Forex MegaDroid Loses Money in May 2009
Here are our Forex MegaDroid backtest results for May. The distinction may not be obvious, and may even seem irrelevant, but nonetheless although these are backtest results, the data used for the backtest was acquired on a demo account moving forward in time and not from a downloaded MetaTrader history. This test was performed using exactly the same input settings as in our MegaDroid Backtest Results for April.
As you can see, using the default input settings in version 1.11 of the Forex Megadroid expert advisor with a $500 account, the "robot" lost $6.47 in May 2009, compared to a gain of $73.76 in April. Note also that the total number of trades in the month appears to be reasonably constant, having reduced from 19 in April to 18 over the last month.
Here are our results from the MetaTrader strategy tester for Forex MegaDroid during the month of May 2009:
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wrong gmt offset settings
Hi Doesn'tMatter,
Thanks for your comment. Our backtest used the GMT offset settings recommended for our broker in version 1.11 of the Forex Megadroid manual. That's the same setting we used initially to try and duplicate the equity curves shown on the Forex Megadroid sales page, and in our backtest for April.
If you can give us a link to some more impressive results for May we'll certainly take a look and give you our opinion.
The NFA should come after all these scams.
Hi Ilse,
Thanks for your comment, and I'm sure you echo the thoughts of lots of people.
I'm from the UK, and over here scams that involve misleading advertising are the responsibility of the Office of Fair Trading, rather than the FSA.
I'm sure someone will correct me if I'm wrong, but my understanding is that in the US there is a similar division of labour between the Federal Trade Commission and the National Futures Association. The NFA can discipline brokers who mislead you. Internet marketers who mislead you are dealt with by the FTC. See for example this complaint against a Nevada corporation that "disseminated or [have] caused to be disseminated Internet advertisements for their currency trading program and training."
Jim