RoboMiner Pro Robot Review - LIVE ACCOUNT

[Jey]

Originally Posted by brg

you can try using GoMarket to trade that EA - http://www.gomarket.com.au/forex . It's an australian broker , they support microlots, have pretty good opinion and the most interesting thing - aud/nzd spread is only 10 (according to thier page). Check this out if you want to

Thanks for that.
Not bad considering the IBFX spread at 14 (more like 15-16 in reality)
They are regulated as well so should be ok. But do your due dilligence.

Hi guys - please note that GoMxxxxxx spread is definitely 23! I have a live account and it has been at this spread for quite some time due to "market conditions".

Please be careful when mentioning this broker . They have a habit of banning ea's that they find are doing well and they are the only Aus broker under a min $10,000 deposit limit with an MT4 platform.

Update - when I said live account I meant set up but not yet funded....well as of 5 minutes ago it's up and running!

Starting balance $500
200:1
Settings as per set up instructions

I have a warning on my comments though that "account balance may be too low to safely trade at this setting level".

Comments anyone?

Would really love some other live people to start posting results and settings etc.

Maree

[Gloworm]

Started 10 Nov '08 with $2016 on Alpari UK live ac, current status is $2515 bal, $2118 free margin , DD $289. Last week the DD was greater than profit for the first time but is now fighting back. Alpari spread has been 20 all through with Robo standard settings

[Junja]

Originally Posted by trendcat

it must have incredible drawdown to need that much for a micro

The way I understand it is this.
RM sizes its trades, provided one sets it right, so that price can go anywhere in the range it's visited since 2001 without margining you out. It's choosing safety over winnings.
But alongside that is its entry strategy - which is an ultra-simple grid. Above the middle price of its range since 2001, it sells; below that, it buys. And once it's taken a trade it just waits till price comes back in its favour. Which is fine for a tame pair which hovers most of the time around a middle price.
In any sustained move, though, it can go on blindly increasing dd. If the move reverses, that dd becomes profit (which one can quite easily double). If not, ..
While the dd is rising, one wishes its entry strategy took a little more notice of price action.
But the overall impression is of an ea as close as you can get to a 'set it and leave it' one.
Jiunja

[Junja]

Originally Posted by PipCop

..
This live account really has a $200 starting balance,

That's fine Pipcop but, as mentioned in some other forum, given RM's price of $400 and its small lot size (for safety), it's going to be hard for the program to pay for itself ..
Anyone who's thinking of going live with it would be better off with $2k.
Junja

[PipCop]

Originally Posted by Junja

That's fine Pipcop but, as mentioned in some other forum, given RM's price of $400 and its small lot size (for safety), it's going to be hard for the program to pay for itself ..
Anyone who's thinking of going live with it would be better off with $2k.
Junja

Agreed. However, since I am planning on funding so many robots, my goal isn't to make money off them but provide a proof of concept of their performance on live accounts, while at the same time having enough funds to run other robots as well. I could put this on a $2k account, but $200 allows me to test 10 robots instead of one.

[jsp]

If RM can do what's advertised, then you're wrong...very wrong.

Its website talks about making 6% per a month on average. Let's say it makes 5%. With a $2000 account, that's $100 per month. That means the $400 price tag should be paid off in 4 months, and then you're free and clear to make 5% per month. Where else can you do that? Mutual funds? Treasuries? CDs?

Now, there are risks invovled, and I'm not trying to promote RM or claim it will always average 5% per month. But if its claims are true (or even close to being true), then it's a great investment.

FWIW, here's a live account with the Robominer trading nanolots. It more than doubled from March to December 2008. It made almost $400 trading with much smaller lots than you could with a $2000 account.

(Edit: I can't post links yet, so you'll have to go to daytradeforex dot com and find the live InterbankFX statement for RM.)

Originally Posted by Junja

That's fine Pipcop but, as mentioned in some other forum, given RM's price of $400 and its small lot size (for safety), it's going to be hard for the program to pay for itself ..
Anyone who's thinking of going live with it would be better off with $2k.
Junja

[PipCop]

Junja, I also realize I failed to answer your question properly. As you may notice, I test robots on a demo account with $5000 starting balance. In the demo, RM made about $20 a day. So that's about $100 a week, or $400 in one month. *IF* RoboMiner were to perform that way for at least 30 days it would have paid for itself. As JSP pointed out, above, smaller balances would just take longer.

I picked the $5000 starting balance because I felt that for most serious traders, but also for smaller folks, $5000 should be a reasonable starting balance. Obviously, if you have half ($2500) then just cut the figures in half and so forth.

It's just math.

[Junja]

Originally Posted by PipCop

Agreed. However, since I am planning on funding so many robots, my goal isn't to make money off them but provide a proof of concept of their performance on live accounts, while at the same time having enough funds to run other robots as well. I could put this on a $2k account, but $200 allows me to test 10 robots instead of one.

Cops can do what they want, it's well known.
And sure, I'd rather you test 10 eas than one.
But it would be a pity if beginners weren't aware of the figure cited on the RM site:
"For a standard account that allows you to trade .01 lots, $2,000 is the recommended minimum balance, $2,250 or $2500 would be even better."
Keep up a great site
Junja