Any Robots That Work?

[missdolly]

I have been working with Maestro for a few months and I must say it is very frustrating. 10-12 winning trades wiped out by 1 losing one. Like clockwork. It is especially maddening when the trade goes in the opposite direction the instant it is placed and keeps on going to the stratosphere, straight for the stop loss. How can they get it soooo wrong? Sometimes they add another trade right after the first one - now there are 2 going south...my question is, are there any "good" robots around? Any good signals?
Thanks,
Missdolly

[jado911]

Originally Posted by missdolly

I have been working with Maestro for a few months and I must say it is very frustrating. 10-12 winning trades wiped out by 1 losing one. Like clockwork. It is especially maddening when the trade goes in the opposite direction the instant it is placed and keeps on going to the stratosphere, straight for the stop loss. How can they get it soooo wrong? Sometimes they add another trade right after the first one - now there are 2 going south...my question is, are there any "good" robots around? Any good signals?
Thanks,
Missdolly

I haven't used the EA you speak of, but one i had in the past had a BEST TIME TO OPERATE during London session!
perhaps yours is like that. try to see what time does it pick bad trades and avoid running it that time!

[PipCop]

I'm a fan of RoboMiner, but I think that is well known around here. Megadroid seems to be another favorite. Check the threads on the home page.

[JohnTheTrader]

Can you advise a forex robot for a newbie?

[rsmereka]

Originally Posted by JohnTheTrader

Can you advise a forex robot for a newbie?

Both MegaDroid and The Channel Scalper are very profitable trading on a live/real money account.

Rick

[forexOfTime]

And what about RoboMiner for newbie?

[rsmereka]

Originally Posted by forexOfTime

And what about RoboMiner for newbie?

I am biased against Robominer after running it on a live/real money account for a long time and having it almost melt-down by account. It is a lackluster performer IMHO and it can get you into a lot of trouble if you run it hot and the currency pair makes a new high or low. The floating DD is a killer.

Rick

[jerrycollie]

Hi Newbies and welcome to the Forex World!
Rick is right, Robominer/GT-Shadow can be dangerous. On the other hand they may be the only robots that can run with no lost trades; since they run with no stop loss.
Let us assume AUD/NZD is down to its center point on the chart. The chart runs from about 1.0000 to 1.3000; so the center would be say 1.1500. You turn RoboMiner loose. It sells short every 40 pips as the price goes up. Assume you have set lot size to .01 (one micro) on a mini account, then each pip is worth about 1 cent US (at least with my broker , IBFX). Assuming an up trend , when the price tops out there will be a drawdown of about 1500 X .01 = $15.00 US on that first trade. However, every other trade also has a drawdown . There will be about 37.5 trades that did not close. Let's round that to 40 trades; because price may break higher. Since each trade is made at a higher price we can multiphy 40 trades times 1/2 of 1500 pips, or 40 trades X 750 pips = a drawdown of $300. While the price was in an up trend there were very few winning trades; meanwhile you were paying interest on the drawdown so lets say the wins equaled the interest. So you have a $300 drawdown on only a .01 (micro) lot. You might have been using 10 micros in which case your drawdown would be $3,000; or if you used a mini lot your drawdown would be $30,000. You can see from this the main problem is not having enough money in your account to cover the drawdown when the price hits the top of the chart. In this case you will get a margin call and your broker will close your account and keep all of your money!
If you made it past the top, next the price goes back down. You are still paying interest; but you find a lot of good wins, plus the drawdown goes down. Happy times are here again!

[jerrycollie]

Getting back to Miss Dolly's question at the beginning of this thread:
I like Maestro; but yes it can blow up your account. It makes many trades and should only be run in a trend . Sometimes it can be quite profitable. Set the trend button on the Common page to either Only Long or Only Short to match the current trend . If Maestro is run against the trend , he will break the bank.

Why does a Robot make a trade only to have the price instantly reverse and head for your stop loss? Of course it will do this! Your broker uses a robot too. Its name is Pacman. Pacman decides what the current price is. Pacman looks to see where the most stops are. He has been programmed to reverse the price and go gobble up your stop; then reverse again and head in the first direction. It is like playing poker with all of your cards face up on the table.

[jerrycollie]

Hi Rick,
I set up the Channel Scalper. It has a smiley face; but it just sits there and does nothing. Is it suppose to trade automatically, or just give signals? I am sure I have done sumething wrong; but I don't have a clue. On the other hand it is not my only robot that sits there and does nothing. Do you have any suggestions?
I have had good luck with Megadroid; but this reduction in the US from 100:1 to 50:1 leverage caught me by surprise. When I looked at my account about a month ago, Magadroid was trading and making money; but my margin was in the red. I quickly closed some trades in time to save my account. I figured out later they had cut my margin down to 50:1. A couple of years ago they gave me 200:1 leverage . I wonder if they will cut us back to 2:1 like they did in the stock market? Maybe it is time to open an account in Australia? Russia? Outer Mongolia?