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ROBOMINER

  

Price: $497.00
 Optimism Rank:
Sold by: Forex Gold-Mine





Description:

Robominer is a grid-trading robot that specializes in the AUD/NZD and EUR/CHF because of their small overall, long-term range. It finds the middle of that overall range and only places sell orders in the top half and buy orders in the bottom half.

Update (April 21st, 2010): Forex Gold-Mine is now offering payment plans for a Robominer lifetime license. A 12 month payment plan is $59.99/mo, or you can pay $29.99/mo for 24 months.


Scott's Notes (Aug 7th, 2009):

Do NOT expect overnight miracles with this EA. This is a long-term strategy that you should plan to use for the next 12-24 months at a minimum. As a grid-trader, it will never close out losing positions so be careful not to trade too many lots. It trades the AUD/NZD and EUR/CHF because of their small overall range (making it less risky) but their lot size recommendations are not to be taken lightly.

Historically it appears to make an average 5-10% per month.

Please note that on our demo account we are using a highly aggressive lot size. The normal recommended lot size for two-pair operation on a $5,000 account is .01 or .02 lots but we are using .05 instead. EUR/CHF is near its overall low and the AUD/NZD is near its overall high, so the likelihood of retracement back to center is greater at this moment than normal. If the AUD/NZD was at 1.800, I would be more likely to use the recommended lot size.

Also, if I were to run this strategy live, I would use a highly aggressive lot size (just like this) and make sure that additional funds were available to be added to the account if that need arose. I created the demo using the same strategy that I would do if I were to go live with it. Eventually there WILL be drawdowns but for the long term? This strategy is profitable.

I am not running it live yet, but plan to in the near future. I am just not personally ready to commit to the long-term strategy it is designed to be.

Update 1/27/10: I'm lowering this from 5 stars to 3 stars because of personal preference. For me, 3-5% monthly profit isn't enough to be willing to put an account at risk. My taste is a little more aggressive and I need to see results a little faster.


Links:




MT247 Statements:


(right-click and ‘save target as’ to download)



Account Updates and Memos

05/05/10 - A new demo account was created:
The Alpari account expired, so we had to create a new one. Here is the overview from the old demo account:

Recommended Pairs Demo: Traded from 02/03/10 to 04/30/10
Total trades: 79, Total pips: -2,225
Account started with: $5,000, Account ended with: $5,748
Pairs traded: AUD/NZD, EUR/CHF, Risk setting traded: 0.05 fixed lots

02/03/10 - Update An Old FXDD demo account expired so we had to create a new one. Here is the overview from the old demo account:

Traded from 10/30/09 to 01/29/10
Total trades: 85, Total pips: -56
Account started with: $5,000, Account ended with: $5,925
Pairs traded: AUD/NZD, EUR/CHF, Risk setting traded: 0.05 fixed lots

10/30/09 - A new demo account was created:
An old FXDD demo account expired so we had to create a new one. Here is the overview from the old demo account:

Recommended Pairs Demo:
Traded 6/12 - 10/22, 176 trades, 92% Winners, +4463 pips


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