RoboMiner Pro Robot Review - LIVE ACCOUNT - Page 56 - Pip Cop

wealthsecrets · 2009-10-04, 09:47 AM

Hello,

I have been running Robominer 2.15 in demo using FastBrokersFX.com since July 23, 2009 with $2,000 and trading 1 mini. I have tried both AUDNZD and EURCHF using FIFO

set to True and to False and can't seem to find a happy medium.

The AUDNZD with it's high spreads of 14 pips didn't seem to hit it's TP

very often and started to have significant drawdown

for a $2,000 account trading 1 mini. With FIFO

set to false, the TP

was usually 40 pips. So that means that the pair would have to move 54 pips before TP

was achieved. If FIFO

was set to true, then TP

is 0 and is using a EquityPercentTakeProfit default to 101.5 and usually go after 20 pips.

What is strange is that I have old EURCHF trades dating back to August 13 when FIFO

was set to False and waiting for all the Buy trades to go back up and close. The EURCHF has been ranging but in a down trend

. Robominer keeps placing buy orders in an overall down trend

and accumulating drawdown

. Have you ever seen the Robominer place sell orders with the EURCHF?

And I wonder why it appears that so many people are experiencing better results with the AUDNZD even with it's higher spread

of 14 pips?

And what FIFO

setting on what pairs have you seen better results?

Thanks for shedding some light and information on the use of the Robominer.

Thanks,

Mike

**PipCop** · 2009-10-04, 04:33 PM

Quote:

Originally Posted by wealthsecrets

Hello,

I have been running Robominer 2.15 in demo using FastBrokersFX.com since July 23, 2009 with $2,000 and trading 1 mini. I have tried both AUDNZD and EURCHF using FIFO

set to True and to False and can't seem to find a happy medium.

Hi Mike,

Do you understand what the FIFO

setting does? You shouldn't be switching it on or off, but rather should set it to match your brokerage settings. If the broker

abides by FIFO

rules, then set FIFO

= true. This will make the RoboMiner open it's trades, but then close them all only if they are ALL profitable. If you are using a non-FIFO

brokerage, then RoboMiner will close each order when it hits the TP

instead of waiting for all trades to be profitable. You should be more profitable on a non-FIFO

brokerage, due to being able to open and close more orders and hang on to others in the meanwhile. However, there is some additional profit to be made as orders at the top (or bottom) of the list will be held open longer and make far more than the 40pips profit. Personally, I have seen the non-FIFO

accounts make FAR more than the FIFO

accounts. This seems to be due to the fact that RoboMiner can open and close more orders while others hang around because the market is above or below them. It's kind of hard to explain, but it's like having 10 orders open, and the bottom 5 sit in limbo for a few weeks, but the top 5 open and close repeatedly as the market moves up and down in that range

.

Also, I've found the EUR/CHF is on marginally profitable when compared to the AUD/NZD.

Quote:

Originally Posted by wealthsecrets

The AUDNZD with it's high spreads of 14 pips didn't seem to hit it's TP

very often and started to have significant drawdown

for a $2,000 account trading 1 mini. With FIFO

set to false, the TP

was usually 40 pips. So that means that the pair would have to move 54 pips before TP

was achieved. If FIFO

was set to true, then TP

is 0 and is using a EquityPercentTakeProfit default to 101.5 and usually go after 20 pips.

If you are experiencing significant drawdown

, it sounds like you are not following the recommended settings. Unless I am mistaken, you should not be trading 1 mini on a $2000 account. You should be trading 0.01 on a micro account with $2000. For a mini account, you need a $20,000 balance to open 0.1 lots. Of course, leverage

plays into this as well. 400:1 will be more risky than 200:1, and 500:1 is not recommended at all.

See the recommended settings here: http://www.gtshadow.com/index.php?pageid=settings

With 1 mini on $2000 you will surely blow the account very soon.

Also, do you have AllowForSpread set to true? (It sounds like it, just checking).

[QUOTE=wealthsecrets;5576] What is strange is that I have old EURCHF trades dating back to August 13 when FIFO

was set to False and waiting for all the Buy trades to go back up and close. The EURCHF has been ranging but in a down trend

. Robominer keeps placing buy orders in an overall down trend

and accumulating drawdown

. Have you ever seen the Robominer place sell orders with the EURCHF?
Yes, it will place sell orders once you get over the middle of the range

, but if you have FIFO

set to true then it can't do that until all the buy orders are closed.

Quote:

Originally Posted by wealthsecrets

And I wonder why it appears that so many people are experiencing better results with the AUDNZD even with it's higher spread

of 14 pips?

It probably has a lot to do with their account settings, such as leverage

(200:1 to 400:1 recommended), balance, spread

, and RoboMiner settings.

Quote:

Originally Posted by wealthsecrets

And what FIFO

setting on what pairs have you seen better results?

FIFO isn't a "per pair" setting. It's a per-brokerage setting. I don't know of any users who are using that as part of their trading strategy, other than to set it on or off.

wealthsecrets · 2009-10-04, 06:11 PM

Thanks James for taking the time and energy to answer my questions. It looks like you have really tested this EA well. You explained everything well except there is one thing that remains a mystery to me and that is the FIFO

.

I understand that this has to do with the new NFA requirements for brokers but that setting in the Robominer is affecting the way that the EA takes its profits.

I may be wrong but from what I have observed is that if you have the FIFO

set to true....the TP

's are all set to 0 since it is apparently using the EquityPercentTakeProfit. With a default setting of 101.5 that means that if the account increases by 101.5% or 1.5% from the balance that the EA closes the trades. However if you set the FIFO

set to false then the EquityPercentTakeProfit is NOT being used and the EA places hard TP

's of 40 pips. With that being said, it almost seems that with FIFO

set to true that the TP

's are closer to and around 20 pips instead of 40 pips which may take longer to hit because of the larger TP

and the 14 pip AUDNZD spread

that it has to overcome.

Here is a screen shot so you can see the trades: http://WealthSecrets.com/images/robominertrades.jpg

Is this what you have observed as well?

Thanks,

Mike

**PipCop** · 2009-10-04, 06:23 PM

I haven't actually thought about it like that, but what you are saying does make sense.

The way I understand the FIFO

setting has more to do with the FIFO

requirements from the brokerage. I'll do my best to explain what I know here with some examples.

A. If you have a FIFO -compliant brokerage and FIFO is set to true:
1. RoboMiner opens 5 trades, all sells, as the market moves up.
2. The market moves back down past all of the trades until they are all profitable, and then they all close at once.
3. In the case of orders #5, #4, #3, and #2, the TP

is much larger than 40 pips, as they were held open until all 5 orders could be closed.

B. If you have a FIFO -compliant brokerage, and FIFO is set to false:
1. RoboMiner opens 5 trades, all sells, as the market moves up.
2. The market moves back down. RoboMiner closes trade #5 and #4.
3. At the end of the day, the brokerage changes your orders and closes orders #1 and #2 as they were opened first.
4. You take a loss for trades #1 and #2 being closed while they were in the red.

C. If you have a non-FIFO brokerage and FIFO is set to true:
1. Same as scenario A

D. If you have a non-FIFO brokerage and FIFO is set to false:
1. RoboMiner opens 5 trades, all sells, as the market moves up.
2. Order #5 is closed at TP

(40 pips) + spread

(if AllowForSpread = true)
3. Order #4 is closed at TP

(40 pips) + spread

(if AllowForSpread = true)
4. Etc for #3 - #1
5. Each of your 5 trades hits the TP

and makes what you expected.

Now, in the case of scenario D, if orders #5 and #4 close, and then the market moves back up, more sell orders will be placed. Orders #1 - #3 will stay open (and cause drawdown

) until the market comes low enough to close them. I have had some orders open for WEEKS waiting for the market to come back around.

So the issue really is how those open orders are being processed due to FIFO

re-sequencing your positions at the end of the business day by the brokerage. MetaTrader will NOT show you the orders being closed as I discussed above as (most? all?) brokerages are handling FIFO

on the back office and NOT in your client (as far as I know).

My personal opinion is that I like a non-FIFO

brokerage as I like to see lots of little profits coming in. I think it is more profitable, but I have not tested it on two different accounts to compare.

Both ways are profitable, of course, but I prefer the more profitable of the two. From what I can see, the FxPro version of GT-Shadow (using RoboMiner settings) is FAR more profitable than my IBFX FIFO

-regulated account, so that is where I am coming from.

Does that make sense? I hope I got it right.

wealthsecrets · 2009-10-04, 11:32 PM

Thanks James for your detailed explanation of the FIFO

settings for Robominer. That makes more sense to me now. I will have to digest that info and monitor the robot some more.

I had another question about brokers. I have two live accounts, one with Forex.com UK and the other with FXCM UK and was wondering if Alpari UK, FxOpen and FxPro are better for running FapTurbo, Megadroid and other EA's?

I see so many people using Alpari UK ad was wondering if there is something about
them that is better than Forex.com UK and FXCM UK? I went with Forex.com UK and FXCM UK because they are 1) two of the largest companies in forex 2) have good customer support 3) had the highest net capital compared to the other brokers however if Alpari UK or the other brokers mentioned are better in some ways then I may have to consider changing?

If I am posting this question in the wrong place, let me know.

Thanks again,

Mike

**PipCop** · 2009-10-05, 10:01 AM

I really have not done any research on the brokers. It seems to me the best ones would be the ones who have a good spread

, good deposit systems (credit card/PayPal/etc), easy withdrawl systems, are protected/established, and good customer support. It also depends on what kind of account you want in terms of balance requirements and leverage

offerings. So to me it really is hard to say who is the best broker

for anyone due to so many differences.

only20gp · 2009-10-07, 11:44 AM

two questions to wealthsecrets

1: im curious as to why on your history tab u only seem to have eurchf closed trades and not any audnzd trades ( as they close twice as much) ?

2: you are getting $20 plus dollars profit trades on a $2000 balance account ? if that is the case u are running it very hot.

wealthsecrets · 2009-10-07, 12:58 PM

Hello,

Good observation. I had only EURCHF trades because back in July, they seemed to have been closing more trades than the AUDNZD. And the AUDNZD back then, was racking up too much DD so I took it off to see if EURCHF by itself would be more productive. I tried both FIFO set to True and set to False to see what performed better.

What I found out is that EURCHF FIFO set to False places trades with a set TP

of 40 pips. And since EURCHF ranges for most of the time and was starting to go into slow downtrend since August 10, the pair was not coming back up to 40 pip take profit. It would take some news event or something for the pair to retrace back up and go an incredible long way up for 40 pips. So I started to accumulate a lot of open EURCHF trades with barely any of them closing. It was taking forever for trades to close, if that. That's why I have EURCHF trades dating to August 13, 2009.

See screen shot showing my EURCHF FIFO

Setting = False. You will notice all the TP

's are 40 pips. http://WealthSecrets.com/images/eurc...ttingFalse.jpg

So I then set it to True and tried using the EquityPercentTakeProfit of 1% instead of 1.5% and they started to close more often around 20 pips take profit each because 1% of my $2,000 balance was about $20. However since I realized that after the fact by playing with it and changing the setting, I already had many open EURCHF trades and if I left it FIFO

set to True it would close all of my trades even losers as soon as one of the trades closed in profit.

See screen shot showing EURCHF FIFO

=True and you will see all the TP

's are 0.
http://WealthSecrets.com/images/eurc...ettingTrue.jpg

Now after reading many forums, I now realize that AUDNZD seems to be doing better for traders than the EURCHF as you so graciously mentioned in your reply. So what I did is add the AUDNZD pair with FIFO

set to True and I am noticing that they are closing more often around 20 pips.

Since this is a demo and to make sure, I will set EURCHF FIFO

set to True and see if they close all of my positions as soon as one trade closes in profit by 1% of my balance or roughly $20 and see if it starts from scratch or 0 with that EURCHFpair.

Hope all this makes sense. Is this what you observed and understand from the software as well?

Mike

only20gp · 2009-10-08, 06:04 AM

my only worry is that ur getting a $20 take profit with a $2000 account. i think ur running x10 the amount you should be. it seems ur trading 0.1 instead of 0.01.
to run it on 0.1 u should have 25k minimum.