We spent more than a month fully testing Forex MegaDroid Forex Robot. This is our final Forex MegaDroid review. Will it be Confirmed, Plausible, or Busted?
Forex MegaDroid Review – Purchasing
- Fast and Easy
- No Upsell Pages
- Required Phone number prior to downloading
- Download was easy to understand and complete
You can purchase it here:
Forex MegaDroid Review – Installing
Some robots have and automatic install, or a one-click install procedure. Not Forex MegaDroid. Here is the process to install Forex MegaDroid:
- Put files on desktop.
- Follow the Install Manual instructions.
- Put the .ex4 file into the Experts folder of your MetaTrader software
- Put the .dll file into the Experts/Libraries folder of your MetaTrader software
That’s all there is to installing Forex MegaDroid. The user manual is quite well done, and very easy to follow. Even if you have no experience with computers or Forex, it should only take you 5 to 10 minutes to install this robot.
See our full Forex MegaDroid Purchase Review.
Forex MegaDroid Review – Performance
- Does not trade often
- Does not trade on Sundays, Fridays or holidays
- Picks high probability trades
- Looks for 10 pip profit taking per trade
- Large losses on losing trades
- Stop losses range from 30 – 150 pips, for a 10 pip profit target
- High risk/reward ratio (14:1 in our testing)
After 38 days of testing, Forex MegaDroid wound up with an overall loss of $793.90, down 7.9% from our initial balance. Everything seemed to be going fine until the last trade it made, in which is lost $1400 due to the large stop loss associated with the trade.
Other members were split between seeing the same big loss on their trading with Forex MegaDroid, and no loss because Forex MegaDroid didn’t trade that day for them. Without that big loss on the last trade, Forex MegaDroid would have been profitable at almost $640, up 6.4% for the month. Prior to that last trade, Forex MegaDroid had made 6 trades, all profitable.
Here is our actual live forward trading Forex MegaDroid account statement:
Forex MegaDroid Review – Customer Support
We had contacted Forex MegaDroid support on two occassions and received prompt curteous replies. Their information was good and their support appeared to be knowledgable.
Forex MegaDroid Review – Readers Comments
Here are a few comments from our users regarding Forex MegaDroid:
Gareth – Hi there. I had an interesting experience with the Megadroid Forex Robot and thought it interesting to report. I had a huge loss the other day too, hit the stop loss on my Interbank account. but it didn’t open a trade on the Latitude FX account. I wonder why? Also, I have “recovery mode” turned on, but the next trade the Megadroid made did not attempt to recover the loss by increasing the position size either?
Is this setting not working? perhaps?
Ernesto – Hello.
I am trading with Megadroid and understand your concern, but here I have some tips for you.1. At first before starting trading, you should test the robot in many brokers and you will find which one is better. Then open a live account on it. It is a very considerable diference between one broker and other when u use Megadroid.
2. Before starting trading with the selected broker you should continue watching it and wait for a lose, then wait for a win, and then start trading with real money. Why this?… Beacuase the posibilities of losign decrease since it is known that the losing rate is little, so if a lose happened it is not usual that to happen again…. Of course I recomend waiting one more trade because the droid fails when it fails to predict the market and there may be unusual behaivors in the market at that time. (Maybe for missing this tip, you and other folks have that great down right now)
3. HAVE DISCIPLINE.!!! I also had a lose but it was because miss usign it. I started with 10% risk and when I started winning I increased it. Of cours maths plays a role, if you win 5 trades in a row, the time for losign is coming.. so if you increase the risk at that point you will lose much more than you won. That also applies regarding increasing your investment, there are good moments to do it and also bad moments.
4. Just bad luck, of course it touches SL some times but happens very rarely… the “broker fact” may also play role on this, so watch out.
Regards.
PD. You will Never lose all of your money because risk is on the amount you have at the moment the trade is opened not on what you had in the past.
Gareth – I asked “What platforms are you using to trade live” and they replied Alpari and FXCM. You will notice from their website that they actually use FXDD in their backtests. ALSO, in their backtests you will notice the version of the robot that they used to generate the results was 0.9… that was a Pre-Release version.
So far, apart from the forums, it looks like only you and I are actually testing this robot, and posting the actual statements and results in a live demo account.
I too am using Interbank as the broker, but today I actually had a trade. It closed out for a loss. You can see the Forex robot results on my web site.
But the most peculiar thing about this, is that i am also running a parallell account with Latitude FX. As I am going to open an account with them soon… and the robot did not trade at all with that one! WHY? This would be another good question for their support team… “Why is this robot trading differently with different brokers?” – Not all brokers are equal.. but you’d still expect that the robot would actually trade still!
Forex MegaDroid Review – Summary
Based on our testing and comments from some of our readers, we have come to a decision regarding our Forex MegaDroid review.
- It appeared to be very good at picking the best high-probability trades.
- The one loss we experienced could have been a fluke, could have had something to do with the broker we were using, or could be indicative of a real problem with Forex MegaDroid.
- The risk/reward ratio seems extreme, as it only looks for 10 pip profits, and allows up to at least 150 pip stop losses.
- The win ratio might be consistent with the developers claims, but it doesn’t trade very often, so it is hard to say.
It is possible it could be a profitable robot, but we would need to test it for a much longer period of time in order to determine it’s performance properly due to its lack of trading frequency.
Overall, our Forex MegaDroid review is PLAUSIBLE.
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I wonder you guys had very sad experience with this paticular outstanding robot on the market, I suppose.
Honestly from the deep of my heart, I trade with $5000 live account, then again with $2000 account, all my experience was the robot never failed so far…I’m very impressed. As it is told that the robot using RCTPA, so it’s possible to see into the future with a 95.82% accuracy rate, it is possible to accurately see future market behavior with such degree of accuracy rate only IF you are aiming at a short period of time, i.e. 2-4 hours forward.
I run both megadoid & FAPturbo on the same IBFX, and found megadoid far better, coz FAPturbo designed working only ECN broker, the performance was not as good as megadroid on IBFX.
Satrio,
It isn’t that we had a sad experience. We rate Forex MegaDroid as Plausible for the reasons we stated in our review. I believe this could be a potentially profitable robot, but it certainly didn’t live up to the developers claims during our testing. 95%+ accuracy is fine, as long as that last 5% doesn’t wipe out the previous 95% wins. We followed the developers recommended settings exactly.
I would agree Forex MegaDroid is MUCH better than FAP Turbo, but fyi, Fap Turbo doesn’t work only on ECN brokers. As a matter of fact, very few ECN brokers even use the MT4 platform to trade, as MetaTrader 4 is not designed to work with ECN brokers.
We couldn’t call Forex MegaDroid Busted, but we also couldn’t confirm it as living up to the developers claims, that’s why we rate it as Plausible.
Glad to hear you’re having such great results with it! Thanks for posting!
Oh my friend,
sorry I have misunderstood, I dont even realize, when the robot doing such terrible thing. Honestly my friend from now we can share to each other about own experience using
Your statement:
“After 38 days of testing, Forex MegaDroid wound up with an overall loss of $793.90, down 7.9% from our initial balance” scared me.
In fact it’s quite good robot, which I’m still using it & earns good buck with it.
I’m using IBFX, with initial $5000, setting stays default, except you can change own risk, how much you would, that’s all my friend. I found it’s simple but powerfull outstanding robot using advanced logic, who can see into short future trend I suppose according to the developer.
I’m happy to hear you didn’t wipe your account, coz something wrong setting will bring you to busted.
As stated on the manual FAPturbo was designed working on ECN, but as you say “very few ECN brokers even use the MT4 platform to trade, as MetaTrader 4 is not designed to work with ECN brokers”…I’m not too sure, coz I had no experience about brokerage. Anyway manual FAP said you could use FXCBS as ECN, quite good I suppose, since I trade demo using $10000 initial balance.
EUR/GBP & EUR/CFH perfomed quite well, I’m impressed.
In fact other side Megadroid trades seldom, dont know why, the developer said it’s very carefull robot which trades only with accurate. I use both Megadroid & FAPturbo on IBFX live account. And I use FXCBS on demo $10000 (performed quite well in demo).
Sorry could you explain:
“we also couldn’t confirm it as living up to the developers claims, that’s why we rate it as Plausible”.
Sorry my very bad language, my intend only to share.
Satrio.
Addition:
Yes I 100% agree FAPturbo doesn’t work only on ECN brokers, but I guess from my demo trading using FXCBS as ECN, it performed far better than using IBFX (what type of broker is it?..it’s not ECN).
I would consider to change to ECN for my FAPturbo.
Any suggestion pal?
Satrio
Guys, have a look:
http://www.4xproject.com/
I purchased Forexgridbot last week & found on the site it performed very bad, I might think to claim to the developers.
I’m impressed with robominer…what do you think?
BTW any experience with forex-set-and-forget.com, I purchased this EA as well. Honestly I have 4 robots right now, FAPturbo, Megadroid, Forex set and forget and Forexgridbot. I’m a curious person who like to make experiment, though dangerous experiment with my money…I lost $1000 using Forex set and forget
((
Well I’m in doubt it’s a real EA.
My FIRST suggestion would be never to use a robot on a real money account until you can see if it works on a demo account. Either that, or if you must use a real money account, make sure you use microlots or 0.01 minilots so you are trading with pennies instead of dollars or tens of dollars. I would never put a robot on a real money account without verifying if it will work first.
Robominer has potential, we just started testing it. You can see that in our Free Forex Robots section.
Forex GridBot appears to be horrible, you can see our testing in our Forex Robot Statements.
Don’t know anything about Forex set and forget, but I’m pretty impressed so far with Lerosa Pro Fx, which you can also see we are testing.
Plausible means Forex MegaDroid isn’t as good as they say it is, according to our testing, but it might be profitable.
This post is based on Forex MegaDroid review, so any other comments should be made elsewhere or at our FAQ, but to answer your question, FXCBS is an ECN broker, but I’m not sure if their MT4 platform is truly ECN. IBFX is a market maker, not an ECN. For more info, see: What Is An ECN Broker.
Yes FXCBS is an ECN, but it provide MT4 platform as well. How come that you r not sure if FXCBS MT4 platform trully ECN?
As my experience Megadroid running as well as Fapturbo on FXCBS, they claim, they r not dealing desk.
What broker r u using?