Questions About Using the EA

Recently, we added the ability to trade the EURCHF to the RoboMiner. This does require a higher minimum balance than the AUDNZD to keep this element of safety. Trading both pairs actually increase the safety of the whole system by creating a mini-basket. If you do decide to trade the EURCHF, you must use a different magic number setting, although it is recommended that the magic number still end with 1. Also, if you are a beginner, you may wish to begin with just one currency just to familiarize yourself with using the RoboMiner.

It may be several hours or even a day or so before it triggers its first trade. As long as you have a smiley face, showing that live trades are enabled, and have the comments showing up to the left of your screen, and the do trades is set to true in the settings box, then the EA is working. The next trade will be triggered when the bid price reaches 1 of 2 predetermined price points. Look in the comment on the left side of your chart for the "Long/Short open for range X = x.xxxx" for the prices where you range will open a trade. Don't forget to take the spread into consideration.

This system averages between 6 and 16% return a month. It does not make huge amounts all at once, but if you let it be, it will make steady amounts as the days and weeks go by. In this case: don't worry...be happy!

The main "Expert Advisors" button at the top of your trading platform should be on, and it should be green and not red.

If that still doesn't give you a smiley face, then press F7, and click on the "Common" tab, and make sure that "Allow Live Trading" is checked. But what you did earlier should have done this already.

However, the AUDNZD pair is offered by FXDD. You must right-click on the "Symbol" heading in the market watch window. Then left-click on "show all". This will have the platform show all the currencies that are available. For further help on this, watch the instructional video that is inside the website.

We know for sure that FXDD and any other recommended brokers offer the AUDNZD, since we not only trade that pair with FXDD ourselves but actually developed the RoboMiner using FXDD's MT4 platform.

If you study the back test data that is shown on the website, you will see that it is sometimes several days before a trade is closed. It is not meant to be nursed along waiting for trades. They happen when appropriate. Over the long term, you will see the profits build up as the trades close and accumulate their profits.

We have studied the movement of this pair over a long term and it will eventually get there. But it is rare for a trade to close within a few minutes. What you are describing is very normal for this system.

The EA can run on any time frame. You can run it on an H1, H4, D1 and even W1 chart if you wish. You can even change the time frame of the chart it is on while it is on the chart, and it will not hurt anything. It just doesn't care about the time frame at all.

If you are using the same terminal program, and wish to operate the EA on a different chart of the AUDNZD or EURCHF, you could do so as long as the two following conditions are met:

1. The magic numbers must be completely different. Once set could start with 100001 and the other set could start with 510001, for example. Each instance of the EA uses that magic number as a starting point, and then adds 1 internally until it has 64 magic numbers total. So the EA that is using 100001 is actually using all the magic numbers between 100001 and 100064. You cannot leave any conflict between the magic numbers of the 2 robots.

2. You must have a large enough balance to support trading the system twice. The system must have a minimum of $2000 balance to support trading .01 lots. More is better. By setting the BalanceFactor to 2000, you are allowing for that. But if you are adding another currency you cannot do that. In that case, you must have a minimum balance of $3500 and your BalanceFactor on each EA must be set to a minimum of 3500. This will cause each robot to trade .01 lots until you get to $7000 in balance, and then each will trade .02 lots, etc.

We actually recommend using both Currencies if you have enough in the balance to protect your open trades. This is known as a mini basket and adds a certain amount of protection from margin calls. It is far more unlikely that both currency pairs would reach extreme areas simultaneously than it would be for just one pair to go into the extreme highs or lows. Which means that you should have a little extra balance to help protect the extra open trades that add to the draw-down from the pair that is not trading in the extreme area.

For example, setting 1 sets up a total of 39 ranges in the whole grid. Add 1 to that, and then divide by 2. At that setting, you will have only a maximum of 20 trades left open at one time.

Under setting 3, with 23 ranges in the grid, you add 1 and divide by 2, and find that you will only have 12 trades maximum open at one time.

So, setting 2 is more conservative than setting 1, and setting 3 is more conservative than setting 2.

These range settings allow you to adjust your risk level vs. your profit. When you use setting 2 or 3 you make your account safer but in doing so you are also likely reducing your return.

Whichever setting you choose will still be centered at the same point, and so it will keep the range # consistent, so that you can switch from one to the other and still keep the same magic number for the open trades that the EA is monitoring.

The actual theory behind this is covered in more detail in the "Proof" pdf file that was included in the zip file you downloaded the EA in.

You have 2000 for your BalanceFactor setting. The EA will trade .01 lots until you reach an actual acccount balance of $4000 and then it will trade .02 lots until you reach an actual account balance of $6000. And so on.

You have 2500 for your BalanceFactor setting. The EA will trade .01 lots until you reach an account balance of $5000 and will then trade .02 lots until you reach an account balance of $7500. And so on.

Obviously, the higher you have that setting, the safer you will be. It is important to not set it below 2000. The math has been worked out so that the AUDNZD can cover its entire historical range without you receiving a margin call as long as you don't trade more than .01 lots for every $2000 of account balance. This is assuming a standard account with 200:1 account leverage, which is no problem with FXDD. If you have 400:1 leverage, you have even more of an advantage in this respect.

As a matter of interest, if you were to trade an IBFX mini account, with a 10000 lot size, then you would still want to leave your BalanceFactor setting to 2000 or higher. The EA will adjust itself internally, automatically, and will trade an additional .01 lots for every $200 of account balance. Thus, with an IBFX mini account, you could theoretically trade this system with as little as $200. On a standard account, however, it is important to have a minimum of $2000 to trade this system. And that is starting with .01 lots. If your broker only allows you to trade a minimum of .1 lots, then you would need a minimum of $20,000 to be safe, and you would have to adjust your balance factor so that it would not change over to .2 lots until you reached a $40,000 balance.

We recommend that as your account balance grows over time, you set this setting to be more and more conservative (higher). We cannot guarantee that the AUDNZD will never move beyond its historical high and low prices, as unlikely as that might seem at this time.

First of all, it will help you to show the comments for your current open order at the bottom of the screen. A big reason for this is that each order's magic number is shown in the comments for that order. If you don't have the comments showing in your orders at the bottom, here's what to do. Your open trades are in a box at the bottom of the MeteTrader4. On the bar just above that is the headings of order, time type and size etc. Right click on any of these headings and click next to comments placing a check mark there.

Now, as you look at the comments on the left of your chart, depending on where the price is, you may be looking at the information for the next grid higher than the grid of your current order. It is also possible you are looking at the same grid. You can tell by comparing the magic number in your comments at the bottom of the screen (if you have the comments showing) to the magic number in the chart comments.

You can find the magic number on the chart comments in the lower area of the comments to the left of your chart. If it is the same as the magic number in the comments for your order, then the "Reverse Close" that is showing in the chart comments is the point where that sell trade will close.

If your comments on the screen show that you are in grid 26, but your trade is grid 25, (very possible), then press F7 to open your settings, and replace the 0 with a 25 in the DisplayLevel setting. This will show you all the open and close points for grid 25. If your DisplaySetting is 0, it shows the grid settings for the current price level, but sometimes it is helpful to be able to see other levels, as in this case.

For buy orders, the Forward Open and Forward Close items show the order open and close points. For sell orders, the Reverse Open and Reverse Close items show that. Orders are always triggered by the bid price reaching the predetermined level. Incidentally, the number after the words "Forward Open" and "Forward Close" is the number of the current grid that you are viewing. This matches the number in the magic number. For example, magic number 510025 is the magic number assigned to a trade for grid # 25, if you have your first magic number set to 510001.

If you put a 25 in the DisplayLevel, so that you are looking at the data for grid # 25, you should see that if your sell order opened at 1.1650, it will close when the bid reaches 1.1610.

Down lower in the comments, you should see that the buy orders end when the price reaches grid 21 and that the sell orders start at that point.

If it is difficult to read the comments on the chart, try changing the time to the 1 minute tab.

The reason I did this was due to one event that happened during our testing, when some news was released. The spread was widened from 8 Pips to over 36 Pips and the price moved really fast, just as a trade was about to be closed. Instead of being closed at 1.1608, while the bid was 1.1600, the spread widened and the price shot up so that the Ask price was 1.1663, and that was the price we got on a close that should have been 1.1608. In a determination to never let that happen again, I put in the special slippage test routine. The scenario where we needed it only happened once during months of testing, but that was enough to make me want to do something about it. The slippage function is there now in case it ever happens again.

The normal spread is 8 Pips for FXDD and 11 Pips for IBFX. I set the slippage to 16, which means that it will still take the trade if the Ask is separated from the Bid by as much as 15 Pips, but cuts the trade off at 16 Pips difference. That allows some room for movement from the time the EA decides it needs to trade to the time it does the trade, while still protecting us.

RECOMMENDED BROKERS AND TRADING ACCOUNT SIZE NEEDED:

http://www.daytradeforex.com/RobominerEA_recommended_brokers.htm