RoboMiner Pro Robot Review - LIVE ACCOUNT

Hi Cogs

Would you mind telling us what lot size and leverage you use and also whether you think it's better just to stick with the AUD/NZD alone. I've upped my account quite considerably and want to set it up for the best "sit back and watch" scenario I can.

I am also on auto calculation as of yesterday with a leverage of 200:1

Thanks

Maree

[Gloworm]

Start date 10/11/08, current DD = $378, Profit = $568, plus I've made about £100 on my start capital since due to fall of GBP. A week or so back I was briefly into negative DD, but it's now doing better

[cogs]

Maree,

Lot sizes - 0.01 the smallest.
Leverage - 100:1

The AUDNZD spread increases during the quite periods of trading which actually seems to work with Robominer to find more trading opportunities hence I have noticed more activity (return) with AUDNZD compared to EURCHF.

44 trades - AUDNZD
6 trades - EURCHF

I feel it is early days yet with the EURCHF to prove itself. Drawdown exceeds profit. I may let it close the current trades and disable it.

AUDNZD is definately a winner.

I do have too much of my balance exposed to trades which is another big mistake that can be made.

If you can make money in this current market you will certainly come out a winner when the big trends start again.

Something I forgot to mention previously I inadvertantly switched of my home server approx 4-5 times during the first week of use and it appeared to have minimal effect, although this is not advised. No need to panic after all.

[peteronmaui]

Originally Posted by cogs

Matchett or all,

Being a little sceptical I started with a minimum account size two weeks ago of $250AUD. That had doubled in the first week with minimal drawdown , tripled in the second week ..

Another tip is to just use small lots and let time make the profit, if you get greedy and up lot sizes you will come crashing down, that is the nature of the market.

If you doubled within a week you are way over-leveraged. I am using RM as per instructions by the creators of the system, I started with $ 1,050 on December 15 on a micro account trading 0.03 lots of both pairs. My Equity is up about $ 300, but my drawdown with positions open as far as December 18 is about $ 420, so overall I am still in the minus. You were lucky, because the audnzd is kind of stuck in a trading range rright now. If you are trading this in a relatively safe way as intended by the creators, you might double your money in 8 to 10 months, not in one week.
Peter

[vogelezang]

Originally Posted by cogs

Matchett or all,

I must admit I was sceptical at first but after 14 years of trading my experience with paper trading and test accounts are not like the real thing so I ......

gt-shadow works the same way as robominer, but you can trade all the pairs you want.
All the other resonse are correct: If you're doubeling your account in aweek something is wrong. You may have your lotsizes set to 0,01, but maybve you're on a standard account? Then robominer will trade 0,1 lots. Thén your account will most likely double in a week. Risk of a crash within 3 weeks is about 33% in my experiance.

[cogs]

peteronmaui, vogelezang,

Thanks for your replies.

I am using RM as per instructions by the creators of the system

I too are using it just as the designers created it. If it doesn't make $200/week trading 24hrs 5 1/2 days I don't want to use it, but that is what it makes for me and I will close any trades I feel are not looking to be profitable. I trade CFDs full time and have done for many years now so I am cumfortable with leverage . I will be slowing its productivity soon but starting out I wanted to test it and had virtually nothing to loose ($250).

I started with $ 1,050 on December 15 on a micro account trading 0.03 lots of both pairs. My Equity is up about $ 300, but my drawdown with positions open as far as December 18 is about $ 420

That is very poor mate, and I am not sure why you have stuck to using it. So your net profit is -$120 after 2 months? You cant be serious?

You were lucky, because the audnzd is kind of stuck in a trading range rright now.

No luck mate, I can make that trading manually sometimes in minutes with CFDs, but i wanted an automated process so I can concentrate on spot gold and oil, and do my day job.

If you are trading this in a relatively safe way as intended by the creators, you might double your money in 8 to 10 months, not in one week.

Peter once again, you cannot be serious! $250 in 8-10 months, why would you even bother using it?

because the audnzd is kind of stuck in a trading range rright now

Yes and for the in experienced you can loose quite a bit of money when the market goes sideways unless you are very close to the trading floor. I enjoy swing trading, trend trading, spike reversals, trend trading and many other technical techniques. I want to master trading in turbulant and sideways markets as this is the most difficult when the market trends again the pressure will come off. As the saying goes "everyone is an expert in a trending market" it is just so easy compared to current.

vogelsang,

Risk of a crash within 3 weeks is about 33% in my experiance.

Well if it happens I have learnt how not to use the system. At the moment i can see how it MAY crash as it does have trouble predicting the turn around point in the market so a particular stop will need to be put in place. Generally I don't placed automated stops as they can be targeted, I place manual stops which with RM should only for one market direction change at a time just like manual trading.

Sorry guys if I sound a little smart about this, but it needs to produce and so far it has. All I have done with the AUDNZD is install it, there are very few settings you can change when compared to GT-Shadow, faptrader etc, and those are the results I have to date.

I also use GT-Shadow on AUDUSD and USDJPY and they will be rewarding also but it appears that shadow trading is the way to go.

I also use FAPTrader version 36 and are now looking into version 44. The reason for this is diversification, not having all my eggs on one basket.

If you constantly made profit over a series of months you would learn very little, if you make mistakes you will learn and hopefully make changes to prevent this in the future. Too many make the mistake of throwing a heap of money at these things thinking it will secure their future, all they have done is oxpose more of their hard earnt readys to a risky venture. The idea of trading is to produce return, hence your account should grow. If you have to keep feeding money to it, or make large deposits to make it work forget about it. The intention is to produce higher return than your superannuation.

I will keep you posted on if I crash but I doubt it will crash any time soon my account is so diversified now with different robots and currencies, as long as the base line grows that is my intention along with learning (like life) along the way.

There is a saying: "If you can provide profitable return 51% of the time continuiously you are successful" It is harder than it sounds. The phsycology of traders is to talk about the winnings not the losses. If you added up profits and losses over 10, 20, 30+ years and the sum return was >51% you be amongst the big names of trading.

[Jey]

Cogs, I just don't believe you. IMHO it is simply not possible to achieve what you have claimed with RoboMiner standard settings, running automatically.
Tell you what, instead of all the waffle and hyperbole, put up a copy of your statement so we can all look at the trades.
You say your account doubled then tripled in 2 weeks !!?? But you neglect to explain how you achieved it. Again, this is not possible IMHO with RoboMiner standard settings. But as always, I stand to be corrected, so take your chance and correct me and all the others who find it difficult to believe what you are claiming. Show us your statement and show us exactly how you achieved these amazing results.
You should also get in touch with the creators of the software, because they would be very eager to hear about this.

[cogs]

Jey,

I would gladly PM you the statement Jey, and would like to post it here but I feel it is an invasion of privacy to list personal details like this on the internet for the world to see.

In addition if people interpret the statement as being good it is likely to boost affiliate sales for James just like any promotional work.

As I stated in an earlier post the EURCHF has yet to prove itself and is creating drawdowns as aposed to AUDNZD which just works well. Yesterday it did not perform so well and most trades flatlined mainly due to the US market being closed and taking a long weekend.

I personally plan to swap EURCHF over to GT-Shadow.

Has anyone else had success with EURCHF?

[matchett]

I have been runnng th RM on O IBFX account now since 2/1/2009. 3K Account.
It makes no sense to test this EA on any broker that uses a dealing desk. As per the developer guidelines the EA will lose trades if used on a dealer desk system. IBFX does not use the dealer desk and advertises this fact.
Okay so with that said my demo account so far is 3,496.31 Balance and 2974.00 Equity.
This EA is flawed. No EA can NOT use a stop loss without ultimately failing. It is suggested not to close losing trades but it will fail eventually.
The fact that it is stated that it never loses a trade is an admission of failure. Of course it never loses a trade, because it never closes them.
If this EA was to run on a live account and in 2 months was up by lets say 400.00, then it will probably have a open trade drawdown of at leats 300.00 which would of course mean I only made 100.00.
And this is gonna cost me almost 400.00 to buy this EA? I don't think so.
I am still watching it and try to keep a open mind. Good thing this EA is available for demo testing.
There are other Grid systems being marketed as something else...trying to make people believe it is the newest and best. All the same just extra bells and whistles.
BEWARE OF ANY EA THAT DOES NOT USE ANY STOP LOSS.

[cogs]

matchett,

Have to agree with you. Although it is working for me now hidding stops would be of great value.

Visible trailing stops (seen by the broker ) are quickly filled also, so they need to be hidden also.

You would have to be very naive to set an EA going and walk away and leave it in confidence.

I guess if you start using it and it makes you some profit, take the money and close it down.

Pipcop, Can you run a poll for users to see how many have made profit or loss with this robot? Of course this can have false entries but maybe honesty might prevail for a period of time.