I bought this robot not very long time ago and discovered interesting result that I like to share:
After installing the robot, I received excellent help from the Forex21 team on how to setup everything including receiving the New AUDNZD file which had to be replaced with the default AUDNZD.
The overall trading technics of the robot is promising, but there are major issues in my opinion:
- After setting up my demo account ( $1000 with Lev. of 400:1 ) and installing the robot I discovered that the robot started to trade immediately ( after 10-15 min ) on the AUDNZD chart with high lots - 0.4 or 0.67. I immediately came to this page to check forex21's account about this trades, but I couldn't see any trade!
After contacting Forex21, I was told the FTP server hasn't been updated and in fact there are trades ( After re-checking I could see the trades :) )
# To forex21 : Please make sure your FTP client is synchronizing with Myfxbook, I understand because of different brokers there is a chance that some of the trades will not execute for some or for you, but it gives a clear indication that our robots are working and have up to 95% accuracy in executing trades.
- My biggest issue with this robot was the high trading lots! In less than 24 hours I was $-821 and 3 of my AUDNZD positions were stopped due low margin, and eventually I was left with just over $100 in my account this morning :(. This is just a disaster....
Having a close look on Forex21's account it shows they have a cent account which shoes a big number. My trade size was exactly the same as theirs, but having just only $1000 in my account. This makes my risk and margin requirements 10X higher than theirs. In the user manual of the robot, the starting lot size is exactly the same for both cent and micro accounts. I think this can't be right because obviously having a $100000 cent account with a starting lot size of 0.5 is not the same with a micro account with just $1000.
I decided to change the starting lots from 0.1 to 0.01 for the AUDNZD and 0.2 to 0.02 for USDCAD ( I left GBPUSD unchanged at 0.04 ) - I will post my results shortly after few trades.
# To forex21: Don't you think the starting lot size needs to be changed in the user manual? as I mention earlier, I lost all my account in less than 24 hours with the default settings.
# to Forex21: As I mentioned earlier you send me the AUDNZD manually via email. Are the rest of the files ( GBPUSD and USDCAD up-to-date that was provided in the installation pack?
PS: I'm not here to criticise or giving bad impression about forex21, My intention is to give correct feedback about the robot that can help both Forex21 and us ( clients ) to improve the performance of the robot.