Forex Megadroid – ARE YOU KIDDING ME?
The developers of Forex Megadroid claim a 15,400% plus NET profit from January of 2009 to date! To make it clear, this is a forex trading robot that anyone can purchase, set up with a brokerage account, set on autopilot, and it supposedly returns $4 out of evey $1 invested every month! This claim seems incredibly unbelievable but in the days of extreme scrutiny by federal regulators, and internet transparency, these claims bear a little more than a passing look – at least from me. Here is my honest review of Forex Megadroid based on the best available information on the market.
There are probably a number of new FX bots that hit the market every week and all but a handful of these EA’s are literally worthless. The main reason for this, I believe, is that a lot of the people behind these bots are marketers and not actual forex traders. Let me let you in on a secret. If you have a good copywriter, a good coder who’s had experience with financial models and basic knowledge of the forex market, you can put out a bot with a relatively low capital outlay. The people behind this product claim to have a combined 38 years of experience trading forex in the trenches – so they are forex traders first and foremost. When you are building an automated EA, you need to draw on this experience and knowledge in order to program the right intelligence into your product.
Now most people who use forex robots have heard of Forex Megadroid, as it is one of the oldest and most popular bots out on the market with thousands of units sold and hundreds of good reviews all over the internet. This in itself is something to pay attention to as it is a pretty good endorsement of a product. If this EA didn’t work, it would have been “outed” some time ago because marketing can only take you so far until performance takes over, so this product’s staying power is something to pay attention to. Let’s look at a few important factors when considering a forex EA.
Forex Megadroid claims that its bot can trade at over 95% accuracy in any market condition. If true, this is critical point to consider as this is what a lot of EA’s lack, and being that accurate can make up for a lot of the things that can go against you in forex trading. Most bots are designed to work in specific market conditions within specific parameters – for example trading the USD/CAD pair in the Asian trading session. The developers claim that this bot is able to trade with a high degree of accuracy in ANY market condition. Check out this video.
Trading consistency goes hand in hand with accuracy. If your bot can give you a profitable return month after month and year after year for four years straight, that is tremendous consistency in the volatile forex trading environment. Forex Megadroid has been on the market for four years and the owners have publicly tracked their bot’s performance on their site for 1,370 plus days, which does show a high level of consistency. The only problem I have is the disclaimer says that all results are back-tested and hypothetical. I would love to see actual “real dollar” results and not the typical back-tested results.
A drawdown is the decline in trading capital after a series of losing trades. It’s the difference between a historical high and low in capital and calculated as a percentage of your trading account. MD claims around a 12% drawdown, which is a good number and something to consider for those who like to manage risk – which I highly recommend for anyone who wants to trade forex, especially with bots.
This is often overlooked and there is not a lot of data out there unless you know where to look and have had experience trading forex yourself with many different brokers. I define broker footprint as trading with an EA and leaving a signature that allows your broker to see that you are trading with an automated robot. This often raises a red flag to them since they can now manipulate the spreads and take away potential profits, or they can flat out close your account if your bot is performing well. Forex Megadroid claims to be the only EA with a built in mechanism to prevent detection from brokers. Learn more here.
Check out what some people have to say from these excerpts:
“We trade the EUR/USD pair with MD, as recommended by the author, and so far our trades have yielded no losers. I recommend having a look at your technical charts and if you are a good trader, you will detect bad trades on the fly and keep losses at a minimum…”
“I’m loving this EA as well as Forex Hacked. Your site is very useful as it tends to filter out the disreputable products.”
“I ran this bot for years. Pretty decent ROI at 5-8% per month, unless you ramp up the risk parameters.”
“This bot is a scalper – meaning it waits for a trendless market and hopes that your price will eventually hit the Take Profit Order. Here’s the problem, if a trend develops in the wrong direction, you can get in trouble fast. You need to adjust your stop-losses accordingly – wide enough for any trade to recover to give you a profit… If it’s too tight, you’ll get stopped out too often and your rate of winning trades will take a hit.”
If you want to use a forex robot, you need to use it as part of a larger forex trading strategy and not rely on it as your sole source of trading. Once you choose which EA you want to use, don’t jump to the next one if things don’t immediately go your way. You also must have a comprehensive risk management strategy and start slowly. The forex market can be very volatile and you can make a lot of money but you can also lose it very quickly. If you want to be a successful forex trader, it will take a lot more than buying a forex bot for a couple of hundred dollars, setting it on autopilot and watching the money roll in! Think about it – if this were the case, then anybody can do it and everyone would be making money. Make no mistake, there is definitely money to be made trading forex, as it is a vast market with ample opportunities, but if you want to use an EA, use it as part of your overall strategy. Forex Megadroid is as good as there is out there and it has a lot of potential if used correctly. Click Here To Purchase.