HomeDaily ResultsMegadroid Results: Wed 13th Feb 2013

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Megadroid Results: Wed 13th Feb 2013 — 8 Comments

  1. Hello Richard,

    I opened a $1,000 account at FX Choice on 2/6 and between then and 2/14 MD made 7 profitable trades for a profit of $13.57.

    But I notice the lot sizes are 0.03 and 0.04, hence the low profit.

    I changed the default settings from

    lot size 0.1 to 0.0
    recovery more false to true
    risk level .2 to .1
    volatility aware true to false
    dollar averaging true to false

    I would love your advice. I’m thinking I should change all these default setting back and just keep my risk at .1 till my grand grows a little more.

  2. I forgot to ask…

    What is the difference of defining the lot size and not defining it and if I do go with a specified lot size do I have more risk?

  3. Another thing, if you please….

    I read the pip is the difference between trade open and close price.

    On 2/6 a sell was opened with lot size 0.04 at price of 1.35852 and closed at 1.35775 so, what I’ve read is, the pip is the lower subtracted from the higher right? That’s 77 PIPs. If I would have had a higher lot size, like the defaut of 0.1 how do I figure what the profit would have been.

  4. Hi Lee.

    Settings

    These are the setings I use.

    http://www.megadroidresults.com/category/megadroid-settings/

    Trade size and risk

    The best way to calculate the real risk, is to look through my past results and see the size of the losing trades I’ve had (usually 60 to 100 pips, sometimes more). I had a very large losing trade in October, and it’s taken me several months to recover from that loss.

    Currently Megadroid has been profitable for 4 months without any significant losing trade, but there will be a losing trades at some point, and they’re usually in excess of 60 pips. It’s important to be prepared for that when it happens.

    So for example, if you had a $1000 USD account, and were trading say a 0.04 lot size, then a 100 pip loss would mean 100 x $0.40/pip = $40 loss, or -4% on a $1000 account.

    Now, if you doubled the lot size to say 0.08, you’d make more profit when Megadroid wins, BUT if we get a 100 pip losing trade next week, then the loss would be double the size i.e. $80 loss or 8%.

    Pip value

    For the EUR/USD pair, the standard pip value is 0.0001. Many brokers now use fractional pips that are 10th of the size of the standard pip i..e 0.00001

    So in your example, the profit is 7.7 standard pips.

  5. Thank you your time and letting me pick your brain.

    From what I’ve read about MD it was designed to do several things well, the main one in my case, is to be smarter than the newbie buying it.

    With that said I also read if the robot is given a lot size of zero and a risk level of “whatever” then the robot sets the lot size automatically calculated by the risk.

    I don’t quit understand yet why the admin of MD would give us options that seemingly contradict the implied sales pitch that it takes no forex experience to be successful.

    In my baby step learning curve I’m frustrated why. I believe I understand lot size equals amount of profit, but I don’t understand how lot size correlates to risk.

    I understand risk. 0.1 is 10%. If the default setting for lot size is 0.1 then every trade has this lot size then how can the robot calculate the win/loss ratio that I read is important.

    I also read, “When a currency moves from a value of 1.4511 to 1.4514, it moved 3 pips. When a pip has a value of $10, you have gained $30.”

    How do you “set” a value of $10 for a pip? As per my MD trade on 2/6 it moved 77 pips. $770 if the value of a pip was $10.

  6. Hi Lee,

    $ per pip depends on lot size. A 10k EUR/USD lot is $1/pip

    If you’re just starting out, I’d strongly suggest you only trade on a demo account until you gain a basic understanding of forex trading and appreciate the risk involved.

    There’s plenty of free-online educational resources available that will help

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