Forex MegaDroid

[Pietpatat]

Hi, am struggling with the overall settings of the MD,

1> Lotsize - default is 0.1, is this 10c per pip, $1 per pip???
2> I understand now thanks to ‘Zorba’ that say 0.5 means it can risk 50% of account etc, so 0.1 is risking 10%, is there an optimum risk level for profitabilty??
3> And lastly on the MD website it has a calculator which has 7 level of aggression, how in the inputs tab can this be adjusted as would like to set up a number of Demo accounts testing the different settings,

ps i apologise if these are very simple questions but have been unable to find the answers in the manual received with the MD download

cheers MM

1. If you let lotsize on default, it changes the the lot size according to your balance. 1 lot = $10.
2. No. More risk = More profit, but also a bigger drawdown and a faster margin call if it goes really bad.
3. Most of the info on the Megadroid site is bullsht, so don’t pay any attention to that.

[zorba]

Hi, am struggling with the overall settings of the MD,

1> Lotsize - default is 0.1, is this 10c per pip, $1 per pip???
2> I understand now thanks to ‘Zorba’ that say 0.5 means it can risk 50% of account etc, so 0.1 is risking 10%, is there an optimum risk level for profitabilty??
3> And lastly on the MD website it has a calculator which has 7 level of aggression, how in the inputs tab can this be adjusted as would like to set up a number of Demo accounts testing the different settings,

ps i apologise if these are very simple questions but have been unable to find the answers in the manual received with the MD download

cheers MM

OK, I will try and answer but I’m no guru. Greater minds will join in if I make a mistake.
1> Lotsize - I would strongly recommend that you read the babypips preschool (linked under ‘School’ at the top of the page) in the ‘Know your Ps and Ls’ section. It’s a calculation so it’s not so easy to say the value of a pip. Coming back to MD though, if you use the Risk setting, the lotsize is ignored.
2> Your risk level depends on you. You might want to check some of the linked myfxbooks to see how often MD makes losses, and then judge it accordingly. If you’re prepared to risk your whole pot, you could go for 0.3 and still stay in. But any percentage is profitable as long as MD can calculate a lotsize that is ok for your broker, I think. From what I’ve seen, 0.3 is risky, 0.15 is more common.
3> I would take the calculator on the website with a pinch of salt. Even demo trading yourself is optimistic. But it would be good to see what results you get from the calculator.

I hope that helps a bit.

Z

[zorba]

1. If you let lotsize on default, it changes the the lot size according to your balance. 1 lot = $10.
2. No. More risk = More profit, but also a bigger drawdown and a faster margin call if it goes really bad.
3. Most of the info on the Megadroid site is bullsht, so don’t pay any attention to that.

ROFL nicely put.

[saintetienne]

HI ,

I presume the risk setting is what governs the stop loss settings ?

cheers

[WendyL]

From what I understand SL depends on the market condition, if it’s been unstable then it can be higher.

And lotsize depends on account balance, risk setting, broker(?) and spread.

On my 5 digit broker, if I have 0.2lots it does means 0.2$/pip.

[saintetienne]

Hi ,

who here is managing to use the strategy testing facilty in the Mt4 platform with Megadroid - it appears to run but gives no results at all ! I have checked and checked but can’t get my head round it ,

cheers

[marcus1rex]

You’re right, I have 0 years of forex trading and am a forex newbie ( and I don’t pretend to be a forex guru ). But stupid? No.

The last year this robot had a 5:1 risk/reward ratio with a 95% winning rate, which made alot money for megadroid users.

I agree with you, this is no guarantee for the long term future. I know the market can change any day and megadroid can stop working any day. That’s why I will switch to a demo when megadroid get 2 losses in a row ( and loose 40% ). So when I’m up 165% ( which takes around 10 months. ) I can only loose my profit.

So in short: This robot has worked for 1 year.
If it works for 10 more months I can only lose my profit.
If it stopped working right away when I put my money in, I would have lost 40%.
If it keeps working, I will be making alot of money without having to do anything for it.

So am I stupid for taking this chance?

Apologies for coming across in a harsh manner.

Point is, if you’re prepared to take this chance, fair enough, but don’t rely on an EA to make you profitable long-term in forex.

[marcus1rex]

Most of the info on the Megadroid site is bullsht, so don’t pay any attention to that.

Lol, funny. Why doesn’t that surprise me.

[Vinnyj]

Hi Guys and gals,

just wondered what people’s opinions on the Robot World cup winners are? anyone going to buy them? the Megadroid chaps are selling the top few winners I believe.

thanks
V

[Pietpatat]

A long trade opened @ 17:29 - 1.35961

Already closed with 2.6 pips profit. Pretty weird trade; it was up around 5 pips when the market went down pretty fast and megadroid closed the trade.

[Doom_Lord]

Short Trade entered 22:49 @ 1.3603 closed 1.00 1.3597 for 6 pips profit.

[zorba]

A long trade opened @ 17:29 - 1.35961

Already closed with 2.6 pips profit. Pretty weird trade; it was up around 5 pips when the market went down pretty fast and megadroid closed the trade.

Interesting. Mine opened a short about 10 minutes later - 1.36006 - without the preceding long. Spreads again eh.

[Pietpatat]

Interesting. Mine opened a short about 10 minutes later - 1.36006 - without the preceding long. Spreads again eh.

Megadroid must have noticed a reversal pattern or something, no short trade opened for me.

[WendyL]

Got the short trade too closed with 3.7pips profit.
Would have hit the SL if MD didnt close it in the middle.

[blackash]

Got the short trade too closed with 3.7pips profit.
Would have hit the SL if MD didnt close it in the middle.

No long trade for me either, just the same short one as Wendy.

[paulbt38]

I haven’t got on the last two trades. I assume that I have the risk setting too low (0.1) so will increase to 0.2 and see if that makes a difference.:mad:

[gr41]

I just bought [B]Megadroid[/B]. I also own steinz and Forex funnel. Both of these are fair and have thier limits on use. This new EA we are chatting up, seems to be the better ticket in town. Im not new to forex, but really enjoyed reading the last 50 or so posts about our Droid. Keep up the good work. I have always had to do the reading and research myself and it looks like a great group to hang with.

Garry as GR41:D

[Skytrotter81]

Hi

WendyL… Are you based in the UK. I may have missed that if so from a previous thread.

You seem to be doing ok with droid. I’ve read all 120 pages of the thread so far to try and find best broker and best settings.

I think I’m going to go with Alpari UK. I want to test out this droid with a demo account but it would seem the results differ so I may just start live with smallest amount possible to get true results. However I know from what I’ve read on here that the droid doesn’t seem to work as well with the smallest lot size/ lowest risk.

I fear this account could be gone quickley!

[MattJones]

I’ve been also thinking of giving Megadroid a shot after what I’ve been reading here, what’s your take guys on what Skytrotter81 said ? I’m also interested in hearing more opinions.

Best Regards,
Matt Jones .

[millerja01a]

OK I had MD try to open a trade last night but was rejected by FXDD’s servers with the off quotes error. Hadn’t had that happen in a few weeks so I’m not too stressed but in my opinion, no broker will be 100% perfect with MD every time.

That’s why I’m learning how to trade myself. I’m never 100% reliant on MD. But it’s nice to have backup. So if it misses a trade then I know I already made a few pennies on my own.

Just my .02 pips