RoboMiner Pro Robot Review - LIVE ACCOUNT - Page 59 - Pip Cop

Killer-B · 2009-11-04, 12:52 AM

Pros and cons to all bots - but as said before, I think it's time to bust this one - along with Megadriod - Just my .02 cents - but a decent bot has to play in both bear and bull markets... and this one gets stuck too much (locked in the grid) - You've been running this almost a year now - and still can't "cash out" in the black - I'm all for steady 4% to 10% gains - and even I thought this one had promise - but face it PC - it's busted (not a bad bust - just not getting you anywhere)-

That said - I will once again promote Forex Funnel - as a pretty decent EA that you have to tweak and watch - I've had "2 scares" in 5 months - but survived them... and am happy to say I just broke the $60K mark having started with $5K -

You MUST use 2500:1 (I use 5000:1) for your lots -
Toggle to "Short Only"
LEARN YOUR PAIRS! Know what your resistances and supports are, your pivot points and most important, watch your news days... It works VERY well as long as you play it safe and follow the rules -

I demoed this for 4 months before going live (blew up all 3 demo accounts getting greedy) - and as said, had 2 near missing when the news had the pair running 350+ pips and I was caught sleeping - Other than that - my "average" DD is around 8% -- never more than 23% - and is short

-lived (usually closes within the hour) -

So, I just consider myself lucky - or fortunate - and seeing as the USD/JPY has been in a freefall for the past 9 months, probably very lucky - but so what? the AUS and NZD have soared - Everyone should've been riding the dollars' collapse... But think we're near the bottom (minus a huge blunder/meltdown) -- and then will reverse my strategy as it starts to turn bullish - (Word is, if USD/JPY hits 88.00 the gov't. will intervene) - so that is my "floor" and most traders know it.... Meaning, I check my EA about 6 times a day - and when it gets close to the bottom of a range

, I reduce my lots, and set "long and short

On" - and it works like a champ -

Today (11/4) is a big news day - and the markets are currently consolidating - so sure as shit, the minute I go and say all this, some wonderful news will spring out - and it may zoom 300 pips this coming a.m. and blow me up... LOL Murphey's Law right? So, I've settled down my lots - (5000:1) and turned on "long" just in case - and now I can sleep easy - even if it does take off...

Lastly, use a 500:1 account, and must be non-NFA (no FIFO

BS) - as it hedges (if you want it to) -

Good luck-

KB

**pipdetector** · 2009-11-04, 03:23 AM

Your results with Forex Funel sound impressive. I guess I will need to give it a try on my "risky" account.

Does the EA author provide some basic hints on managing the EA or just "open and run it"? The way you describe it, it looks that you simply found an EA that complements your knowledge/skills so you can get the best of it. It may not work so well with less experienced users.

Killer-B · 2009-11-04, 03:46 AM

You're correct - it is an EA that is not for everyone - If you are not patient (disciplined) or willing to learn the pairs you trade, then it's not for you...

It took me 10 months for "figure it out" - but once I did, it's worked well for me - but that's just me - as there are 100's of bad reviews out there... but EVERY single one of them, the account was underfunded... bar-none... That is it's only drawback as it does martingale - but that is also why I don't have to worry about stoplosses - and it works in any market - up, down, sideways... I can only think of maybe 3 days (over 5 months) where I did not close a trade... (but did the next day)... Always for a profit...

Their documentation sucks - that's all I can say - but really is a no-brainer out of the box... I would LOVE to tear it apart and rewrite some of the LONG code - as well as some of the TP

settings, as those are locked... and have missed several closes (that did eventually close) but it adjusts "on the fly" to your lot size and conditions - and sometimes goes to 35 pips for TP

and that's sometimes just too much (I've had it go to 34 - and miss by one! and it's just so frustrating) --

Anyway - Since I can't get my MT4 thing to fire - will attach yesterdays close - it's actually 63K in 4 months, 3 weeks... Not bad...

Good luck -

KB

**PipCop** · 2009-11-04, 09:37 AM

I detest Martingale robots, and simply won't test them due to the obvious fact that they will give you a margin call

sooner or later. It's just the nature of the beast.

As far as RoboMiner, I have to say it - every time it goes into high drawdown

, about every 2 to 3 months it seems, everyone starts calling for it to be busted. But then in a few weeks when all the trades turn profitable... crickets. RoboMiner is doing exactly what it's designed to do, and I could have cashed out a few weeks ago with $0 loss. This drawdown

means profit, and anyone who says "Throw in the towel" right now is greedy (imo).

Unlike Forex Funnel, which you profess to have to check 6 times a day, I think many people are looking for a robot they only have to check once every 6 days. If I had to check my robot 6 times a day, I may as well be trading manually. I don't have the desire to do that, hence the reviews here on the site. I'm looking for 100% hands off automated perfection.

Anyway, I wish I were on Forex UK and not IBFX because I will have to wait a long time for all these trades to close, but in the meanwhile I may open another account so I can take advantage of the smaller movements.

Oh, and I feel sorry for a recent purchaser who did not read the manual and did not demo RoboMiner. When he was in nearly the identical position as my live account, he panicked and manually closed all the open trades at a magnificent loss. When he realized what he had done, he kicked himself for not paying attention. So, folks, it's just another story of you needing to demo anything you plan on using live, read the manual, and be careful!

**rsmereka** · 2009-11-04, 11:01 AM

Quote:

As far as RoboMiner, I have to say it - every time it goes into high drawdown

, about every 2 to 3 months it seems, everyone starts calling for it to be busted. But then in a few weeks when all the trades turn profitable... crickets. RoboMiner is doing exactly what it's designed to do

I had a good chuckle over your post,

I was remembering the last time that Robominer went into higher DD than normal. It was the same thing. Many of the people running Robominer started complaining loudly and/or closing their trades and taking the loss. I think it's an aspect of human nature to complain instead of compliment.

My career is in a field where this is 100% true. I only hear complaints, never compliments. The best I can hope for is nothing. If I hear nothing, then everything is fine.

I understand this tendency and you will never hear me complaining about Robominer in DD (unless it blows my account

). I realize that the Goldmine family (GT/Robo/Robo Pro) are exceptional EA's and I am grateful for every for every penny of profit.

Friends don't let friends use NFA brokers,
Rick

dennerle · 2009-11-04, 11:06 AM

Quote:

Originally Posted by rsmereka

I had a good chuckle over your post,

I was remembering the last time that Robominer went into higher DD than normal. It was the same thing. Many of the people running Robominer started complaining loudly and/or closing their trades and taking the loss. I think it's an aspect of human nature to complain instead of compliment.

My career is in a field where this is 100% true. I only hear complaints, never compliments. The best I can hope for is nothing. If I hear nothing, then everything is fine.

I understand this tendency and you will never hear me complaining about Robominer in DD (unless it blows my account

). I realize that the Goldmine family (GT/Robo/Robo Pro) are exceptional EA's and I am grateful for every for every penny of profit.

Friends don't let friends use NFA brokers,
Rick

rsmereka,

i second that!

**PipCop** · 2009-11-04, 11:32 AM

You just reminded me - that human nature comment. I know most people are looking to get rich quick. And yes, it's possible to do, but using Martingale robots or other extremely risky techniques just doesn't suit me. Yes, I would like to make some money, but within reason. A 25% return on my investment is fantastic in my opinion. With any luck, I'll be up 50% after 12 months. I have yet to find a robot which really truly can offer

the promise of no major losses yet still be significantly profitable. I'll continue testing some new ones but so far ... MegaDroid and RoboMiner seem to be the only long term winners.

Killer-B · 2009-11-04, 12:22 PM

I said it was not for everyone - and while it is martingale in nature, so is Megadriod to a degree (as they bump up your lots after a loss, no?) -

Since FF is older, and demos aren't readily available, people think it's a standard "double down" system and don't understand how it works - as it's really not - It is made for ONE pair - and one pair only - and has a methodology that is both manageable and that I like (allot!) and can live with...

Look, you can rip it all you want - it just went thru all the FOMC news this morning, had a 120+ pip rise while I slept - and my MAX DD was 8% which lasted all of 2 hours... and just banked another $1,100 in profit for the morning -

The reason I check it 5-6 times a day? is b/c I'm on target to make $200K for a year - and has now become "my job"... As my equity grows, I will actually DECREASE my lots as to avoid any margin

calls - for as you said:

"I simply won't test them due to the obvious fact that they will give you a margin call

sooner or later. It's just the nature of the beast." (said by the man that just blew up his RM demo account, and countless others - JUST LIKE ME)

How is it "obvious" if you've never tested it?

With a "standard martingale system", yes, it is highly probable - but since you've never tested FF - and the fact that I've just (more than) quadrupled my account in less than 5 months (as Megadroid and FAPS all "claim" to be able to do, but never do) -- I think it's worth looking at... Just because you don't like them - or just b/c your bots don't work - doesn't mean it's not worth testing here...

If you set it up as I suggested, and just let it run here unattended (for 11 months like RM that has netted you ZERO profit) I guarantee you, you'd buy a copy... Just run it the way it's meant to be run and don't get greedy by increasing lots --

The reason I get "touchy" about it - is that everyone (myself included) are looking for the ultimate EA - the "holy grail" - and I never claimed this was it.... but it's far better than any of the other 30+ EA's I've personally tried (so thought I'd try to "share the wealth here" - and how to avoid some pitfalls) - As I have yet to see any one of the ones tested on here, do as they "advertise"....

I'll shuddup now and just let the numbers keep talking - it's up to you if you wish to chase other EA's and their bogus hype.. Do you want to feel right, or make money?

**rsmereka** · 2009-11-04, 12:47 PM

Killer-B,

I have about a billion questions so I am going to go ahead and open a Forex Funnel thread cause, after all, this is a Robominer thread.

Rick

Killer-B · 2009-11-04, 01:01 PM

Quote:

Originally Posted by rsmereka

Killer-B,

I have about a billion questions so I am going to go ahead and open a Forex Funnel thread cause, after all, this is a Robominer thread.

Rick

Sorry Rick - I was going to do just that after I had several months under my belt - but just never got around to it as I've been off this board for awhile now - and realised today, that I actually get more heartburn here over trying to "help" than my actual trades!! LOL - (I saw someone earlier on talk about "grab the Valium!" - That's kinda the way I feel right now...) as I have studied this one inside and out for several months, and shown that it can work to a degree - but have always stamped the disclaimer, it is martingale in nature - and is not for everyone.. as well as how to avoid some of the risks it carries -

I've also just said I'd LOVE to tear it apart, and rewrite some of the code and make improvements where I see it could use some tweaking - so no, it is not perfect....

Anyway - all that said, I don't wish to get into a pissing match on here... A year ago, when PC so graciously started this site, there were only a handful of us blindly zapping robots left and right... buying up "the hype" from paid EA's and testing the freebies from MT4 - and RM was the only one that was showing promise (and my apologies for hijacking this thread) - after 53 pages, figured I could slip in and out with some positive news unnoticed.... as I watch the NZD daily - and saw it's meteoric rise, and was very curious to see how it fared with RM -- not very well it seems.... Hence me "stopping by" the RM thread... So my original intent was indeed RM -

Either way -- I don't see many bots listed here anymore... haven't read into the reason for that.... but will let this run through Xmas (if it doesn't blow up) - and then come back and start a "trading file" like you have - and address just this EA - as I only run this one "on the side" while I do my day gig...

Cheers-