When I want to buy a refrigerator, a book, or a trading system, I usually research opinions of other people before I buy anything. John Luther said, “Learn from the mistakes of others – you can never live long enough to make them all yourself”. I think this idea is very viable, and is a reason why we seek other people’s opinions prior to spending money. Granted, opinions of others can be biased, overly enthusiastic on one end of the spectrum, or grudgingly negative on the other end.
A quick Google search produced two broad categories of Forex Megadroid Robot reviews. First is the sites that promote this product, so naturally, their forex megadroid robot review is favorable, and thus is not very helpful. The second category is more useful – it is the opinions of people on various Forex forums. Here I learned a range of opinions – from rave to degrading, and somewhere in between.
Interestingly, people who like the software and get good results from it are not very vocal. They would just say “love it”, or “works great for me”, or just post their account screenshot of profits. So, there is not much can be learned from their forex megadroid robot review other than that people like the software.
People who are unhappy with the Forex Megadroid Robot generally complain in these two areas:
- The EA produces very few trades.
This is understandable if you are a type of a trader who is very hyper and needs that adrenaline going all the time. The wait for the trade can be very frustrating. On the other hand, if you just want to use the Forex Megadroid robot to slowly grow your account with little human intervention, scarcity of trades is not a bad thing, especially if this scarcity is caused by high selectivity of the program execution.
- Gains are very small, but losses are huge.
Traders report a range of gains in the area of 0.3 pips to 5 pips, but losses could be 50 pips. This is pretty bad, if it is true across the board. After all, if the Automaton trades like that, then the only person who makes money would be your broker. And you would be broker. *Update: the company released the fix for that issue. But if you read carefully into hundreds if not thousands of threads on the forums, you would start seeing some underlying trends.
First, people play with the settings too much. I mean, literally, you could go on Google and find pages of settings someone posted. So, traders go and change their settings to what they found on the boards, and trade live off that. I mean, how crazy is that? If you start deleting your computer’s system files, sooner or later your computer will malfunction. Why not trade with the default settings for a while and log your trades, and see how it performs for you? After all, the creators of this software logged some 11,000% gains through the life of this system. Maybe it is wise to replicate what they did with no alteration to begin with.
Having said that, there are two pieces of advice experienced users of Forex Megadroid Robot give (and I agree) to help avoiding huge losses that wipe out all the gains.
First, have a hard stop set with your broker. Limit your losses to some 10% of your account, or whatever you are comfortable with. Then, regardless of what the robot wants to do, as in if it wants to keep you in the trade till 50 pips loss, your broker will stop you out at a hard stop, so that you will preserve a good portion of your gains. I think that’s a pretty reasonable advice.
Alternatively, once the trade has been entered, watch it in person, and do not rely on the robot to keep going till the exit. Granted, that kind of negates the whole idea of auto-trading, but it could keep you out of the big losses if you do not let it drag you into the red zone.
Another good advice to keep your gains and avoid big losses is to periodically withdraw the money from your account. Let’s say you started with a $1000. Then, Forex Megadroid Robot made you $1000 through these small gains. So, instead of keeping the whole $2000 in the account (and risking twice as much), withdraw the initial $1000, and only gamble with the rest of the money. This way, if you encounter a big loss, it would not be the loss of the “seed” money, but of the gains.
So, judging from this collective conscience, the summarized forex megadroid robot review is that the software is good and performs very well on most occasions. Automated trading is not for everyone as you have to be a type of a person who is kind of not very control-centric, and who can afford losses. After all, all trading involves losses, there is just no way around it. But there are ways to control losses, as I described above.
The good thing about this whole Forex Megadroid robot idea is that you can simply try it out. The company gives two months of risk-free money back guarantee. So, even if you don’t have an account with a broker, you can download demo account from brokers like FXDD for example (this is not a suggestion, just an example), and give it a run for a couple of months with paper money. I don’t see how anyone can go wrong with this approach. Test drive Forex Megadroid Robot for free on the official site.