Discuss Forex-MegaDroid.com

[Ken Long]

I just purchase the MD few days ago. Opened Demo accounts with FXCM and ForexMeta per MD's manual. I understand the computer needs to be 24/5, Sunda 5pm to friday 5 pm EST. Last night I left the computer on all night. This morning when I checked the computer, it was still on, but I had to log in to my computer and click on the broker desktop icons to activate and log on. I am not sure if there is a way to have the computer connected to internet. May be the internet provider disconnected it.

However, is any one familiar with Iam fx (https://www.iamfx.com/index.php)? It appears they have low spread and free VPS for live accounts. Their website states:
"Real RAW spread offer on MT4 - you get real low interbank spreads. We don't charge any compensation by increasing the spread (Bid/Ask difference) like other brokers, we get compensation only on side commission".
I asked What is side commission and how much is it? Their response:
"Anne: Commissions with IamFX are 1.0 pip per standard round turn lot trade. For example on a 1 lot size trade on EUR/USD pair, the commission would be $10 USD or $1.0 USD on a mini lot of 0.1 lot size trade or $.10 cents of 0.01 lot size. The 1 pip commission per standard round turn lot traded we charge is a side commission which does not increase or affect the spread you are getting (which you can see on our home page). It is the spread plus 1 pip side commission. We provide raw interbank spreads."
Their bid/ask spread is 0.5 pip at his time.

Appreciate any comments.

manoranjan das,

Dont bother with ForexMeta, they are an intoducing broker for FXDD, their price feed is identical but all their spreads are 1 pip wider. FXDD's spread on the EURUSD is fairly constant at 2 pips. Most of the robot developers recomend them because they are well set up to assist newer traders with the MetaTrader platform and setting up EA's. I made the same mistake when I began and quickly switched. As long as your account is active their support videos are good and might be worth viewing.

The computer running the EA needs to be on and logged in to the MT4 platform to work. But, MegaDroid dosent really need to be on 24/5. It only actively runs from 5-7pm eastern time. If you turn it on a few hours earlier it should be fine.

I dont know much about IamFX other than FAP-T recomends them. I would check what their spreads are during MegaDroids trading hours.

Anouther broker to consider is GalantFX. They are recomended by the FAP-TExpertsGuide and also have a free VPS service for all live accounts. As well members of the ExpertsGuide can get a custom price feed with slightly better spreads.

 

[tipuwang]

manoranjan das,

Dont bother with ForexMeta, they are an intoducing broker for FXDD, their price feed is identical but all their spreads are 1 pip wider. FXDD's spread on the EURUSD is fairly constant at 2 pips. Most of the robot developers recomend them because they are well set up to assist newer traders with the MetaTrader platform and setting up EA's. I made the same mistake when I began and quickly switched. As long as your account is active their support videos are good and might be worth viewing.

The computer running the EA needs to be on and logged in to the MT4 platform to work. But, MegaDroid dosent really need to be on 24/5. It only actively runs from 5-7pm eastern time. If you turn it on a few hours earlier it should be fine.

I dont know much about IamFX other than FAP-T recomends them. I would check what their spreads are during MegaDroids trading hours.

Anouther broker to consider is GalantFX. They are recomended by the FAP-TExpertsGuide and also have a free VPS service for all live accounts. As well members of the ExpertsGuide can get a custom price feed with slightly better spreads.

Ken, do you mean if some1 register via IB, the spread will be higher?for example in this case, FXDD spread is 2 pips, due to register via IB, the spread will become 3pips?
What is the minimum deposite of GalantFx?
MD did not trade this week yet.

 

[Ken Long]

Ken, do you mean if some1 register via IB, the spread will be higher?for example in this case, FXDD spread is 2 pips, due to register via IB, the spread will become 3pips?
What is the minimum deposite of GalantFx?
MD did not trade this week yet.

The spread for EURUSD on ForexMeta is 3 pips. The difference is up to the broker. This is extra profit for themselves and to pay to the affiliate who recomends them.

I believe the minimum deposit at Gallant is $500, and they now offer full micro accounts.

Megadroid hasnt traded this week. The range on the EURUSD durring trading hours has been too tight to profit. Perhaps the accounts with lower spreads and additional commisions have traded, but then those commisions have to come out of the potential profits, not good if the trade closes at breakeven.

 

[tipuwang]

The spread for EURUSD on ForexMeta is 3 pips. The difference is up to the broker. This is extra profit for themselves and to pay to the affiliate who recomends them.

I believe the minimum deposit at Gallant is $500, and they now offer full micro accounts.

Megadroid hasnt traded this week. The range on the EURUSD durring trading hours has been too tight to profit. Perhaps the accounts with lower spreads and additional commisions have traded, but then those commisions have to come out of the potential profits, not good if the trade closes at breakeven.

that's mean ForexMeta earn 1 pips?How about traderchoicefx?they also will add in pips in the customer trade?Thats mean it will be risky to trade via IB since the spread will be higher.

 

[michaelmaggi]

New live user Feb 2010

(Aside: I am a happy old married couple so don't knock it if it works.)
I used the MegaDroid on a demo account first and got immediate fantastic results and switched to the live account.
On a $9000 account that had dwindled down to $850 I put MegaDroid on the account on a daily, 4H, 1H, 30M, 15M, 5M, and 1M chart because this is the last EA I am working with before quitting Forex.
Results: 19 trades, 18 winners and one loss. Profit factor: 218%, only loss was $0.40 (truly). Big winner was $18. The trades were with 1H and 30M charts.
The slippage did not work: set to 6 (60 for 5 digit broker), I got repeated spread too high (67, 80, 115 pips spread). This is on VPN trading at FXCM-London. I don't believe it. I changed the slippage to 0 and it seems to trade but I still have the message on some trades that order not placed due to high slippage. I don't believe it but MegaDroid Customer Service doesn't seem to believe me or the spread so no progress resolving the problem.
The Money Management system is in use and was trading 0.1 lot on a 25% risk. I deposited $1000 and the system is now trading 0.3 lots.
On the first 18 trades, 17 winners the profit was $85; the loss was $0.40.
Other things mentioned in the email above seem to still be true: only limited trading during certain hours; but on the free FXCM VPN I don't really care.
The Demo account was running with $90,000 balance and traded 18.5 lots with its Money Management System and made $10,000 in one day with 90% winning trades. This is why I put it on my nearly exhausted live account in a make or break move.

 

[Ken Long]

(Aside: I am a happy old married couple so don't knock it if it works.)
I used the MegaDroid on a demo account first and got immediate fantastic results and switched to the live account.
On a $9000 account that had dwindled down to $850 I put MegaDroid on the account on a daily, 4H, 1H, 30M, 15M, 5M, and 1M chart because this is the last EA I am working with before quitting Forex.
Results: 19 trades, 18 winners and one loss. Profit factor: 218%, only loss was $0.40 (truly). Big winner was $18. The trades were with 1H and 30M charts.
The slippage did not work: set to 6 (60 for 5 digit broker), I got repeated spread too high (67, 80, 115 pips spread). This is on VPN trading at FXCM-London. I don't believe it. I changed the slippage to 0 and it seems to trade but I still have the message on some trades that order not placed due to high slippage. I don't believe it but MegaDroid Customer Service doesn't seem to believe me or the spread so no progress resolving the problem.
The Money Management system is in use and was trading 0.1 lot on a 25% risk. I deposited $1000 and the system is now trading 0.3 lots.
On the first 18 trades, 17 winners the profit was $85; the loss was $0.40.
Other things mentioned in the email above seem to still be true: only limited trading during certain hours; but on the free FXCM VPN I don't really care.
The Demo account was running with $90,000 balance and traded 18.5 lots with its Money Management System and made $10,000 in one day with 90% winning trades. This is why I put it on my nearly exhausted live account in a make or break move.

Interesting, have you tested those multiple time frames sufficiently to determine that they are all profitable. For some reason I overlooked this possibility and am only now begining these tests. The real concern though is having too many trades open at once, thereby multiplying the risk of a margin call. If your successfully running an EA like this at a high position size, 20-25%, it becomes difficult to add more of the same on top of it without overextending the account.

If the spreads you quoted are accurate theres something wrong. I know FXCM runs variable spreads and they do get wider at night, but 6-11 pips on the eurusd is ridiculous. This has nothing to do with the slippage filter, that just prevents you from entering a trade too far from your offered price. Theres no need to set this any higher than 3. The spread filter is something internal that prevents opening a trade if the spread is too wide. If it did it might have trouble getting out with a profit.

 

[Ken Long]

I backtested these different time frames and they all test the same. The results are identical. At least in backtesting, there is no difference between different time frames. The EA uses its internal time frame setting, regardless of whatever time frames you choose to run it on.

 

[tipuwang]

I backtested these different time frames and they all test the same. The results are identical. At least in backtesting, there is no difference between different time frames. The EA uses its internal time frame setting, regardless of whatever time frames you choose to run it on.

which other pairing you are testing instead of eur/usd?

 

[Ken Long]

which other pairing you are testing instead of eur/usd?

which other pairs does it trade on? I wasnt aware that it could trade other pairs, but I'll test it again sometime.

 

[Matt Jones]

I like Forex Megadroid so far although my earnings on a $5k deposit are currently at $278.50 it's very stable for me and I'm seeing only increases in my earnings.

What's your take on this software ?

Best Regards,
Matt Jones

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