Forex MegaDroid Review - Mega Success or Mega Hype?
Jul 10, 2009 Forex Currency
Forex trading is changing with the change of technology. Many traders are considering automated trading. You can write your own code for Metatrader of buy a commercial EA. In this article I would like to discuss and show my trading results with one of such commercial expert advisers called MegaDroid.
What’s the Logic Behind MegaDroid
Many automated trading robots are notorious for losing money once the market conditions start to change. However developers of MegaDroid claim that it uses so called “market adapting intelligence” that makes it to adapt to changing market conditions.
As one can see from the name of the algorithm it is going to adapt to changing market conditions. Another interesting thing they claim is “reverse correlated time and price analysis” (RCTPA). This algorithm designed to forecast the price movement in the next 2 to 4 hours.
Overview
Of course there is no “Holy Grail” in Forex. However some tools may have potential to help you to succeed in Forex market. Looks like MegaDroid is one of them.
Advantages of MegaDroid
Most trades are winners
I’m testing this EA for more than a month by now. Interestingly enough it did not have a single losing trade. Which doesn’t mean it will not have in the future.
Built in money management system
There is an option that allows you to set the automatic position sizing according to our chosen risk level or set fixed position size.
Hides S/L and T/P levels from your broker
It was designed against cheating brokers who may move your stop loss orders. MegaDroid has “mental” stop loss levels. However the danger of this option is that in case of disconnection your trade will left unprotected.
MegaDroid Disadvantages
There is 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 probability trades and bring profit.
Forex MegaDroid Cost
You need to pay $97 to get MegaDroid. Is it expensive or not. For something simple like Metatrader’s piece of code it may seem high. In my opinion if it will continue to make profit at the rate it makes now it well worth the price.
My MegaDroid Test Results
By now MegaDroid is running for about a month. As I mentioned it averaged one trade per week. It made $160 on $5000 account that is 3% of gain. In my opinion for completely automated trading it’s not a very decent result.
Related Articles
Tags: a, automated forex trading, b, business, business;finance, currency trading, f, finance, Forex Currency, forex megadroid, Forex Trading, h, home business, i, m, make money, o, s, Stock Trading, t
Leave a Reply