Today I want to take a closer look at the HiRIDER EA, which was the second place finisher overall in The Forex Robot World Cup that I have been talking about for some time here on the blog. During the competition, it increased it’s initial deposit from $1,000 to $1,881.19, an increase of $881.19 or 88.11%.
Unlike the LMD-Multicurrency EA that made trades on many currency pairs, the HiRIDER robot only took trades on the EUR/USD pair during the competition. That said, it took a bunch of ‘em — 277 to be exact! At an average of 6.3 trades per day over the course of the competition, it was one of the busier robots in the field. In short, you won’t have to wait long to see this robot do its thing.
HiRIDER doesn’t appear to restrict its trading times to any certain period of the day or night, as it registered trades at pretty much all different times. I noticed that it quite often would open up as many as 10 different positions at one time (or within a minute or so of other trades). When many trades were opened, they were invariably in the same direction, but every so often it would only open two trades, one in each direction. I found that curious and will be interested to learn more about the logic of this robot once it is released. HiRIDER also has built-in money management capabilities, as evidenced by the varying order sizes used throughout the competition.
This EA has an extremely high winning percentage, winning 97.8% of the time. It had only five losses and one breakeven trade out of 277 positions taken. That’s amazing any way you cut it. The way it accomplishes this feat is by having its SL level much, much farther out than its TP level. The TP level appears to be fixed at 12 pips, while the SL level was about 100 pips much of the time. That’s a lousy risk-reward ratio and something I would typically frown upon, but this EA won so often, it really didn’t matter. Its largest win was $7.75, and the largest loss was $33.63.
If you don’t like drawdowns, this EA is your friend. It recorded an outstanding 3.26% drawdown over the two-month competition, making it fourth best in that category among the 24 finalists. As you see from the chart above, the equity curve was beautiful — nice and smooth. That’s good on the heart! Can it continue to do as well in future trading? No way to know for certain, but we’ll certainly be testing it with our fingers crossed. Of the top three robots in the competition, this is the one I am currently most excited about.
The top three robots go on sale in just 10 days! Go to www.forex-robot-world-cup.com for more info.
8 Comments until now.
I entirely agree with what you have written. Even though this came second if one looked at the statements it was generally using low leverage. When you look at its overall performance this has to be considered an outstanding EA. I for one would purchase this EA for sure. I would say it has big commercial potential.
I have tested this EA last week and it stupidly opened 10 trades long on EUR/USD during a large move downward, with a 210 pip SL and 12 pip TP. It resulted in a big loss for over $1000. So far not impressed and very reluctant to turn it on again.
This is why I have stressed that you have to keep the risk levels low on this robot. I have turned off money management and have set the lot size to 0.01. The larger lot sizes are great until you have a big drawdown on 10 positions, so better safe than sorry. The key is survival.
Just a short notice.
I’ve started using Hirider 3 days ago on a real account with default settings. First day it made me 3.6% profit. Wow.
Second day: The robot opened 10 short positions (EURUSD) at 1.3525 with 1.3735 stoploss. Now all the positions go to minus (Total opened positions unrealised P/L: -60%).
I’m very very near to cry… What should I do now. Trust it? Or stop it????
I didn’t know that the HiRider EA was available. Where is the download site?
This is why it is VERY important to use low-risk settings on Hi-Rider. It is important, in my opinion, to use a lot size of 0.01 per $1,000 in your account. Furthermore, I would never have advised that you put it on a real money account yet. While it has done well, it is still too early to trust completely. Hopefully you sat put because E/U eventually came back down to your entry area, which would have allowed you to get out of the trade. In the future, please adjust your risk settings and consider going to a demo account for a while!
I want Hirider ea. Where i can get. And pls tell its website. My mail id thiru075@gmail.com
Sorry, but HiRider EA is no longer available for sale. FRWC will be releasing some new robots in the coming months, though. I am hoping they will be even better, but we’ll have to see. Stay tuned.
Comment!