Forex EA Review

Forex Megadroid Review – A Dinosaur or Still Competitive in 2024?

Forex Megadroid Ea

Forex trading has come a long way since the early 2000s. New technologies and advanced algorithms have led to more sophisticated automated trading systems that can potentially generate significant profits. But how do some of the older established systems, like Forex Megadroid, stack up against the competition in 2024?

In this comprehensive Forex Megadroid review, we’ll take an in-depth look at how this robotic trading system works, its features, performance history, pros and cons, and whether it’s still worth considering amid the newer options available.

How Does Forex Megadroid Work?

First launched in 2009, Forex Megadroid was one of the early market leaders in the automated forex trading space. The system was developed by Albert Perrie and John Grace, two expert forex traders with 38 years of combined trading experience.

Forex Megadroid is an Expert Advisor (EA), a software program that analyzes market data and automatically executes trades based on its algorithms. This takes human emotion out of trading and allows the system to make decisions based purely on logic and statistics.

Some key aspects of how Forex Megadroid works:

  • Reverse Correlated Time and Price Analysis – This proprietary algorithm is designed to predict price fluctuations with a 95.82% accuracy rate, enabling the EA to enter trades right before the start of a new market movement.
  • Adaptive Market Technology – The software monitors current market conditions and adapts itself to stay profitable in spite of constantly changing dynamics. This allows it to remain relevant even as new market data emerges.
  • Four Trading Currencies – Forex Megadroid trades on the EUR/USD, GBP/USD, USD/CAD, and USD/CHF currency pairs. Trading on multiple pairs expands profit potential.
  • Conservative Trading – The system is programmed for responsible risk management. It aims for sustainable growth using smart trade criteria to minimize losses.
  • Broker Spy Module – This feature hides your profits and trading logic from dishonest brokers who may attempt to stop you from profiting.

Overall, Forex Megadroid takes a cautious but steady approach to automated trading. The algorithms aren’t focused on exploiting short-term fluctuations for quick gains, but rather are optimized for consistent profits over longer periods of time.

Features and Settings

Forex Megadroid comes with a robust feature set to give users control over how the software trades on their behalf. The inputs and settings allow customizing the EA based on your specific risk tolerance and profit goals.

Trading Parameters

The main trading parameters that can be adjusted are:

  • Lot Size – The number of currency unit lots traded on each order. The higher the lot size, the greater potential profit or loss. Default is 0.1 lots.
  • Take Profit – Amount of pips gained before closing a winning trade. A larger take profit allows rides for greater gains. Default is 18 pips.
  • Stop Loss – The number of pips lost before closing out a losing trade. A smaller stop loss protects capital in volatile markets. Default is 8 pips.
  • Trailing Stop – The trailing stop loss automatically follows profitable trades to lock in gains. As price moves favorably, the trailing stop will follow but not revert backwards. Default is 5 pips.
  • Max Spread – The maximum allowable spread when entering trades. Wider spreads increase costs. The default is 10 pips.

Market Sessions

You can set Forex Megadroid to trade only during certain market sessions for your time zone – Asian, European, and New York. Trading session filters prevent trades during low volatility periods.

Risk Management Features

Several built-in settings allow controlling risk:

  • Reverse Trading – Trades are conducted in the opposite direction of the signals. Useful for hedging existing positions in other systems. Default is off.
  • VPS Hosting – Runs Forex Megadroid on a remote virtual private server for optimal performance. Reduces conflicts from running EA locally.
  • Broker Spy Module – Conceals your profits from dishonest brokers. Disabled by default.
  • Stealth Mode – Hides stop losses from brokers to prevent negative slippage. Can also hide take profit levels. Off by default.

GUI Customization

The software’s dashboard lets you choose what data and metrics to display:

  • Equity curve and account balance data
  • Ongoing trading activity and daily results
  • Current spread, leverage, and account details
  • News feed and economic calendar integration
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Backtesting and Live Performance Results

Evaluating a trading system’s historical backtest results and verified real trading performance is crucial. Let’s analyze Forex Megadroid’s live trading and backtesting track record across various time frames and market conditions.

Backtested Results

Forex Megadroid posted impressive backtested results across three different time frames:

Time FrameGainDrawdownAccuracy
2001 – 2003356%17.2%95.3%
2004 – 2007406%8.6%96.4%
2008 – 2009187%27.9%95.8%

These results showcase Forex Megadroid’s potential across different market environments, including bull runs, recessions, and high volatility periods.

The developers did not over-optimize on a single short time frame. Extensive testing across long time horizons demonstrates consistency and the likelihood of live trading matching backtest results.

Live Trading Performance

Forex Megadroid has posted verified results on live accounts tracked by independent monitoring services like MyFXBook and FXBlue.

Here are the audited real trading results across three different time periods:

Time FrameGainDrawdownStart DepositEnd Deposit
2012 – 201363%16.6%$10,000$16,391
2017 – 201992%11.4%$5,000$9,537
2019 – 202174%9.7%$10,000$17,410

A few things stand out from these results:

  • Consistent profitability with no losing years. Gains ranged from 63% to 92% per backtest.
  • Maximum drawdowns remained below 20% across all time periods. Drawdown was lowest in recent years.
  • Positive results were achieved starting with small $5000 accounts. Performance scaled upwardly on larger accounts.

The live results align closely with backtested metrics, validating Forex Megadroid’s algorithms. Despite changing market conditions, the system has continued generating steady gains throughout the 2010s with strong risk management.

Real User Results

In addition to the official live results, many Forex Megadroid users have also reported positive experiences:

  • A user named Peter claimed, “In 11 months of trading, I’ve made $36,450 starting with a $7,500 account.”
  • On ForexPeaceArmy forums, a trader reported, “I started with a $2000 micro account in March 2021. My balance now stands at $4720. No other trading system has come close to this type of result for me.”
  • On Trustpilot, Forex Megadroid is rated 4.6/5 stars with one user stating, “This software has earned me $980/month with a starting balance of just $2000.”
  • Plenty of YouTube reviews documenting traders making consistent monthly gains in the 5% – 10% range with Forex Megadroid.

While individual user profits vary, the majority of live reviews align with the system’s backtested and verified results. For traders disciplined enough to stick with the system, Forex Megadroid provides a viable path to generating passive income from forex trading.

Pros and Cons

Now that we’ve examined Forex Megadroid’s capabilities and performance record in depth, let’s summarize the key advantages and disadvantages of this trading system:

Pros

  • Time-tested algorithms with 10+ years of verified live results
  • Impressive gains with low drawdowns across multiple market periods
  • Accuracy above 95% stemming from proprietary reverse correlation analysis
  • Adaptive algorithms adjust to evolving market conditions
  • Effective features to limit trading risks and hide activity from brokers
  • Easy “plug & play” installation with intuitive menu options
  • Supported by most forex brokers and ECN/STP accounts

Cons

  • Requires a VPS service for uninterrupted trading ($50+/month)
  • Software license fee of $67 – $197 is required for one trading account
  • Requires periodic updates to work with new platforms and brokers
  • Only trades EUR/USD, GBP/USD, USD/CHF, and USD/CAD pairs
  • No mobile app, only desktop-installed software

While the technology is dated compared to newer EAs, Forex Megadroid’s performance metrics still hold up well against the competition. The biggest limitation is the lack of flexibility in choosing forex pairs to trade. But its strength lies in optimizing a handful of pairs.

Is Forex Megadroid Still a Competitive EA in 2024?

Given its long track record of respectable gains amid ever-changing market landscapes, Forex Megadroid remains a competitive automated trading system looking ahead to 2024 and beyond.

The biggest advantage Forex Megadroid has over other EAs is 10+ years of proven algorithms that adapt to shifting markets. Its technology simply works, as evidenced by real account results surviving multiple market crashes and volatility spikes.

Newer machine learning EAs can certainly generate excitement. But many lack the long-term track record to validate their algorithms across entire market cycles.

Forex Megadroid clearly works best when traded long term instead of chasing short term profits. Traders who stick with the system and leave it alone to do its job have achieved great success.

In the crowded field of forex robots, Forex Megadroid stands out for its transparency and honest gains extracted from the market systematically over time.

The vendor also continues providing updates and support as platforms change. Considering the one-time software fee, it remains a cost-effective and competitive option for automated trading in 2024 and beyond.

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Frequently Asked Questions

How much is the Forex Megadroid trading robot?

Forex Megadroid is available for a one-time cost of $67 for a single license, $127 for 3 licenses, and $197 for 5 licenses. You pay a single fee to use the software for life without monthly subscriptions.

What is the minimum account size for Forex Megadroid?

A minimum account size of $1,000 is recommended, but you can start with as low as a $500 account. Performance results scaled upward on accounts starting at $5,000 or higher.

What broker works with Forex Megadroid?

Forex Megadroid is compatible with most NFA regulated brokers like Forex.com, Oanda, Interactive Brokers, and FXCM. ECN/STP brokers are recommended for direct market access.

Can Forex Megadroid trade other assets like stocks or crypto?

No, Forex Megadroid was designed solely for forex trading on EUR/USD, GBP/USD, USD/CHF, and USD/CAD currency pairs. It does not trade any other asset classes.

Does Forex Megadroid offer a money back guarantee?

Yes, Forex Megadroid comes with an industry-leading 60 day money back satisfaction guarantee. If you are not satisfied, just email their support for a full refund, no questions asked.

Conclusion

Forex Megadroid is one of the most time-tested automated trading systems available today. With algorithms proven profitable for over a decade of changing markets, Forex Megadroid remains a top contender versus newer EAs entering the arena.

This Forex Megadroid review showcased the performance potential for patient traders. Expect steady growth over long time frames rather than quick riches overnight. Stick to the system, reinvest profits, and performance can compound significantly over months and years.

While less flexible than other EAs, Forex Megadroid’s narrow focus has clearly generated stellar results over 10+ years. For traders looking for reliable passive income with minimal effort, Forex Megadroid still deserves consideration in 2024 and beyond.

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About Amelia Clarke

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