One of my first experiences with Forex was purchasing a robot called "MegaDroid". It cost $100.
Knowing almost nothing else about Forex at the time, I loaded this robot onto a EURUSD chart using a live account, and waited for the money to start pouring in.
This was approximately late December, 2009.
It placed about 1 trade per week, and never lost. Each time it won, I upped the lot size. I was starting to get excited by it's win rate.
Something weird happened in February, 2010 and the robot lost it's first trade while using a 0.6 lot size, wiping out any profits I had accumulated and then some. It immediately opened another trade, which it lost, then another, which won a small amount.
My dreams of an early retirement were crushed, and I reduced the lot size to the minimum, 0.01. But MegaDroid failed to make any more trades.
I don't remember how long I waited, maybe another month or two. I contacted support, which did get back to me within a few days, but they just said it should be trading.
Eventually I canned it, and it now resides somewhere in the depths of my hard drive.
I learned some things from this experience, one being that anyone can code a "robot", massage it until it makes some money in back-tests which you can brag about and get some suckers to buy it for an inflated sum. Forex is hard, and so this is actually not a bad money making idea - if you don't mind karma kicking you in the teeth unexpectedly one day.
Eventually I stumbled upon Forex Peace Army, an excellent website with reviews of Forex products.
Among it's offerings is this section, which demo tests various available robots. Some of them seem to do quite well.
They have even reviewed and tested MegaDroid. The forum posts reveal quite a few unhappy customers, while the demo shows good results.
It appears MegaDroid has been updated a few times over the last couple of years. So who knows, perhaps if I'd kept running it, not gotten greedy and inflated my lot size, and kept MegaDroid up-to-date, I'd have a little extra money. Not enough to retire, but enough to keep me in beer and hot-dogs.
Looking at the demo results, reading some of the forum posts, and from my own experience, I can almost determine MegaDroids trading strategy. It appears to wait for the market to quieten down, and opens a trade for a short time, just enough to make a small amount of profit.
I have a similar robot which I coded myself and am currently demo trading, and it's very impressive. It trades between 1 and 3 times a week, and has a 95% win ratio. But it only makes a little profit, and I'm scared what will happen if it loses, because it has an extremely wide stop-loss.
