November 15, 2009

Ivybot

14/11/2009

This last week of the trial started quietly, the bot still sleeping since last weeks disasters. However, Tuesday it woke up and placed two trades, one a loser of 20 pips, but at 4.70 full lots, causing a loss of $762; this however, was followed up almost immediately by a second trade and at last, this was successful, collecting 27 pips, though at just 2.9 lots, which harvested $844.

Wednesday at 15.39 we had a long trade on the Eur/Usd which was stopped out at 15.50 with a loss of 23 pips on 3.3 lots, resulting in a $756 loss. It then opened another trade at 15.50 which closed at 16.10, also with a loss of 23 pips, $756. Another trade followed immediately and this time scored a gain of 19 pips, so a gain of $532. Unfortunately, it then entered a further buy on the Eur/Usd at 22.56 for 3.10 lots which closed at 08.00 the following morning for a loss of 24 pips, $744.

Thursday morning at 10.00 another Eur/Usd long was opened for 3.60 lots. This closed at 12.30 with a loss of 20 pips, $734. Another trade opened immediately for 3.20 lots but this was stopped out at 15.10 for another 20 pip loss, $707. Another trade was opened immediately, a long on the same pair for 2.7 lots, stopped out at 15.19 for a further 26 pips, $705. Once again, another trade opened immediately and closed at 19.31 with a small loss of $78.

This brings to an end the months trial of this bot. I cant say it has been a pleasure to see the bank, despite it only being a demo bank, dwindling away in quite startling amounts until it has been reduced from $50,000 to $34,000, with a loss of around 900 pips. This is a loss of nearly one-third of the original balance and hardly what one would hope of an EA which is hyped to make a fortune.

I have already alluded to it’s behaviour in opening trades which are obviously opposite to the market and I find it hard to believe that a reasonably experienced trader could not have turned in a far better performance than this. Consequently, my recommendation has to be a resounding No.

You can get Ivybot here:

http://www.cash-master.com/ivybot.php

Filed under Forex by Terry Shepherd

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