I managed to get a little free time here at work and just wanted to write down some of my thoughts so far on Forex MegaDroid. I had an awesome opportunity over the weekend to talk with a couple of my buddies who are currently running it on their own personal, live accounts like I am, and their response was very interesting.
One of em has been running the bot since Tuesday of last week. He said that while he’s currently positive in his account, his win ratio is no where near the 95% he should be getting; it’s more like 70%. I was taken back for a moment cause I mean come on, 25% is a pretty large difference, and I’m also trading the same program he is on a live account. As I talked with him more, though, I come to find out he messed with some of the default settings provided with the bot. With Forex MegaDroid you get an input window that allows you to change how the bot takes profit, its slippage tolerance, adding to positions, etc. This to me is never a good idea unless you have some experience with the bot and how it functions, and forward test on a demo account first before going live.
The other one has been trading with it since the 30th of March, and he’s currently enjoying an 88% win ratio. I asked him if he changed any of the default settings and he said no. This got me thinking that for those traders who are using this robot and want to mess around with the settings, it might not be that great of an idea at this time.
I’m using the default settings and I’m going to stick with them throughout this blog. The only values I’m going to change are those directly related to the free margin available in my account. John and Albert spent 38+ years on this folks, and to me changing the values that they have coded into Forex MegaDroid themselves is changing the basic algorithm and functionality of the bot. The trades it takes will be different, the amount of profit it takes will be different, and so will a number of other factors.
Eventually, I think it will be possible to increase everyone’s personal win ratio by tweaking these values; maybe there should be a Forex MegaDroid forum where everyone can discuss what tweaks are working for them. For now, I’m just going to stick with the basic, default set up and let it do its thing.
The bots running on my computer at home and I’ll update you guys tonight on the trades it has taken today, if any.