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Tested Result: testing
RoboMiner Forex Goldmine
 

Updated: February 2009

Profitable: 4/10

Easy To Follow: 7/10

Honest Result: 8/10

Support: Developer is very active on forums

Bonus Value: 6/10

Results: 2/5

The Good: They offer free demo version. Developer is very active and updates his system pretty often.

The Bad: No stop loss trading without any algorithms to close losing trades. Tiny profits with huge floating loss and chance to blow whole deposit

 
 

Forex goldmine website is selling 2 EAs: RoboMiner and GT-Shadow. The member area is pretty nice and content-rich with lots of vidoes, PDF, Mathematical proof etc. The creator himself is very active on public forums, such as Pipcop.

Lets start with RoboMiner review today. In future I will update my review with the opinion on GT-Shadow EA.

Robominer works on EURCHF and AUDNZD H1. The system opens several trades with very small lot size and no stop loss and keeps them until reaches the profit. Looks like there is no inner stop levels or indicators, it simply keeps the position open until reaches the profit. This approach looks very risky for me - even with 0.1 fixed lot the drawdown can be as huge as $5000 on 10K account!

The profitability is extremelly low. You should expect a lot of small winning trades but huge number of floating losing trades because they do not have stop loss. The bottom line: I would not recommend trading such system on real money: you can get very tiny profits with a chance to blow whole deposit...

Update February 2009 Okay, as promised I continue my review today with opinion on GT-Shadow. Here is the bold claim : "The GT-Shadow is like the RoboMiner EA on steroids. At its very basic settings, it can trade the forex market in exactly the same way as the RoboMiner.". okay, lets see this baby in action..

GT-Shadow comes with several presets and can trade several currencies. It can also trade Grid Weaver style on EurGbp H1. Grid Weaver trading is a standard Grid system when the EA builds a no stop loss grid and gets tiny profits with huge floating trades that can finally blow the whole deposit. However to be honest this Grid system is one of the best I ever seen among systems of this kind.

Regarding "steroid trading" on EURCHF H1 - once again same system trading 0.02 lot on 10K deposit making small profits with no stop loss and drawdown of 47%. For example current forward test shows a profit of 41.08 usd with a floating loss of -1782.76 usd... No wonder the creator trades only demo accounts in his forward test and does not trust real money...

One more bad thing - 1 year backtest is very slow and takes HOURS even on my super powerful 4-core processor PC so no idea how one can optimize this beast.

Update February 2009 Guys, as you know we are always open to discussion and welcome EA developers to share their own point of view. Today Jerry from RoboMiner got in touch with me and shared his opinion on the system. From his permission I publish all his words here so my readers will have better understanding of the Robominer.

Jerry: I want to thank you for reviewing the RoboMiner and GT-Shadow at forex-system-reviews.com. My partner, Bob, and I are the developers of both EAs. I do all the program coding while Bob works mostly on the theory end of things. I thought your review was fair, but would like to respond to your concern on the drawdown issue. We consider the lot sizing to be an integral part of the system in a way that goes beyond that relationship in most other systems. No one should ever be trading .1 lots with a $10,000 account. On just the AUD/NZD, the most lots that someone with that account size should be trading is only .05 lots. If that rule is adhered to, you will find the equity drawdown to be somewhat more moderate.

In actual fact, Bob and I both trade the RoboMiner with real money. We are very conservative, even more conservative than the minimums mandated by the system, and yet are averaging better than 5% per month. You see, we are not trying to make huge gains. The system was intended to make an average of 4 to 8% per month over the long term. As you are aware, a person can become wealthy with those kinds of returns over the long term. And so, your observation that the profits are tiny is true. But I can assure you that those tiny profits add up over time.

I like to use the example of a paddle ball, hanging from a paddle by a rubber band. Think of the paddle as your balance and the ball as your equity. The ball will move away from the paddle at times, and will also move towards it and even past it at times. But start walking up the stairs with the paddle, and even though the ball will be at varying distances from the paddle, it will always follow the paddle up the stairs with you. Your walk up the stairs with the paddle represents the growth of your balance over time. Yes, there are times when the equity is in drawdown, but, it eventually moves back up to meet the balance again. I hope this helps give a little background on what we are trying to accomplish with the RoboMiner.

Update October 2009 - Robominer released an update and a PRO version for FIFO brokers.