FAQ: Which robot is best?

[rsmereka]

Originally Posted by forex1412

Thank you Rick. I really appreciate the info. Just reading the postings, you're not the first person to mention the positive results with the Megadroid, which I like to see that. I was leaning towards the fap turbo, but I wanted to do a lot more research before making a decision (have been screwed in the past). Obviously you recommend the MegaDroid over the fap turbo? Does the megadroid run on its own as well? I have zero experience in the forex market.....

Thanks again,
Ryan

You Are Welcome Ryan,

MegaDroid does run well on it's own but like all EA's, it has a dark side:

Pro's
- it trades the most common pair and there generally no issues with liquidity
- it's accuracy is remarkable, around 96%
- not that broker sensitive (although, the better the broker , the more profitable)

Con's
- it's a scalper which means that it aims for a low number of pips which means that the
lot size is high
- when it losses, there is a good chance of losing big (it does recover from the loss however)
- trade frequency is an ongoing issue, most people agree that it does not trade as often as they would like

MegaDroid seems to perform best with a good ECN broker from what I have read. I don't have an ECN broker but many people swear by them.

If you are starting from scratch, you have come to the right place and you are in a position to do things right from the start. There is a mountain of information here all most all of it still applies. Dig in

Rick

[forex1412]

Originally Posted by rsmereka

You Are Welcome Ryan,

MegaDroid does run well on it's own but like all EA's, it has a dark side:

Pro's
- it trades the most common pair and there generally no issues with liquidity
- it's accuracy is remarkable, around 96%
- not that broker sensitive (although, the better the broker , the more profitable)

Con's
- it's a scalper which means that it aims for a low number of pips which means that the
lot size is high
- when it losses, there is a good chance of losing big (it does recover from the loss however)
- trade frequency is an ongoing issue, most people agree that it does not trade as often as they would like

MegaDroid seems to perform best with a good ECN broker from what I have read. I don't have an ECN broker but many people swear by them.

If you are starting from scratch, you have come to the right place and you are in a position to do things right from the start. There is a mountain of information here all most all of it still applies. Dig in

Rick

Thanks again Rick. You're info is very helpful. I've read through several of your postings and I see that you've purchased several robots in the past. Would you recommend purchasing the Megadroid over the rest?? What broker would you recommend to use along with the robot? I appreciate you holding my hand through this.......

Ryan

[rsmereka]

Originally Posted by forex1412

Thanks again Rick. You're info is very helpful. I've read through several of your postings and I see that you've purchased several robots in the past. Would you recommend purchasing the Megadroid over the rest?? What broker would you recommend to use along with the robot? I appreciate you holding my hand through this.......

Ryan

Sorry Ryan,

It looks like I missed your follow-up reply. Apologies for that.

To answer your questions:

More like I would recommend MegaDroid in addition to another EA. IMHO, the trade frequency of MegaDroid is such that it can't be used alone (although some people do exactly this). The choice of other EA(s) in addition to MegaDroid is tricky as these EA have to complement MegaDroid, not hold it back. Regardless, MegaDroid is an excellent choice as a starter EA and I would recommend it as your first EA over all others.

The choice of a broker is complex. Since you are in the US, it's important to get a broker that is non-NFA. This may mean going to Europe for a broker but a lot of EUR brokers won't take US accounts (like mine). I recommend that you ask the MegaDroid people here what their favorite broker is for MegaDroid. I know recently, the people here have been talking about ATC and IamFX. Also take a look at the current section of the MegaDroid Review thread. There is a lot of broker discussions there.

Rick

[Jimjam74]

Sorry this may be a bit off topic, I've not been trading too long and I have been using a rubbish robot thats lost me money so i've stopped using it (i've posted a review on here about it today). I dont have much time to trade because I work during the day, so I was wondering if there are any profitable robots that could trade for me, I've checked a few out but I really dont know what to choose, I'm leaning towards one called wdfx EA, only because I attended a webinar a few days ago and the guy was from England and the results seemed good. Has anyone tried this EA or know if its any good? I've also been looking at FAP turbo & Megadroid and the other most popular ones but I have read hundreds of negative reviews about them, but their website & results look good. Any advice would be much appreiciated. Thanks! Jimmy.

[rsmereka]

Originally Posted by Jimjam74

Sorry this may be a bit off topic, I've not been trading too long and I have been using a rubbish robot thats lost me money so i've stopped using it (i've posted a review on here about it today). I dont have much time to trade because I work during the day, so I was wondering if there are any profitable robots that could trade for me, I've checked a few out but I really dont know what to choose, I'm leaning towards one called wdfx EA, only because I attended a webinar a few days ago and the guy was from England and the results seemed good. Has anyone tried this EA or know if its any good? I've also been looking at FAP turbo & Megadroid and the other most popular ones but I have read hundreds of negative reviews about them, but their website & results look good. Any advice would be much appreiciated. Thanks! Jimmy.

Hi Jimmy and Welcome,

Your question is not off topic for this thread

The question you are asking is pretty much the same question that forex1412 asked just before you. Please see his question and my response starting in post #9 of this thread. IMHO, of course.

I have a day job too and I don't have oodles of time to spend baby-sitting EA's. Although, the EA method of trading has turned into a wonderful hobby for me.

Rick

[Jimjam74]

Hi Rick, thanks for the reply and the pointer to read the above messages! I guess it takes a whille to fine a decent working EA thats profitable. I'll keep up with my search and testing and if anything good happens to come around i'll post here! Thanks Jimmy