Forex MegaDroid review - 12 brokerages

[li21]

Hi all,
I got 2 questions about setting up Megadroid

a) GMT Offset.
I am in Sydney Australia, running on GoMarkets.
The Gomartkets page says their GMT offset is +2

When Megadroid GMT settings is set to Auto, the chart says the GMT Offset is
+1 (Auto: Local)

Is this right? Should I set it to +2? What exactly is that + 2?
Australia is GMT+10!?


b) The Lot Size Setting.
Default is 0.1.
Does that mean it will always trade at 0.1 ?
The manual says if Automated order sizing is not required, this value will be taken?
Where in the settings can I change auto lot sizing?

thanks all.

[rsmereka]

Originally Posted by li21

Hi all,
I got 2 questions about setting up Megadroid

a) GMT Offset.
I am in Sydney Australia, running on GoMarkets.
The Gomartkets page says their GMT offset is +2

When Megadroid GMT settings is set to Auto, the chart says the GMT Offset is
+1 (Auto: Local)

Is this right? Should I set it to +2? What exactly is that + 2?
Australia is GMT+10!?


b) The Lot Size Setting.
Default is 0.1.
Does that mean it will always trade at 0.1 ?
The manual says if Automated order sizing is not required, this value will be taken?
Where in the settings can I change auto lot sizing?

thanks all.

It is not the local time in your country but your brokers server time relative to GMT. Leave MegaDroid on auto detect. It will be fine.

The lot parameter is only if you are specifying a manual lot size (not recommended). Typically, it does not matter what it is set at because the lot size will be automatically calculated by the risk.

Rick

[li21]

Originally Posted by rsmereka

It is not the local time in your country but your brokers server time relative to GMT. Leave MegaDroid on auto detect. It will be fine.

The lot parameter is only if you are specifying a manual lot size (not recommended). Typically, it does not matter what it is set at because the lot size will be automatically calculated by the risk.

Rick

Thanks for the response
How does one set to manual lot sizes...

Not that I would. but i cant see any settings in there that would allow it

[rsmereka]

Originally Posted by li21

Thanks for the response
How does one set to manual lot sizes...

Not that I would. but i cant see any settings in there that would allow it

I have not used this feature and someone correct me if I am wrong but I think you set the RiskLevel to zero and MegaDroid will use the LotSize size.

Rick

[Ken Long]

Originally Posted by li21

Hi all,
I got 2 questions about setting up Megadroid

a) GMT Offset.
I am in Sydney Australia, running on GoMarkets.
The Gomartkets page says their GMT offset is +2

When Megadroid GMT settings is set to Auto, the chart says the GMT Offset is
+1 (Auto: Local)

Is this right? Should I set it to +2? What exactly is that + 2?
Australia is GMT+10!?


b) The Lot Size Setting.
Default is 0.1.
Does that mean it will always trade at 0.1 ?
The manual says if Automated order sizing is not required, this value will be taken?
Where in the settings can I change auto lot sizing?

thanks all.

If GoMarkets says their GMT offset is +2 and the Auto GMT offset says +1, I would check for summer time changes. Here is the US we just went on Daylight Savings time and these calculations may not show on the Gomarkets web pages yet. The Auto GMT will calculate the difference between your trading platforms time and the actual GMT automaticaly and is probably more accurate. This is all explained in the manual.

I dont find any mention on the GoMarkets web page, but if you check the time listed on your MT4 platform and compare it to the actual GMT you can easily calculate the difference for yourself. http://wwp.greenwichmeantime.com/

Lot Size/Risk Level

If you have any number other than 0 in Risk Level it will override the manual setting. 0.1 will calculate a 10% position size based on your free margin . This is only a position size and has nothing to do with the actual risk. The stop loss is variable, from about 50 pips to as much as 150 pips, this is your actual risk multiplied by the size of your position. If you run Aggressive Mode the system is capable of opening two trades simultaneously, thereby doubling the current risk. If you run Recovery Mode it can do this with the position size already already doubled.

I have found that on my broker , FXDD, a 25% position will shut the system down due to a lack of margin . Basicaly a margin call , but on the backtester it just shuts down. Others have claimed that 25% is as high as they can go without problems. It really depends on the leverage you trade at and your margin requirements.

[Hawk Trader]

Originally Posted by rsmereka

I have not used this feature and someone correct me if I am wrong but I think you set the RiskLevel to zero and MegaDroid will use the LotSize size.

Rick

I think that you're right Rick, if your risk level it's not zero it will use whatever the value is instead of the fixed lot size you may want to trade. Altough I heavily recommend using the risk percentage feature for a safer and possible bigger profit.

[Ken Long]

These questions are all answered right in the MegaDroid manual...

[hotsawce]

for some reason this thread has been dead. I'm going live with FXCM shortly. will keep everyone updated.

[Pietpatat]

Originally Posted by hotsawce

for some reason this thread has been dead. I'm going live with FXCM shortly. will keep everyone updated.

Probably because MD has been a bit silent last weeks. I had only 1 trade this month, and it didn't even get filled on my main account.

[rsmereka]

Originally Posted by Pietpatat

Probably because MD has been a bit silent last weeks. I had only 1 trade this month, and it didn't even get filled on my main account.

I've had two trades this month on my live Alpari UK account. Both with very small wins, 5.1 pips total.

Rick