Forex Megadroid Review
Forex Megadroid is a scalping robot designed to automatically trade forex on the MT4 platform. Whilst it has some innovative features and has been around for years, it lacks in verified results for us to judge performance.
The Forex Megadroid EA is an automated trading robot that has been around for more than 20 years and was one of the first forex robots commercially available. The development team have an impressive 38 plus years of combined experience in the automated trading industry with Forex Megadroid robot being their flagship software. This forex expert advisor has been programmed to trade currency pair charts in the MetaTrader 4 desktop platform. Using the built-in trading algorithm, it will scan the charts for trading signals. When the software finds a valid signal according to its trading strategy, it can place and manage trades on behalf of the user. Alternatively, the Megadroid EA can be set to semi-automated so that it will send you a notification when it finds a signal in order for you to check the charts and decide if you would like to manually take a position or not. You will need the MT4 platform open on your machine in order for it to run. If this is not possible, you may wish to consider a Forex VPS which will enable you to run MT4 remotely 24/7. In this Forex Megadroid Review, we will take a look at the trading strategy, features and results.
The Forex Megadroid robot implements a unique automated trading strategy that aims to adapt the forex market, regardless of the current market conditions. Due to the volatility and unpredictability of the markets, it is important to have a dynamic system that is able to automatically adjust to trending, non-trending, ranging, non-ranging, volatile or non-volatile markets. Forex Megadroid bases its strategy on very short-term time frames. It can be considered as more of a scalping robot than a day trading or swing trading strategy.
The Forex Megadroid robot has some innovative features which are the results of many years developing and testing the expert advisor to help try and ensure that it remains relevant in today’s market.
Key features of this particular forex robot include the following:
RCTPA
One of the most innovative features of the Forex Megadroid EA is the RCTPA technology that it uses. Reverse Correlated Time and Price Analysis (RCTPA) theory is the combination of years of experience and advanced mathematically analysis that was developed to try and identify what will happen in the market during the next 2-4 hours with the upmost accuracy possible. This is part of what the developers have used to try and ensure that the software is capable of dynamically adjusting to the existing forex market conditions.
Forex Broker Protection
One of the key features of Forex Megadroid is the broker protection module that it implements. This is designed to try and avoid potentially unsuitable trading conditions that can be the result of forex brokers who can increase spreads and slippage which can be detrimental to the performance of any manual or automated forex trading system. This feature will prevent the Megadroid EA from taking a trade position if it deems the broker conditions to be unsuitable.
The general rule of thumb is that a forex broker with tight spreads, minimal slippage and low commissions, can help you to save on trading costs in the long term. In fact, it is not uncommon to see completely different results between brokers even when using the exact same entry and exit signals, for these exact reasons. That being said, it is completely normal for market volatility and available liquidity to also have an impact on trading results.
Recovery Mechanism
The robot has a built-in recovery mechanism which will try to make sure that it can have a swift recovery from a losing trade. Whilst this may work on occasions, it can be tricky if the market is heading in the opposite direction of recovery trades. Therefore, it is important to adjust the risk level for both the initial and recovery trade positions, to a level that you feel most comfortable with. Everyone has a different risk preference which is why the Megadroid settings are externally available for you to adjust according to your own trading style.
When it comes to choosing a forex robot, one of the most important things to look for is a proven track record of verified results. Whilst past results are by no means a guarantee of future performance, it can give us a rough idea of what to expect.
Forex Megadroid Myfxbook
Disappointingly, there are no verified Forex Megadroid Myfxbook results being shared for us to how the robot has been performing recently. This is despite the website making claims about results without any statements to back them up. Many users would see this as a red flag and will want to look for an alternative trading robot that shows live account results, such as the Forex Flex EA.
Forex Megadroid Backtesting
If the lack of real results was a let-down, things don’t improve when it comes to Forex Megadroid backtests. In our humble opinion, every forex robot should contain 99% modelling quality backtests on all currency pairs and timeframes that it has been designed to trade on. Without backtests or any real results, we really cannot get even a rough idea of how the Megadroid EA is performing as of late. It also makes as think that the developer is perhaps not as active as they were during the earlier days of development. This is further emphasised by the official Megadroid blog page being down.
The Forex Megadroid team have combined their years of experience and knowledge along with hard work and dedication to try and deliver an automated trading system that can adapt to different market scenarios. It has some innovative and useful features that can all be customised according to your own needs. Otherwise, it can be used with the default settings, provided you adjust the risk to a suitable level. Notable features of this forex robot include the broker protection filters, recovery mechanism and RCTPA technology.
Whilst this is one of the most established forex robots out there, we would like to see some real verified results and backtest at the very least being shared by the developers. We would only test it on a demo account to begin with, if at all. Furthermore, the trading strategy it uses can be highly dependent on broker conditions. It must be said that this is quite an outdated robot when compared to some of the best trading robots commercially available.
The Forex Megadroid expert advisor includes an instruction manual for a quick setup that should take no more than a few minutes. You also get dedicated support and a 60-day money back guarantee.
What is the Forex Megadroid price?
Forex Megadroid can be purchased for just $67.
Where can I download the Forex Megadroid?
You can download the Forex Megadroid from the official website here.
What kind of customer support does Forex Megadroid offer?
The development team provide email support.
What are the best forex brokers to use with Forex Megadroid?
You can use any MetaTrader broker to run the Forex Megadroid EA.
What’s the minimum amount required to trade with the Forex Megadroid?
There is no specified minimum amount required to start using this trading robot. You should only ever trade with what you feel comfortable with and can afford to lose.
What is the Forex Megadroid refund policy?
If you are unhappy with Forex Megadroid at any time within 60 days after your purchase, for any reason at all, you can simply e-mail them and they give you a full refund on your purchase.
Is the Forex Megadroid a scam?
We cannot say for sure if Forex Megadroid is a scam as we don’t have enough information provided in terms of real results although the developer has provided some statistics on its performance without actually publishing any accounts. We will leave that up to you to decide, as always you should do your own due diligence.
Can I get the Forex Megadroid for free?
Yes, you could probably find a free copy of Forex Megadroid being shared online but chances are that it will be out of date.
What are the best Forex Megadroid settings?
The best settings for the software are likely to be those provided by the developers as they will know how it works more than anyone else.
Can I change the Forex Megadroid settings?
If you have the knowledge and experience, you are free to experiment with your own Forex Megadroid settings, this includes the risk size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own unique combination of EA settings to get a rough idea of historical performance.
What do I need to run the Forex Megadroid?
You will need the MetaTrader 4 desktop platform and a trading account with a forex broker. Most forex brokers will let you open a free demo account and download the MetaTrader 4 platform free of charge.
How much money can I make with the Forex Megadroid?
There are absolutely no guarantees on how good or bad any forex trading robot will perform. Due to the unpredictable nature of the forex markets, nobody can predict what will happen in the future. You should make sure that you understand all of the significant risks involved using any automated trading system such as the Forex Megadroid.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
