Forex MegaDroid review - 12 brokerages

[PipCop]

From the Forex MegaDroid site comes the latest robot under review.

This was graciously paid for by a donation from BlueWaterMermaid here on the forums.

All settings are default.

UPDATE: 2009-07-27 - RISK setting changed to 35% (0.35)

Please note: These statements update every 30 minutes (instead of the standard 15) to lower the load on the VM .

TIP: Screen too wide for you monitor? Press CTRL - on your computer to shrink the window. CTRL + will make it bigger again!

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

Should I buy/use this EA on a live account? - Government Required disclaimer - Earnings disclaimer

[PipCop]

Okay, I am missing some icons, I will get those fixed soon.

[LadySarah]

Hi James,

Glad to see you're testing Megadroid. I've been running it since 4th April with resonably good results (Alpari live account).

It doesnt seem to trade very often (maybe 3 times a week) but so far has won every time.

It makes a nice compliment running along side FAP turbo.

[Digian]

Hi, is this running MegaDroid v1.1 latest version ?

[PipCop]

No, it's still running the 1.0 version. I'll try to get it updated when I have some time to spare. It takes me a long time because there are so many brokerages and the VM runs a little slowly, so I have to schedule at least an hour or two for the update.

[new2ea]

Originally Posted by LadySarah

Hi James,

Glad to see you're testing Megadroid. I've been running it since 4th April with resonably good results (Alpari live account).

It doesnt seem to trade very often (maybe 3 times a week) but so far has won every time.

It makes a nice compliment running along side FAP turbo.

Hello,
LadySarah, nice to meet you.
After checking your MT4 stat, i'm curious why your FAPturbo didn't hit the stop loss at all.
My Alpari UK live account hit twice stop loss on EURGBP by FAPturbo, which cost me more than 50% of my account.
Recently my manual trading help me to cover back my previous loss. Thanks god.
So now i just set my risk at 10% for EURCHF and EURGBP of FAPturbo.
MegaDroid did well in my account too.
But actually they are similar to FAPturbo, i.e using scalping strategy during off market trading hours.
Hopefully it'll keep on making profit for us.
Good trading.
Regards...

[new2ea]

even though Expert Advisor is great in make trades for us automatically,
after some time, i still feel that manual trading is better.
Having tried on quite a lot of EA that sound promising, but at the end the EA lose my money automatically.
Recently, my manual trading almost double my account balance from 2600 to 4488 with floating profit 326 within 1 week.
This even enhance my opinion that manual trading is better, even though you have to put a lot of effort and time to learn.
I also found that nowadays, most of the EAs having a few similar features:
using scalping strategy & trading during off market hours- this is because this kind of strategy having high success rate , so that to attract customer by showing the back testing results. But it's killing your account when it hit the stop loss.
if you think carefully, if the spreads on the currency pair is 2 pips, and you are target for 10 pips, then the "cost" of your trade will be 20%. if the stop loss is 50 pips, then you are risking 50 pips for earning 10 pips. Personally i don't think the risk/reward ratio is great. My advice is stay away from those scalping EA that do not set stop loss!!!
I'm more interest in swing trading, and trying to catch the whole trends. During recent volatile market condition, you can easily catch 100+ pips profit.
Anybody can suggest some great swing trading EA?

[new2ea]

The attached file is my live statement.
The San Qi GBP is FAPturbo on EURGBP,
The SAn Qi EUR is FAPturbo on EURCHF,
the scalper is Extreme EURCHF,
some of the blank comment are MegaDroid and the rest are my manual trading.
Wanna hide my account number and name so copy it into words file.

[pipsbuster]

Here's a full set of my account statements of Forex MegaDroid forward tests streaming live through the MT4Stats site:

http://jacobbeasley.mt4stats.com (IBFX)

http://jacobalpari.mt4stats.com (Alpari UK)

http://jacobfxdd.mt4stats.com (FXDD)

http://jacobforexcom.mt4stats.com (Forex.com)

Also, I just discovered one interesting thing: Forex MegaDroid employs a "stealth mode", which makes it absolutely invisible for brokers. Therefore, brokers cannot even tell the trades were placed by a robot, not to mention determining which robot it was. As a result, you can safely use MegaDroid with ODL and other brokers that do not favor scalpers and openly state so on their sites.

[rsmereka]

Originally Posted by pipsbuster

Also, I just discovered one interesting thing: Forex MegaDroid employs a "stealth mode", which makes it absolutely invisible for brokers. Therefore, brokers cannot even tell the trades were placed by a robot, not to mention determining which robot it was. As a result, you can safely use MegaDroid with ODL and other brokers that do not favor scalpers and openly state so on their sites.

Actually, MegaDroid does record a magic/reference number with the trade so it is not completely stealth mode. The MegaDroid manual recommends changing the magic/reference number frequently and I suggest that we all do just that.

To illustrate a comparison. When you place a manual trade using MetaTrader, the only thing recorded is how the trade ended. If the trade ended by a TP trigger, the only reference will be '[tp]'. If the trade ended with a stop loss trigger, the only reference will be '[sl]'.

If you analyze the html code from a statement file, you will see what I mean.

Rick