3 Responses to " Forex MegaDroid Review – Part 3 "

1. Michelle says:

   July 8, 2009 at 11:58 pm

   Looks interesting from the demos and the results defintely look good. But I am just wondering how it works. I have only just started looking at automated trading systems and not sure how they really work. Do you just buy it and install on your computer and off you go? Are there alot of settings to figure out and play with? Just wondering how complicated it is?
   Thanks
2. Campbell Hawkins says:

   July 9, 2009 at 9:28 am

   Thanks Michelle. You’ll be surprised at how easy it is to get started with Auto Forex Trading. Although, there’s a little bit more to it than just installing the software… but not much more. Here are the steps you’ll need to follow to set up most Forex Robots:

   • 1) Buy the Forex Robot (Good ones will have a lengthy returns policy, so if things don’t work out you can always get your money back)
   • 2) Open a Demo account with a Forex Broker running the MetaTrader4 (MT4) trading software. Some popular (and ‘Robot Friendly’) Forex Brokers are GO Markets and Alpari. Each Forex Broker will give you a different result depending on the spread they offer and other factors. So it is advised to open up free demo accounts on a number of different brokers and test out the robot on each until you find one that performs well. A Demo account allows you to test the robot with virtual money to see how it performs and if you have set it up correctly. Some Robots (I know Forex Megadroid does) will also show you how to Back Test the system as I have done in a video in one of my previous posts.
   • 3) However, if you are confident the Robot will perform, you can ignore the step above and Open a Live Trading Forex Account with a recommended Forex Broker. I use GO Markets and have had no problems and others have said Aplari are also good.
   • 4) Installing the Forex Robot on MT4 is a simple process where you copy a couple of files to Directories in your computer, then drag an icon to your Currency Pair chart which will pop up a window where you can customise your Robots settings.
   • 5) Forex Robot Settings: Forex Megadroid has only a few simple settings where some Forex Robots like FAP Turbo are a little more complex. My advice is to leave the settings as default when you start and only optimise them when you have a better understanding of how they work. However, you will need to make sure your GMT offset time is correct. If you don’t know what that is simply search Google and someone somewhere will have the answer, alternatively contact your Broker directly. Note, the Forex Robot Settings will be explained in the manual that comes with it… which is the case with Forex Megadroid
   • 6) Finally, keep your MT4 running and connected to the internet with your Robot installed and that’s it! You’ll most likely return home to see that it’s traded a few times, once, or not at all during the day. Megadroid trades at the same time most days of the week and never trades on, or near, weekends and public holidays.

   I hope this helps, please let me know if you have any questions on the above. My advice is to buy the Forex Megadroid, open a demo account up with a broker and have a play. If it’s all too confusing please post your questions here on in our forum and I’ll try to answer them, otherwise you can always return Forex Megadroid and get your money back.

   Good luck!
3. Michelle says:

   July 9, 2009 at 11:41 pm

   Thanks Campbell, I have a much better understanding of how it works now.