The pro version introduces 3 more currency pairs into the Megadroid trading portfolio. These new pairs are:

• Eur/Chf
• Usd/Chf
• Eur/Gbp

If you are trading with Megadroid pro version with Eur/Usd, the backtest results generated in our opinion is exactly the same as the normal version. Pro version is not an enhanced version of the popular megadroid expert adviser. The strategy it trades with Eur/Usd is brought over to the other three currency pairs and basically strategy is left intact (certain trading parameters will be adjusted to suit each currency pair). The pro version is not for sale. You can download them only if you purchase a third-party product via their affiliate link.

Reviewed on : 25th June 2010
EA Type: Scalping Trading System
Trade : Eur/Usd, Usd/Chf, Eur/Chf, Eur/Gbp  (all 1hr  )
Price:  NA( purchased through their affiliate link)

Backtest generated with Alpari Uk:  MegadroidProStrategyTester

Initial Deposit: US $10,000
Aggressive: True
Risk Level: 0.02
Recovery Setting= True

Backtest analysis of various currency pairs

These are important ratio which a Megadroid Pro version user will consider which pairs to trade.  And these ratio are obtained by observing the 5 years (2005-2010), getting the worst possible expectation that the trading system will perform based on backtest results. eg the ratio for maximum drawdown : risk per trade. The maximum drawdown component is taken based from 2005 to 2010 (individual years) and the highest maximum drawdown is used. Like wise for the ratio ROI :  Maximum Drawdown, lowest ROI of the each individual 5 years is used so that it provides the lowest possible expectation system will achieve.

ROI : Risk Per Trade (2005-2010)
Highest ROI to 1% risk per trade is the best ideal selection. This ratio provides the trader an indication to how much ROI per year for any 1 % risk per trade.

Maximum Drawdown  : Risk Per Trade (2005-2010)
Lowest maximum drawdown  to 1 % risk per trade is the best ideal selection. This ratio indicates the maximum drawdown the user is likely to experience with 1% risk per trade. If the user has a maximal drawdown tolerance of 10%,  and the ratio for the pair is 3 : 1 , the user will use 3% risk per trade and the maximal drawdown is still kept at 9% only.

ROI : Maximum Drawdown (2005-2010)
Highest ROI to 1% maximum drawdown is the most ideal selection. This ratio indicates how much ROI to expect for 1% equity drawdown tolerance.

Maximum Drawdown (2005-2010)
Winning Percentage of Trades (2005-2010)

Average Profitable Trade : Average Loss Trade (2009-2010 tested to be most reliable for recent years)

It is like Risk : Reward ratio. How many profitable trades are needed to recover 1 losing trade.

Eur/Gbp is the best currency pair to trade and Eur/Usd is the least ideal pair to trade.

Money Management

Megadroid Pro Version EA allows system user to enter the amount of risk per trade by specifying amount in percentage risk per trade.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, paremeters and FAQ.

Parameter to Set:

Stealth Enabled (Default)

Broker is not informed of the true target and stop loss levels. They are managed internally by EA to reduce or prevent the effects of price manipulation by unscrupulous brokers.

Aggressive: Enabled (Default)

EA trades two strategies simultaneoulsy. (one conservative and one aggressive)

NFA: disabled (Default)

When enabled, the EA adapts its trading style to conform with rules imposed by the NFA body. Should only be enabled if trading with NFA brokers.

AutoGmtoffset: Enabled (Default)

Receipt Code

For validation purpose, to prevent software piracy.

Risk Per Trade (self-explanatory)

Recovery Mode: Enabled (Default)

Lotsize will be doubled after a losing trade until loss has been recovered. This setting is used due to the fact that Swissy EA has a high winning rate per trade.

Honest Result (Backtest comparison with forward test)

Our forward test will use same settings and conditions that of our backtest settings.

Initial Deposit: US $10,000
Risk per trade: 2%
Recovery Settings: On

It is your duty to first verify our backtest analysis with our forward test before trading live with your own money

Weakesses (if Any)

Uses same support with Megadroid. Responses from their support personnels can be quite bad.

Conclusion

8/10

Their support has not been helpful at times and users are expected to be patient when conversing with them. Salespage shows over 2000% ROI which we believe is unacheaveable and undertaking too much risk. Apart from these two points, the rest are good. A promising system if you use it with proper money management, this system is likely to serve you well.

Regards,

Warren Seah

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Reviewed on : 21th June 2010
EA Type: Intraday Trading System
Trade : Gbp/Jpy 1hr
Price:  NA( up-selled after purchased of Forex Maximizer EA )

Backtest generated with Alpari Uk: AdvancedMaximiserStrategyTester

Backtest Settings:

Initial Deposit: US $10,000
Lot size: 0.1  (2 mini lot )
All default settings.

Jan- June 2010

2009 – 2010

Total net profit: $6,037
Maximal drawdown: 8.14%

2008 – 2009

Total net profit: -$4,862
Maximal drawdown: 52.54%

2007 – 2008

Total net profit: $3,229
Maximal drawdown: 11.71%

2006 - 2007

Total net profit: -$1,933
Maximal drawdown: 30%

2005  – 2006

Total net profit: -$5765
Maximal drawdown: 59.63%

Backtest Analysis

Based on the results of the last 5 years, 3 out of 5 are losing years. And maximum drawdown experienced in the last 5 years is 59%.  This will mean that a trader will expect that a loss of half of his trading capital.

This judgement is worked out based on having the worst case scenario which the Forex Maximizer Advanced EA will deliver.

Trade Analysis

Forex Maximizer Advanced EA does not use fixed stop loss or fixed take profit level. Judging from the backtest results, stop loss may be placed from 70 – 415 pip away from the entry price. Stop loss is placed based on market dynamic (current volatitily) which reduces stop loss hit from market noise.

I presumed that the EA vendor uses ATR as the indicator to determine how far away the stop loss is placed (based on the input settings). Advanced EA trades almost every day from 1-3 trades per day

Average profit trade: $105
Average loss trade: -$109

The statistics above shows an average win/ loss which is about the same. That means we can expect to recover a loss from 1- 2 winning trades.

Risk : Reward

This ratio should be as close to 1 : 1 ratio due to the average profit/loss per trade.

Money Management

User is required to specify the contract size the EA enters a trade. Under the default settings, every trade will enter with a contract size of 0.1 lot (1 mini lot). Due to the nature of no-fixed- stop loss, it does not provide the user with the option of specifying maximum risk per trade.

Largest loss experienced in the last 5 years was $484 (484pip). And that will translate to a 4.8% maximum risk in any trade with contract size of 0.1 lot.

If you are the type of trader which limit to 2% risk in any trade, this system may not be suitable for you. Because trading at 1 mini lot would have a  4.8 % maximun risk. Either you can enter trades with micro lots or not trade at all.

No money management functionality.

Drawdown

Max drawdown : 59% (observed in the last 5 years)

risk : reward (1:1)

Profitable Trades: 40-55%

Very high drawdown and 3 losing years in the last 5 years.

Ease of Use

Manual explains all. EA input settings are designed with the end user in mind. No complex parameters and all parameters are self explanatory.

Input Settings

Breakout Spacing (in pip)
This strategy looks for certain price levels, and when they are reached, it reacts with entering a trade. You are able to control whether the entry will be immediate or after a certain number of pips.

ATR Period
Look back period for the ATR indicator(no of candles)

Use BreakevenSL
Uses the breakeven stop by shifting initial stop loss to entry price after a certain amount of pip is reached in favor of the trader.

BE_After
Specify to execute breakeven stop after a certain amount of pip is reached.

Lot Size
Allow the user to specify the number of contracts for each trade. contract size is fixed.

StartingHour,Ending Hour
Allow the user to specify the time where the system trades. Default is 00:00 to 23:59

Forward Test Results

Settings
Initial Deposit: US $10,000
Lot size: 0.1 (1 mini lot )
All default settings

It is your duty to first verify our backtest analysis with our forward test before trading live.

Support

Not tested

Weakness (if any)

Trade a fixed lot size and no money management.  And this will results that contract size will not scale up after winning trades (loss of potential profits) and not scale down after losing trades (taking on too  much more percentage risk per trade).

Conclusion

Performance in the last five years showed poor results.  Rating may improved if the forward test result out-performs the backtest results. Not having money management feature is a huge disadvantage of using this system. Having 59% maximal drawdown and 3 out of 5 losing years, you are advised to research this system very thoroughly before trading it on a live account.

4/10

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