Forex MegaDroid
News Update

List of Update News

The list of update below are mostly emails from the product development team
or any major news spotted in the forex forums.

• Version 1.10 of Forex MegaDroid is ready for release (17 Apr '09)
• Frequently Asked Questions 2 (6 Apr '09)
• Frequently Asked Questions (3 Apr '09)

Version 1.10 of Forex MegaDroid is ready for release (17 Apr '09)

we are simply finishing the updates to the manual before making it available. We are working through the weekend so, if all goes to plan, you will be able to download it on Sunday or Monday. We will email you as soon as the files have been uploaded so you will not miss out.

From a user perspective, the new version will be highly informative - the old "Waiting" & "Running" messages have been replaced by a whole sequence of comments which explain what is happening as the robot is running.

In addition, users who have accounts with ECN brokers will find that the robot is now able to place trades... unfortunately, connecting with ECN brokers requires significantly different logic in the trade placement code which we have now implemented - our apologies for overlooking that issue in the initial release.

Finally, we have overcome the instances of "error 1000" for those who were experiencing it and we have removed some unnecessary settings from the Inputs list to reduce confusion.

Now, on to current issues...

If you have been experiencing minimal trades over the last week or so then there are several possible causes:

1) Your broker's pricing conditions (spread, server delay, quote quality) are not good. This can simply be a temporary situation but, if things do not improve then we suggest trying a different broker.

2) Be especially aware that the MegaDroid robot does NOT trade on Fridays, at weekends or on Monday mornings.

3) Check whether you have any error messages or warnings, either on the chart or on the Experts / Journal tabs - if so, please let the help- desk team know about it: http://www.forex-megadroid.com/support/

It is also very possible that the robot will not trade for 24-48 hours (or sometimes more), regardless of broker, due to non-condusive market conditions. We have seen such conditions over the last week with all of the very wild swings on EUR/USD as it tries to balance the market sentiment / trader mentality with fundamentals - very frustrating but an aspect of trading life that we have to accept at times. ...

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Frequently Asked Questions 2 (6 Apr '09)

• I see, that there are a lot of questions and assumptions. I'd like to try to clarify the most popular questions in my post:
• 1) First of all, your backtested results are wrong if you don't read page 63 of user manual. Seems that brokers current GMTOffset is adjusted according to Daylight Saving, that's why they raised their offset by +1 hour. BUT! When you are doing back test, they use gmtoffset without daylight saving time. That is why using the same value, as displayed on chart is not correct for most brokers. We don't know is this temporary feature or not.
• Attention: There is a mistake in USER MANUAL: FXDD doesn't use Daylight Saving Time, that is why their GMTOffset for backtesting and live trading is "3" in both cases.
• 2) Current version of MegaDroid is trading on EURUSD currency pair ONLY. If we add some new pairs - you all will be notified.
• 3) MegaDroid works well on both 4 and 5 decimal quotes.
  I don't really understand, why people are afraid of spreads 18 or 22 on 5-digit quotes. This is true, because 18 pips on 5 digit quotes are equal to 1.8 pips on 4 - digit quotes brokers.
• Attention: MegaDroid works well on spreads 3 or lower. We don't recommend to use brokers where spread is being changed randomly during the day. That is why some people are getting error that Safe Mode is on. On my opinion, spread 3 or higher for EURUSD is too much as for the most popular pair on Forex Market.
• 4) Some people are not getting trades. There could be any reason for that, I'm trying to clarify the most popular:
  - Any error displayed except "Authorized" doesn't allow trading
  - If your spread is sometimes 3.1 (31) or higher - it means that Safe Mode is on. It will trade, but always in highly conservative mode.
  - The most popular problem is issues with brokers. As you all know (I hope so) brokers quotes are usually different. In addition brokers have different servers with different connection and operation delays, some brokers don't allow to trade in the night, some brokers don't allow to set SL and TP before the trade is being opened...
  - Someone (almost 30% of users) does not read User Manual carefully
• 5) Error 1000: This is popular error in our system. It occures when windows somehow blocks some of our Dll functions. Unfortunately, our programmers have not found a global solution yet. BUT! When this error occured on my own computer - I solved this problem very easily:
  - Pressed right button on my EUrUSD chart, selected: Expert Advisors -> Delete
  - Then. I dragged MegaDroid from Navigator Panel to the chart again, configured it again, entered Receipt Code and pressed OK.
  - After all these operations I got a message printed: Authorized - and this is pretty normal.
• 6) "Waiting" or "Running" statuses doesn't mean nothing serious at all. They both are pretty normal.
• 7) You can use any timeframe with this EA, because it always takes M1 quotes. We advise everyone to put it on H1 chart.
• I think I answered some questions. Hope my comment will help people who are confused.
• n the 1H chart timeframe as shown in the manual. Please do not confuse the term “multi market condition” (meaning varied market situations - trending / ranging / volatile / non-volatile) with “multi currency” (meaning a variety of currency pairs).

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Frequently Asked Questions (3 Apr '09)

The Forex Megadroid also sent out an email today to answer some of the frequently asked questions by users. Here are some of the things they mentioned:

• Forex MegaDroid trades ONLY the EURUSD currency pair
• Back-Testing
  The strategy tester in MetaTrader is useful but also very finicky due to
  variances in server times, spreads and several other factors.  This can
  make it rather difficult to match results seen elsewhere so we are going
  to issue a list of the correct settings for several major brokers over the
  next few days.
  
• Trading live / Practice Accounts
  The best settings to use are actually the defaults.  The only thing which
  requires setting is the LotSize parameter (for trading without Order
  Management) or the RiskLevel - 0.1 - 0.2 works well… (10% - 20% risk
  per trade) though you are free to use any sensible risk level you wish.
  
• Trade Frequency
  Some people seem to feel that a robot should be trading frantically
  from the moment it is attached to a chart!
  While that might provide an element of excitement, it is not the way
  to succeed in trading - the people who look upon trading that way
  would be more sensible taking their money to Las Vegas and getting
  some enjoyment out of throwing it away.
  MegaDroid is very carefully designed to enter trades with an extra-
  ordinary degree of accuracy so if it doesn’t trade for a day or two,
  there is a very good reason for it and nothing is wrong.
  
• Forex MegaDroid does NOT trade on Fridays, Sundays and Holidays.

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