Live Forex MegaDroid Testing Preparing to Commence...

Our Forex MegaDroid live account test is due to commence on Monday 3rd May 2010. During the course of our testing we intend to report all our results and provide various tweaks and tips that you can use to maximise the profits from your robot.

So firstly lets introduce Forex MegaDroid.

Forex Megadroid is an automated EA which was launched at the end of March 2009. Since then it has been one of the more popular robots amongst traders. It claims a 95.82% level of accuracy which is high by any standards.

For those unfamiliar with Forex Robots they are designed to automatically execute a trading strategy on your account. Once setup they need no intervention from the trader and will open and close trades in line with their internal algorithms.

MegaDroid  is billed as being based on a new technology – RCPTA. This stands for Reverse Correlated Time and Price Analysis.  This is a relatively new technology which according to the makers  allows the Robot to look ‘forward with accuracy’ rather than simply relying on trends from the past.

The creators of Forex MegaDroid boast of 38 years of combined experience in the Forex markets which they have used as the basis in developing this robot. Therefore the expectations that this robot will perform are high.

Full back test results are available on the website but our view of  backtesting makes us  question these figures. Back tests are all well and good but we always like to see how systems perform in the real market on live accounts. This was behind our decision to undertake the live test.

MegaDroid is a scalper. This means that it aims to enter the market to make small quick profits, rather than tying down the account with medium to longer term trades. The robot only focuses on one pair, the EURUSD, for this strategy and uses the 1 hour chart timeframe to determine entries.

In our subsequent posts we’ll be covering the mechanics of the robot, our MegaDroid test environment, Forex brokers to use and a bit about the settings we intend to use for our live testing.

And of course our results!