Forex MegaDroid review - 12 brokerages

[Ken Long]

ATC uses FXCM's price feed. This we already know. I like FXCM as a longer term broker , they're big and stable, and their spreads arent bad for swing trading, but I wouldnt use them for scalping or serious daytrading.

ATC has tight spreads but I dont like those commisions. They make scalping more difficult to manage, and if you use set profit targets, as most EA's do, they suck their huge commisions out of your profits. Its still debatable whether the tight spreads increase the trading enough to offset the side commisions. I havent seen it in forward testing yet.

[pipdetector]

It seems that the only part that delivers is the one that operates on EURUSD. The other pairs are just at breakeven or at loss. I think that one of the obvious reasons are spreads. They tend to fluctuate wildly during the night hours (FXCM). Even when they are low enough to initiate the trade, they can spike to 8 pips instead of 3.5/4, so MD is at great disadvantage.

Also I started a demo of ForexScalpa that was added to another product that MD team pushed. It seems that this is simply MD Pro part, specifically the one that operates on EURGBP...

[rsmereka]

Here are the MegaDroid stats on my live account to date:

First trade April 7, 2009
107 trades
7.6 trades per month (assuming 14 months)
102 wins
5 losses
95.33% accuracy
531.6 pips
38 pips per month
$2,357.62 profit (including rollover fees)
$168.40 profit per month

Rick

[Ken Long]

Originally Posted by rsmereka

Here are the MegaDroid stats on my live account to date:

First trade April 7, 2009
107 trades
7.6 trades per month (assuming 14 months)
102 wins
5 losses
95.33% accuracy
531.6 pips
38 pips per month
$2,357.62 profit (including rollover fees)
$168.40 profit per month

Rick

This is exactly in line with the backtesting results and my own forward testing. The only complaint I have is with the relevance of the profit claims. They are only relevant in terms of your own account size and risk setting, and availablity to the entire margin . Nice profits if your running a $1000 account, still good on 5k, but on 10k it leaves something to be desired, still good for a hands off robot.

[rsmereka]

Originally Posted by Ken Long

This is exactly in line with the backtesting results and my own forward testing. The only complaint I have is with the relevance of the profit claims. They are only relevant in terms of your own account size and risk setting, and availablity to the entire margin . Nice profits if your running a $1000 account, still good on 5k, but on 10k it leaves something to be desired, still good for a hands off robot.

I agree,

My results are not spectacular but very consistent and this is the mantra of MegaDroid.

My complaints (in addition to the one you mention) are the enormous over-leveraging one has to do to get decent results, and the entire free margin has to be available when MD wants to trade so one has to make sure that MD is not run along with a margin -sucking EA like a grid trader.

Rick

[pipsbuster]

I am now more than 200% in pure profit on my account: http://www.myfxbook.com/members/fxcb...qGtH2WU2yHB01b

[Ken Long]

Originally Posted by pipsbuster

I am now more than 200% in pure profit on my account: http://www.myfxbook.com/members/fxcb...qGtH2WU2yHB01b

Pipbuster,

Impressive results, are you still running a 10% position size and the default dettings on ATC brokers?

[pipsbuster]

Originally Posted by Ken Long

Pipbuster,

Impressive results, are you still running a 10% position size and the default dettings on ATC brokers?

I have now switched to FXPro because of their much lower deposit minimum requirements. I am using the default settings with the risk level set to 0.3.

[Ken Long]

Originally Posted by pipsbuster

I have now switched to FXPro because of their much lower deposit minimum requirements. I am using the default settings with the risk level set to 0.3.

That explains it. I am currently running a 0.4 risk setting with Recovery Mode off and the NFA Mode on. My feelings are that the odds dont change after taking a loss, so if the system can handle a doubled position size occaisionaly it can handle it all the time, but it cant handle a double position size, Recovery Mode, and double orders, Aggressive Mode, with such a large position size. Even with a 0.3 position size, if it takes a loss and goes into Recovery Mode, and opens double orders with a higher than usual stop loss it can easily overextend the account. NFA Mode simply stops it from opening multiple orders at the same time, but still allows it to open either Aggressive or Conservative Mode trades.

I used to like FxPro because thay have fantastic spreads with no side commisions, but they no longer accept US customers. The last I tried I wasnt even able to get the US location to activate for a demo account.

[pipsbuster]

Originally Posted by Ken Long

That explains it. I am currently running a 0.4 risk setting with Recovery Mode off and the NFA Mode on. My feelings are that the odds dont change after taking a loss, so if the system can handle a doubled position size occaisionaly it can handle it all the time, but it cant handle a double position size, Recovery Mode, and double orders, Aggressive Mode, with such a large position size. Even with a 0.3 position size, if it takes a loss and goes into Recovery Mode, and opens double orders with a higher than usual stop loss it can easily overextend the account. NFA Mode simply stops it from opening multiple orders at the same time, but still allows it to open either Aggressive or Conservative Mode trades.

I used to like FxPro because thay have fantastic spreads with no side commisions, but they no longer accept US customers. The last I tried I wasnt even able to get the US location to activate for a demo account.

Consider setting up an offshore company with an overseas bank account for your needs. Or simply open a bank account in Canada and use a Canadian address (PO Box will suffice).