I have never really liked robots as most of them only perform well in either a ranging market or trending market and you end up getting smashed when the market conditions change.(Plus there is no substitute for educating yourself and being in control of your own trades)

So when i saw what Forex MegaDroid claimed it could do and saw that it had a 60 day Money Back Guarantee, i thought i may as well just pay the $97 USD and see for myself if it can do what it claims.

So i purchased it yesterday and i must admit it was very easy to set up and even if you haven't traded before they even show you how to set up your demo account and exactly how to place the different files for the robot onto your computer.

After 10 minutes i was set up and about 30 minutes ago it took it's first trade, here is a screenshot and i will post another screenshot when it has finished.



I will do this everyday and we will see what it does to the $20,000 demo account.

Here's the link: http://free-page.net/web/ForexMegaDroid.htm

GP

PS: I don't know if i caused it to close or not, i put a candle timer on the chart and the robot's status went from running to waiting and closed the order soon after for a 7 pip profit, i'm not sure though it may of closed it there anyway.



PPS: The support so far has been very good, i received an email today from the owners explaining the best way to get any questions answered and they explained a bit more about the robot.

I'm really interested to see your results here Global, I think trying a new trading system on a demo account and posting the real results is an excellent idea. Is there a moneyback guarantee offered with Forex Megadroid ??

It should be interesting to see how it stacks up to there claims, the robot was only released 1 month ago and yes there is a 60 day money back Guarantee which is the main reason i decided to have a bit of fun and test it.

There was no trades over night.

GP

PS: The robot has just switched from waiting to running so i may post a trade any minute now.
PPS: After a little while it went back to waiting, so no more trades yet.

Well there were no trades yesterday and i must admit that impressed me, i always stay out on the day that the Non-Farm Payrolls are announced as the market usually does crazy things.

So lets see what the robot does next week.

GP

A regularly updated live account statement for Forex MegaDroid is available here: http://fxcash.ru/statement.php?id=18


Edit: Just FYI: this link which I posted about a month ago is no longer relevant - apparently, it now shows the results for some other EA (not MegaDroid). This statement was added at the request of the poster.

Thanks bravehoststamps, have you been trading with this robot and if so how has it been going so far.

GP

Yes, I have. Made a $46 profit on a $3000 FXDD account after the first day. Will keep you posted on my progress.

That's great, feel free to post your results and screenshots of your charts or anything about the system here.

GP

Nice one GP, I too am waiting to see your results. I bought my copy of Forex Megadroid yesterday and have been getting negative or OK results from back-testing so far. Will be testing it on demo as soon as market opens. Will keep you guys posted.

One more thing. I noticed you're in VIC, I'm in WA myself. Have you compared the results and spreads on different brokers and found one that rises above the rest? (Doesn't have to be based on Megadroid alone)

One suggestion so far: it is my impression that Forex MegaDroid will work best on IBFX which has the smallest spreads on EUR/USD and a high server response speed. I will nonetheless give it a shot with a few other popular Forex brokers (FXDD, Alpari, I-TradeFX, ODL) and will post my results with them here in about a week or so. I would most definitely be interested to also see the results of other Forex MegaDroid users. That way we'll jointly determine which broker suits it best.

I tried Megadroid in IBFX broker. I've gained 44 pips after 3 days of trading. Works great so far!! I will update my progress in a month.

The three brokers I intend to test Megadroid on are as follow:

1. IBFX (as u suggest)
2. Alpari UK (has been showing me consistent good results with Fapturbo as expert advisor)
3. Forex Meta (they claim that Megadroid works best with this broker)

I do not intend to put it through any back-test due to unreliable data and ever-changing market, and also enough people have done so and majority posted disappointing results. I sure hope they are wrong..

You can be sure that they really are!

I received reply from support: They said that there is a mistake in manual, you should use "3" as GMTOFFSET when backtesting on FXDD. But other brokers use Daylight Saving Time for live, but don't use it for backtest. So all other known brokers' GMTOFFSET for backtesting must be decreased by 1 from their displayed GMTOffset.

Also they advise to download all quotes history for M1 timeframe (EURUSD) before testing.

Hey there dryice,

Sunny WA lucky you, i'm going to get over that way one day and see all the wonderful sites!

I used to trade with MB Trading but got nervous about a year ago when the meltdown started so pulled my money out, once the dust settled and it looked like governments would step in and prop banks up i decided to give IG markets a go but i am not that happy with them as they have pushed there spread out on the Aud\Usd to 4 pips which sucks and of course both of them don't use MT4.

I have just found a company which is based in Sydney which uses MT4 so i have just started the paper work with them, you can demo trade with them but to open a real account you must start with at least 10K.

You can check them out here Forex FS ( I am not Affiliated with them)

As i have only just started testing MegaDroid, i haven't had a chance to test it on different platforms but it looks like between bravehoststamps, yourself and me we will get a fair indication of which broker will perform the best.

From Monday i will be using it on Forex Meta, Forex FS and IKO FX and will keep you posted.


GP

PS: Hi there Navigator and onlinerating good to hear from you guys.

I know a fantastic mt4 broker that is based , regulated and works from australia. you can even fund your account in aussie dollars.

http://www.gomarketsaus.com/

looks good if you want a regulated broker and want to run an eurgbp EA like fapturbo. spreads on eurgbp still 3pips there.

Thanks dznmrd,

I will set up a demo with them as well and see how it goes.

GP

Unfortunately i couldn't sign up with them, they wont accept my drivers license and insist on a passport. i don't own a passport.

BTW, these robots are meant for people who either don't have the time to trade or don't know how to trade. Manually trading one can do much much better than these EA's, because i feel every EA that comes out from their production house is targeted for the newbie audience.

But anyways one can make a million dollars over a course of a year, just earning 30-40pips a day, just as these robots show in the back testing. so its really not the pips. its the compounding MM that does the trick, if one can do more than that, like 200-300 pips a day, the time span to reach 1000k can be boggled down to just a few months

I've been running this software live for less than a week on InterBankFX.com and already had three profitable trades. It really is an unprecedented EA and a suitable rival for FAPTurbo. I suggest you test it on a EUR/USD demo for at least a month and see it for yourself. There is a high potential that the robot really employs artificial intelligence - never seen an EA so prudent and insigtful in its market evaluation.

Great to hear your results and your website looks like a great resource.

GP

On the other hand, robots eliminate the human factor. Humans have emotions and tend to panic (especially, when it comes to their own money), while robots do not. Even if you're an experienced and knowledgeable trader, a few faulty judgments made in a moment of panic and time pressure can have all of your profits go down the drain within seconds.

I have just funded a mini account using 500 to 1 leverage with $190 @ IKOFX

This is a fun!

GP

I just received a $20 sign up bonus, cool.

MegaDroid has just changed from Waiting to Running on all of my platforms so we could get a bit of action soon.



GP

That didn't take long, all platforms in a trade.



GP

PS: I have to go for an appointment so i will update when i get back home, there is a bit of difference from platform to platform.

Here is my proof of MegaDroid profitable trading:

http://img17.imageshack.us/img17/1069/tradingproof1fxdd.jpg
http://img10.imageshack.us/img10/4584/tradingproof1ibfx.jpg
http://img529.imageshack.us/img529/6276/tr...gproof2ibfx.jpg

I heard that iTradeFX has trades today too.

Ok here are the results:

GO Trading demo - using 10% Risk Level and a 1 pip spread:

Go Trading

The platform dropped off just after it opened the first order and i think it caused it to close it not long after, then it opened up another one and not long after that it opened another one.

Forex Meta demo - using 10% Risk Level and a 3 pip spread:

Forex Meta

This only took the 1 order, the sell that you can see is the first trade MegaDroid took last Friday.

Ikofx Mini Account - using 25% Risk Level and a 2 pip spread:

Ikofx

It took 2 trades.


With my Forex FS demo i had another EA that i was testing from TSD Forum, i have put MegaDroid back on it.

So all positive so far, how did you other guys and girls go with the other platforms?

GP

Two profitable trades for me today on my FXDD account, with my weekly pure profit on it now totaling to $130.50 on a $3000 deposit:

MegaDroid is in a trade with all of my platforms.

Ikofx -Mini Acount

Go Markets - Demo

Forex Meta - Demo

Forex FS -Demo

I will update when they close.

GP

1 trade closed in profit: 17037352 2009.04.07 22:32 sell 0.07 eurusd 1.3281 1.3397 1.3231 2009.04.07 22:53 1.3271 0.00 0.00 0.00 7.00

Ok another great result on all platforms:

Ikofx -Mini Acount

This one had three trades and for some reason when all the other platforms had closed all of there trades this one kept a trade running and closed sometime after for a nice profit.

Go Markets - Demo

This one has been a stand out as it only has a 1 pip spread and gets in and out quicker then any other platform, it also had three trades.

Forex Meta - Demo

This one had two trades and it was the second last platform to close it's last order.

Forex FS -Demo

This one had three trades and was in and out almost as quick as Go Markets.

So the 2 Australian Platforms are performing the best for me so far.

GP

Here is FXDD LIVE account statement:

so any of you using Forex Megadroid ever used FAP or FAPTurbo? How do they compare?

I haven't but it was the success of FapTurbo that made me change my view on robots, i really didn't give them the time of day because i was of the view that they only worked in one of the two market conditions.

I am contemplating buying FapTurbo as i saw a review from a guy that has been running both on the same platform with great results.

He said "My answer is you can't compare them. If you are a serious forex trader and plan to make money you should understand that your forex trading portfolio should consist of several good systems. Remember, the diversification is the key to success! When one system has a loss the other one has a profit so your chances to win simply increase!"

GP

GP is absolutely right. These two EAs are different. Also, they use different currency pairs!

Have you used FabTurbo and if you have, how true is it about the brokers going out of there way to make it unprofitable by widening spreads and have you heard if there are any brokers that are better to use with it?

GP

Ok the MegaDroid has just switched from Waiting to Running so it looks like a trade is on the horizon.

GP

PS: As usual Go Markets is in to a trade before any of the other platforms.
PPS: Wow, Go Markets has already been in and then closed out for profit and the other platforms haven't even moved yet!

Well i think i know which broker i'm going to use for my main account with ForexMegaDroid, Go Markets has been in and out of trades today while the others are still in one right now.

I will update as soon as they have all closed out there orders, to follow the live stats Go Here and click on each brokers name.

GP

Well i had a few dramas today, here is the breakdown of how it went:

IKO FX - Mini Account

For some reason didn't take a trade when some of the others did early in the day and then took the last one that they all picked up but then we had a power black out for just a few seconds and when i turned everything back on there was none of the arrows on the chart for that order just the stop loss and target lines so i took over the trade and closed it out manually a few hours later but after all that still another trade that ended in profit.

Go Markets - Demo Account

This platform rocks, in and out of a trade that the others didn't even take and then in and out of the trade that all the platforms took, i have now set up a real account with them and plan to start live with it after Easter, 1 pip spread!

Forex Meta - Demo Account

I am not all that happy with this broker, 3 pip spread and the platform dropped out for almost 30 minutes managed to take control manually and close out and like all the others all in profit.

Forex FS - Demo Account

This broker had it's worst day so far, 2 pip spread plus commission and the only reason i was testing with these guys is that they are Australian so it was easy to fund for me, they still ended the day with 2 profitable trades.

So it ended up being very eventful but one thing is for sure, Forex MegaDroid is proving to be very profitable so far.

GP

Hey guys.

Really enjoying your commentary on F-MD.

Does it matter what leverage you use with this EA?

Now that is a great question and one i had overlooked, i will do some digging and see if it is written anywhere on there website or instruction manual but i don't remember ever reading anything on it.

I am glad people are getting something out of this test, i'm really starting to like what i am seeing with MegaDroid.

GP

They basically say it only matters if you are trying to test different brokers and you want everything to be set the same.

So i guess it would be no different to taking a normal trade in your account with what ever level of leverage you are used to.

GP

Hey dryice, how has Alpari UK gone so far with MegaDroid?

GP

Hi GP,
Apart from the robot cost, how much minimum investment one needs to use it profitably?(I mean with good brokers,no use going with uselss ones even if they are allowing low investments?)
Are you also using Daytrading robot?how is it workingfor you?sorry if this question is in the wrong section!!
;-)
Tks
Mrudula

Hey there msvkar,

Well i signed up to for a mini IKOFX account on Monday and funded it with $190 Usd and received a $20 bonus and here is what has happened in just a few days: IKOFX Live Stats

So if you look at that result, you can see that the way it is performing it will double the account with in a couple of weeks.

I was only going to demo trade while i tested it but then thought it would prove more to me and anyone watching if i had at least 1 live account running in the test.

One thing that i have found so far is that the broker makes a huge difference, these guys only have a 1 pip spread and they have been the stand out for getting in and out of trades in the test so far and i will be putting between $10K - $20K with them after Easter Go Markets.

This is the first Robot i have tested and i must say it's been a lot of fun and a lot different to my normal trading week as i am some times lucky if i take more then 1 trade with my style, so i am thinking about testing a few more soon.

I hope that has answered your questions.

GP

As usual Go Markets is straight into a trade and the others seem to be asleep, live stats - Go Markets

I will post when trade is finished.

GP

Only Go Markets took a trade and once again it was a positive one - Go Market - Live Stats

What a great first week of testing, not one losing trade on any of the 4 platforms i am testing.

GP

I am also running Forex MegaDroid off my VPS on an I-TradeFX account. Three trades to date on it, all closed in profit:

Are you just running it on demo's at the moment bravehoststamps and how long have you been using it?

I have to say i am hooked, i have had a great time testing MegaDroid out so much so that i just purchased FapTurbo and will be testing it here as well so feel free to join in and post your results and thoughts on both systems.

GP

Thanks for looking into that for me.
So, is it best to try and get an account with high leverage of like 400:1 etc or would an account with just 100:1 give the same $s results at the end of the day.. Don't really have my mind around it at the moment.

I spoke to Go Markets via live chat yesterday after reading your review, they said they would call me with more specifics 'in 5 minutes' but never did.. If it wasn't for your great review above I would almost reconsider giving them another chance, but the fact their platform just gave you those 2 more extra trades I certainly will get back in touch with em

Well i discovered something before when i was looking at there website, they say that Eur\Usd is 2 pip spread so i don't know why it is coming up as 1 pip spread on the demo.

I'm a bit surprised that they didn't get back to you, i had my Real Live Account set up with in 1 day and now i just have to fund it and i'm away.

As for Leverage, i am trading with 500 to 1 Leverage at IkoFx and i'm fine with it but just remember Leverage is a double edge sword and can be very dangerous to your accounts health, if it wasn't a Robot in charge then i would never personally trade with anymore than 100 to 1 Leverage but that is just me.

If you get stuck setting it up just give me a pm and i will see what i can do.

GP

PS My main Account is with IG Markets but they are not MT4 and i have always traded 100 to 1 with them, taking my money out of there as they have changed there spreads.

Just to confirm Go Markets said their eurusd spread is currently fixed at 2 pips yesterday.. So looks like your just getting a good deal at the moment