RoboMiner Robot Review - LIVE ACCOUNT

[GabyZ]

To make things easier...

nterbankFX transcript

General Info
Chat start time Dec 17, 2008 11:40:08 AM EST
Chat end time Dec 17, 2008 12:07:23 PM EST
Duration (actual chatting time) 00:27:14
Operator Client Services 10


Chat Transcript
info: Thank you for contacting us. The next available agent will be right with you. Our goal is quality service. You may tell us how we do today by clicking HERE.
info: You are now chatting with 'Client Services 10'
Client Services 10: Hello, this is Ana. How may I help you?
none: i wana know do u all ban profitable EA trading? the EA is a scalper
Client Services 10: Hi.
Client Services 10: What do you mean with ban?
none: means disallow
Client Services 10: The trading platform supports EA's
Client Services 10: You have to make sure that the EA is compatible with the MT4 trading platform
Client Services 10: We do not support the EA that you will install on your platform
Client Services 10: We can only explain you how to attach it to the platform
Client Services 10: Also we do not recommend any EA
none: coz i heard that if clients profit, then the brokers will lose big time
none: is that true?
Client Services 10: No, it is not
Client Services 10: If you are using an EA
Client Services 10: And you are doing profit using it
Client Services 10: We will respect the way and strategies that the client uses in their platforms.
none: then why brokers hate scalpers?
Client Services 10: In accordance with our no dealer intervention business model it is not the policy of IBFX to police the trading style and activities of our clients. However, as a general rule we recommend that clients remain in trades for a duration of at least 90 seconds.
none: why is that so?
none: why 90 secs?
Client Services 10: Lower that 90 seconds is scalping.
Client Services 10: More that 90 seconds is a normal trade
none: profitable scalping is bad for the broker ?
none: the broker loses money on clients who scalp for less than 90 secs?
Client Services 10: The broker can allow you to do that, but the liquidity providers will tell us
Client Services 10: to close your account if you continue with the scalping strategy
none: why is that so?
Client Services 10: because the rules and pilicies
none: wat rules?
Client Services 10: We are regulated by the NFA
none: scalping is illegal?
Client Services 10: No, it is not, IBFX recommend that clients remain in trades for a duration of at least 90 seconds
none: recommend, its not a MUST rite/
none: ?
Client Services 10: Yes.
none: why must u all close accts of clients who scalp less tha 90 secs?
none: if thats not a must, then why the 90 secs rule?
Client Services 10: Again;
Client Services 10: In accordance with our no dealer intervention business model it is not the policy of IBFX to police the trading style and activities of our clients. However, as a general rule we recommend that clients remain in trades for a duration of at least 90 seconds.
none: u the difference
none: its a recommendation
none: not a RULE
Client Services 10: Yes.
none: then why accts must be closed if clients keep on scalping?
Client Services 10: Because we are regulated by the NFA and we are a broker of the liquidity prioviders.
Client Services 10: We do not monitoring your trading strategies
none: so ibfx clearly doesnt encourage scalping?
Client Services 10: In accordance with our no dealer intervention business model it is not the policy of IBFX to police the trading style and activities of our clients. However, as a general rule we recommend that clients remain in trades for a duration of at least 90 seconds.

[marlintrdg]

Originally Posted by Stormin_Norman

can you please quote the section. i dont feel like reading through 40 pages of conspiracy theories.

i have EAs which at times enter and exit a trade in just a few seconds (under 1 minute). i ask the broker if this is ok; and every time they have said it is.

they are out to stop FAP sending thousands of orders in at the same time. theyre not out to generally 'get you' though.

remember, if u cost them money with your trading methods, they will not stand for that. 25,000 FAP programs do that to the retail brokers. hence they mess with it or outright ban it.

Here you go:

http://forums.babypips.com/forextown...html#post81409

[Stormin_Norman]

yep. that transcript backs up my point .

im not going to argue. you can either take my post or discard it. it doesnt worry me either way.

i am just trying to give some input into how the currency markets and their participants operate.

[GabyZ]

Ok you're right, most of brokers I think will ignore the EAs but when the number of customers that use EAs will rise, we'll get in their attention....however you can let the EA trade in DEMO and copy the trades on the Live platform.

[masterpipper]

Looks like this is getting a tiny bit off topic..... I wanted to comment on the Robominer performance, and over the last few days we hit new intramonth hiighs for the AUD. We'll see it come down, or if robominer stops trading until it's within the "normal" trading range . All the trades open on the demo should start closing as it moves thru the range .
This EA is so boring the way its making money!!!!
With the spread widening on this EA and others that are being tested, there are workarounds and variables you can set to deal with them ( including not scalping).
masterpipper

[Stormin_Norman]

you can code into an ea slippage maximums (requotes) and spread maximums.

i dont know what's coded into this particular ea though.

[Gloworm]

12 weeks live trading, Profit= 23.46% DD= 22.02%. Don't panic !!!

[Gloworm]

I have in no way given up on this ea, but I certainly wouldn't trade like this on my manual account, I'd be scared stiff !!

[Jey]

Originally Posted by Gloworm

12 weeks live trading, Profit= 23.46% DD= 22.02%. Don't panic !!!

Figures like this can be misleading on their own.

What's your current Balance? What's your current equity? What's your current Free Margin ? (you can give scaled % amounts in ratio, if you don't want to reveal your actual figures)
Are you trading The AUD/NZD and the EUR/CHF or just the AUD/NZD ?
What lot sizes are you using? Or are you using auto lot sizing?
Are you on a Mini Account or a standard Account?
What Broker are you using?
etc. etc.

Just interested as I'm thinking of starting a live account with this EA myself.
Thanks a lot in advance.

(Have to agree with Stormin Norman by the way What are the chances of any successful EA maintaining it's profitability once it's in the public eye and at large? Are we seeing the beginning of the end of the 'Commercial EA' ??)

[PipCop]

Originally Posted by Jey

(Have to agree with Stormin Norman by the way What are the chances of any successful EA maintaining it's profitability once it's in the public eye and at large? Are we seeing the beginning of the end of the 'Commercial EA' ??)

I also agree with this. Once too many copies of a robot get out there, it has the potential to flood the brokerages and cause problems. So to some extent, a robot will probably have declining performance over time depending on it's success and the extent is it marketed to the masses.

To that end, I think the $200 robots are going to feel the effect more than the $500+ robots, just by ruling out people who are looking for bargains or have financial restraints and can't afford to buy it.

And of course, it also depends on how often the robot is updated. If it is updated frequently, then it might survive longer.

Popular robots might also do well if it were smart enough to SKIP opportunities to trade periodically so that only 1/3 or 1/4 of robots trade at once, or have a percentage of robots which delay orders for a 5-30 second window if possible. Instead of 250,000 robots placing orders all at once, they would come in over a 30 second window which might be enough for the brokerages not to get overloaded.

Of course, then some folks would likely be less profitable!