To get a true maximum heart rate you can't rely on electronics - you have to measure it in a practical situation.
Read this:
http://www.brianmac.demon.co.uk/maxhr.htm
then try one of the methods in this:
http://www.brianmac.demon.co.uk/hrm2.htm
If you want a cycling specific max hr try the method here:
http://www.cptips.com/hrmntr.htm
or just take 5-10 beats off your running max.
For the majority of us the true max hr is found by running.
This is detailed on many sites, here is an example.
http://www.cptips.com/maxhrsc.htm
There is evidence that people who have trained regularly all their lives have a higher max hr than those who haven't. The evidence that max hr decreases with fitness is not compelling.
So go measure your heart rate and use your hrm to train smart.