Overview

Forex MegaDroid™ is an automated trading forex robot released in April 2009, which was heavily marketed through affiliate email lists. Like all of the robot systems, it runs on Metatrader 4 (MT4).

According to the manual, Forex MegaDroid™ uses RCTPA which stands for Reverse Correlated Time & Price Analysis. This allows Forex MegaDroid™ to actually attempt to predict what is going to happen in the market in the future - in particular, in the next 2 - 4 hours. They do not provide any details of how this works exactly.

Marketing Claims

"Forex MegaDroid™ indisputably proves a robot can trade with 95.82% accuracy in EVERY SINGLE market condition and at least quadruple every single dollar YOU deposit"

Bottom line, we produced solid PROOF that 95.82% accuracy is possible over a long period of time (consistency) ONLY if you can predict the immediate future...

...and ONLY if you can fuse new Artificial Intelligence technology and real, long term Forex trading experience...

To the tune of:

Cost

The website claims Forex MegaDroid™  will sell for $149, but they are offering an introductory price of $97 for the first 200 copies. Compared to other commercial expert advisers, this is at the low end of the range.

What is Included in the package?

The Package

• The Forex MegaDroid™ Robot
  
  The trading system used by Forex MegaDroid™ consists of two files.
   
• • The Robot file (MegaDroid.ex4)
  • The support file (MegaDroid.dll)

There are two systems included - one aggressive and one conservative - which trade simultaneously if enabled. It trades on the EURUSD 1 hour and does not trade on Fridays, Sundays or holidays.

• Documentation
  
  With the Forex MegaDroid™ package you receive a very detailed 78 page documentation explaining how to install Forex MegaDroid™ , an explanation of each of the input paramaters and testing instructions. The documentation seems very similar to the manual that Martin Alexander published with his (AutoScalper) system which has very good information about installing the system but there is surprisingly little information about how to set up MegaDroid to trade.

Refund Policy

They are offering 100% money back guarantee within the first 60 days. As the system is sold through clickbank, it automatically comes with a 60 day refund policy.

Who Wrote Forex Megadroid 

Their extensive marketing blurb is based around the background of the

Support

Forex MetaDroid™ comes with email based support. I have tried using it and it seem very well organised. They have a ticket logging system in place and I had a response overnight; and what is more the reponse seem to actually answer my question.

How it works

The coding for Forex MegaDroid™ is locked so it is impossible to know what the sytem is based on and there is nothing in the manual that provides any details.

There are two systems working simultaneously if you have "Agressive" checked (default). It then opens two positions at the same time. In the example below using a starting bank of $10,000 and a 20% position size risk setting, it open the aggressive position with 3.7 lots and the conservative position with 1.7. It continues to roll these position up in an orderly fashion as the account balance grows.

It also has a Martingale component, which it calls Recovery Mode. They claim the system has a very high success rate, and so consecutive losing trades are very rare. When recovery mode is enabled (default) this characteristic is exploited in the event of a losing trade, and the LotSize for all subsequent trades is doubled until the loss has been recovered. It seems to be a modified version of Martingale as it seems to reach a level where it stops increasing the lot size so it doesn't wipe your your entire bank.

Weaknesses

There are no recommendations in the documentation as to what settings to use, but by trial and error in the testing I have found that the only way to achieve at least some of the performances claimed on their website is to use a risk setting in the order of 49% and to have the Martingale switched on.

I don't think this system is at all suitable for "newbies" who do not understand the potential risk of such a system. I also do not believe anyone will experience long-term success in the Forex market while trading at 49% risk levels, which seemed to be necessary to achieve the results the developers claim.

How best to Trade the System

There has been a new update from the developers saying they will put out a trading parameters recommendation in the next couple of days and also they will publish the settings they used in their testing. It seem irresponsible of them not to have released these earlier. A week later this information has still not been released.

There are several customisable inputs in the trading parameters which are explained in very little detail in the manual.

RiskLevel - When set to a value above zero, this feature will calculate the optimal LotSize to ensure that a losing trade will not risk more that the specified percentage of the account.

RecoveryMode - Is enabled (default) in the event of a losing trade then the LotSize for all trades are doubled until the loss has been recovered.

UseFixedRatio - when enabled, LotSize is increased as the account balance grows based on the increments of the "BaseDeposit" value.

BaseDeposit - This value is used to trigger an increase in the LotSize as the account balance reaches the next "step" on the ladder.

StepRatio - This value is used in conjunction with the "BaseDeposit" value to calculate the increase in LotSize as the account nalance reaches the next "step" on the ladder.

ReduceLots - when using the Ratio or Fixed Ratio methods to manage LotSize, the MegaDroid robot is able to adjust the trade size both up and down based on account equity. This option allows you to specify that trade sizes may only increase i.e. the previous trade will be maintained after a losing trade.

I ran some back tests with a 20% risk switching on and off different input parameters for the dates 1 Jan 2008 to 31 Dec 2008. See table below, which displays the best of the results ...

The best settings appear to be:

Click here to view full test results for these settings for 2008.

Click here to view full test results for these settings for 2009.

 Live Results

Click here to see the live results of Forex MegaDroid using 5% risk and aggressive and recovery mode on.

Conclusions

It is obviously your personal choice as to whether you trade using Forex MegaDroid™. 

I plan to trade this system with a risk of 5%, Agressive system on and with  recovery mode on to see how it performs, as I have wanted to try a Martingale system for some time and this one does seem to have a high win/loss ratio. I will post my live results here as soon as I can organise an account.

Visit the official Forex Mega Droid™ website

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