The Megadroid Robot is basically some software that you can purchase and download, that allows you to automatically trade forex (foreign currency) on your home computer using a clever algorithm.
Question: What do I need to run the Megadroid software?
Answer: You’ll need to open a trading account with a Broker that supports the popular MT4 Trading platform. It’s always wise to start with a demo account, that way you’re not risking any real money. All MT4 brokers allow you to open a demo account for free. Once you’ve installed the MT4 trading platform, you can then install the Megadroid software (megadroid.ex4 and megadroid.dll) on your computer. After you purchase Megadroid, you’ll be provided with a detailed manual that walks you through the installation process step by step. It’s quite straightforward. This software only runs on Windows, however you can run it on an Apple computer by installing some PC emulation software such as Parallels.
Question: What currency pair does the Megadroid robot trade?
Answer: Megadroid only trades the EUR/USD currency pair.
Question: When does the Megadroid robot place trades on my account?
Answer: It will only place trades during 4 specific time windows each week, starting around 5-6PM EST, and lasting for 2-3 hours on Monday, Tuesday, Wednesay and Thursday evenings. No trades are placed on Sunday evening. During these time windows, the Megadroid robot will constantly analyze the price action of the EUR/USD pair, looking for an ideal trade setup based on internal algorithms built into the software. If an ideal setup is detected, it’ll automatically place either a long or short EUR/USD trade on your trading account. Some evenings it’ll place 1 to 3 trades, on other evenings it won’t place any trades if the ideal setup doesn’t occur.
Question: When does Megadroid close my trades?
Answer: Once the trade has been placed, Megadroid will monitor the trade, and close the trade if it reaches a predetermined profit target (around 10 or 15 pips). If the trade fails to reach the profit target within a specific time, Megadroid will attempt to close the trade for a smaller profit, or even a small loss. If a the trade goes bad, it’ll close the position at a safety stop level, usually around 54 to 75 pips depending on the market conditions.
Question: On average, how many trades will Megadroid place per month?
Answer: It depends on the market conditions and the broker you use. As you can see in my monthly results section, some months only produce 4-5 trades, whereas other months can have 15 trades or more. The Megadroid robot will only place a trade if the conditions satisfy a specific criteria. The idea is to only place trades if they have a high probability of being profitable.
To find out more about Megadroid, make sure you check out the product sales page by clicking HERE.