Robominer – Forex Goldmine
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Robominer is an EA that’s been around for a while now and uses a fairly simple, yet effective, trading strategy.
The creators explain the strategy in detail when you sign up for their “no cost” demo version of the EA.
The Strategy
- Trades AUDNZD and EURCHF currency pairs
- The above pairs almost always trade in a range because of their geographical proximity to each other and other factors
- Robominer determines the middle of this range then opens up Sell trades every 50 pips in the top half of the range and Buy trades in the bottom half
Advanced Robominer strategies can also be purchased which maximise your earning potential.
Robominer can either be purchased on a monthly plan or a lifetime plan. This is great if you want to test the waters first before diving in.
One thing to be aware of when trading Robominer is that when the EA is near the top or bottom of the range there is a good chance you’ll have a significant drawdown. This can freak some traders out, but the money management they use means you can ride this out. However, if your account is already in drawdown through manual trading or other EA’s then you could be at risk a blow out (unless you top it up).
I, personally, run Robominer on a separate broker and just leave it there to do it’s thing. You can see my live account in action at the bottom of this post.
Let’s see what others have to say about this grid trading EA…
This fellow, from the Forex Nirvana Forum, has a great understanding of how Robominer works and even has a nice little strategy to make sure you are protected if it breaks out of the trading range. Note, where he says “MD” he’s talking about Forex MegaDroid and where he says “DD” he’s talking about Draw Down.
This blogger has an extreme view, but has done some thorough research which is worth heeding…
Even though I’m fully aware how Robominer trades it’s still worth doing a backtest for your benefit… off to the lab!
Test 1: Independent Strategy Testing
1999-2009 Strategy Test results show consistent growth but large Draw Downs (green line) and swap rates (due to being in Draw Down for some time).
Currently running Robominer on Latitude FX. Trading started on 22nd September 2009. Current results are as follows:
View our Robominer Live Trading Statement
Lab Result:
14th May 2010: After trading Robominer on my live account for 234 days my conclusion is that this EA works but is definitely a long term play. With 14% return over almost a year it will provide a better return than the bank but at the cost of a significant draw down and potential account blowout (especially if there’s a dramatic change in the relationship between the countries whose currencies are involved).
On the chart above what you can’t see is that my account was in 33% draw down which I manually closed out after stopping the live feed to this site. So, in short, it’s does work but you need to be in it for the long haul and have the utmost confidence in the currency pairs involved.
Also worth noting are the other EA’s provided by Forex Goldmine (the creators of Robominer). These use more advanced tactics which can produce better returns while keeping your draw down to a minimum. Click the Visit Site button below to test drive them.
If you have used, or use, Robominer please post your review below. Make sure you give it an overall star rating. Thanks!
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