RoboMiner Pro Robot Review - LIVE ACCOUNT

[Jey]

Thanks for the feedeback on the VPS.
Cogs, I have tried Teamviewer too (great free remote software!) and it works fine. But I am just concerned about my broadband connection shutting off when there's any kind of problem with the providers service. This does happen with any provider.
I have shut off automatic windows updates etc etc. so the only worry is with the broadband.

While I appreciate any attempt to address our questions on swap , I am looking for a direct answer to my query regarding the large swap amounts accumulating in my old open trades. Should I be doing anything or just wait it out till the pair come back down and the trades go into profit?

I don't really understand how swaps work and am attempting to trawl through sites such as babycop etc but not getting much success.

Currently the 4 largest in my open trades are

$/swap/date
-19.43/.14 2nd Feb
-13.76/.14 2nd Feb
-10.3/.12 3rd Feb
-10.3/.12 3rd Feb

Perhaps Jerry could be asked Pipcop?

[PipCop]

You may want to email Jerry directly, as I know it must be hard for him to try and keep up with so many websites asking for his presence (even my wonderful site!)

His email is support@forex-goldmine.com and he is usually pretty quick to respond. Please post your findings here for the benefit of the community.

Will do pipcop :-)

[raindog]

Hi Maree.

Big Disclaimer here: this is my understanding only. I tried to find a simple explanation online but couldn’t, but I have had it explained in the past so will attempt a recount from memory:

When we enter a Forex position, we buy one currency and sell the other in a pair. Each currency has an interest rate attached to it, and the difference between those rates as quoted by your broker is what you will earn in overnight interest, or pay, depending what side of the transaction you are on (buy or sell).

Each position has to be settled daily. This means that when you buy AUD/USD, for example, you are effectively entering a contract to buy Aussies with US dollars, and settle the difference in interest for your position. Since we don’t really want to take delivery of the physical dollars, our broker arranges a “swap” at end of day settlement time, taking into account the interest rate differential. This is then either credited or debited to our account.

So, the swap rate for the AUD/USD for example, might be something like 1%, if the current overnight rates are 3%/2% in the pair. These rates vary according to your broker .

On Wednesday the rates are trebled for that day; I think this is to take account of weekend trading or some such consideration.

Coming to RM, it is possible that if you are on the negative side of a swap , and the interest rate differential remains against you, you will rack up a growing charge. I don’t know how RM copes with this, and agree with Pipcop that you should approach the Robot author/seller himself for answers.

Hope this helps,


rd

Thanks Raindog, that does make it a bit clearer. Now I just need to find out whether these growing charges will negate the good profit I made in the last week. Have emailed Jerry and awaiting reply.

[Jey]

Originally Posted by Maree43

Thanks Raindog, that does make it a bit clearer. Now I just need to find out whether these growing charges will negate the good profit I made in the last week. Have emailed Jerry and awaiting reply.

Marie, would you be good enough to post a summary of Jerry's reply here. Would be interested to know. Many thanks.

[peteronmaui]

Originally Posted by Maree43

Thanks Raindog, that does make it a bit clearer. Now I just need to find out whether these growing charges will negate the good profit I made in the last week. Have emailed Jerry and awaiting reply.

If you are with a broker that has horrible swap rates like IBFX, negative for Buy and negative for Sell on the AUDNZD, the accumulated swap grows larger than the potential profit for each open positions. I started RM in a live account with IBFX on 12-15-08 and have AUDNZD positions open since 12-18. The negative swap on those positions is already nearly three times the profit target.
Latest IBFX swap rates:
Pair buy Sell
Standard Accounts:
AUD/NZD -9.98 -5.95
Mini accounts:
AUD/NZD -1.00 -0.60

Peter

[NightFX]

Hi everyone,

I just had a look at the "swaps" on my FXDD DEMO account for my eurchf Buys and my audnzd Sells and they all show a credit. So at this stage holding those trades open is making a very small amount of income.

So if the swap amount doesn't have a "-" in front of it it's positive??

Here's what my open positions statement looks like..

Open Trades:TicketOpen TimeTypeSizeItemPriceS / LT / P PriceCommissionTaxesSwapProfit5813972009.02.02 00:48sell0.01audnzd1.25090.00001.2464 1.27150.000.000.14-16.205818212009.02.02 03:27sell0.01audnzd1.24680.00001.2424 1.27150.000.000.14-19.435844842009.02.03 05:33sell0.01audnzd1.25400.00001.2504 1.27150.000.000.12-13.765845132009.02.03 05:43sell0.01audnzd1.25840.00001.2544 1.27150.000.000.12-10.305904342009.02.05 06:12sell0.01audnzd1.26270.00001.2584 1.27150.000.000.04-6.925928392009.02.06 03:19sell0.01audnzd1.26660.00001.2624 1.27150.000.000.02-3.855939842009.02.06 14:32sell0.01audnzd1.27020.00001.2664 1.27150.000.000.02-1.02 0.000.000.60-71.48 Floating P/L :-70.88Working Orders:TicketOpen TimeTypeSizeItemPriceS / LT / PMarket Price No transactions Summary:Deposit/Withdrawal:500.00Credit Facility:0.00 Closed Trade P/L :65.29Floating P/L :-70.88Margin:35.00Balance:565.29Equity:494.41Free Margin :459.41