Will this EA work well with US brokers? If so, can someone recommend a broker? Thanks!
This martingale style EA requires Hedging, No FIFO, and High Leverage conditions. If you are a non-US citizen you have many choices, but I suggest you choose a large, liquid, ECN/STP commission trade provider with the tightest spreads and 200:1 or higher leverage. Market maker brokers will hurt you with this strategy. You should be prepared for a complete blowout of your account from time to time, thus their advertized strategy of trading with only a fraction of your funds is highly recommended. If you are a US citizen, I know of only one US broker that utilizes a proprietery interface software to circumvent the FIFO and Hedge rules, but leverage is limited to 50:1 for US clients, and minimum lot size is 0.10 standard lot. To trade that min. size with this program will likely require a min. $50,000 initial deposit, which in turn should be only a fraction of your total investment account.
One other solution is to open with FinFx, a similar ECN/STP commission provider, who has no US subsidiary, and therefore, it has no requirement to conform to the CFTC regulations. They accept US accounts, and have no Hedge or FIFO restrictions, plus leverage of 200:1 can be had. They have a min 0.10 lot for the ECN style account, but do offer microlots in the Market Maker style accounts. I can vouch only for the ECN service. There, you might be able to get away with a $12,500 account under the same conditions.
There is no legal issue for a US citizen to open with a firm in any country where the CFTC has no jurisdiction. I have researched and traded through the firms I have mentioned; both are reputable. (See my review of ATC on the Brokers Reviews Page), but please do your own due diligence.
Should you wish a personal introduction to them, just reply to me by private email. I am completely unaffiliated with either entity, but have had good working relationships with them for years and am in touch with their principals. I hope this helps.
I am Anthony Ingrassia, an NFA registered CTA ID#:0278164.
Visit:
http://www.nfa.futures.org/basicnet/
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