Forex MegaDroid Hits a Losing Streak

miko432 · Jun 2, 2009

We’ve been running tests on Forex MegaDroid since it launched with the assistance of an army of Clickbank affiliates and a vast quantity of hype at the very end of March.

I don’t know if you remember, but this Droid (actually a MetaTrader 4 expert advisor) can apparently “see into the future” with the aid of some new “artificial intelligence technology” confusingly entitled “Reverse Correlated Time And Price Analysis”. For comparison purposes we’ve been testing it alongside a robot of our own, which doesn’t use any intelligence whatsover. In fact it’s so dumb it does everything wrong! It uses random entries, then it stays in the market 100% of the time and finally it uses Martingale style position sizing. In addition to this long list of “faults”, you can also download our “Robot” from our website completely free of charge, solely for educational purposes.

Here’s how the “Droid” has been doing throughout April and May

Jim,

GammaJammer · Jun 2, 2009

Jim

I would visit your website, only I don't feel worthy. You guys are the Forex Elite? Seriously? Any tips? You must know an awful lot about forex....

foredog · Jun 2, 2009

GammaJammer said:
Jim

I would visit your website, only I don't feel worthy. You guys are the Forex Elite? Seriously? Any tips? You must know an awful lot about forex....

No, but the machine with AI does, and it's watching you now trading, learning from you and one day it will take over the world AHAHHAhhHhHhHh!!!!!!!

Unless the randon robot (whom we'll now call Ray the randon robot) beats him to it, because he is there 100% of the time you know.

miko432 · Jun 2, 2009

no we are not the Forex elite, the website is mostly for Forex brokers and IBs, who are the Forex elite as they decide on all moves and steps.

TheBramble · Jun 2, 2009

GammaJammer · Jun 2, 2009

miko432 said:
no we are not the Forex elite, the website is mostly for Forex brokers and IBs, who are the Forex elite as they decide on all moves and steps.

Really? That's cool. Do many IB traders frequent the site? Maybe I could glean some useful info there.

thierry911 · Jun 7, 2009

Since when IB's and forex broker are the elite......!!!!!!!!!!!!!!

Trading Gurus · Jun 24, 2009

Hi Everyone,

Apologies for the delay, but this thread has only just been brought to my attention. Better late then never?

@Gamma - I was asked to write a guest post on the Forex Magnates blog, so I did. I also know a little bit about forex. I even have some tips. Here's one - Don't buy Forex Megadroid. I expect you knew that already.

@foredog - Ray the random robot is one of my favourite pets. Despite his artificial stupidity he's still outperforming the artificially intelligent Droid. Nice as he is, somehow I don't think he's ever going to take over the world.

Cheers,

Jim

GammaJammer · Jun 24, 2009

Forex Megadroid is the future. It trades fx AND makes toast at the same time. Plus it's dual voltage, and quad band. which is kinda neat

Trading Gurus · Jun 24, 2009

Ray is old now.
He only goes for random walks around MetaTrader land.
Should I just throw him in the bin?
Trade him in for a newer, shinier model?
His big eyes are looking up at me as I type this.
Do you suppose he knows what I am thinking?

Jim

GammaJammer · Jun 24, 2009

Is ray the one on the left?

Trading Gurus · Jun 24, 2009

GammaJammer said:
Is ray the one on the left?

No. That looks much more like the Droid. This is Ray.

I know he looks ready for the knacker's yard but he does still have his uses, and I have grown used to having him around the place.

Douglas_Fx · Aug 21, 2009

I have found a very good report on how to improve Megadroid trading performance which has been developed by Ben Cook at Advanced Droid Tactics. I am now making 3 times as much as the default strategy. It’s a very good report and you can buy it from here:

The basics of the new strategy is to increase trade frequency by trading more hours and at the same time decrease the risk in each and every trade.

Check the live stats posted on the site, results are really good. On first 15 days of trading the new strategy had a profit of USD 800 compared to USD 143 with Megadroid default settings. I think it is a must read for Megadroid traders.

Doug

Trader333 · Aug 21, 2009

Why would anyone want to pay more money for something that is already supposed to be making money ? I don't doubt that countless good intentioned people bought this to start with but anyone who now goes ahead and spends even more money on a failed system would have to be a mindless idiot.

Paul

Trading Gurus · Aug 21, 2009

Hi Douglas,

Thanks for the information. I don't suppose that's an affiliate link is it? Any chance we can see some evidence that you are "making 3 times as much as the default strategy"? The default earnings are pretty miraculous as they stand.

Cheers,

Jim

meanreversion · Sep 3, 2009

I've never looked at any of these trading programs you can purchase. Is it a piece of software you pay with credit card on the web? Then presumably you download it onto your PC? Then what.. it tells you when to buy or sell?

Does it tell you what the method is, or the system being used, or do you just need to assume it will make money?

It's pretty easy to devise a trading strategy and then optimize the hell out of it to show that it would have made money. Is this what the people who sell these programs have done? Then, almost by definition, it will underperform its optimized results once you put it into practice..?

Trader333 · Sep 3, 2009

It's pretty easy to devise a trading strategy and then optimize the hell out of it to show that it would have made money. Is this what the people who sell these programs have done?

Almost all evidence points to this being the case.

Paul

meanreversion · Sep 3, 2009

Is the whole thing a scam? I'm as cynical as the next person but surely there are some well intentioned programs out there.... ???

everyonerich · Sep 3, 2009

why dont just buy and reverse everything in live account?

Trader333 · Sep 3, 2009

The evidence to date would show that "well intentioned" does not equal "consistently profitable"

It is so easy using backtesting and optimisation to make almost anything historically profitable and that is what MT4 allows so may to do. Before MT4 the likes of Tradestation was the only way to do the same thing. Since MT4 there has been an explosion of these new systems coming to the market and all because MT4 is free as is the backtesting.

Paul

Forex MegaDroid Hits a Losing Streak

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