Forex MegaDroid Review and Test Results
Recently I become interested in automated trading software like Expert Advisors for Metatrader platform. There are many EAs available on internet some of them free some of them payed. Today I want to discuss the Forex Megadroid EA, which is being sold at Forex-MegaDroid.com
Now before I go into details about MegaDroid I want to say a few things about trading robots in general. Some people may have an impression that those robots will turn their computers into ATM. Nothing can be farther from the reality. Any EA requires tweaking and adjusting back testing and forward testing. Then it requires constant monitoring. Once you learn when certain EA can run and when it should be stop and how it behaves in different market situations, then you are ready to move it to your live account. That takes a lot of time and effort.
The good thing about using EA once it’s set up it removes a lot of chores from trading a particular system you would have to do in case you were trading manually. So as in any area “success breads success” the more you work on EA the more successfully you can use it.
So back to MegaDroid.
Here is my review and real time test results of Forex Megadroid.
Overview:
It’s one of the successful commercially available EAs. By successful I mean it has the potential to bring profit consistently in Forex trading.
Pros:
- Very high success rate
- Automatic Money Management
- Has Stealth Mode
I’m running this EA on a demo account for a month by now and it didn’t have a singe losing trade yet.
It has an option to take a trade with the specified risk level. However you can turn that option off and make it to trade with fixed lot size.
This mode hides your S/L and T/P levels from your broker. However this mode can be dangerous if you lose connection to the server. Your position will be left unprotected.
Cons:
- Right now I see only one big drawback to this EA. It takes too few trades. As you can see over a month it has taken only 5 trades, averaging 1 trade per week. I can live with that if it continues to pick high probabiltiy trades and brings the profit.
Ok enough of that. A picture worth a thousand words. Bellow is the equity curve of a demo account that uses MegaDroid EA with default settings. It is updated regularly. Click the image to see the full statement.
P.S. Please bookmark this page to come back later and see how it behaves over time. I’m planning to keep this account for long time.
Loading ...
Dear trader,
I wonder if you could help me with one basic problem that I experience. Having problem to change any of the system parameters settings. I tried to change some of the settings like Risk Level0.1/Lot Size0.1 and so on. Once I make final “OK” and close the windov nothing changes. It stays unchanged again like before. Am I doing something wrong? No matter if the Droid is disconnected(while I am making set up changes) or not no change again.
Best Regards.
Oto
Hi Oto,
I never encountered such error with my copy of MegaDroid. Could you tell me which broker’s MT platform are you using? May be that’s the problem.
Under one receipt code I run 3 demos first is ForexMeta second Alpari UK and third FXDD Metatrader. All three have the same problem no possibility to change system parameters settings. Looks to me that problem is on my side. Of corse all three demos work in good order are in profit. Regard
Try the support desk of Megadroid team. They are really helpful.
When I trade in my stock portfolio I use several strategies at once…some aggressive, some conservative. Would I have this same option to operate several strategies simultaneously with this product?
Definitely an accurate review. Mega Droid won’t turn your computer into an ATM unless you stay on it, research and learn. Overall, a very good trading software.
Megadroid trades only EUR/USD. However you can try different strategies (e.g. changing the risk factor etc)
I lost a lot of money until I realized that you need to find out as much as you can and you need to test your knowledge with a good training program. I use Forex Tester 2