Forex Megadroid Review - Basic Configuration Settings

Forex Megadroid Review - How to set the basic configuration settings of the Megadroid trading software?

This Forex Megadroid video review gives you a number of tips and tricks about the basic default settings of the Megadroid software. You can skip the first minute and 53 seconds to go to the essential part of the video ;-)

Here is a short summary of the recommendations for the basic settings of the Megadroid software:

  • The Megadroid software runs on the Metatrader trading platform so you will have to use a Forex broker which supports Metatrader. Click here for a list of the best free Forex demo accounts which support Metatrader. Search for a Forex broker with a low spread, because the spread will determine the size of your profits (the lower the spread, the better). The reviewer used an Alpari US account to test the Forex Megadroid.
  • You get a pdf about the setup of Megadroid. The pdf manual does a really good job because the reviewer installed the Forex Megadroid in about 15 minutes. When you are not as experienced as the reviewer this could take you about an hour or longer.
  • The default settings of the Forex Megadroid are good but here are a few recommendations:
    • Adding the ReceiptCode is essential because without it the Megadroid software won't trade the Forex market. The receiptcode parameter is your Clickbank receipt number.
    • The RiskLevel parameter's default value is zero, which means that this parameter is not used. It is recommended to change the value of the RiskLevel parameter to 0.1 which means that you risk 10% of the equity on any trade. The developers of Megadroid use 0.3 as a RiskLevel value. This means that you risk 30% of your equity on any trade, meaning much higher risks, but also higher profits. It is recommended - especially in the beginning - to start with a conservative value of 0.1 for the RiskLevel.
    • The default value of the RecoveryMode setting is set to 'true'. This means that when you have a losing trade, the next trade will be doubled in size to recover the losing trade. This could be risky in conjunction with the RiskLevel setting.
  • The Forex Megadroid won't trade unless the computer is running and connected to the internet. The majority of the trades made by the Megadroid happen at night or over night. Things can happen - you could have a power outage or your computer could shut down for some reason computer could shut down - and you could lose a trade, resulting in a large loss. Therefor it is recommended to use a hosting site on which you can run your megadroid software, which gives you a lot of safety and security.

The settings of the Megadroid software will look like this (changed settings are blue):

Version=1.00 _1=System Parameters Stealth=1 Agressive=1 GmtOffset=0.00000000 AutoGmtOffset=1 S1_Reference=337733 S2_Reference=773377 ReceiptCode=ClickBank Receipt Number _2=Strategy Parameters Slippage=3 SendEmails=0 _3=Order Management LotSize=0.10000000 _4=Ratio Order Management RiskLevel=0.10000000 RecoveryMode=1 _5=Fixed Ratio Order Management UseFixedRatio=0 BaseDeposit=1000.00000000 StepRatio=0.20000000 ReduceLots=0

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