In this post I will be reviewing the popular Forex Megadroid Expert Advisor that has been developed to run in the popular MetaTrader 4 (MT4) platform for desktop. Whilst Forex Megadroid is a fully automated forex robot that has been around for a long time, I have always been sceptical primarily due to its lack of real verified results. I experimented with it in the past but found that once forex brokers became aware of its presence, they started to implement tactics to diminish its profitability. This meant increasing spreads and slippage around the Megadroid robots trading hours. Therefore, I think it is very broker dependant especially when you consider that it trades around the close of the NY session and just before the opening of the Asian trading session. These trading hours tend to have lower volume and liquidity than usual which means the market conditions are not actually suitable for the Forex Megadroid EA. Regardless, read on to find out more about this forex robot, how it works and the latest results. Hopefully it will help you decide if this is a bot that you would like to pursue further.
Forex Megadroid EA Trading Strategy
The Forex Megadroid EA uses a reverse correlated time and price analysis (RCTPA) which helps it to adapt to market conditions. It uses the built-in algorithm to automatically scan the charts in your MT4 platform for possible trading signals. When the software finds what it deems to be a valid setup according to the implemented strategy, it will place and manage trades on autopilot.
You can change the Megadroid robot settings according to your own preferences or use the default pre-optimised settings that have been provided by the developer. You can even set the expert advisor to semi-automated if you want to maintain some control over your trading. In this instance, the EA will send you an alert when it finds a trading signal and you can then decide if you would like to take the position or not.
It is a forex scalping robot which targets a few pips on each trade. This does mean that it requires very low spreads and commissions along with fast execution speeds. Thus, I would only consider using the Forex Megadroid robot on the best forex brokers. When it comes to automated trading systems, IC Markets are one of my top rated brokers. This is because they have tight spreads and deep liquidity pools which means that you can get your trades executed at some of the best prices available at all times.
The developer has listed a few currency pairs on the Forex Megadroid website which they recommend for trading with the robot, EURUSD being the main focus. You can choose from a few symbols or all of them if you wish. I would personally only consider those FX pairs that have low spreads during the bots trading hours, EURUSD usually does have the lowest to be fair. Otherwise, I feel that the results would suffer because the Megadroid robot is so spread dependant. If you have the skills and knowledge, you could even optimise the EA in the MT4 strategy tester on your own favourite financial instruments and chart timeframes.
Forex Megadroid EA Back Testing
There are back testing results on the website but the back tests only use 90% modelling quality and therefore no tick data or real spreads which can have a detrimental effect on the performance of scalping robots such as Forex Megadroid. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance.
I am quite disappointed at the lack of quality backtests and think that the developers should have done this by now when you consider how long the Megadroid EA has been around. The lack of top quality backtests does make me wonder if the results were poor so they have chosen not to include them but instead show backtests which do not account for real variable spreads, commissions and slippage. All factors that I feel would significantly impact the Forex Megadroid results.
Forex Megadroid EA Live Results
If you thought the lack of Megadroid backtests was a let-down, the developers have also not shared any real live verified results for us to see how the robot has been performing in recent market conditions. This is again another big red flag for me. Not only is this automated trading system very broker dependant, but the developers have not shown any 99% modelling quality backtests or provided any verified accounts that have actually been running the Forex Megadroid EA for a sustained period of time. These are things that I would expect at a minimum when considering any forex robot, not to mention one that has been around for over 10 years. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Megadroid EA Summary
Overall, I think there are many aspects of which the Forex Megadroid can be significantly improved. Along with Fap Turbo this is probably one of the most popular forex robots of all time. However, just like Fap Turbo, I think it is popular primarily due to lots of marketing rather than how good it is. Why? Simply because both robots are very broker dependant, do not have 99% modelling quality backtests and there are no real live verified results to check performance.
If you are still curious and want to give it a try, you could always run it on a demo account to begin with and see how things go. Just keep in mind that demo accounts usually have much more favourable trading conditions as they do not always account for real spreads, slippage and liquidity. It is quite common to see results using the exact same robot on demo and live accounts differ for these reasons amongst others.
As with most forex robots, the Forex Megadroid EA comes with easy to understand setup instructions, pre-set files, full support, updates and a money back guarantee. However, I think there are much better options out there with a proven track record, including the Forex Flex EA as an alternative option.
Forex Megadroid
Pros
- Fully Automated Forex Robot
- Customisable Settings
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
Cons
- Broker Dependant
- Requires Tight Spreads
- Requires Low Commission Fees
- Limited Backtests
- No Verified Results
- MetaTrader 4 Only
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
