BleepingComputer.com: Am i protected from spyware?

I have AVG 8 free & Malwarebytes Anti-Malware free, and AVG has got both virus and spyware protection, and I get lots of benefit from its virus protection, do I require an additional anti-spyware software when I already have malwarebytes anti-malware

I am not talking about virus protection but only spyware protection

No, you don't *need* additional protection, as long as you remember to run a scan every know and then. The free version of MBAM won't prevent you getting infected like the pro version, but it will remove infections.

No single product is 100% foolproof and can detect and remove all threats at any given time. The security community is in a constant state of change as new infections appear. Each vendor has its own definition of what constitutes malware and scanning your computer using different criteria will yield different results. The fact that each program has its own definition files means that some malware may be picked up by one that could be missed by another. Thus, a multi-layered defense using several anti-spyware products (including an effective firewall) to supplement your anti-virus combined with common sense and safe surfing habits provides the most complete protection.

While not free, I recommend using Malwarebytes Anti-Malware and taking advantage of the Protection Module which uses advanced heuristic scanning technology to monitor your system and provide real-time protection to prevent the installation of most new malware. This technology monitors every process and stops malicious processes before they can infect your computer. The database that defines the heuristics is updated as often as there is something to add to it. Enabling the Protection Module feature requires reqistration and purchase of a license key that includes free lifetime upgrades and support. After activation, Malwarebytes can be set to update itself and schedule scans automatically on a daily basis. The Protection Module is not intrusive as it utilizes few system resources and should not conflict with other scanners or anti-virus programs.

so you mean that i need not download an additional anti-spware software

I also recommend SUPERAntiSpyware Free. It does not provide real-time protection or scheduled scanning so there is no need for it to run at startup...disable that feature and use it as a separate stand-alone on-demand scanner.