RoboMiner Pro Robot Review - LIVE ACCOUNT

[PipCop]

Wannberich, while I think it's good to discuss results, I also think it's good to remember that we could - perhaps even should - do everything in our power to help each other. To that end, why not post your statement at mt4stats.com? There is a link in my signature (below) that shows you how to set that up.

In addition, it might be nice to post your settings file, if you're using something which you've found to be better than the defaults.

[wannaberich]

I am using the defult settings straight out of the box, i have not changed anything, so there is nothing to post really. I am very happy to help people if i have changed something to improve my results, which i have not.

I have a 3500 BF for both pairs and that is about it, there is nothing more that i can really offer except how the robominer has perfomed for me over the time have been using it for which is quite a long period

I think many people look at it in a short time frame, just because it did not do well say 1 month then it will not do well overall and that is just not true, you need to take this EA over a 1 to 2 year period min before you make judment.

If you can make something around 36% for the year then you have done well and that is pretty much it. The EA is a long term growth strategy and not a short term get rich quick skeem, you need to look at it over the long time frame like years and not months before you make judgment.!

Because that is what the EA is set up to do. From time to time there will be periods of large DD before recovery, but that is how it is, just like when there is times when it does make returns of 10 to 30% a month with low DD.

It will fluctutate with DD and percent returns from time to time, but you will only notice this if you look at it from a month to month basis or even less, if you take it over a 1, 2, 3 or more year period then you will notice what i am refering to.

Originally Posted by PipCop

Wannberich, while I think it's good to discuss results, I also think it's good to remember that we could - perhaps even should - do everything in our power to help each other. To that end, why not post your statement at mt4stats.com? There is a link in my signature (below) that shows you how to set that up.

In addition, it might be nice to post your settings file, if you're using something which you've found to be better than the defaults.

[Gloworm]

This is a long term EA, I have made in just over 5mths $800 at this rate I will have doubled my original stake of $2016 by about Jan/Feb'10. The worst DD I've had was about $700 so as it grows this gets less a problem. At present progress I should have made another $2000 by about July'10 as the stake will rise to .02 & another $2000 by about Nov/Dec trading at .03. Am I thinking correctly ? What will the potential be after a few years, always assuming the pair doesn't go completely off the rails ? As I've said before this is hobby money, just like to sit back & see it go.

[Killer-B]

I'm wondering if it isn't time to "bust" this EA along with GT-S.... As over 4 months now, you're up a whopping $5 on $200 investment - but also -$29.80 in the red on float... with little chance of any immediate recovery...

I only state this, b/c I got Steinitz's "latest version" and tried it on a micro account - and did well for about 5 hours, then promptly blew up the account in the next 20 hours... Point being, if I had a $100K cash account, and could run it across 20 pairs at .01 and "afford" the draw downs, FRT would "work" in the end... and "never lose" either... but that is not the reality most traders live in...

If this were a $20,000 account, you'd only have made $500 bucks in 4 months, and still be at risk for -$2980 that may or may not close in the black... and see the same going on with GT-S (seems to me the Alpari one is about to margin out?)...

I'm not trying to rain on anyones parade here... but the numbers don't lie - Grid trading is an expensive route to go...

KB

[PipCop]

I see what you're saying, but you've got your numbers wrong.

Balance: 219.81
Equity: 191.31
Float: -28.50

It currently has 2731% free margin . I think we could go a lot further. Since it's no where near blowing up the account, the review shall continue until it wipes out 50% of the account or more, as with all live reviews. And while grid trading does have it's issues, and may not work out in the long run, I am going to have to let it run and prove it to us, rather than close the review and speculate.

You also have to remember - the profits will be larger on a larger account, so the reality here is that the live account review should be used more as an approximation of good trades versus bad, not how much money was actually made. If this were a $20,000 account, then the figures would probably look like this:

Balance: 21981.00
Equity: 19131.00
Float: -2850.00

Which would mean about $2,000 in profits in 3 months (remember, this review started 1-25 and has been running up to now, 4-22) not 4 months which isn't too bad. At least I wouldn't turn it down. Yes, there is significant drawdown , but both GT-Shadow and RoboMiner have done this in the past, several times, and have come back. It might not this time, but we can't predict that can we?

Regarding GT-Shadow, keep in mind one BIG issue - two of these robots were set up improperly by me and have the wrong settings on two of the accounts. They are trading 0.1 lot size instead of 0.01. Obviously those are the Alpari and FxPro instances. The "correct" settings are the IBFX and FXDD accounts, and those accounts are no where near being margin called. Their profits are much smaller, too, making only about $200 in 2 months, which is about 3% ROI. However, do that each month for a year and that's about a 36% ROI. That's pretty good. Plus with GT-Shadow you can change settings, etc.

I've also wondered if these robots would be more or less profitable on other currencies, as I've heard a lot of good feedback from purchasers.

Anyway ... bottom line ... the review goes on until it blows up!

[Killer-B]

I understand your points - and are valid - except, if you went to cash out "today" - you're down -$2800 (rough math using your $20K scenario) and off -$900 from your original investment over "90 days"... Granted, on demo, this did 10%+ for SEPT/OCT/NOV so we've seen it go the "other way" too... but as of today, 3 months into it... you've not made a dime... or "$2K a month" - you're upside down...

I know nothing of GT-S' settings other than what I read on their site... so I imagine it could be "tweaked" for better performance... and also suspect RM would do better with a hedging mechanism (esp if you have 2700% in free margin - but that was my point , wasn't it? if we all had deep pockets, we'd not have to worry about long term DD's)... Seems to me it's "stuck" on fixed trades at the moment... and till the air clears between those pairs, am afraid it's going nowhere fast....

[PipCop]

Yes, you are exactly right. If you wanted to cash out today, you'd be screwed. While I generally have not liked carrying drawdown with other robots, I hope that RoboMiner will work itself out within the next few weeks. Personally, had I been trading manually, I would not have made the trades it did - I would have placed Buy orders. But if someone wants to let a robot do the thinking for them, then we're stuck with sub-par decisions. As with any investing, be it manual or with an EA, we really don't have any way to predict the direction the market will go anyway. I am personally very interested in seeing how this all works out. If it blows up, clearly it will be on the accounts which are setup improperly and over-leveraged, but if the others continue on than that will be fascinating.

GT-Shadow does have a lot of very complex settings. And yes, it can be tweaked to control the grid, plus a variety of other settings, far more than I can explain here.

Anyway, unless something changes here ... I sure can't go out to steak dinner tonight!

[Gloworm]

I might manage Sausage & Mash

[PipCop]

Killer-B, I just remembered one other thing - IBFX may not be the best brokerage for the robot. When I started the RoboMiner review, I only did it on one brokerage. Looking at the GT-Shadow reviews, it *appears* that the FXDD is performing the best (if you were to standardize the balances). Therefore, while RoboMiner is struggling along, perhaps it would perform better on FXDD, GoMarkets, or some other brokerage.

I wish I could get live users to post their results with their brokerages. That would be far more useful!

[Killer-B]

Originally Posted by PipCop

Killer-B, I just remembered one other thing - IBFX may not be the best brokerage for the robot. When I started the RoboMiner review, I only did it on one brokerage. Looking at the GT-Shadow reviews, it *appears* that the FXDD is performing the best (if you were to standardize the balances). Therefore, while RoboMiner is struggling along, perhaps it would perform better on FXDD, GoMarkets, or some other brokerage.

I wish I could get live users to post their results with their brokerages. That would be far more useful!

Just got this from IBFX... No more hedging!

Dear Customers:
Interbank FX, along with all FCM's, has received information from the NFA that we wanted to pass along to our customers. All registered FCM's have received a new Compliance Rule 2-43 regarding forex trading. On May 15, 2009, forex customers will no longer be allowed open "hedged" positions in their accounts. Please see an excerpt from the new NFA rule below. If you are currently using Hedging as a trading strategy, we would encourage you to use the Interbank FX Demo accounts over the next month to help modify your trading strategy. Also, for those of you who utilize hedging strategy with your "Expert Advisors", we would encourage you modify your code and test your advisor on the Interbank FX Demo servers as well. In order to assure a smooth transition for our customers to the new NFA Compliance Rule, Interbank FX has set May 8, 2009 as the last date that customers will be able to Hedge open positions.
Interbank FX is committed to providing our customers with superb tools, real time news and analytics to help you to be a successful trader. Please do not hesitate to contact one of our customer service professionals if you have any questions.
Best regards,
Todd B. Crosland
Chairman and President



Notice to Members I-09-10
April 13, 2009
Effective Date of NFA Requirements Regarding Forex Orders
NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009.
Click here for more information.