Our Review of Forex Megadroid For 2020

Forex Megadroid is a fully automated forex trading robot utilizing AI technology, which the robot developer claims will allow it to forecast with 95% accuracy by optimizing the correct time to enter the forex market. This complete Forex Megadroid review will cover how it works, the strategy employed, its performance, setting up, and trader feedback.

How does Forex Megadroid work?

forex megadroid software pack

The software uses artificial intelligence and an advanced set of algorithms called Reverse Correlated Time and Price Analysis or RCTPA technology, which helps determine the market trend.

Specifically, the algorithm looks at trends that are the most likely to result in a profit by looking at specific timeframes that will take place over the next 2-4 hours. Whereas most robots look at past data to place trades, the Megadroid looks at future data to place trades.

What strategy does it employ?

The Megadroid is a scalping robot that trades EUR USD targeting small profits on each trade to provide its user with a 20% profit every month, which compounded. To maximize profits, it requires low bid/offer spreads, small commissions, and rapid execution. Using an ECN broker to achieve these low cost and fast execution times is essential to get the best out of Forex Megadroid as it is with other scalping automated trading systems.

forex robot

Forex Megadroid only trades EUR USD as it is a very liquid and a relatively stable currency pair. More volatile currency pairs would be less effective with the robot’s strategy of employing fixed stops rather than trailing stop losses. Even with EUR USD, spikes in volatility may require risk setting adjustments to avoid potentially winning trades getting stopped out.

Most forex robots tend to have their best results over short time frames in optimal forex markets. The developers of Forex Megadroid claim it works profitably for EUR USD under any market environments and conditions, so in both a trending and ranging foreign exchange market.

They advise that it can configure short and long-term strategies and settings that can be adjusted based on your forex trading system.

How good is the performance?

The Expert Advisor was first developed in July 2007 as an algorithmic forex trading software program by its developers, two forex traders, John Grace and Albert Perrie. It was publicly launched as a product for other traders in February 2010, since when there has been continuous performance data.

Cumulative performance over this period is over 15,000%. The performance is impressive, but do note that the performance results from the backtesting do not include real live account bid-offer spreads, commission, or tick data. As Megadroid is a scalper, any deviance from low commissions and spreads can dramatically alter performance.

Watch the two founders of Forex Megadroid, John Grace and Albert Perrie explain how Forex Megadroid works

A review of the pros and cons of using Forex Megadroid

Advantages that can be of benefit to a trader using Megadroid include:

  • The software provides the trader with settings that can adjust risk tolerance from perceived lower risk to high-risk levels, including stop-loss settings and automatic money management.
  • The Forex Megadroid is straightforward to install, and installation takes less than 10 minutes with the provided set up instruction and pre-set files.
  • Unlike any other forex trading software, it does not need any other external software installations to aid in its work as its package already has everything it needs.
  • The software has shown to be reliable over time with the Megadroid over ten years old.

There are two disadvantages of the Forex Megadroid:

  • The software can get a touch slow during automated forex trading.
  • The Forex Megadroid is designed as a plug and play robot to cater to both beginner and experienced traders. The reality is, as most forex robots, it is better to use the EA as part of a broader trading strategy, typically associated with more seasoned traders.

Key features and cost

Forex Megadroid has a host of features and a low starting cost without hidden monthly fees of some forex software products. Here are the main features:

  • One-off purchase of $67
  • 60-day moneyback guarantee
  • Free lifetime updates
  • Fully automated software
  • Compatible with MetaTrader 4
  • One license included
  • Full customer support
  • Stealth mode

Setting up the Forex Megadroid

Forex Megadroid is straightforward to install with the provided set up instruction, and pre-set files and installation takes less than 10 minutes. It works with online forex brokers that offer the MetaTrader 4 trading platform to traders.

As the robot only trades EUR USD, the settings are less complicated than for other FX robots, but you should be aware of different parameters:

The default parameters on the Megadroid are a risk level of 10% and a medium aggressiveness setting.

The risk level setting controls where your stop losses are positioned. The aggressiveness setting relates to how many trades you want the robot to place on the forex market. The default settings adhere to the golden forex trader ration of 3:1 risk-reward.

Users of the robot users tend to crank up the aggressiveness setting. The default may see the Megadroid place as few one or two trades per week as it is a very conservative robot employing strict criteria to trade placement to increase the chance of profitability.

Lot size settings allow for the adjustment of the size and leverage of the trade placement. Traders can combine the trade size with aggressiveness and risk levels to their specific requirements.

Purchasing the Megadroid

The Megadroid is available to purchase through Clickbank, the well-known platform that provides a product marketplace and secure payment processing. For buyers, Clickbank delivers comfort in the form of a moneyback guarantee, which would be less forthcoming if purchasing directly from Robot developers. Clickbank further provides the percentage of refunds requested by customers for a product, providing buyers with a useful verification if a forex robot is working well with a low refund rate preferable. Payment for the Megadroid can be with either a credit card or via Paypal.

buy forex megadroid software

Trader Feedback

A number of online reviews are available from which to gage opinion of trader’s using the software. MyFXBook, the well-respected forex performance verification site, provides a good barometer of sentiment.

Positive review feedback revolves around getting decent performance, depending on using online brokerages using low spreads and trading platforms with ECN capability.

Some traders do not use it live; instead, they use it as a semi-automated forex Expert Advisor in a demo account, where they have the final decision on market analysis and whether to place a trade.

Negative review feedback of the Megadroid continually references the software being slow and stop-loss levels being too high when trading forex. Additionally, the software does not generate enough trades on default settings to create enough forex trading account profit.

Summary and review rating

The robot developed by two Forex developers with over forty years of trading experience reflects in the performance and durability of Megadroid. Robots developed by those that understand forex tend to do slightly better than coders with a limited forex knowledge.

Forex Megadroid has gained the trust and confidence of many traders and is one of the currency market’s best robots. Along with robust backtested performance, excellent customer support, and lifetime updates, it is one of the more reliable robots on the market in terms of trading performance and overall customer support. For this automated trading software review, we rate it at four stars out of five.

A Look At The MetaTrader Platform & Charting Software

Most online forex brokers provide a forex trading platform for their clients. Some online brokers have built a bespoke trading platform, but many use a platform under license known as MetaTrader.

metatrader 4 software on a screen

What is MetaTrader?

MetaTrader is a software product from MetaQuotes, a Russian software company, and has become one of the best forex trading platforms.

First released in 2002, an enhanced version called MetaTrader 4 was released in 2005 and saw its popularity grow with online forex brokers. MetaTrader 5 was released in 2010 and is the current version available. Broker preference for MetaTrader lies with it being a full-cycle trading platform with both a front-office terminal and a back-office system. It means a broker does not require additional software to to start or grow a business.

What is behind the popularity of the MetaTrader platform?

MetaTrader offers several advantages for users. The user interface and user experience are excellent with easy to use tools, including interactive charting software. For traders, the ability to plug in third-party software, including forex robots, has also been vital in the growth of the MetaTrader Platform.

Forex Robots and Expert Advisors using the Metaquotes, MQL coding language now proliferate the forex software market. Traders incorporating automation as part of their overall trading strategy are naturally attracted to MetaTrader.

MetaTrader is a software product from MetaQuotes, a Russian software company, and has become one of the best forex trading platforms. First released in 2002, an enhanced version called MetaTrader 4 was released in 2005 and saw its popularity grow with online forex brokers. MetaTrader 5 was released in 2010 and is the current version available.

Meta Trader Charting Software

The charting software, available for users of the MetaTrader platform is excellent. MT4 and MT5 both have solid charting software with similar features to Esignal and Ninja. MT5 has improved charting timeframes over MT4 with 21 time frames available. MT5 also has 38 built in indicators compared to 30 on the older MT4 software. Users love the interactive capability of MetaTrader charting software.

Self-build automated software using MQL

As well as plugging in automated software purchased from developers and built using MQL coding, some traders also develop their MQL4 and MQL 5 scripts using MetaEditor to create an algorithmic trading program that aligns with their strategy rather than buying off the shelf.

If you have a proven and profitable trading strategy and want to build  Expert Advisors or Forex Robots closely aligned to your strategy, it is also possible to hire forex software developers if you do not have the coding skills.

Finding a freelance coder specializing in forex may not be secure. Thankfully, the forex trading community on forex dedicated forums is an excellent place to discover recommended developers for MQL software.

Forex Killer Signal Software Review

forex killer software

A signal generator or a program that does all the analytical work in finding trading signals for a chosen currency pair has plenty of merits as part of a trader’s broader trading system. A problem facing traders is when to correctly enter a trade if there is doubt over the strength of a signal.

Automatic and unbiased trading signals from the signal generating software helps eliminate the uncertainty of whether to enter into a trade.

By taking out the analytical work involved in technical analysis, traders can focus on other research areas, including price action and fundamental analysis. One of the best forex pickers is the forex killer.

Forex Killer Is A Signal Generator

As a signal generator, Forex Killer should not be confused with automated trade programs like Odin or Vader, which carry out the actual trading work.

Forex Killer requires a little more from you in this respect and is ideal for traders who want more control over their trades than an automated program that finds trading opportunities, acts on them, and then pulls out when that trade goes south.

To use Forex Killer, you need to have a basic knowledge of the forex market that extends to technical analysis.

Forex Killer works well to spot trends and signals

Dramatic names aside, Forex Killer is a very competent and powerful forex signal software tool designed by a successful forex trader called Andreas Kirsch Berger. Its algorithms, which it uses to trade, are based on several winning trading techniques, all bundled into one trend scouring forex picker.

Forex Killer also makes use of behavioral overlaps finding strong trends from the past and looking for similarities in the current market for a currency pair. Professional traders have always used historical data for trading directions regularly.

Forex Killer Key Features

  • Free lifetime software updates
  • An easy to understand software tool
  • Independent software that is compatible with many trading platforms
  • Works with wide ranging currency pairs
  • Suitable for both new and experienced FX traders

Results

Traders report profitable outcomes using Forex Killer on signals generating a 75% probability and upwards.

Ivybot Forex Robot Review

Ivybot was an Expert Advisor initially developed by a group of Ivy League graduates who were trading the currency markets while still in college. Their knowledge in mathematics, computer programming, and finance helped create the Ivybot Forex robot. The product was the result of extensive accumulated trading experience in the field of manual trading.

The Launch of Ivybot

The Ivybot was initially a toll for the graduates’ own personal forex trading deals only and saw an eventual release as a licensed product to the forex trading community.

Following its release in the late noughties, there was a lot of interest surrounding the product. Unfortunately, Ivybot did not live up to expectations and is no longer available to purchase as a product.

Poor Performance Reviews

Reviews were quite scathing of the Ivybot with complaints revolving around the EA risk settings and how they did not always work, leading to trading losses. 

Key features

  • Four robots made up the Ivybot. Each robot was designed to manage a different currency pair. Many trading software robots have a single set of code that calculates different kinds of pairs. The Ivybot had four, which at the time was sophisticated.
  • The Ivybot software cost $149.95 as a one-time payment when it was available for sale
  • A claim that the EA would increase your seed deposit by 500% in just 190 days.
  • The Ivybot was an EA to keep track of market conditions and movements 24 hours for coverage across the different world trading sessions.
  • Backtesting by the developers showed it to be an efficient robot with features optimized for high winning percentages.
  • The developers behind Ivybot promised unlimited software updates for purchasers of their software.

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Forex trading automated trade programs: The Fap Turbo

There are a number of different automated forex trade programs on the market today which all promise to trade effectively and automatically for you around the clock to bring in reliable profit with no prior experience or knowledge of the market necessary.

FAP Turbo is one of the programs which does this and many traders and experts have hailed it as an automated moneymaking machine. Others, however, have labeled it a scam, and I found it difficult to find a legitimate review amongst all of the sales pitches I read.

Once I heard about the 60 day money back guarantee I decided to test it for myself. This is the FAP Turbo edition of my forex trading robots reviews.

fap turbo software

I’ll begin this edition of my forex trading robots reviews by mentioning about how FAP Turbo works to automatically trade for you for all of those who are skeptical or confused. It operates largely by reacting to changes in the market and constantly keeping a watch over real time market data, scouring for profitable trading opportunities.

Once the program has found what it deems as being a profitable trading opportunity, it invests accordingly and then follows that trade’s performance along in the market to ensure that you are constantly earning money on it.

Once the market fluctuates out of your favor, the program trades the now bad investment away to shield you from debt and begins the whole process over again.

Something I always mention in various forex trading robots reviews is what to expect when you first get the program. With this program, you’ve got to decide when you get it whether or not you can leave it running and connected to the internet on your computer 24 hours a day.

The FAP Turbo is a reliable piece of kit

The reason for this is because as I said FAP Turbo works by reacting to changes in the market, and consequently it needs constant access to real time market data to do this. For some people this maybe is not an option which is why the publishers offer you the option of having the program run on their own dedicated servers for an additional monthly charge of around $15 I believe.

The major difference between this trade program and virtually every other program which I’ve ever tested in other forex trading robots reviews is that FAP Turbo focuses entirely on lower risk trades making this easily the most conservative automated trade machine which I’ve ever used.

This was always my major complaint about the majority of other programs which I’ve ever tested or that they traded much too aggressively, going after any and all trades regardless of the risk factor associated with it.

It’s evident that the publishers of FAP Turbo kept this in mind when designing the system as it keeps much higher standards with the trends and must meet affordable invests accordingly. If no trends meet these standards, the program continues to search and consequently its daily trading activity will fluctuate greatly, depending on the market and trends present.

All together this gives FAP Turbo easily the greatest winning rate of any automated forex trading program out there today making it ideal for newcomers and more casual traders alike to make some good money in the Forex market.