Forex Megadroid Test Pilots Wanted!

[marc walton]

Hi, after all the recent hype I decided to have a serious look at the forex megadroid. I normally stick a robot on an account and watch it blow it & throw it in the bin. However there are quite a lot of experienced traders who are members of the mentor site who use it successfully. NOT the 2000% a year nonsense that is claimed in the advertising, but steady consistant gains.

Charles is one of the forexmentorpro members and sent this;

Charles'settings & results for forex megadroid

"Using risk of 0.1 with agressive and stealth mode and money management all turned on. My return during 9 months of testing is about 21% or 28% per year. It made a total of 75 trades with 5 losing trades. Based on $100,000 account it won $30,300.60 and lost $9,049.70. So winning % is 93.33% and win/loss ratio is about 3.35. Overall it is a successful robot. It doesn't trade too often. Most trades close within 1 day. The really cool feature is the stealth mode where your broker doesn't see your stoploss and take profit targets. Well hope this helps. If you have better settings or other info you need please let me know."

As a result I have asked Simon to be test pilot. He has set the robot up (he will give you his settings) and he will post his results every week here in the forum. We also have Les, Vassilis & Charles, to name but a few. These guys are all experienced forex traders & megadroid users, and are keen to help you in any way they can. They willl also let you know their settings & give you tips and advice.

If you are using the robot, perhaps you would like to share your experiences, good & bad. maybe you use more aggressive settings? Share your results.The aim here is to have an independent study and see if megadroid does actually work and more importantly, make money, regards, marc
If you decide to try the Megadroid CLICK HERE

[1954baby]

Marc

I am happy to contribute. I can give a newbie's perspective. Incidently took a big hit with Megadroid last night. I forgot to turn it off last night (to much work to do on the day job) which I aimed to do because of Davros.

Regards

Peter Nightingale (1954baby)

[baboon]

Hi Everyone,

I understand that there is a real buzz around Forex Megadroid at the moment. They seem to be blowing their own trumpets and making a big song and dance about the performance of their Expert Advisor.

So I am happy to enlist as a Forex Megadroid Test Pilot!

I am using the latest default settings, as downloaded from the Megadroid Members Area. I’m running it on two platforms - Jade Investments and MB Trading. Both of these are ECN/STP brokers, and have extremely low spreads compared to other brokers. Average spread for EUR/USD , the only pair Megadroid is designed to trade on is, 0.7 pips. I really think spreads are a crucial factor in boosting the profitability of these commercial EA’s.

I am testing the EA on EUR/USD on Jade Investments, using the 1 Hour timeframe specified in the manual.

I also have a spare slot on my VPS for other settings. Having checked the ForexMegadroid-Forum, It appears that there were two groups providing settings other than the defaults. One of these sites is no longer providing their modified settings and the other site is no longer there.

Therefore please send me suggested settings you might want testing and I will leave it running 24/7 on my MB Trading account on the VPS.

My biggest concern with this robot is the Risk:Reward ratio. I have been advised by a contact that while the Megadroid EA can have a win ratio of up to 95% as claimed, the 5% of losses can wipe out a third of all the winnings!

Anyway, there are several things that have impressed me so far, such as the auto-broker timeframe correction, and there does seem to be a fair bit going on “under the hood”, with fancy message updates on the chart.

Things like “monitoring spread”, “correction detected” and more. Whether or not there is any intelligence in the programming, as the creators claim, or whether this is just sleight of hand remains to be seen.

I will update the results every week and we will see if this robot can deliver the kind of performance the makers advertise.

Looking forward to everyone’s feedback.

Hi Peter, nice to meet you. As I'm running the default settings, could you advise what settings you are using? Also, which broker are you running it on?

Simon.

To Check out Forex Megadroid CLICK HERE

[kbbjr]

Hey boys!

Got the Droid setup last night. Using settings Marc posted above, but adjusted risk to 2%. IBFX in the US is my broker, spread is 2 pips (that may be bad).

Like everyone else I'm interested to see how this EA performs as it's the first robot I've ever purchased. I'll contribute as much as I can toward this effort. Thnaks in advance for everyone's input.

Take care,

Kent

To Check out Forex Megadroid CLICK HERE

[capsmart]

I have been using Megadroid for about 2 months now. I turned it off for Christmas period. Robots are smart but not thaaat smart.
It made 24 trades during this time. All winners. How much you earn (and how much you loose) depends on your risk level that is adjustable. So if you have a 10000 dollar account and set the risk level to 5% you cannot loose more than 500 dollars per trade.
I installed it on a VPS (virtual private server). For those that do not know what a VPS is. You "rent" a computer that is working all the time. You can access it from your computer with a special program. Once logged in, you are in a remote desktop that is somewhere in the United States (or elsewhere or course). Having a computer in the States reduces the time needed for your trades to execute.
On your VPS you can download programs and you can transfer files from your pc. It is the opposite of downloading files. You upload files to your VPS. So it takes some time, especially for larger files. Also when you work on the VPS the cursor gets "sticky" like having a veeeeery slow computer.
Once your platform with the robot is running you disconnect from the remote computer and it continues to work even if you turn your computer off. The cost to rent a VPS is about 25 dollars per month.

To Check out Forex Megadroid CLICK HERE

[Lucky8888]

Hi Marc,

Thank you for setting up this forum for tracking the performance of Megadroid. My name is Charles, like Marc said I have been demo Megadroid for about 9 months. I use https://www.fxpro.com for my demo account. I think they are located in Cyprus. It is a 5 digit broker. This means extra decimal place on the currency pairs comparing to 4 digits broker. For example, the current price for EURUSD is quoted as 1.39266.

I have tested quite a few robots in the past. This is the only one that went over the 2 month trial period. I basically have it running on my computer most of the time. Only shutdown on Friday 5:00 PM EST and re-open Sunday evening. If you have any questions, I will be glad to help you out to the best of my ability.

Cheers,
Charles

[capsmart]

Megadroid made two trades.
All trades are always in Eur/Usd
Enter long at 1.3961 exit at 1.3963 (2 pips)
Enter long at 1.3965 exit at 1.3969 (4 pips)
The program tries to find when the market is not moving and enters a trade. When there is a small profit it closes the trade.

[baboon]

Hi capsmart,

Yes, got similar results here. The prices were slightly different to yours:

Long @ 1.3965 - 4 pips profit
Long @ 1.3959 - 3 pips profit

The first trade had a stop loss on the statement of 41 pips and a take profit of 50 pips. which seems reasonable, except as you say, it only went for a very small pip gain.

The second trade had a stop loss of 83 pips, and a take profit of 143 pips. These seem like reasonable risk:reward ratios, exept that the robot appears to be risking the stop loss for a very small gain.

Do you think that the "Stealth" mode is generating the values on the statement to fool the broker and that these S/L and T/P figures are essentially meaningless?

We will need to do a lot more testing to see what the average take profit and the average loss is.

Looking forward to more feedback.

Simon.

[kbbjr]

My first trade was exactly like Simon's first trade i.e. Long @ 1.3965 - 4 pips profit.

Kent

[capsmart]

Concerning Stealth mode.
For the profits it is so. My only concern are losses. If the robot will get an 80 pip loss, that will erase all previous (or future) wins. So I assume that it will close the position earlier. In the 2 months that I am running the robot I never had a losing trade so I cannot tell.