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Buy Forex Megadroid?

My Forex Robot Story Settings & Results

Buy Forex Megadroid? My robot story settings & results – Before explaining my experience & results from trading for just over 7 months with the awesomely named Forex Megadroid.

I have no background in trading of any sort, and really only did this to satisfy a friend who had been banging on at me to buy a forex robot called Fap Turbo (not quite as cool sounding).

So I went into this as an experiment, to see if I (correction, an automated forex expert adviser, or robot) could make any money, whilst satisfying the following criteria:

Must make money.
Take me no time to learn or manage (I run a full time recruitment business, and don’t really have any interest in forex).
Technically it must be easy to set up and 100% reliable.
Must make money!

This was all I could hope for from the outset, though I must confess to a part of me that wanted this thing to be the goose that lays the golden eggs, or the forex megadroid that earns my living whilst I play golf!

Susanne my wife (knows more about forex than me) told me where to buy Fap Turbo, and expected me to go and get it…

But when I searched Clickbank (the marketplace that sells these kinds of digital products) I found Fap Turbo and other forex robots; but one name stood out on the list… Forex Megadroid, clearly the sci-fi nut in me took over, and drew me in. What harm could it do to read the sales pitch before returning to buy Fap Turbo as planned?

Mistake or fate, I’ll never know, any how when I reached the sales page for Forex Megadroid, I was soon hooked like a fish on the line. I guess a part of me didn’t want to just follow my friend, I wanted something different, and hopefully better.

Obviously the name was better; clearly a Megadroid is going to beat ten barrels out of a “fat” turbo, but what else did it have going for it…

Artificial intelligence yea right…
95.8% trading accuracy I doubt it

And a very slick video that proved the credibility of the makers, and showed its trading performance.

But if I had a pound for every time I’d seen a slick sales presentation without substance I would be a wealth man.

No what swung it for me was that Clickbank not the seller offer all products with a 60 day money back guarantee, so though this would not help me reclaim any trading losses, I could get my money back, and sheepishly buy Fap Turbo if it didn’t work.

So I became the proud owner of …roll of drums…Forex Megadroid.

Buy Forex Megadroid - But did it make money?

Though I will go on to explain how to set up Forex Megadroid, and some of its endearing little foibles, right now I’ll cut to the chase and let you know what you want to know…does it work?

Invested £150 with Alpari UK (broker) and after they ensured that my £150 was not the tip of an illegal money laundering iceberg, they allowed my account to go live.

No I did not run test trading scenarios, which you can, but as I’m only risking £150, and I’m too old to bugger about, went live trading immediately.

So invested £150 started trading Mid July 2009, and now on Jan 27th 2010 £220.37 a profit of £70.37 in just under 7 months trading.

Forex Megadroid Results Image Balance January 2010

I’ve no idea if this is better than Fap Turbo would have done, or any other robot for that matter.

Personally I think its pretty good, as this robot is even more hands off than I had expected.

So let me explain how I set it up, and what I have learned from it (not a lot).

Buy Forex Megadroid - Installation setting and other stuff

Firstly after selecting your broker, I picked Alpari UK as I had read they were good, I’m told picking the wrong broker can be a show stopper, so maybe I was lucky, but they seem OK to me (never had any problems or questions so cannot say I’ve had anything to test them on).

Secondly install the trading platform on your computer. Forex Megadroid trades on an open platform called Metatrader which is freely available and used by most brokers. I downloaded and installed mine from Alpari. This is simple, just follow the prompts and click where it says.

Third install Forex Megadroid within your Metatrader platform. The install took me about 30 minutes, as technically I’m challenged, and have to double and triple check everything I do. But though this involved more than setting up Metatrader, it was still fantastically easy, the guide that comes with Forex Megadroid, is crystal clear and the whole install could be done in under 10 minutes.

The only thing I would highlight about the whole install process would be to make sure you keep a record of your Clickbank purchase/ receipt number, as this is used to validate your software. Not an issue with upgrading to new releases of Forex Megadroid as it inputs your receipt automatically, but could be if you were installing on a new computer.

Four next thing to sort out is the Forex Megadroid settings, of which I personally have only experimented with two, and to start with I did not change from the default settings, which are very conservative.

To explain, Forex Megadroid is what is known as a scalper (and I thought I knew nothing) which means it looks for favourable trading conditions to make a small, but very fast profit. With my low level investment this has been as low as 3p profit up to £8 for one trade.

This does explain where the incredibly high success ratio comes from, it is true that this robot hardly ever losses. Though when it does lose, it losses more than the typical large win. For example it has lost units of £8, £12, and once £23, which if my memory serves me right are the only losses it has had over the entire period.

Forex Megadroid trading results January 201o

The Results from this month (above) show this trend, though I had the application off over the Christmas / New Year, I then forget to fire up the Megadroid until Monday the 11th Jan, but you can see the infrequency of trading.

Forex Megadroid Trading Results February 2010

Update Feb 2010 - Great results this monthso far tweaking the risk level up to 30% has probably helped, and I guess the uncertainty over the Euro due to the issues with the Greek economy, has meant some big fluctuations. Profit in total now 34p short of £100.

Forex Megadroid only trades what you let it via the settings. This is managed by the Risk Level setting which by default is 10% of your total fund. Once I saw that Forex Megadroid hardly ever looses I raised this to 20%, and have recently raised it again to 30% (which is the level the designers use on the example account).

The other setting is the Recovery Mode which I had considered turning off, but have decided not to. Recovery mode basically doubles your investment after a loosing trade, as the odds of Forex Megadroid having two loosing trades on the spin are most unlikely. The only reason I had considered turning this off is because of my dear old Dad, who was somewhat of a gambler, and used to go on and on that if you ever gamble you must never chase your losses. My childhood recollection of his success is modest so, I let the setting be.

That’s it!

Install, pick your settings, let it run constantly 24 / 7 on your computer…relax!

Did I do that?…

absolutely not, kept looking at it, was worried it would crash my computer, or as I work from home a lot the various applications running simultaneously would cause some problems.

But no my old Dell Dimension works great with this thing in the background, it does not affect the other apps in any way, which is great.

Though The Forex Megadroid apparently can trade at whatever time it likes, I have only known it to trade between midnight and 5am, with most trades between midnight and 1am. So my computer is not doing anything to disturb it. Auto upgrades from Microsoft and the virus protection stuff are all scheduled from 6am onwards. So even when Microsoft automatic updates don't work as they should it does not affect my trading.

If you are planning to invest large sums, The pros use a dedicated server service to run their Megadroid, which sounds like something I may look into when I up my investment.

Other things I have noticed. The Forex Megadroid, does not trade every day, It’s only supposed to trade Monday through Thursday (takes weekends off to be with its droidette and little droidlets), and not over public holidays (apparently the markets are unpredictable around holidays), but I have noticed it go 7 trading days without a trade.

I thought something was wrong, but no it simply only trades when confident of winning (that must be a good thing).

Buy Forex Megadroid - Summary

So if you’re after a high action trading machine, that you can get involved with, the Forex Megadroid is NOT for you.

I notice a lot of forex robot traders on forums that trade using a few of these robots, as they cover different currency pairs and have very different styles. In fact the Forex Megadroid & Fap Turbo combo gets big thumbs up from many traders.

I will be a little more disciplined in updating the results in future, aiming for a monthly update on performance at worst.

If you have any questions regarding my experience with Forex Megadroid please feel free to email, I’ll happily do my best to help, though I hope it’s clear I’m no forex expert.