No it is not.
Changing the magic number will not increase drawdown well not by much maybe a few trades max, i think it is worth doing this especially for doubling the profits especially since there is basically no increase to risk or DD.
If you don't change the magic number then you are ripping your self off, you are not taking advantage and using the RM to its full potential. changing the magic number will basically allow the robot to place new trades over the top of the old trades only as it reverses and heads back to midpoint, so as you close the old trades it also will close the new ones.
All the old trades still remain under the old magic number, now we just don't have the RM closing the old open trades with the old number but we have it opening and closing the new ones on the ride down with the new number, so you are doubling your profit, while not increasing your drawdown by very much at all.
Last edited by wannaberich; 07-29-2009 at 09:34.
yes give it a go, you are silly if you do not. I have been doing this from day one on my live account and be able to double profits with no real increase to DD or risk os very much worth it, that is why i am making higher resturns, most people out there are not really using RM to its full potential!
But once you change the magic number would you need to close the open trades with the old number manualy or will RM still recognise the old magic number and close them as it would have normaly.
sorry i was not clear enough. No you do not close the old trades manaully and yes robominer will still recognise the old magic number and close them as it would have normally along with the new ones and new magic number, so you are doubling up on your profits with no real increase to DD or risk.
Have a play around with it on demo to see what i mean, it really is not that complicated!
Just make sure people if you are going to change the magic number to generate double trades just make sure the last 3 digits of the number are the same, that way RM still tracks the old trades.
The double profits only works if you are using the old RM i mean the one that has the TP part with your order, you can not change the magic number if you have FIFO set to true, so make sure your broker is not NFA regulated and you have FIFO set to false for double profits to work, know the difference. You can change the magic number from 210001 to 510001 to 610001 to 110001 and so on just as long as the last 3 digits end with 001 you can choose any number, and you can continue using that number until you decide that there are enough open trades before you change it again and you just repeat this over and over again.
I generally change mine every 5 open trades sometimes less just depending on my gut at the time, i have changed it with as little as 1 open trade, but of course the more open trades the better to change the number. When you change magic numbers, the old trades automatically close after the market passes the T/P plus the Spread, and the RoboMiner opens new trades and closes them along the way, so you are basically doubling your profits.
Last edited by wannaberich; 07-30-2009 at 02:08.
DD and risk to going belly up rises ofcourse with your approach!
The creator doesn't recommend what you doing....and he knows very well what he is doing, mathematically
wrong DD and risk are not increased, maybe 1 or two trades that is it. It is worth risk 1 or 2 trades extra to get dozens of trades at double profit now don't you think.
Also you are wrong about the Author not reccomending it, they do reccomend it, they have also created something called change profit EA which is an add to robominer that also creates double trades, however i find it easier to just change the magic number.
So you are not right in what you say, totally missleading!