Forex Megadroid – Review and Overview
With the increasing popularity of automated Forex trading, it’s no surprise that there are now a wide variety of robots available to handle automated currency trade. But not all of them can turn a consistent profit.
Here we have a look at Forex Megadroid, a recent addition to this pantheon of advanced EA software. A true “magic bullet” for Forex trading may be nothing but a pipe dream, but certain tools can nonetheless help you make money in the market. Megadroid has the potential to be such a tool.
How Megadroid “Thinks”
Most trading robots have a fairly short profitable lifespan; they are written for current market conditions and as such become useless when those conditions change. The creators of Megadroid tout that their software is based on “market adapting intelligence”, enhancing its flexibility as the market changes: the validity of this claim has yet to be tested, but it’s certainly a technology to keep an eye on.
Another feature of Megadroid is “Reverse Correlated Time and Price Analysis” (RCTPA), an algorithm for predicting price movements 2 to 4 hours in advance. It’s not a crystal ball, but reports of its accuracy suggest it might be close enough to one.
Why You’ll Love Megadroid
Reliability. A month-long test of Megadroid produced nothing but successful trades. Past performance can’t guarantee future returns, of course, but these results are nonetheless encouraging.
Automatic Money Management. This feature allows you to manage your risk. You can put your position size in the hands of the software, or you can set it manually.
Stealth Mode. This mode lets you hide your S/L and T/P levels from your broker. However, if you’re disconnected from the server, your position will be unprotected, so be careful when using this option.
Why You’ll Hate Megadroid
Megadroid is not a get-rich-quick scheme. One of Megadroid’s advantages as well as a source of frustration for those seeking to make money fast is that it trades very rarely, waiting for the perfect opportunity instead of risking money with rapid trading. Depending on your broker’s options, Megadroid may trade only once per week, though higher frequencies are possible.
The Price of Reliability
Megadroid Expert Adviser costs $97; a steep price if it were just a piece of code for MetaTrader, but if it’s as adaptable as its creators claim and can continue to make money as the market changes, then it’s well worth the expense.
What You Can Expect
As of this writing, the aforementioned (and ongoing) test of Forex Megadroid has run for five weeks on a $5,000 account and made a profit of $160. A 3% return may seem paltry, but for a wholly automated system, it’s an excellent result.
