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?
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 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.
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.
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.