Hi, my name is John and I will be reviewing the Forex MegaDroid.
This automated trading EA is marketed by two traders John Grace and Albert Perrie who claim almost 40 years forex trading experience between them.
The EA operates solely on the EURUSD pair on a Metatrader platform and on the 1 hour time frame only. The $97 (£62) which the Forex Megadroid sets you back, provides you with an 84 page pdf and two files to place in specific folders in your MT4 platform, one is the EA itself and the other a dll file. The downloading and installation of an MT4 platform and the Forex Megadroid is comprehensively covered in the pdf.
I am running MegaDroid on an Interbank FX platform demo account.
I have allowed the robot to trade in aggressive mode whilst using a 5% risk strategy (0.05) this is easily set up through the EAs input tab and permit’s the use, according to the authors, of simultaneously running two strategies, the aggressive and also a conservative one that they say, accumulate profits faster.
The EA calculates the volatility of the recent market and adjusts stop losses accordingly. It also has a Recovery function where Lot sizes are increased after a losing trade. Once the authentication (receipt) code is entered into the appropriate box you are away and running.
For the paranoid amongst us, the vendors state that the EA can be run in a Stealth Mode, disguising the origin of market orders from unscrupulous brokers as coming from an automated trading robot.
The authors claim that the bot will work in all market conditions regardless of the volatility of the market or market conditions using what they term Reverse Correlated Time and Price Analysis or (thankfully) RCTPA for short, which suggested to me that the EA has been designed with previous price action and market conditions coded into it.
MegaDroid placed it’s first trade, a Sell order on 8th August @ 22:23 GMT of 2.5 Lots at a market price of 1.43600 with the Stop Loss set at 1.4432 (72 pips) away with the target (Take Profit) at 1.43100 (50 pips) from entry. For some unknown reason (to me at least) it then truncated the trade at 11:38 GMT taking a profit @ 1.4358, for 2 pips . Had it not closed the trade early the profit target would have been reached.
The 2nd trade was on the 12th August @ 21:04, this time a Buy order for 2.51 Lots at 1.41850, the EA set it’s Stop Loss at 1.40851 (65 pips away), it set a target @ 1.42350 for 50 pips but again it closed the trade short at 1.41950 for a reduced profit of 10 pips. Had it held on the target would have been hit on the 13th August around 06:00 GMT.
For the third trade on 12th August at 22:55 GMT just after it had prematurely closed trade number two, as above, Megadroid put a Short order into the market @ 1.42120 with a Stop Loss placed at 1.42770 (65 pips away) and a target of 1.41520 (32 pips). Unfortunately the market continued to rise and the SL was hit resulting in a loss of 65 pips.
Megadroid certainly does not appear to place trades haphazardly it seems as the next trade it placed was on the 18th August at 22:48. It placed another Sell order @ 1.41363 with a Stop Loss 32 pips distant at 1.41683 and Take Profit at 1.40763 so 60 pips target. But yet again the Robot called it wrong and the S/L was hit again resulting in a loss of 32 pips.
After two consecutive losses the EA then doubled the number of Lots on the fifth trade on the 19th August at 22:54. It again chose a Short trade this time at 1.42350 with a Stop Loss set at 1.43080 or 73 pips away with a target this time at 1.41740 or 61 pips. And although this trade resulted in profit being taken, the EA again did not let the trade run, instead it curtailed the trade @ 1.42187 or approximately 16 pips profit.
For it’s final trade that I have had with Forex MegaDroid on the 20th August at 22:30 GMT, MegDroid sent a Short order into the market again at double the standard lot size. It entered the trade at 1.42538 and set the Stop Loss approx. 88 pips away @ 1.43417 with a Take Profit @ 1.41938. It interrupted the trade short when at 1.42387 it decided enough was enough and took the 15 pips on offer.
Overall then the situation is that although on pips alone the EA is down by around 54 pips, the progressive increase in lot sizes means that one more winning trade at 2 times standard lot size as the past two trades have been will recoup the previous losses and turn a small profit.
I do however have some reservations regarding the almost martingale-like strategy of increasing lot sizes and people purchasing MegaDroid should be fully aware of the risks involved in this type of loss recovery system.
One thing to note from the authors results is that at one point chasing losses resulted in a drawdown of 61% of the bank on one trade alone, the EA then did recover all the losses but I am not sure that a strategy as aggressive as this would suit me.
During this past week (24th – 28th August inclusive) the EA has not placed a single market order.
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