review::RobinHood EA
name of Expert Advisor : RobinHood
current tested version : v4.9
start date : (1st run) 28th Aug 2007, (2nd run) 23rd Sept 2007
current settings :
SL=140, TakeProfit=6, Stop_Friday=true, PercentRisk=45
pairs traded : EURUSD, H4 on InterbankFX
manual intervention : close out trades and disable Expert Advisor prior to news (at least 12 hrs prior) and weekends.
performance :
Sept 2007 : n.a. (see testing history)
Oct 2007 : n.a. (see testing history)
statements : http://www.ckowyong.com/blog/statements/robinhood
testing history :
27 aug 2007 : demo with v4.8 started with 45% risk.
7 sept 2007 : 1st drawdown… short trade was held over the weekend and was stopped out on monday after a rally. ideally, trades should be closed prior to end of the trading week to avoid any unexpected market moves when it opens on monday. so this was partially my fault for allowing it to get carried over.
18 sept 2007 : 2nd drawdown… account reduced to about $4K from $10K. it’s almost pointless to continue with this demo account.
21 sept 2007 : forward-test officially stopped with balance of $4,076.66.
23 sept 2007 : unwilling to give up on my ex-favourite Expert Advisor, a new forward-test was started… this time with Stop_Friday setting set to TRUE. this will avoid new trades being opened on fridays.
8 oct 2007 : upgraded from v4.8 to v4.9. no trades were made since 23 sept due to a bug which was corrected in v4.9.
16 oct 2007 : 2nd run of RobinHood made a good run and increased the account by +13.45% before the 1st loss was recorded… although just a small one.
22 oct 2007 : 1st drawdown for the 2nd run of RobinHood. trade was entered on 17 oct and stayed negative as friday approached and Bernanke was scheduled to speak. had intended to close the trade on the friday to take a -60 pips loss… but did not. held on till monday and was stopped out at -140 pips when the EURUSD tanked on market oopen :o(
RobinHood took another blow on the same day and was down another -140 pips *double-ouch!*. account was reduced to $3,564 from $10,000. once again, RobinHood has failed to perform for me this time.
conclusion : RobinHood clearly could not perform when there is a strong directional movement. if it caught the trend right, it gained 6 pips. and if it entered on a correction in the opposite direction, a continuing trend would stop it out fairly quickly like what happened on 22 oct 2007 when prices were moving south.
important : please note that all these is based on my personal experience. it does not represent the quality of the Expert Advisor. RobinHood is available as a working demo which you can download and test-drive for yourself. please make your own judgements from your own experiences…. and use the information that i have presented only as a guide on how you would like to carry out your own tests and evaluation. do not use anything more than 10% risk unless you understand it’s risks and rewards.
buy ck a coffee :O)
