Monday, March 1, 2010

I am giving the USDbot a run on a $100,000 demo account with ODL. Default stake is 1 minilot. With a stoploss of 30 pips $300 would seem a reasonable bank size to operate this.

The Ebook which introduces this $149.00 (approx £96) automatic robot doesn’t mention strategies, it simply and clearly leads you through setting up a broker, downloading and configuring a suitable account and how to set up the bot on both the EUR/USD & USD/JPY 5 minute charts. It is possible to vary the amount traded and stoploss etc but the vendor suggests that the bot performs best with the default settings. I shall be trading this from 8am-10pm, which covers the London and US markets. The vendors also suggest that it should be left on 24/5 but this is not something I want to do and any responsible person who shared my knowledge of the mare’s nest of cables and connections and banks of plugs behind my desk would surely approve.

So, on to the voyage…..

I originally set this up and ran it for three days with a complete absence of any trades. On contacting the vendor, I was pleasantly surprised to receive a prompt reply and immediate interest in why it wasn’t performing. After some Q & A and some screenshots back & forth, I was then told I needed Version 2 and directed to a download link. This had not one, but two EAs to use together and also an offer for a VPS service to host the bot 24 hrs a day for either $65 or $115, depending on which level of service you chose. I declined this generous offer and installed the new EAs, rather wondering why Graham had been supplied with V.1 in the first place.

These immediately started trading, with mixed, but overall, fairly successful results. I won’t go into the minutiae of the trading here, what matters to us all is whether it will make some money. So far it is doing that. I am trading on the default settings, as recommended and this means that I am trading minilots, as mentioned. However, it isn’t that simple, there are evidently internal settings which vary the amount staked as the trades proceed, so I will simply quote the cash figures which result, without attempting to decide how many pips they represent.

The bots have been running now since Tuesday, so only 4 days this week. Early days, of course, but shaping up nicely.

P/L: +$206.05

Filed under Forex,General by Terry Shepherd