Forex Megadroid Review
Forex Megadroid Trading Robot- Trades Automatically With a 95.82% Accuracy Rate and Quadruples Every Single Dollar in Your Account?– The Special Report You Need to Read Before You Even Think of Investing in the Forex Megadroid!
From The Desk of Jose Martinez
Product: Forex Megadroid Trading Expert Advisor
Review Date: Wednesday 10th of March 2010
Product Type: Automatic ForexTrading Software
I bought the Megadroid, I traded it, and here is my whole experience.
Go to my blog at
Forex Megadroid FX Trade by Trade Results
where you can see video of the Forex Megadroid trading as well as a day by day trade analysis, monthly gain pip tally, number of trades placed and trade success percentage.
Product Claims
The Forex Megadroid can yield an unheard-of PROVEN performance accuracy of 95.82% in any market condition! AND at least quadruple your trading account!
Let me tell you my experience.
This page was promotional. I was an affilliate with Forex Megadroid. But after December 2nd, 2009, I decided that I can no longer promote the Forex Megadroid trading robot.
It has ultimately proven itself to be unsuccessful in the long term. The total losses were unacceptable, and unsustainable. After losing 229 pips, I cannot have this page anymore promoting the product.
The Forex Megadroid is a scalping robot. When scalping, one is basically taking profit by taking a position and quickly exiting after a small move. Scalping is very hard and risky to a human trader. I thought a robot trader might do better, but it wasn't to be.
The Megadroid always waited until the US session was over and the Asian session was about to start before it placed a trade. I think part of its early success was the fact that the EURO/USD pair usually ranges at this time in very small ranges. The Megadroid at first was very effective in guessing price direction, and my success percentage was great at first. For the robot to work and grow your account, it has to be able to win 20 trades for every one loss. Anything less than that and the model doesn't work.
The model doesn't work simply because you risk too much for too little gain. It has been proven to me that it isn't your trade success percentage that makes you a great trader, it is your risk management. Granted, you still have to win trades, but you will lose trades for sure, and sometimes 3 or 4 in a row. But if you managed your risk, are not over leveraged, have good stop losses, eventually, your winners will run and you will cover your losses as well as gain the profit. Scalping does not let your winners run!
Now maybe scalping works if you place many of them in a short time span, I don't know. I have not fully tested the Fap Turbo as I have heard that's the strategy for that robot. But I now trully believe that the best avenue for making money with forex is to really learn how to trade.
I first bought the robot because I thought it would be the answer to my lack of personal trading success. But what I have come to realize is that there is no shortcut. You have to take control and educate yourself in what it takes to be a successful trader and let me tell you, it's more than just the right system. Your mindset and how you deal with your emotions are the biggest factors on your success. You can really learn about yourself in the process of learning. So now, I'm teaching myself how to do it through help of course.
Below are some of the early stats and some of the corporate stats of the megadroid as well as a concluding paragraph.
Let's Talk Stats
Here below is some information from the sales page that I thought intriguing. The developers of the Forex Megadroid have been trading with the software with live accounts since 2001.
These are their claims below as found on their sales page. Click on the image if you want to see the sales page for yourself:
Definately impressive but also definately hype.
Scroll down and see what their live account did on a trade by trade basis starting in January 2009:
A bold claim is a claim that cannot be backed up with facts... it's a claim that has no solid grounds to back it up.
Not only is this NOT a bold claim... it's a claim that will be OUTPERFORMED.
From January 1st 2009 to date (3 months) Forex MegaDroid has nailed an astounding 330.20% profit...
That is OVER 100% PER MONTH in pure profit, in other words an account which started trading with the robot at the beginning of the year TRIPLED in size..."
Yada-yada-yada...the question is..
Is It Going To Work For Me?
_______________________________________________
My Stats
Usually when I go to a product review site, what I really want to know is...is it working for the person reviewing the product? Because, a sales page is just that...HYPE, SELL!!! The reality sinks in when you install the software and let it run on your live account for a while. You will even know in a week's time if you ended up with a lemon or a winner. That's what I did and these are my conclusions and my actual review of the Forex Megadroid robot.
So did it work for me? It was doing great for a short period of time. Its strategy seem to work fine, and I was achieving results of about mid 90% of successful trades as you can see below.
At one point it was as good as 96%. But then the consistency started breaking down. I had 3 giant losses in July, August and September. I then had trhe last straw in December. Total losses were 229 pips. And that's not counting the times where I manually stopped some trades that would have gotten me stopped out.
Now when each successful trade is usually only banking in no more than 15 pips, a 40, 90, or 30 pip stop loss is a recipe for disaster if your winning percentage is at 60 or 70%. You will be wiped out.
Go to my Real Time Review blog and look for the Daily Performance Category.
You will see a trade by trade analysis with pip gain, success percentage, and number of trades.
In conclusion, I cannot promote this robot anymore. The model of scalping is flawed, especially when trying to use this strategy with a robot. It's hard enough to execute this strategy as a human.
It is not doing what it claimed to do!
Not Anymore!
In conclusion, I cannot promote this product anymore because it has shown that it cannot adapt to changing market conditions in the long term and cannot be successful at executing the scalping strategy built in.
If you bought it, you have 60 days to return it. It might work for you for a while, but you are definately taking a great risk.
ps.
I will be updating my blog also shortly. Also, if you have any questions, email me or post a comment on my blog.
Jose Martinez
>
