PipCop - RoboMiner Pro (By PipCop)
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PipCop - RoboMiner Pro Discussion
Dec 28, 2009 at 19:33
1,512 Views
11 Replies
Jan 05, 2010 at 17:06
I am trading RoboMiner Pro on a live account. I started with a $250 balance on Dec 2nd, and through December 17th pulled off a 40% return. I have been adding funds to bring the balance up, obviously.
I am running two instances and using lot sizes that are larger than recommended, but that is due to the fact that we are high in the grid right now.
For more discussion and details on exactly what I am doing, please see https://www.RoboMinerPro.com
I purchased this from https://www.GTShadow.com
I am running two instances and using lot sizes that are larger than recommended, but that is due to the fact that we are high in the grid right now.
For more discussion and details on exactly what I am doing, please see https://www.RoboMinerPro.com
I purchased this from https://www.GTShadow.com
I'm a lazy trader. I like to make money while I sleep.
Member Since Oct 20, 2009
36 posts
Jan 05, 2010 at 17:46
Hi James
why do you use 2 instances?
Rolf
why do you use 2 instances?
Rolf
Jan 05, 2010 at 18:24
Hi Rolf,
I do that to increase the profits. RoboMiner Pro opens and closes trades every 40 pips. By adding a second instance with the 'Shift' = 20, and a new magic number, RoboMiner Pro will open trades that are offset from the first instance by 20 pips. That means instead of trades only every 40 pips, I will now have trades every 20 pips. This increases the risk, of course, but it also increases the likelihood that one of my trades will close as now I don't have to wait for the market to move a full 40 pips.
I have just today changed my settings to have 4 instances now, each with a 10 pip shift from the next (so Shift = 0, 10, 20, and 30 and a unique magic number for each instance) in hopes of picking up more profits. I have also decreased my lot sizes to 0.01 which is still quite high risk for my account balance. 0.01 lots are the recommended size for a $2000 balance, so you can see I am over 4x as high risk as recommended.
I do that to increase the profits. RoboMiner Pro opens and closes trades every 40 pips. By adding a second instance with the 'Shift' = 20, and a new magic number, RoboMiner Pro will open trades that are offset from the first instance by 20 pips. That means instead of trades only every 40 pips, I will now have trades every 20 pips. This increases the risk, of course, but it also increases the likelihood that one of my trades will close as now I don't have to wait for the market to move a full 40 pips.
I have just today changed my settings to have 4 instances now, each with a 10 pip shift from the next (so Shift = 0, 10, 20, and 30 and a unique magic number for each instance) in hopes of picking up more profits. I have also decreased my lot sizes to 0.01 which is still quite high risk for my account balance. 0.01 lots are the recommended size for a $2000 balance, so you can see I am over 4x as high risk as recommended.
I'm a lazy trader. I like to make money while I sleep.
Member Since Jan 05, 2010
92 posts
Jan 05, 2010 at 18:53
PipCop posted:
Hi Rolf,
I do that to increase the profits. RoboMiner Pro opens and closes trades every 40 pips. By adding a second instance with the 'Shift' = 20, and a new magic number, RoboMiner Pro will open trades that are offset from the first instance by 20 pips. That means instead of trades only every 40 pips, I will now have trades every 20 pips. This increases the risk, of course, but it also increases the likelihood that one of my trades will close as now I don't have to wait for the market to move a full 40 pips.
I have just today changed my settings to have 4 instances now, each with a 10 pip shift from the next (so Shift = 0, 10, 20, and 30 and a unique magic number for each instance) in hopes of picking up more profits. I have also decreased my lot sizes to 0.01 which is still quite high risk for my account balance. 0.01 lots are the recommended size for a $2000 balance, so you can see I am over 4x as high risk as recommended.
Overall, you're trying to decrease risk. Isn't it the same as decreasing the lot size with one instance instead of running several instances and paying several times the spread?
Patience is a virtue.
Jan 06, 2010 at 21:34
Well, yes and no. I am - of course - trying not to get a margin call on my account. So yes, I am trying to decrease risk. However, there is (in my uneducated and untested opinion) a difference in profits when running one instance with a larger lot size at the default settings.
With 2 or 4 instances of the robot running, the market only has to move down 40 pips from my last order (plus the spread) to hit the TP. However, after that, it only has to move down 10 pips to hit the next TP. The default setting of RoboMiner would require the market to move down another 40 pips (not just 10) to hit the next TP. In that same 40 pip movement, I would have another 3 orders open (albeit at smaller lot sizes) and can take the profits from them sooner than the standard 40 pip grid points. Depending on how the market moves (or not, as the case may be) my thinking is that I would prefer to have a smaller orders close and reduce the opportunity for swap to build up.
I also personally like to see smaller profits coming in more frequently, rather than larger ones coming in less often.
I happen to have another instance of RoboMiner running. It is RoboMiner II on IBFX. I will add it to my systems so we can compare a little better.
With 2 or 4 instances of the robot running, the market only has to move down 40 pips from my last order (plus the spread) to hit the TP. However, after that, it only has to move down 10 pips to hit the next TP. The default setting of RoboMiner would require the market to move down another 40 pips (not just 10) to hit the next TP. In that same 40 pip movement, I would have another 3 orders open (albeit at smaller lot sizes) and can take the profits from them sooner than the standard 40 pip grid points. Depending on how the market moves (or not, as the case may be) my thinking is that I would prefer to have a smaller orders close and reduce the opportunity for swap to build up.
I also personally like to see smaller profits coming in more frequently, rather than larger ones coming in less often.
I happen to have another instance of RoboMiner running. It is RoboMiner II on IBFX. I will add it to my systems so we can compare a little better.
I'm a lazy trader. I like to make money while I sleep.
Jan 06, 2010 at 21:50
Also, I found out that Forex.com does not allow clients to have 'Investor' passwords, so I can't verify my trades. I can post the MetaTrader statement if anyone also wants to see it, just let me know.
I'm a lazy trader. I like to make money while I sleep.
Member Since Jan 05, 2010
92 posts
Jan 07, 2010 at 10:04
Got it.
Yeah, it's a real problem with the investor password. I don't understand why wouldn't Forex.com give an investor password?
Yeah, it's a real problem with the investor password. I don't understand why wouldn't Forex.com give an investor password?
Patience is a virtue.
Member Since Jan 05, 2010
92 posts
Jan 07, 2010 at 21:18
PipCop posted:
They said they only allow clients with managed accounts to have investor passwords set up, so they can manage the accounts of their clients. Silly but whatever.
That's a first!
So if you find an investor, you need to ask their permission for something that should be given at first? Nonsense.
Just tell them you'll close the account if they don't provide with the investor password and you'll get it.
Patience is a virtue.
Feb 02, 2010 at 15:23
The only other pair which is really suitable is the EUR/CHF. However, that pair has so little movement I prefer not to tie up my equity with open trades there and instead open more trades on the AUD/NZD. As you can see, last night was a great movement and closed a lot of trades on the AUD/NZD so I made some tidy profits.
I'm a lazy trader. I like to make money while I sleep.
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