Forex MegaDroid review - 12 brokerages - Page 3 - Pip Cop

cogs · 2009-04-27, 09:50 PM

mitaji,

Some of the best advice I have seen posted on this forum.

All so true. Totally agree.

**PipCop** · 2009-04-28, 01:38 PM

Quote:

Originally Posted by mitaji

Ive really been thinking about these EAs. I'm begining to see the light. There is a cult-like mentality with those of us that follow these EAs. Lets step out of the box and think for a minute.Ask yourself the following questions:-

If I had a system that is going to break 1000% a year, why would I sell it? especially when in 1yr...I can make a cool million for every 1k in my account.

Possible answer: I'm full of sh**.The system will never make these kind of returns but as long as I make you believe it can, more money for me.

Which brings me to my second point .If the EA is so accurate/profitable why am I posting back-tested results?Why don't I have Live results?

Possible answers:
You guys must be nuts, if you think we are going to risk any of our money on this.
My EA is far from perfect. A live account statement will not look anything as good as the backtest.

How can I sell the most copies in the shortest time possible??

Possible answer:
Hype up the launch of the EA. "Limited no. only!!!"...... "Price to go up after x units are sold"......"Hurry! while stocks last!!!" etc etc

Incase sh** happens?

Possible answer:
Well......in terms of cash I'll have lost nothing or very little.
Anyway.....you cant get to me, I'm registered in the republic of taxhavenonextradition...

Enough of that. This is my point

... none of these EAs have worked as well as they are marketed. What these guys are selling you is a 'Dream' and we are too blind/stupid not to ask the right questions. The key weakness about EAs/robots is that they cant think!!Therefore, without discretion they are bound to fail sooner or later. If you are using these EAs, use money that you can afford to loose. Open a small account (not more than $300) then grow it if you can. Your risk will always be $300 that is if you are profitable.Guys, there are no short

cuts to riches, so quit thinking about 'making money while you sleep' and try to be a better trader.

I totally agree. However, the one think I think you forgot is that some people like tha allure of robots that can (a) trade 24x7 and (b) trade without them having to learn anything. Does that make them better? Nope, I still mostly agree with what you say.

Obviously I started this site to put robots to the test, and so far most have failed miserably. I hope that by holding robots to a new standard by forward testing them, all authors will take their work more seriously and produce better robots with better long term testing before releasing them to the public.

mitaji · 2009-04-28, 01:52 PM

[QUOTE=
Obviously I started this site to put robots to the test, and so far most have failed miserably. I hope that by holding robots to a new standard by forward testing them, all authors will take their work more seriously and produce better robots with better long term testing before releasing them to the public.[/QUOTE]

Hi Pipcop, perhaps it may be necessary in future to divert to trading systems rather than EAs. I have come across many that do work and I am sure there are many traders who would like to share their systems on such a forum. I can already see it .....'pipcopsystems.com'

mitaji · 2009-04-28, 01:53 PM

Hi Pipcop,
perhaps it may be necessary in future to divert to trading systems rather than EAs. I have come across many that do work and I am sure there are many veteran traders who would like to share their systems on such a forum. I can already see it .....'pipcopsystems.com'

**PipCop** · 2009-04-29, 09:33 AM

That may very well be the case. The whole concept of the site was to test these robots, and if they all end up sucking I'll probably look elsewhere!

Ken Long · 2009-04-29, 11:43 AM

Quote:

Originally Posted by cogs

mitaji,

Some of the best advice I have seen posted on this forum.

All so true. Totally agree.

Does this mean we should stop looking at EA's, simply because you guys are sure they cant work?? Or is there still a posibility left.

I agree there is always a place for manual trading, and I constantly work to improve my own abilities. But, this doesnt mean I simply reject the possibilities of using an automated mechanical system. Your comments remind me of the traders who insist that only one style of trading works, (usually long term position trading, or even worse, long term value investing). All of these trading styles have their place, including automated systems.

All an automated system is, is a mechanical system on autopilot. And they have quickly shown the problems inherent in pure mechanical systems, and the main reason why I've never trusted or used a purely mechanical system. However, there is always a place for a mechanical aproach, and any mechanical aproach can be automated. What is needed is the discretion to choose when and where to apply such a mechanical system, and the ability to choose between different systems and different strategies for different circumstances. In time we may see programs that are capable of making these choices, and as such are capable of managing multiple EA's picking and choosing from among their strategies to find the best fit, and that are capable of applying complex trade managment strategies that are capable of adapting to changing environments.

As it is these are still very new and developmental. Improvements are showing up quickly. All the money being poured into this industry by the thousands of traders, who believe in the possibilities and potential of using a retail robot to trade their accounts is enormous, and in turn fuels a constant drive to improve the product.

There will always be problems inherent with automated trading robots, just as there will always be problems with trading any purely mechanical system. The market is simply not a purely mechanical entity. However, to simply dismiss or reject the possibilities is basicaly ignorant, the same as to believe without question. True belief, and true disbelief, are both opposite extremes of irrational ignorance generally fueled by subconscious dogma.

Killer-B · 2009-04-29, 10:49 PM

Quote:

Originally Posted by mitaji

This is my point

... none of these EAs have worked as well as they are marketed. What these guys are selling you is a 'Dream' and we are too blind/stupid not to ask the right questions. The key weakness about EAs/robots is that they cant think!!Therefore, without discretion they are bound to fail sooner or later. If you are using these EAs, use money that you can afford to loose. Open a small account (not more than $300) then grow it if you can. Your risk will always be $300 that is if you are profitable.Guys, there are no short

cuts to riches, so quit thinking about 'making money while you sleep' and try to be a better trader.

Uhm - ya, what he said...

The check is in the mail Mitaji!

Me thinks there's an echo in the room... as this was pretty much what I was "expressing" over the Easter break about this and one other EA.... But I think someone said we were not too stupid... or if we did, we weren't giving people proper credit for doing their homework - I suspect in the end, it's a mix of all those things... n00bs that buy into the hype - Burned out traders who are looking for an edge in a new a changing FX market... or ??? I dunno... Despite SCAM warnings everywhere... people are desperate I guess... and do buy into the hype (hell, even I did ONCE) and I'm as skeptical as the come.... But anyway - I'll digress once again... (but good post)...

That aside, that's not why I came to post tonight (just ran across it and couldn't resist piling on LOL)... But in all honesty, this Bot has actually caught my attention despite my harsh criticism upfront (then again, it was only a few days into the wild... and NO ONE - including the "original" affiliates, had a clue how it would perform)... but seems to be doing fairly well for 13 days...

My Q was though - why IKO FX is trading such huge lots?

1117232009.04.21 22:59buy2.50

(and no, I didn't read the setup/FAQ's on this one) - but was just passing by and flicked thru all the 12 brokerages - and that was an obvious stand out...

Secondly is, this puppy is basically a scalper... Maybe not like TFAPS but - most trades are opened and closed within 15-60 mins... in and out... and shuts down... I see no long trades? Which may not be such a bad thing - for as we've all noted, EA's don't have "brains" and aren't smart enough to know what to do when a market reverses (despite the claims this bot can "See into the future") Puleeeze...

Anyway - sorry for the cynicism.. Been a rough week, and every few days when I pop online here to watch another EA go up in smoke, I must say I crack a little smirk.... cuz PC is just showing the world that all these internet "experts" and marketing gurus are only interested in your $97 bucks.... I think the advert says $363 A DAY in profit? I know, that is averaged and annualized... But just doing some lose math here, I'm seeing the BEST at $9 a day... but also assume they amp up the lots as your "profit" (and risk) grow...

Anywho... I'll now fall back on my disclaimer - that if this puppy does end up performing 50% of what it claims it will, without huge DD's (backtesting showed, what? 36% DD's?) - then I'll be the first to buy it from PC's affiliate link.. but till then, sorry, but I need more than 13 days to be convinced... Plus, these are demo accounts, and as we've seen with some others, cash accounts seem to net different results than demo accounts even on the same broker

... so - I dunno... Squirrely business we're all in for sure...

Cheers,

KB

**Batchboy** · 2009-04-30, 07:57 AM

started my live$ Megadroid at beginning of the March on a micro size $3.51 IBFX account:

http://206.71.180.236/statements/statement.htm

jb

Blackhand · 2009-05-02, 03:46 AM

I been using Megadroid from start of April in live account. And so far. all win trades.
But whenvever look back the lost trade they made, it just create my fear somehome...
Anyway, did anyone using Forex-Vengeance??? I think of buy that EA too... ANYONE?

just like what Mark Larsen said : "If you are a serious forex trader and plan to make money you should understand that your forex trading portfolio should consist of several good systems. Remember, the diversification is the key to success!"

pipsbuster · 2009-05-02, 05:51 AM

Quote:

Originally Posted by Blackhand

I been using Megadroid from start of April in live account. And so far. all win trades.
But whenvever look back the lost trade they made, it just create my fear somehome...
Anyway, did anyone using Forex-Vengeance??? I think of buy that EA too... ANYONE?

just like what Mark Larsen said : "If you are a serious forex trader and plan to make money you should understand that your forex trading portfolio should consist of several good systems. Remember, the diversification is the key to success!"

Does that look a bit inconsistent to anyone else?