RoboMiner Pro Robot Review - LIVE ACCOUNT

[masterpipper]

Originally Posted by jeffstar

Hello. I have a question. In the previous Robominer version 2.10 thread the take profit (TP) is different from the actual closing price on all closed trades. In this thread using Robominer 2.12 the take Profit (TP) is exactly the same as the closing price. Can someone explain the reason for this difference?

Thank you. Jeff

In a live account you may not get fills at the TP . (off quotes, requotes, trade context busy or some other lame broker excuse), it is usually a couple pips from your TP . Check the journal to see what the issue is, it will log each and every action the robot takes as well as what happens with the broker . Study the workings of MT4 and download a demo and understand the mechanics of how it all comes together so you CAN make some money.
Masterpipper

[jeffstar]

Thank you for the reply. I am running both a demo and a live account using version 2.10 and they are trading the same way. The difference is in the way version 2.12 handles the trades regarding the TP and closing price. If you look at the live statement in this thread you will see that the TP and closing price are the same. In the Demo account in the other thread the TP and closing price are different.

[1ka]

Originally Posted by jeffstar

Thank you for the reply. I am running both a demo and a live account using version 2.10 and they are trading the same way. The difference is in the way version 2.12 handles the trades regarding the TP and closing price. If you look at the live statement in this thread you will see that the TP and closing price are the same. In the Demo account in the other thread the TP and closing price are different.

I think masterpipper answered this, but I'll reword his answer.

When a trade is opened the TP is set. The brokers server will then attempt to close the trade when the price hits this TP . However, if the server is overloaded, slow or another reason, then the price may have moved between trying to close and actually closing. Thus the difference.

This will vary between brokers, demo systems, live systems, news releases, the weather (well, maybe not the weather ) I don't think it's a difference in the program, just a difference in the circumstances surrounding the trade.

If you use an EA to programmatically close a trade, i.e. not relying on the TP , then the problem is exacerbated, as there is a network call to make between client and server. You can limit the differences between required TP and Closing Price by setting the SLIP. If the price is outside the slip then the trade is not closed.

Hope that helps.

[Gloworm]

Today, profit = $538, DD = $521. But nowhere near a margin call , as start capital = $2016.

[raindog]

Hi Gloworm, are you trading both pairs yet, or just the aud/nzd?

thanks...

[Gloworm]

Originally Posted by raindog

Hi Gloworm, are you trading both pairs yet, or just the aud/nzd?

thanks...

Hi Raindog,

No, just AUD/NZD, I will wait until capital reaches the recommended $3500 before doing another pair, but at this rate it may be some time, I can wait though, I'm not actually losing...yet !

[raindog]

Good for you, hang in there!

[PipCop]

Originally Posted by JoeShmoe

Lots of info on this Yahoo Group: http://finance.groups.yahoo.com/group/forex_assistant/

It's been posted before on the other RM thread.

Basically, when the price moves away from center of range you can reset the Magic Number to something different. This will effectively double your profit (with the currently open trades) with very little extra risk. To increase the profit even more you can change TP manually for each open "orphaned trade" - still connected to the old magic number - to...say.... 100 pips instead of 40.

Disclaimer: Don't do this until you know what the EA is doing and have tried it on a demo account first.

I just want to point out - if you change the magic number, you are effectively telling the robot to "forget" about the open trades it has. The robot will no longer manage those trades for you because it uses the Magic Number to identify which orders it is allowed to work with. So if you want to set a manual TP and SL , sure, but that kind of defeats the purpose of using a robot, right?

[Jey]

Originally Posted by PipCop

I just want to point out - if you change the magic number, you are effectively telling the robot to "forget" about the open trades it has. The robot will no longer manage those trades for you because it uses the Magic Number to identify which orders it is allowed to work with. So if you want to set a manual TP and SL , sure, but that kind of defeats the purpose of using a robot, right?

According to the Yahoo groups message board, your broker would close the trades automatically when they reach the T/P, even though the Robo Miner is not in control of them.

[PipCop]

Well, of course yes, if there is a TP . Some robots change the TP though, which is what I was thinking about ... I should have mentioned that ...