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No problem Fabio - I'm here to learn. If anyone can point out pitfalls then I'm fine with that. None of us want to throw money away -and that's one assumption you can bank on. My trade is still going -292 on a $5,000 account - so there's no way I can verify the 10% risk level unless my position drops below 500.

I will update as and when with figures.

Two things:

First, oneolguy, your calculations on your risk are wrong. Yes, you set the risk level at 10 on a $5,000 account, so your max risk should be $500, but the stop loss is set at 650 pips. If you trade 1 mini at $1.00/pip that is a $650 risk. Apparently the system overroad your stop to place the minimum size trade. If your broker traded micro lots then they could have given you 7 micros at $0.10/pip, then your risk would have been $455, $0.10 x 650 x 7.

Total risk to the acount is a combination of the stop loss amount and the position size.

And yes, these are microscopic gains. Especially when compared to the risk and the frequency of trading.

The one who makes a real profit from this style of trading is the broker. I wouldnt be suprised if the people who create and sell these robots have a contract with the prefered broker where they get a point off the spread anytime their robot trades. That is how you make money, not by selling robots at $97 a pop. That would be right in line with all the other internet marketing affiliate scams, where if you can get someone to buy/trade/subscribe or otherwise pay, you get a piece of the action.

Second, the robot took its second trade this morning at 15:34, 8:34 edt (eastern daylight time). Closed the trade in two minutes for anouther 5 pip gain, $5.00 on 1 fixed mini lot. However. this wasnt a breakout trade like yesterday. Yesterday it bought as the price broke above the previous high. Today it bought a trendline break. The price first moved up to the high in a 2 hour consolidation, then droped hard, twice the range of the consolidation, on very high volume. A noticable and obvious move. The system bought the reflex move following that drop. It waited to confirm the reversal and bought on the 2nd 1 minute bar, taking its small gain and getting out before the downtrend continued.

Its interesting to note that this trade was a different style than yesterdays, yesterday was a breakout in an uptrend, today was a countertrend reversal in a downtrend. This system has the capabilities to make several different types of trades. And it can do it with accuracy!

The question is, why does it stop searching for trades after the first one? Something triggers it to start looking for trades at 7:00 am, and to stop looking for trades at 5:00 pm, or after the first one. If you notice every single trade in his 9 year backtest fell between 7 and 5 eastern time, with the majority earlier in the day, mostly between 9 and 11, the New York opening rush. The system never initiated a second trade, even after the first was closed. Even when the oportunities were plentyful. Also it never initiates a second trade while the first is still open, which could take days, to weeks, to months with that 650 pip stop loss.

He has numerous trades in his backtesting results that lapse for several months waiting and hoping for a close, and even more that wait for days to weeks. This is just wrong when a good trade lasts a matter of minutes. The system should be taking small losses and moving directly into searching for the next trade.

I think, from the trades that I have seen, that a stop of 10-25 pips would be apropriate. This would result in a lot more losses, but they would be small ones. So far the system seems accurate enough to handle this tight of a stop. Additionaly, you dont want to run a 10% account risk with a tight stop, several losses in a row could wipe you out. Generally 1-2% risk is considered acceptable, that way you would still have enough capital to come back from a string of losses.

I havent tested any of this yet. From what I hear the backtesting capabilities on this software are rather poor. The data just isnt clean enough, and you get gaps and errors. Thats what you get for free! I dont know, I havent tried it yet, this is all new to me. If you do try, experiment with different stops and account risk settings. The profits I have seen have been 5 pips, the ones listed in his backtesting were from 4-7 pips. I dont know if the profit targets are adjustable, but from what I've seen today I'm not sure I would want to change them. I'm much more interested in why it can only take buy to open trades, not sell to open, and why it cant take multiple trades during the day. If we could fix these two problems, and tighten our stops, we might have a useful piece of equipment.

Ken

Dont try anything I've said with real money. I've never done this before.

AutoCash Robot Team,

? This isnt a human, with emotional reactions. There is no logical reason why consecutive trades should change the odds. No matter if it is the first trade or the fiftieth, the odds are the same, otherwise you might as well stop trading all week, or for the rest of time~! However certain times of day can and do have advantages, such as the US market opening hrs, and the London market opening hrs, as well as any time there are economic factors driving the market to move.

Please see for comments. Too much to post here.

'Autocash Robot'

I am very interested in knowing how to adjust the frequency of trading so I can catch both the US and London opens. And so I can attempt to catch multiple trades during volitile periods.

Also, why cant it take sell to open trades?

Also, how many different trading styles does the robot contain?

I have seen two different trading styles in my first two trades, both performed very accurately. 1. Breakout above a previous high in an uptrend. 2. Countertrend reversal trendline break in a downtrend.

Again, this is a mathmatical program, not an emotional human. There is no way that consecutive trades can alter the odds. Only market conditions, price action, time of day, etc, can effect the odds and outcome of any individual trade.

Good Evening All,

I see you are all having the same problem as I am. I downloaded OK but I have had just 2 trades one yesterday and one today with the sum total of $7 and $3, no losses I must admit and the program only runs for 16 hours a day. I thought this was because I set the risk levels quite low but if this program requires the stops to be set at 650 well.............!

I see that the Traders Club has apologised for suggesting the program and they now say leave it alone. This may be a bit of professional argie-barie but someone is not sure that this is going to work.

I'll follow the comments with great interest.

Good luck All

can some please send me the robot or where I can download for free pls