Making the right connections

Forex MegaDroid is one of many automated trading systems to hit the FX market in 2009. Launched in March it follows similar principles to one of the most successful systems of recent times, FAPTurbo. You can read about my introduction to currency trading using FAPTurbo here.

So why am I reviewing MegaDroid? Because it has probably overtaken FAPTurbo as the most successful automated trading system currently available. MegaDroid has a huge percentage win rate, approx 96% of trades placed, (as quoted by the developers). Some users even say it has never had a losing trade.

MegaDroid trades the EUR/USD currency pair on a one hour timeframe. By analysing the markets hour by hour MegaDroid can "cherry pick" the right trades to open and close. It is this approach that seperates MegaDroid from FAPTurbo adding a new, aggressive strategy to established and successful trading algorithms.

Ease of Use:

If you are already trading with Expert Advisers you will be familiar with the .ex4 and .dll file structure of MegaDroid. Just copy these files into the relevant directories on your MetaTrader platform.

If you are not familiar with this type of system, take a look at my FAPTurbo Quick Start Guide. MegaDroid requires you to follow a very similar 5 step process to get it installed. There are differences between the two system installation procedures, but you can still get MegaDroid up and running in minutes.

The MegaDroid User Guide is very comprehensive. The first 40 pages cover the opening of a MetaTrader account and loading MegaDroid onto the platform. If you already have a MT4 account you can skip these pages. If not it's a great introduction to the platform.

The actual configuration of your own trading strategy, including your risk tolerance, starts when you set the individual "Input" system parameters. These are detailed from pages 42 onwards.

Following this installation you can "set and forget". You can then simply follow your trades.

Well not really as you will want to see how it trades. To do this you need to have your PC on between the hours of 21:00 - 01:00 GMT but I wouldn't stare at the screen, MegaDroid may not trade for a week or so!

A Note on Some Specifics:

MegaDroid's recovery mode doubles the size of the trade (and therefore risk), immediately following a losing trade. The idea is to claw back the previous trade losses.

You might think this is a fairly high risk strategy but this has to be considered alongside the high percentage of winning trades that MegaDroid delivers.

The recovery mode option is user configurable and can be disabled if your risk tolerance isn't this high but as a self-confessed newbie, I still have recovery mode on for all my MegaDroid default settings.

Secondly despite its very high percentage of winning trades, MegaDroid does not trade very often. As a result the "adrenaline rush" of watching open trades can be lacking.

However there is a way to make MegaDroid trade more often. For those who enjoy the white knuckle ride of FX trading, see the section "Can the Default MegaDroid Strategy be Improved?" below.

Like any Expert Adviser, MegaDroid requires your PC to be left on between 21:00 - 01:00, for UK based traders. If you don't want to leave your PC on 24/5 you need to consider VPS. What is VPS? Read my introduction to Forex VPS hosting here.

What We Say:

I mentioned earlier that some users claim to never having a losing trade with MegaDroid. Personally I find this hard to believe, certainly I've had losing trades, but not many. Critically, I have had far fewer losing trades than with other EAs.

The user manual pays great attention to setting up MegaDroid on the ForexMeta platform. This is understandable when they earn commission for every account opened via their links.

While their guide is superb, in my experience the spreads on ForexMeta are the not the most favourable. I initially opened an account with ForexMeta when I purchased FAPTurbo but I soon found out that the spreads were too large at key trading times and I missed a number of trades.

I now trade with AlpariUK for FAPturbo but I also have accounts with Forex.com and FXDD. I would urge you to research brokers as there are quite a few to choose from. Pay close attention to the Spreads, particularly during the Asian market session, and the support for Expert Advisers. Most critically ask questions - and lots of them. (Most brokers have an online chat facility to get instant answers to your questions).

When it comes to confidence, MegaDroid comes with a 60 days, no questions asked money back guarantee. As with all systems of this nature you should test first on a MT4 demonstration account. You can have it up and trading in less than 20 minutes.

Can the Default MegaDroid Strategy be Improved?

The answer is a resounding YES!

Advanced Droid Tactics (ADT) is an alternative strategy for trading with MegaDroid and which has two key objectives:-

• To extend the trading hours of MegaDroid and thus increase the number of trades.
• Provide alternative setups to manage risk.

ADT comes as a PDF document covering:

• Three Key Setup options.
• Risk/Reward Settings for each setup based on the "Aggressive" & "Recovery" input options in the MegaDroid setup.
• Risk Level Settings based on how much of your equity you are prepared to risk per trade.
• Example Broker Setups.

Have a read and judge for yourself.

Advanced Droid Tactics

Summary:

This review site began with my positive trading experiences with FAPTurbo.

Being a member of the FAPTurbo forum gave me access to all the new Expert Adviser releases. Hence when the MegaDroid information hit my email inbox I thought I'd give it a go.

I'm glad I did because MegaDroid does not appear to be affected by changing market conditions, unlike FAPTurbo. The ongoing positive performance of MegaDroid has really evolved my trading beyond what I was using before.

MegaDroid, combined with the "Advanced Droid Tactics" mentioned above, is currently my number one trading strategy and as such comes with my highest recommendation.

Past Reviews: