Forex MegaDroid

[forextrader718]

Hey brave,

I bought MD yesterday and was wondering if you could help me out with the settings. Before going live of course, I was gonna test on a demo with the amount of money I would be using on my live account. So I want to start today when the market opens. I have all my settings set to default with the exception of risk level and lot size no yet adjusted. My account both demo and live are gonna have 5000 USD. What do you think is best for consistent yet safe results, like your own MD live accounts? Do you keep recovery mode on?

Main thing is I just want to know what my risk level should be, lot size, and if recovery mode should be left on.

thanks man and look forward to hearing from you

[robert211]

HI brave,

I'm starting a live account with alpari uk which offering 1:500 leverage on a micro account which i deposit $200.
Is it a good leverage? or i need to reduce it? also my lot size shows 0.02 is it because of the amount of money leverage, the Megadroid decided on that size lot?

[robert211]

hi millerja,

Do you mind if i ask you with how much you started your account and your balance today? that will be a good indication how this bot is doing. also, i opened a micro account with alpari uk with $200 and a leverage of 1:500 i was wondering if my leverage is not to much. i also tried to apply to the rebate programme with cashbackforex.com which states on their website that the rebate won't affect the spread but when i was asked to sign a form, a disclosure for intruduced clients than on the form it states in small print and with an astric beside it that discretionary charges may be any combination of the following: additional fees, commissions, wider spreads.

[bravehoststamps]

Hey brave,

I bought MD yesterday and was wondering if you could help me out with the settings. Before going live of course, I was gonna test on a demo with the amount of money I would be using on my live account. So I want to start today when the market opens. I have all my settings set to default with the exception of risk level and lot size no yet adjusted. My account both demo and live are gonna have 5000 USD. What do you think is best for consistent yet safe results, like your own MD live accounts? Do you keep recovery mode on?

Main thing is I just want to know what my risk level should be, lot size, and if recovery mode should be left on.

thanks man and look forward to hearing from you

The risk level should be 0.1. MD will determine the lot size automatically. The recovery mode should be on.

[bravehoststamps]

HI brave,

I'm starting a live account with alpari uk which offering 1:500 leverage on a micro account which i deposit $200.
Is it a good leverage? or i need to reduce it? also my lot size shows 0.02 is it because of the amount of money leverage, the Megadroid decided on that size lot?

The more leverage, the higher the profits. The lot size is determined by MD automatically depending on your account balance and your selected risk level.

[millerja01a]

hi millerja,

Do you mind if i ask you with how much you started your account and your balance today? that will be a good indication how this bot is doing. also, i opened a micro account with alpari uk with $200 and a leverage of 1:500 i was wondering if my leverage is not to much. i also tried to apply to the rebate programme with cashbackforex.com which states on their website that the rebate won't affect the spread but when i was asked to sign a form, a disclosure for intruduced clients than on the form it states in small print and with an astric beside it that discretionary charges may be any combination of the following: additional fees, commissions, wider spreads.

Without giving specifics, yes I opened my account around the same funding range as yours. The main determinates of MD robots are, the leverage, spreads, 4 or 5 digit pricing. Based on your funding, a micro account is a good start for learning how the bot will work on your broker. However be aware that higher funding will usually put you in a higher account type tier for better spreads.

MD will work on 100:1, the current CFTC regulated 50:1 leverage is not enough when dealing with amounts less than $2000. The more leverage, the better profit potential since it will allow you to set for a higher risk. I run .3(30%) risk with recovery mode on. I'm at 500:1.

As to cashbackforex, I used them and like them overall. That asterisk would make sense to give them leeway to charge additional fees in the future. The broker has ultimate discretion on what to do about rebates so monitor your spreads if they aren't fixed. MD will not trade well on spreads above 3pips(30 on 5 digit). usually during MD's trading window, spreads are the lowest.

[millerja01a]

Running MD and ForexScalpa

Broke 10% growth, let see if they hold for the month.

Global Settings:
.3 risk
recovery: on
stealth: off
auto gmt: on
remote safety mode: on

LitePAMM1 System | Myfxbook

[Grins]

I bought and set MD up on my machine two days ago, stealth-false, otherwise default settings on demo, no trades yet. I would appreciate users letting me know if trades are opened, just to be sure there are no problems with my setup, or broker. Thanks!

[millerja01a]

I bought and set MD up on my machine two days ago, stealth-false, otherwise default settings on demo, no trades yet. I would appreciate users letting me know if trades are opened, just to be sure there are no problems with my setup, or broker. Thanks!

Here's a site that MD Support recommends for comparing trade activity to.

Forex Megadroid Results - Live Forex Trading Journal

Feb and Apr have been very light on trading. Simple tech analysis of EURUSD shows a flat market over the last 2 months so not surprised that MD has been mostly idle.

As stated in the thread, things to look for when choosing a broker:

1. 100:1 leverage or better
2. spreads under 3 pips or commission based trading for really low spreads
3. ECN/STP processing for fast execution with no requotes and minimal slippage. Live trades should get a ticket in under 4 seconds.

Your setup should be a PC with reliable power and Internet (wired preferred) or a Windows VPS where your terminal can run uninterrupted. Keep in mind that you will need to restart MT4 from time to time so updates can be applied.

Demo runs of MD will only give you a general idea of MD's execution with the Demo server's feed. It IS NOT an accurate indicator of Live server performance. Your best method of testing is actually using a small amount of capital in a live account and running for about 3 months. Use money you can afford to lose and won't miss. Again, its testing.

Set risk at .1 and see how it does with your broker. Like what it does, commit more funds and adjust your risk preference. Otherwise find another broker or use the info from this thread and the site I gave as good guides.

The MD boys recommend FinFX who offers all account types.

Happy Trading and be patient.

[Grins]

Excellent, Miller! Thank you very much!

[lolbin7]

I was expecting about 10 trades / month from MD but it seems it's more like 1-2 trades a month right now! In fact the only trade MD made was on 12th April for a -1.2 pips loss... I'm really beginning to lose my patience with this robot

[bravehoststamps]

I was expecting about 10 trades / month from MD but it seems it's more like 1-2 trades a month right now! In fact the only trade MD made was on 12th April for a -1.2 pips loss... I'm really beginning to lose my patience with this robot

What does the MD customer support say about your situation?

[millerja01a]

I was expecting about 10 trades / month from MD but it seems it's more like 1-2 trades a month right now! In fact the only trade MD made was on 12th April for a -1.2 pips loss... I'm really beginning to lose my patience with this robot

i would agree with BHS, check with MD Support and be ready to answer some questions about your terminal setup and broker.

Based on some of the MD reporting sites, the last 8 to 10 weeks has been very quiet all around.

Again, the MD robots are long term robots where performance is best measured in 3 month intervals. There are plenty of robots that trade way more often but do they offer the same long term performance?

Also, the EA is just like any trader that's rule based. If the market isn't good for a trade it won't enter. As BHS has said earlier, it's not about quantity but quality of trades.

This robot will teach you patience...

[lolbin7]

What does the MD customer support say about your situation?

Ya I have been wanting to contact them, I'll probably do it soon.

One thing though I think I might have missed a couple trades here and there because for some reason my MetaTrader gets closed down sometimes on my VPS. I have no idea why this happens, maybe they restarted the server? So I just logged on my VPS, just before writing this post, and guess what my MetaTrader is turned off again, when I'm pretty sure I left it running the last time I logged off around maybe 5 days ago. Obviously not happy with this, I'll probably contact them about it.

[Grins]

MD has opened 2 positions within the last hour.

edit; it's in an FXCM demo

[lolbin7]

MD has opened 2 positions within the last hour.

edit; it's in an FXCM demo

yes, mine just entered a position too.
it hadn't traded for 2 weeks but right when i turned on my meta it entered a trade :rolleyes:
Update: trade closed for +0.5pips

I'm sorry if this is kind of off-topic but is it common for a VPS to restart for maintenance? I didn't know about this and probably have missed couple of trading days for not turning meta back on.

[millerja01a]

yes, mine just entered a position too.
it hadn't traded for 2 weeks but right when i turned on my meta it entered a trade :rolleyes:
Update: trade closed for +0.5pips

I'm sorry if this is kind of off-topic but is it common for a VPS to restart for maintenance? I didn't know about this and probably have missed couple of trading days for not turning meta back on.

I would check the Event Logs of your guest to give you clues as to what's happening and indeed contact your VPS vendor support. If they can't answer your questions on the status of your guest then fire 'em and take your business elsewhere.

[bravehoststamps]

I'm sorry if this is kind of off-topic but is it common for a VPS to restart for maintenance?

Very common. Has been happening to me every other month. That's why I check my VPS periodically to see if it hasn't restarted. The VPS service issues no notification of it and the MetaTrader4 platform doesn't restart together with the VPS, so I have to reopen it manually every time.

[lolbin7]

Very common. Has been happening to me every other month. That's why I check my VPS periodically to see if it hasn't restarted. The VPS service issues no notification of it and the MetaTrader4 platform doesn't restart together with the VPS, so I have to reopen it manually every time.

Thanks guys it turns out that they do restart the Forex VPSs to update it with new patches/updates, and they do it on a Sunday. I do think they should be notifying the Forex vps plan clients when there is restart coming so we can turn it back on before the market starts. Maybe there is a way to make MetaTrader run automatically on windows startup?

[bravehoststamps]

Thanks guys it turns out that they do restart the Forex VPSs to update it with new patches/updates, and they do it on a Sunday. I do think they should be notifying the Forex vps plan clients when there is restart coming so we can turn it back on before the market starts. Maybe there is a way to make MetaTrader run automatically on windows startup?

There is no such a way.