Forex MegaDroid review - 12 brokerages

[rsmereka]

Originally Posted by hotsawce

Only thing I'm concerned about at the moment are the spreads. They seem to be a little higher than some other brokers. Does this affect Megadroid at all? Also, what about the leverage ? Does anyone here play with different leverage or do you stick to the 1:100?

MegaDroid is very sensitive to spreads. You need a broker with better than average spread and no playing games. I used to trade MegaDroid on a live account with Alpari UK which is a good non-NFA broker (IMHO) and MegaDroid would not trade that often and I would see messages all the time in the experts log about the spread being too high. The ideal for MegaDroid is a fixed spread at 2 pips for EURUSD but good luck getting that. Most brokers advertise 1.6 pip spread but they screw around because they know when MegaDroid trades.

One of the key reasons that I stopped live trading MegaDroid was it's spread sensitivity creating huge periods of inactivity.

Rick

[hotsawce]

Originally Posted by rsmereka

MegaDroid is very sensitive to spreads. You need a broker with better than average spread and no playing games. I used to trade MegaDroid on a live account with Alpari UK which is a good NFA broker (IMHO) and MegaDroid would not trade that often and I would see messages all the time in the experts log about the spread being too high. The ideal for MegaDroid is a fixed spread at 2 pips for EURUSD but good luck getting that. Most brokers advertise 1.6 pip spread but they screw around because they know when MegaDroid trades.

One of the key reasons that I stopped live trading MegaDroid was it's spread sensitivity creating huge periods of inactivity.

Rick

(Sigh) sound like another obstacle I need to tackle. I'm currently researching some other brokers at the moment because I'm not sure how forex.com does in regard to the spread issue. I'm sorry to ask this in the Megadroid thread, but hows EB Turbo fairing for you? Would you recommend it for newbs like myself? I'd like to discuss it in a dedicated thread, but we don't have one yet.

[pipdetector]

Hotsawce: when you are done with quest for broker share your findings with us please.

I agree with Rick that spread is crucial as far as MD is concerned. I think that you should spare some time for ATC Brokers (the broker that is used by pipsbuster, you can check his results here: http://www.myfxbook.com/members/myfx...4XMRVhAgr7ddlu). It seems that pipsbuster went for a break in December, but still his account shows ca. 40% profit. ATC is NFA regulated, so it it does not allow for hedging, but MD places opposite trades very rarely so no hedging should not be a problem.

[rsmereka]

Originally Posted by hotsawce

(Sigh) sound like another obstacle I need to tackle. I'm currently researching some other brokers at the moment because I'm not sure how forex.com does in regard to the spread issue. I'm sorry to ask this in the Megadroid thread, but hows EB Turbo fairing for you? Would you recommend it for newbs like myself? I'd like to discuss it in a dedicated thread, but we don't have one yet.

If you are interested, create a new EB-Turbo thread. I was going to create a new EB-Turbo review thread but I always run multiple EA's in one account and it's difficult to show a statement because there are so many different trades.

Rick

[rsmereka]

Originally Posted by hotsawce

(Sigh) sound like another obstacle I need to tackle. I'm currently researching some other brokers at the moment because I'm not sure how forex.com does in regard to the spread issue. I'm sorry to ask this in the Megadroid thread, but hows EB Turbo fairing for you? Would you recommend it for newbs like myself? I'd like to discuss it in a dedicated thread, but we don't have one yet.

I just bumped into this site (which is a discussion in itself) and they just went with MegaDroid and a live account with Tadawul. Spreads are good and fixed but the spread depends on what type of account you set up (mini or standard). I think it's worth a closer look.

Rick

[hotsawce]

Originally Posted by rsmereka

I just bumped into this site (which is a discussion in itself) and they just went with MegaDroid and a live account with Tadawul. Spreads are good and fixed but the spread depends on what type of account you set up (mini or standard). I think it's worth a closer look.

Rick

That sight looks interesting...I'll definitely keep an eye on it.

As for the broker , interesting you should mention them, as I sent an email a couple of hours ago asking some questions.

Found them (and some other EAs that might be worth testing in the future) through Forex-Peace Army.

I'll certainly keep everyone updated through the entire process. Right now I'm waiting for responses.

[hotsawce]

Update:

I found a work around for those that have IRAs and wish to trade with the money from them.

You'll need to find an IRA custodian to approve trading with the forex broker of your choice. Make sure your forex broker allows this and make sure your IRA custodian is okay with the broker and you're set.

Update 2: Here's the update on some brokers I'll be looking into within the next few days. IAMfx.com, ATCbrokers, Jadeinvestments.com, tadawulfx.com, MB Trading, and dukascopy.com.

I've heard of problems with tadawulfx in regard to requotes. Does anyone know the spreads for ATC brokers? Can't seem to find them.

It looks like I'm going to be deciding, mostly, between IAMfx, Jadeinvestments, and Tadawulfx.

FigFX has fixed spreads at 1 pip. Don't know about them, so maybe some here might like to look into them. Supposedly, they encourage scalping. (Also, I heard they were good in demo, but not so much live so the jury is out on this one....could be great or a miraculous failure.)

From what I've read, JadeFX seems to be great for scalpers. I've read an AVERAGE of 0.8 Pip spread on EUR/USD (sometimes less), and the website says 1.6 pip absolute maximum, and a 0.5 pip commission per lot.

IAMfx has a similarly low spread with a 1 pip commission , but I'm not sure how the commission is applied. I've been following from 11, to now 12 o clock and the spread has been hanging between .03 to .07.

Will be reading into both a bit more, and I'm hoping others look into it with me as well. The low spreads should really benefit megadroid, and both seem interesting. However, I still need to find out the swaps on all the brokers. What are the swaps for more popular brokers, like ATC and Forex.com? I'm trying to find the proper balance between spread , commissions, and swaps that are optimal for megadroid. Are swaps even a huge concern for megadroid?

So basically, even with commission the total cost of trading should be less than that of Forex.com and other brokers, and the low spreads should help megadroid shine. Opinions?

[hotsawce]

At Pipbuster!!!:

Pipbuster, are you still trading with Megadroid? Haven't seen an update from you lately.

[Pietpatat]

Originally Posted by hotsawce

I've heard of problems with tadawulfx in regard to requotes. Does anyone know the spreads for ATC brokers? Can't seem to find them.

I'm trading MD with ATC and there spread is always below 1 pips, useally 0.6-0.8. I noticed it takes more trades then other brokers ( Alpari, ODL ) because of the low spread .

Here are my results:
http://www.myfxbook.com/members/Pietpatat/atc/8695
It started 8 december and took a 3 week break during the holidays. So far no losing trades.

[PipCop]

Originally Posted by Pietpatat

Here are my results:
http://www.myfxbook.com/members/Pietpatat/atc/8695
It started 8 december and took a 3 week break during the holidays. So far no losing trades.

Very nice, and welcome to the site. Those spreads are unbelievable, I am going to have to check them out. How do you like ATC? Any issues?

Did you know we have a cool new feature here? You can embed your statement right on the page, like this:

[ MyFxBook]Pietpatat/atc/8695[/myfxbook ]

Just do that, without the spaces in the [brackets], and it comes out like this:

Link: http://www.myfxbook.com/members/Pietpatat/atc/8695