MetaTrader 4 bridge developer. Apparently, FXCM has developed an impressive market position as an online forex broker, claiming to have 150,000 clients enjoying its “no-dealing desk” trading feature
The great thing about this site is the fact you can see, in “real time” the honest, accurate performance on a real money “live” account. When you visit the Forex Robot World Cup competition website you can find links to the contest results for the top 24 forex robots which reached the final stage of the competition. The site displays both numerical and graphical results for each robot, as well as a helpful graphical overlay depicting returns for the top ten performers.
The site also offers links to news about the competition, as well as a F.A.Q. section that tells you important things like why the competition does not allow well-known commercial forex robot entries like FAP Turbo and Forex Megadroid to compete.
Recent Forex Robot World Cup Competition Overview
With respect to the most recent Forex Robot World Cup competition, as of this writing, the second month of competitive trading has just finished. Out of 329 initial forex robot submissions, only 24 met the competition’s criteria this time. These 24 EAs that made the grade were then subjected to a live trading phase that ended at 22:00 GMT on January 29th, 2010.
The results for the two-month live trading phase show quite a substantial range, with the number one position going to the LMD-Multicurrency robot. This rather volatile EA had a worrying 34% drawdown, but nevertheless showed a winning net profit of $1,456.01 U.S. Dollars on a $1,000 initial investment over the two month period.
The last place EA, The-Great-MWA200, also showed equally impressive results, however primarily on the losing side. This EA had lost 96.74% or $967.40 on a $1,000 investment by the end of the Forex World Cup Competition after suffering an especially nasty 99.5% drawdown.
Since this Forex Robot World Cup has now concluded, the organisers are now gearing up to offer the winning robots for sale to the the general public.
Final Thoughts About the Forex Robot World Cup
The great thing for forex traders is that for once we have had the opportunity to see ongoing performance & results in real time. No more ridiculous claims of “doubling your money in a month” when in reality even the best robots like Forex Megadroid return nothing like the vendors’ claims.
This competition has created an enormous amount of interest and I for one am being bombarded on a daily basis by all the usual forex marketeers. The really interesting thing now is how much is it going to cost?
If you would like to know more, avoid all the hype & keep up to date with the latest news, take a look here:- Forex-Robot-World cup update
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