BUSTED - GT Shadow forex robot review - 4 brokerages at once! - Page 16 - Pip Cop

Trick or Treat · 2009-10-19, 08:01 PM

After three different demos with three different brokers, I had to flush RoboMiner. All it did was open trade after trade after trade that immediately went into negative territory. Most never got out. The rare trades that did turn around and close at T/P were not near enough to put even a small dent into the big negative draw-down.

Another thing I didn't like is that one of the pairs that RoboMiner trades is AUD/NZD -- a very high-spread

pair, indeed. Add to that the negative swaps that accumulate from trades being held open for so long.

Too much to overcome, in my view.

I am live trading with another EA that cost me only $97. It trades only one pair; one trade at a time; and doesn't over-trade or under-trade, averaging about one trade per day. Nice and conservative, the way I like it. It's making a good profit.

**PipCop** · 2009-10-19, 09:06 PM

What is the $97 robot and how has it been doing?

RiskFree · 2009-10-19, 11:10 PM

I have been using GTshadow test trading on the preset currencies for which it has been set up. Euro/CHF and NZD/AUD.

It opened a lot of trades that quickly went negative.

When it initially started trading it made about $100 very rapidly but then opened a lot of trades that were short

positons which were raidly unprofitable...and unrecoverable ...

Hmm where to from here...

**PipCop** · 2009-10-20, 12:06 AM

That is the whole design of the RoboMiner and GTShadow robots. Did you read the documentation provided with it? Unlike a scalper, it holds open positions until the market returns and the trades are profitable.

Generally speaking ALL trades made are going to be negative to start with - that's the point

and the design! You have to be patient and leave them alone and let the robot close them per it's design.

I've been trading live for nearly a year and have yet to have an "unrecoverable" trade. Almost all my trades have closed profitably save the ones that were affected by FIFO

and me not upgrading the robot in a timely manner. Right now if you look at my statement you will see a dozen open trades, all negative. All I have to do is wait for the market to drop and then they will all close in profit, just as designed.

So RM and GTS are not "Fast" or "exciting" but they are profitable - if you understand how they work.

RiskFree · 2009-10-20, 12:09 AM

What effect have the holding costs had on your trades

There is ususally a fee to hold a position over a weekend...

This can eat into profits...

Trick or Treat · 2009-10-20, 02:12 AM

Quote:

Originally Posted by PipCop

What is the $97 robot and how has it been doing?

It would be inappropriate for me to name any other EA on a thread dedicated to Forex-Goldmine/GT Shadow/RoboMiner. Send me a PM and I will name the other EA for you.

Trick or Treat · 2009-10-20, 02:23 AM

Quote:

Originally Posted by PipCop

That is the whole design of the RoboMiner and GTShadow robots. Did you read the documentation provided with it? Unlike a scalper, it holds open positions until the market returns and the trades are profitable.

Generally speaking ALL trades made are going to be negative to start with - that's the point

and the design! You have to be patient and leave them alone and let the robot close them per it's design.

I've been trading live for nearly a year and have yet to have an "unrecoverable" trade. Almost all my trades have closed profitably save the ones that were affected by FIFO

and me not upgrading the robot in a timely manner. Right now if you look at my statement you will see a dozen open trades, all negative. All I have to do is wait for the market to drop and then they will all close in profit, just as designed.

So RM and GTS are not "Fast" or "exciting" but they are profitable - if you understand how they work.

I understand perfectly well how RoboMiner and GT Shadow work. I have read all of the documentation related to RoboMiner that is available on the Forex-Goldmine Web site.

What can I say other than RoboMiner demoed very poorly for me and that its trading style just does not suit my temperament? I have found an EA that is working very well for me trading live (following a thorough demo period) and suits my preference of trading style.

For those for whom GT Shadow and RoboMiner are working well, great! There is more than one way to skin the profitable FOREX trading cat.

**pipdetector** · 2009-10-20, 02:42 AM

Quote:

Originally Posted by Trick or Treat

It would be inappropriate for me to name any other EA on a thread dedicated to Forex-Goldmine/GT Shadow/RoboMiner. Send me a PM and I will name the other EA for you.

Come on, "Pipcop" community is very forgiving, I do not think that anyone would mind mentioning another EA in GT Shadow thread. If you were really so particular about the threads, you should have commented on RM on RM thread not on GT Shadow thread

.

As to your being disappointed with RM/GT concept: everyone needs to find EAs/strategies that work the best with their own psychological set up. In my case I am beginning to hate the short

term/long stop loss EAs. Mostly because I never know if when I wake up they will not surprise me with another SL

hit. They show wins with small gains often, but this is frequently offset with singular losses that set you back to square

one.

To accept RM/GT drawdowns you need to know the concept that lies behind it, which is explained by GT author. Apart from that you also need to apply proper position sizing.

veeps · 2009-11-10, 07:22 PM

Why GT-Shadow is kept under demo trade for a long time?.
When will be the Live results available like RM?.

**PipCop** · 2009-11-10, 07:48 PM

Good question. The GT-Shadow that we have under demo is simply using the same settings as RoboMiner. Since we are trading live with RoboMiner, we don't see a need to duplicate the same settings on a live account. The reality is that it really us just RoboMiner at this point

.

The bigger issue with GT-Shadow is its incredible flexibility. Due to the huge number of settings, it's really hard for us to decide what settings to use and then demo it. Many of our GTS traders are using really creative and complex settings which go beyond what we've even thought of trying. So, due to the nature of how GTS is designed to be used - specifically NOT an "out-of-the-box" robot - we decided it's best to show a starting point

.

Most of our GTS traders spend months fine tuning their strategies to work for their investment and risk strategies. That is something that we simply cannot offer

on a single demo. For that matter, we couldn't do it even with 100 demos, due to the huge number of different variations of settings.

Bottom line? GT-Shadow is designed for advanced traders who want to do very complex things with their robots. Due to that, we really don't even try to mimic what advanced traders may want to do. This is also another reason why Forex Goldmine only offers troubleshooting support and not "settings" support with GT-Shadow.