Subscribe RSSThe RoboMiner – An Insider Review
by Jennie on May 3, 2010
The RoboMiner ( Forex Trading Robot)
News Source: Robominer Reviewer
News Rating : 9.5/10
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The closest to the perfect forex robot you will find
There is rarely a sure thing in Forex trading, and especially when it comes to expert advisors, but Robominer is pretty close. I really like this robot.
I’ll get the one major caveat out of the way right up front. At $500, it is one of the more expensive EAs on the market.
But unlike many of its over-priced competitors, Robominer is probably worth it.
Grid-Based Trading EA
Robominer is another grid-based EA (I seem to be drawn to those) that focuses on only two currency pairs: AUDNZD and EURCHF.
The system is built around the fact that historically these two currencies have always traded within a specific range and their price tends to always come back to the midpoint of their respective ranges.
When price moves up from that midpoint, short positions are taken, and when price moves below the midpoint, long positions are established.
Profit is made as the price action then returns at some point to the midpoint. Positions are opened for every 40 pips of movement in either direction.
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How it manages your capital
The Robominer is very conservative in that it recommends using lot sizes of only 0.01 lots per $2,000 of trading capital if trading just the AUDNZD pair, and 0.01 lots per $3,500 of trading capital if trading both AUDNZD and EURCHF. This ensures that even if the pairs were to go outside of their historical ranges, your account would not get a margin call.
Because it is so conservative, there is obviously a limit to how quickly Robominer can grow your account.
Long term capital growth
The developer’s web page states that it can easily produce 6% per month or 100% per year (compounded). In my own backtests, it normally gained between 2% and 5% per month, and in my current forward test, which has been running just about one month, it is currently up about 4%.
Are you happy with small consistent returns ?
Now while you may scoff at getting only a 2% to 5% gain on your account each month, keep in mind that most of the investing world would give one of their kidneys for such consistent returns.
This is one of the safest EAs in existence, in my opinion. It would be perfect for the person who has a substantial amount of money to invest but is not interested in the traditional investment vehicles — CDs, IRAs, mutual funds, etc. In fact, the developers encourage you to think of Robominer as more of an investment EA than a trading EA and only suggest you check on your account every once in a while.
It works slowly and steadily to build your account. I can attest to this. During the month that I have run my forward test, there were times that I thought, “this isn’t going to get anywhere,” but here at the end of the month, it has made roughly 4% on my account.
A very stable EA to add to your trading porfolio
So, if you have some extra money to invest, Robominer would be another great tool to put in your EA toolbox.
It’s one that you literally can just set and forget and let it make money for you. Also, the developers offer a free unlimited trial so you can see how it works for yourself.
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