Automated Forex trading is becoming more and more popular lately. There are many different robots became available who can trade currencies automatically. Not many of them do it with consistent success. Forex MegaDroid on of the new ones. I would like to review it and give my own trading results.
What’s the Logic Behind MegaDroid
Many automated trading robots are notorious for losing money once the market conditions start to change. However developers of MegaDroid claim that it uses so called “market adapting intelligence” that makes it to adapt to changing market conditions.
As we can see from this fancy name of algorithm it should help this EA to adapt to changing market conditions. Another interesting feature of this robot is that it predicts the nearest future price action in the next 2-4 hours. This algorithm they call “reverse correlated time and price analysis” (RCTPA).
Overview of MegaDroid
Of course there is no “Holy Grail” in Forex. However some tools may have potential to help you to succeed in Forex market. Looks like MegaDroid is one of them.
Advantages of MegaDroid
Many trades of high probability
I’m testing this EA for more than a month by now. Interestingly enough it did not have a single losing trade. Which doesn’t mean it will not have in the future.
Automatic money management
It has an option to take a trade with the specified risk level. However you can turn that option off and make it to trade with fixed lot size.
Hides S/L and T/P levels from your broker
This mode hides your S/L and T/P levels from your broker. However this mode can be dangerous if you lose connection to the server. Your position will be left unprotected.
Negative Sides of MegaDroid
There is one big drawback to this EA. It takes too few trades. As you can see over a month it has taken only 5 trades, averaging 1 trade per week. I can live with that if it continues to pick high probability trades and bring profit.
Forex MegaDroid Cost
This peace of code comes at price $97 which may seem high. In my opinion if it will continue bringing profit at the rate it does now it well worth the price.
My MegaDroid Test Results
By now MegaDroid is running for about a month. As I mentioned it averaged one trade per week. It made $160 on $5000 account that is 3% of gain. In my opinion for completely automated trading it’s not a very decent result.
Tags: Finance