Forex MegaDroid Users are Confused and Frustrated
Yesterday I received an email from Forex MegaDroid support. It seems as though I'm not the only one having some trouble getting profitable backtest results. Here is an extract:
Due to the many variations in broker-end settings (server time offset, trading times, differences in pricing and spread) coupled with the fact that some brokers implement Daylight Saving in actual trading but do not always apply it to their back-test data, users have experienced a lot of confusion and frustration while attempting to produce reasonable back-tests.
We are therefore requesting that all users follow the instructions in the manual to download and install MetaTrader from the ForexMeta website for back-testing purposes.
It seems as though Albert and John are keen for users of their robot to take a good look at the ForexMeta website. I wonder why that is? They recommend them in the MegaDroid manual too:
We personally like ForexMeta as they are extremely helpful, they do not penalize robot users (unlike some brokerages)….. However you are free to use any MetaTrader 4 broker you wish.
If you can use Forex MegaDroid and other forex trading systems with any MetaTrader broker, which one should you choose? More on this thorny subject soon.
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Comments on Forex MegaDroid Users are Confused and Frustrated
Interesting post. I've never believed in backtesting results, especially when the robot maker themselves tell you exactly how to perform it to achieve the same results they get.
I wrote a free report on Forex Robots Secrets and Dirty Tricks that includes a discussion on backtesting scams. They probably recommend that broker because they are affiliated with them and get some monetary kickback.
I added a post in my blog linking to this post. I think my readers will appreciate it.
Hi Buster,
Thanks for your comment. I expect you're right about the kickback. As an "Introducing Broker" you can get as much as 1 pip commission on all the trades people you "introduce" make. It can be a lot more profitable than just selling "robots" on Clickbank. There are even MLM style commission structures, where you can make money from "brokers" you introduce too.
I see your site tests "robots". Maybe you'd like to try "bust" some of ours? They're free to download and come complete with the MQL4 source code, so you can see exactly how they work under the hood. Make sure you don't accidentally use them on a live account though!