Forex Expert Advisors : Forex Megadroid an Unbiased Review

During the past two weeks I have received a lot of requests to take a look into the new forex expert advisor “forex megadroid”. To my surprise, you already find reviews floating around the net about this expert advisor’s profitability. Well, I would like to say I am surprised about this but as soon as any product is launched you see a ton of people wanting the juicy referral bonuces offered by the product sellers. No wonder why people buy this things with such haste.

As almost all the time, I find the forex megadroid’s website exceedingly cheesy. Well, it is obviously aimed at people who don’t know almost anything abou the forex market, any experienced forex trader would not hesistate to exit the website after a general overview of the site’s content. There are many reasons why I would never even consider buying this piece of software, but I’ll start from the beginning.

First, backtesting evidence is no evidence of profitability. Yes, I know the website is designed by very good marketing people who want to make you feel like all the evidence is just a reinforcement of what is evidently true, the words and phrases are also designed to make you feel the creators are simpathetic towards you and will most definetely never try to rip you off, so most people will just watch the nice equity curves and buy the expert. But again, backtesting evidence is no evidence of profitability, there can be people who are very good at exploiting the one minute interpolation errors of the metatrader backtester or even exploit other critical errors of the software. So no, it is not good enough for me. Again, the burden of proof is on the ea creators NOT on our live accounts so let them give us a live account’s investor access password and we will see if they can walk the walk.

Second, quadruple your money ? Come on. This is just common sense. I spoke to a fellow forex trader yesterday about this and showed him the claims and well, if I had an ea that could guarantee just 200% a year in profits I would defienetely become a fund manager and code that in tradestation to make good amounts of money. Why are they selling it ? Moreover, why are they selling you something that is not proven on live account we can access, see and verify ? The answer is obvious and the fact that they have the courage to try to sell something that is not very rigurously tested and verified just horrifies me. I mean, if I was selling the forex megadroid I would not be able to sleep at night, but then again, it seems that would just be me.

Broker manipulation. Yes, broker manipulation happens, but what systems do broker manipulation hurts the most ? Systems that rely on very unsound forms of trading. Like ripping very small profits from the market with huge risk to reward ratios (again, another point I do not like about this expert’s trading). Brokers generally do not have anything to do against long term sound system strategies like (in my opinion) the strategies used by God’s Gift or DTS-1.

So, in my opinion, the forex megadroid is not worth buying. I know that the author’s claims are exiting and that we as honest people, tend to believe that other people are also honest but, we need to be a little bit scientific here. We need evidence of profitability and of every claim they are making. They say every market condition ? Broker independence ? Quadruple your money ? Then we need at least 20 live accounts on 20 different brokers for one year, accounts we have the investor passwords to and that we can confirm are running the ea 24/7, then we will start to believe their claims.

Again, as I have said many times, if it is too good to be true, then it probably is. Don’t get hyped, don’t buy something that is not rigourously proven, do not let someone’s claims cloud your judgement. We all want to make money in the forex market, but stay calm, let them prove their claims. Up until now, the forex megadroid fail to deliver enough proves to backup their claims, therefore, I consider their software NOT worth buying. If you would like to learn more about other commercial and free systems I have tested and reviewed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

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5 Responses to “Forex Expert Advisors : Forex Megadroid an Unbiased Review”

  1. Sebastian says:

    I was idiot enough to buy this piece of crap but fortunately i asked for a refund asap thru Clickbank after seeing that this ea only would make a trade once in a blue moon, certainly you won´t be quadruplying your account any time soon as they claim with it…

  2. durham.bubb says:

    It's rubbish, tried it, dumped it, got my money back from Clickbank as vendor ignored me. Excellent marketing blurb, but do not be fooled.

  3. Ahmed H says:

    I have been running this EA for about three months on a 5K Alpari (uk) live account and to tell you the truth I had 27 Trades and only one loss and few break even. I am really Happy so far. I reckon the the result they claim on their website is quite achievable.I know its only been three months so if I have another three months similar profit I will take this EA as a money making machine.

  4. KenLong says:

    I have been running this EA since it came out on Nov 25, 08. This is the only EA that I have ever run consistantly on a live account, for this entire time.

    Obviously, unless you overleverage your account you wont see returns anything like what they claim, but during this time this EA has been very accurate and the high leverage might be justified. I dont run it that way, I run a 5% position size, which is slightly less than 5% total risk. During this time I have only seen it stop out twice, most failing trades are usually closed with either a very small profit or loss. Additionaly, this EA does not trade often. I have seen it go for long periods without trading. I have also seen it take multiple trades in one session. A session is a 2 hour window during the European evening, 5-7 pm EST.

    I am consistantly impressed by the accuracy of this EA, and like I said, this is the only EA that I have ever run for this long a period of time without any major problems.

    Not the end all of all EA's, but a good addition to any portfolio of EA's.

  5. Daniel says:

    Hello Kenlong,

    Thank you for leaving a comment. I am glad you have had good results with the expert, however in order for me to consider an EA long term profitable I still require 10 year long backtests with live tests that show consistency. Please understand that the EA could just be working in "current" market conditions and could fail dramatically in the longer run. Most of these experts, such as megadroid, ivybot, fapturbo, etc, are most of the time, merely short term profitable (which matches your results). Make sure you post a 10 year profitable backtest with your live tests and I'll obviously reconsider my review :-)

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