March 31, 2009

Forex Megadroid Robot Review

Forex Megadroid is the latest automated forex robot to hit the market. These robots are becoming more and more popular, but I have to admit I still haven't used one to trade the markets as I still prefer the old-fashioned method of actually placing trades myself.

However if you are looking for an automated expert advisor that you can use on the Metatrader platform, then this is another product that you may be interested in.

Forex Megadroid has been created by two guys called Albert Perrie and John Grace, who claim to have 38 years trading experience between them. The sales page is much like all the others with impressive profit claims of several hundred percent per year since 2001, but these are inevitably going to be back-tested results which don't always tell the whole story.

Another slight gripe I have is that there are very few details of how the Forex Megadroid robot actually places trades. For example there is no mention of what currencies the robot trades, what time frames are used, or what kind of profit targets and stop losses are used when trading.

All of which makes it difficult to assess the overall profitability and the level of risk associated with the robot. It may of course be as profitable as it claims, but I guess the only way of knowing for sure is if you buy the product and test it out yourself.

Here's the link if you want to find out more.

(If you do decide to buy the Forex Megadroid robot please contact me and let me know what kind of results you achieved).

 

 

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12 Comments on Forex Megadroid Robot Review »

April 8, 2009

Jay @ 7:44 pm:

Hello James:
i downloaded and installed the Megadroid into its proper files then uploaded it to the metatrader4.It has made only two trades (in Demo account) since being activated for a profit of 10 pips and 15 pips , for total of 25 pips .
If this robot was designed to work in all market conditions , it seems strange that it has made only two trades over the last 48 hrs. also be advised that this robot only trades eur/usd H-1 chart . no other currencies .

Maybe this is helpful ,
Thanks ,
J McDonald

April 9, 2009

Errol @ 11:01 am:

G'Day James. I purchased the Forex-Megadroid on Friday 3 April, 2009 and started using it on a Demo Account. After a week of 'Waiting' I was compelled to request some answers from their Support. It seems Megadroid's support system is slow in its response or they just don't have the staff or enough qualified people. Is this going to be yet another Lemon or is it simply early days, but I hope the 'Waiting' on their EUR/USD chart does not mean Waiting For Christmas.

April 16, 2009

Byhiselo @ 2:42 pm:

Been waiting for Megadroid action for a week now. Last night I saw "Running" once instead of "Waiting". Next time I looked it was back to "Waiting". Hope its AI is faster at acquiring knowledge than the regular K-12 process for humans.
No response from support yet.

Lateef @ 3:25 pm:

I bought the Forex-Megadroid on 4/09/2009 installed it.
It trades EURUSD currency only. I have been running it for the last three days with no trades so far. Support is very poor.

April 17, 2009

Dugsey @ 2:03 pm:

Megadroid unhappily does not produce the results that they claim on their sales page. I have had it on a demo account since the day it was released,it has only traded on 4 days, and made me £60.00 on a £5000 GBP account.
This was using the recommended settings. Thats seven trades, one of which was a loss and wiped out 50% of my profits.
On asking for the settings they use to get the profits they claim, I had a short email, saying I should risk 5-10% of my Capital to get better results.
This goes against all we are taught, so will be asking for a refund. I can not see how they can make the profits that they claim using their recommended settings.

April 18, 2009

Mr Biggles @ 6:34 am:

I also got the program. It does not trade a lot. It also takes profits of 10 pips and can loose a whole lotta cash. Eeeesh.

May 1, 2009

ian @ 2:06 pm:

my mega droid . i bought it on the 1st of april, and it didnt do any trade ever since i bought it, until yesterday i had it refunded. not even a single trade almost a month on demo account. i email them but still not a very good feedback. but more to the point i got all my money back.

May 16, 2009

Jay @ 11:36 pm:

Hello again James and fellow Megadroid users :
I finally started a live trading account commencing on the last trading week of April 2009 until the last trading week ending May 14th ( the robot does not trade on Fridays or Monday mornings). This is a trading period of 3 weeks . My account has gained 11 % over this trading period . Considering that the trading week for the robot is only 84 hrs
long , that is not a bad return . If lot size is increased weekly or monthly exponentially , i can see that the robot does have the potential to grow ones account quite significantly , if the correct parameters are set within the "settings" area .
On a bad "note" , i recently had ( last week of trading)3 trades that were not executed properly . "support" informed me that the broker was trying to prevent the robot from trading . It seems that a "lag" time between the time an order was placed by the robot and the time the order was executed , was approx. 30 seconds. This delay from server time to GMT time was deliberately done by the broker . Obviously the so called "stealth" the robot utilizes , is not invisible as they claim it to be .
The people at "support" told me they are working on this problem . Maybe the next update will improve it . I will update this Blog after i complete 5 straight weeks of trading ( end of May) with this robot .
Lets hope for the best .

Jay

June 4, 2009

Gordie @ 8:30 am:

Megadroid is another black box robot with a SL of 500 pips.
I got a refund.

June 8, 2009

Jay @ 6:41 pm:

Hello again fellow traders :
It's the 8th of June and i stopped trading with the "Bot"
I live traded long enough to realize that the Megadroid has many weaknesses . First of all , it trades the same time periods every day , ( between 5:00 pm and 7:30 pm EDST ).
I also noticed that almost every trade the robot made was against the short term trend and the long term trend . It did manage to steal a few pips in that environment , but i got hammered for a loss of almost 200 pips on one trade ( the last trade i allowed it to make) . the robot got stuck on a losing trade then added another lot to the already losing trade and buried itself . I shut it down before things got worse .
Oh well , like they say "if it seems to good to be true , it's most likely not true "

PS; the settings were lot size 0.1 ( one mini-lot ) and the risk level was 0.30 ( 30 % ) maybe too aggressive ?
pss; if anyone is doing good with this robot , please let me know what settings you are using -please -thanks .

Jay

June 12, 2009

Satrio @ 12:42 pm:

Good day comrades,
excuse me because of my bad English. I'm a bit confuse what you were all saying, coz it seems that the robot has only more weakness rather than strong point, isnt it. But my experience is I'm still trading with it since 3 June 09, with real account of $ 5000. Now is 13 June 09 & my account grows to $ 6000 something..well increase amount of $ 1000 is for me very very usefull my friends. My setting is using default & only change the risk to 0.5 hahahaha…I'm a risk lover :)).

we'll discuss later friends..happy trading!

Satrio

June 19, 2010

michael ita @ 10:43 am:

hello traders
i just bought the forex megadroid robot,two days back and i tested it yesterday….it didnt execute any trade, i contacted the support and i was told to wait till next week, to see know if there is any problem with the robot.

pls if there is anybody who have been really profiting with this robot, he should let me me know how he did the settings..

thanks
michael

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