RoboMiner Pro

[dennerle]

RoboMiner Pro is introduced...

anyone knows what is it about? I don't see any description about it yet though

[PipCop]

It's up on their official sales site: http://www.gtshadow.com/index.php?pageid=robominerpro

You can trade on any pairs, set the grid center, and set the tradeRange in pips (so have it open every 40 pips instead of 40). Also, if you buy it, the RoboMiner II is included at no cost (so two for the price of one.) Pricing hasn't been set yet, probably tomorrow.

[PipCop]

And RoboMiner II has been updated to version 2.18 which adds an email notification, stealth orders (without a TP ), and a mode that relies on the TP to close the orders instead of having the robot close the orders (would be handy if your MetaTraders is offline or crashes, etc).

[RiskFree]

Well I wanted to say hello to all and thanks for the site.

Also today I downloaded and set up Meta 4 Running GT Shadow on a demo acount trading EuroCHF and AUDNZD simultaneosuly from one account with FXDD as the FX trading account

Demo Mode.. but will probably go live...soon....

Within 5 minutes of set up on NZAUD I made $5... from the very first trade.

Additional:

I have tried trading on a number of platforms in the last week including:

1. ElToro: Lost $100 bux first trade - manual
2. AVA FX: $500 bux profit first day manual trade
3. ForexYard - Unable to trade - dont like the system...

I have scanned the site pretty thoroughly and have found it useful.

I am completely new to Forex = Noob!!

LOL!!

Cheers

Hope the PipCOp doesnt bust me for writing this but wanted to say hello to all and cant figure out how to start a new thread - maybe Im not allowed...?

I had a look at the RoboMinerPro - cant belive its up ther with no price so did not buy.

Thought I would use demo for a while and ascertain effectiveness.

Cheers to all

RiskFree

[PipCop]

Hi RiskFree, and welcome to the site. I am glad you're having fun. Generally speaking I always recommend people stay on a demo account for 3-6 months until you are sure you know what is going on, or going live with a TINY account ($200) so you don't risk all your savings. After a year of success, then put some more money in.

Also, you can start a thread in most forums (but not the review forums) by going to the main forum page and clicking "New Thread" at the top left. Check out the User FAQ from the menu for more details on how to use the site.

[dennerle]

hi guys, i need expert advices and comments on the following EURUSD settings on Robominer Pro...

For past 60 months, the historical high and low is 1.6038 and 1.1640 respectively.. which means total of 4398 pips.

If i set Robominer Pro to trade the pair at trade range 9 pips, which is a total of 489 instances (4398/9) with the center as 245, how safe will my account be if i start off with a $2000 USD balance and it is using 1:200 trading fixed lot at 0.01?

Will my account able to weather through and if not, how fast will the $2000 be wiped out?

does the formula (X times X+1)/2 apply? if it does apply, do i only calculate on the half of 489 instances which is 245 only as only one half can occur? Either buy or sell?

[PipCop]

Have you back tested to see what would happen? That is what I would do.

Also, is this on a FIFO or non-FIFO broker ? That will make a big difference.

Seeing as how RoboMiner usually has 66 instances (33 above the mid and 33 below) you are saying you are going to increase that nearly ten times? I think you're going to blow the account up very quickly if the pair moves anywhere out of a very small range within the middle. I don't know anyone who changed the instances from 66 to near 500 (500 is the max, btw) though, as it's far too risky.

Maybe I mis-understood?

Anyway, no one can really tell you what will happen because no one can predict the market. It might work fine for years, or it might blow up in a few days. As far as how fast it will happen, well, if you get a margin call it will wipe out your account in an instant.

What you are proposing is far too risky for me, and I like to run a little "hot".

[dennerle]

Originally Posted by PipCop

Have you back tested to see what would happen? That is what I would do.

Also, is this on a FIFO or non-FIFO broker ? That will make a big difference.

Seeing as how RoboMiner usually has 66 instances (33 above the mid and 33 below) you are saying you are going to increase that nearly ten times? I think you're going to blow the account up very quickly if the pair moves anywhere out of a very small range within the middle. I don't know anyone who changed the instances from 66 to near 500 (500 is the max, btw) though, as it's far too risky.

Maybe I mis-understood?

Anyway, no one can really tell you what will happen because no one can predict the market. It might work fine for years, or it might blow up in a few days. As far as how fast it will happen, well, if you get a margin call it will wipe out your account in an instant.

What you are proposing is far too risky for me, and I like to run a little "hot".

i have not run on backtest yet. Yup run on non-fifo broker .

Coz i was thinking that prices move up and down thus able to profit from the small ranges?

if i do trade on those settings i mention above, am i still on a safe range for $2000 account on fixed lot 0.01, 1:200?

[PipCop]

The back test will tell you a lot about you need to know. A forward test on a demo account will tell you more. And of course a small live test will be the truth.

Ah, now I understand what you're saying about the smaller ranges, but keep in mind that if you open orders at every 10 pips instead of 20 per the recommended settings, then you have to almost double your account equity to trade safely.

As a result, no, you're not within a safe range to trade - in fact you're nearly double the recommended risk. However, that's just that - recommended. Depending on your risk aversion or acceptance, you could say "Hey, we're pretty close to the historical high right now, so it's a great time to start with a high risk setting" and you could potentially make some very good money. However, if the market doesn't do exactly what you want it to do, and does something unexpected like move higher, then you either have to add a lot more equity (and fast), close a number of orders at a loss, or risk a margin call .

Bottom line - I don't advise anyone to trade more than what is recommended in the manual for the robot. The settings you choose to trade at should be based on your research (forward demo and live account testing) and your appetite for risk (or lack thereof).

WIth that said ... I am trading 0.1 lots on a 200:1 demo account on two charts with a 20 pip shift so I am essentially doing what you are doing, but I am doing it with a $5k balance. I was nearly margin called last week, and if things keep moving up (AUDNZD) I am sure to get wiped out. So my little experiment has shown me that these settings are VERY risky. If I had done the same with 0.01 lots I would have been fine. Even if I had been at 0.05 lots I would have been fine.

So ... do your homework and make your decision carefully.

[dennerle]

Originally Posted by PipCop

The back test will tell you a lot about you need to know. A forward test on a demo account will tell you more. And of course a small live test will be the truth.

Ah, now I understand what you're saying about the smaller ranges, but keep in mind that if you open orders at every 10 pips instead of 20 per the recommended settings, then you have to almost double your account equity to trade safely.

As a result, no, you're not within a safe range to trade - in fact you're nearly double the recommended risk. However, that's just that - recommended. Depending on your risk aversion or acceptance, you could say "Hey, we're pretty close to the historical high right now, so it's a great time to start with a high risk setting" and you could potentially make some very good money. However, if the market doesn't do exactly what you want it to do, and does something unexpected like move higher, then you either have to add a lot more equity (and fast), close a number of orders at a loss, or risk a margin call .

Bottom line - I don't advise anyone to trade more than what is recommended in the manual for the robot. The settings you choose to trade at should be based on your research (forward demo and live account testing) and your appetite for risk (or lack thereof).

WIth that said ... I am trading 0.1 lots on a 200:1 demo account on two charts with a 20 pip shift so I am essentially doing what you are doing, but I am doing it with a $5k balance. I was nearly margin called last week, and if things keep moving up (AUDNZD) I am sure to get wiped out. So my little experiment has shown me that these settings are VERY risky. If I had done the same with 0.01 lots I would have been fine. Even if I had been at 0.05 lots I would have been fine.

So ... do your homework and make your decision carefully.

so to add on, this formula does applies according to the robominer proof.pdf

(X times X+1)/2 which will give the number of lot-ranges


so if my total instances is 489, my half instances will be 245. 245 for buy and 245 for sell

so to calculate, i need to use (245x246)/2 = 30135 lot-ranges

which is (30135 x $0.90 per instance) + (30135 x $7.51 per instance margin required) = $253, 435.35 to be safe???

**$0.90 per instance because trade range = 9 on 0.01 lot , 1:200