hey all.
I recently signed up to a robot provider service and have deposited £8k after having a demo account I have now gone live.
this week the robot has done multiple trades in eur jpy which has now put me in the red to the tune of £1.2k.
I am not very experienced and am severely worried about how much I am going to lose.
The trades are all still live and haven’t hit the sl but it keeps buying new trades that get me further into the red.
Should I trust it knows what it’s doing? Please help!!
Unfortunately this is how the majority of robots work. Therefore I dont advise it as it’s only when you blow your account that you realise it doesnt work. What is the maximum drawdown expected with the robot you use?
Why are you starting with 8k instead of 1k?
Apparently its 15% total drawdown is ‘accepted’ which is about where I’m at now.
I guess I didn’t really think about only putting in £1k as I had the 8k available. I was obviously suckered in by the myfx stats for this particular ea. Eg. 22% in April.
I didn’t see the point in only 1k given the monthly fees.
It was a good week last week with 3% but the yen as taken a massive hit today and it doesn’t look like its turning round. The provider says to trust their indicators but I’m not so sure.
Well if it goes higher than 15% then it’s no good as they 15% is the max. What are the monthly fees?
It’s your money so you’ll have to decide what to do. Because it could come back or it might not. Depends on your risk appetite!
Cheers.
Its £49 monthly. I don’t mind sharing that. I just thought if I got the average 7 to 10% monthly they state then with the fees £1k wasn’t enough.
I don’t mind some risk but its getting a bit silly being over £1k down.
They have told me to expect drawdown before profit and their stats do speak for themselves but surely their system can make mistakes and it does seem like a big one this time.
Thanks for the advice. One more question. Why does the bot seem to only ever place trades on the same currency pair? There’s 22 of them to choose from!
It just depends what theyve backtested it on so usually it’s been optimised for one or two pairs.
Heres how I think. I have a robot which automatically makes 10% a month…that is 100% a year… I then sell it to you for £49?! It doesnt even make sense. At the very least it should be a % of your monthly gains. Why should you pay upfront regardless of win or loss.