Leo Trader Pro - Pip Cop

**rsmereka** · 2010-12-21, 09:13 AM

This review is about the Leo Trader Pro EA (which I will abbreviate to LTP). I have no affiliation with anyone in conjunction with this review.

I purchased LTP from their website here. The EA cost me $149US. LTP trades the EURUSD and GBPUSD pairs on an H1 chart. There is one upsell during the purchase. They try to sell you another version of LTP for $97US which trades USDCHF and USFJPY. I did not buy into the upsell.

The LTP EA actually does not work like most EA's. It does not calculate based on prices. The trade signals come from the LTP server(s). The EA is basically a socket communication device. The LTP server(s) dictate when to open and close each trade. There is allegedly a neural net working at the LTP offices which calculates and looks for trade setups. I say allegedly because every EA so far that has come onto the market claiming to have a neural net has been a sham.

The rollout of LTP has been plagued by problems. The first release date was put off several days after the EA was supposed to be released because of supposed server traffic issues. When the EA was released, there was a bad link on the download page that took several hours to fix (a two minute or less job by a competent web programmer). On top of that, my attempts to initialize the EA after I finally got hold of it ended up with socket communication errors. All of these issues appear to be resolved now and I have to say that I did get an answer back from LTP support (albeit hours later) when I created a support ticket.

I was originally attracted to this EA because of their open records policy. They published the investor password and allowed everyone to look at a live account that allegedly been running months. I say allegedly because when I downloaded the FinFX MT4 client (the broker

that LTP uses) and linked to the live account, there was less than two months history. There has also been some talk that the live account records have been doctured. This discussion at Forex Nirvana suggests that the whole live account and investor password thing is nothing but an elaborate confidence scam.

I have setup LTP on an Alpari UK demo account at 500:1 leverage

with a 10K starting balance. Attached, you will find the set files that I am using with LTP. I am still trying to figure out what the EquityLimit setting is. It is not described in the manual. I have also setup a MyFXBook account here:
Link: http://www.myfxbook.com/members/rsmereka/leo-trader-pro/75510

Note that I have shutdown all trading (live and demo) until market open on Jan 2, 2011.

Artificial Intelligence is no match for Natural Stupidity

Update: MyFXBook link updated after re-generation of demo account due to MT4 crashes.

Rick

Dan · 2010-12-21, 10:45 AM

Rick,

I am glad to see that you got everything set up. I hope that it is as good as everyone is saying. It sure is advertised a lot. I have received about 20 emails from all over about this ea. Good luck!

Dan

**rsmereka** · 2010-12-21, 10:56 AM

Quote:

Originally Posted by Dan

Rick,

I am glad to see that you got everything set up. I hope that it is as good as everyone is saying. It sure is advertised a lot. I have received about 20 emails from all over about this ea. Good luck!

Dan

Thanks Dan,

I am not very optimistic. It's a good thing that Clickbank is behind all the orders and we can get our money back.

I have a sour taste in my mouth from this EA and I have not even taken one trade. Starting with a very unprofessional product release and continuing with the distinct possibility that their whole proof which they have been harping on is a fraud.

Rick

PipRipper · 2010-12-21, 12:56 PM

"lol" so it even doesnt trade at all?

**rsmereka** · 2010-12-21, 01:02 PM

Quote:

Originally Posted by PipRipper

"lol" so it even doesnt trade at all?

I assume it is going to trade but as per post #1 of this thread, I have everything shutdown until market open Jan 2.

Rick

FHNOGAL · 2010-12-23, 04:18 PM

I have both licenses, the one that trades the EUR/USD and GBP/USD, and the second license that trades the USD/CHF and the USD/JPY.

I am demo trading both in Alpari UK and not in the recommended broker

FinFX to make sure the trades are the same regardless of which broker

you use.

I also keep track of their real trading accounts for both licenses and I can tell you that the trades in my Alpari UK account are the same trades that show up in their FinFX real money account, so far so good for this past two days.

It has only been two days testing, but I will post my findings every day if possible.

!!! Merry Christmas all of you !!!

**rsmereka** · 2010-12-23, 04:45 PM

Quote:

Originally Posted by FHNOGAL

I have both licenses, the one that trades the EUR/USD and GBP/USD, and the second license that trades the USD/CHF and the USD/JPY.

I am demo trading both in Alpari UK and not in the recommended broker

FinFX to make sure the trades are the same regardless of which broker

you use.

I also keep track of their real trading accounts for both licenses and I can tell you that the trades in my Alpari UK account are the same trades that show up in their FinFX real money account, so far so good for this past two days.

It has only been two days testing, but I will post my findings every day if possible.

!!! Merry Christmas all of you !!!

Thanks FHNOGAL and Welcome,

My demo is also using Alpari UK although I am not going to start it until Jan 2. There is also a new version of LTP which I was notified by email. I will upgrade the EA prior to starting trading.

Rick

FHNOGAL · 2010-12-28, 02:03 PM

This days are not good for trading, but nontheless I have my two licenses of LTP working on two accounts, one in Alpari UK and I decided to open a second one at Fin FX. Both should end up with the same trades, but it looks like replicators are not perfect.

Today my Alpary UK account missed a buy order at 1.32103 on the EUR/USD at 16:24 Alpari UK time.

My Fin FX account took the trade and the EUR/USD is now at 1.31117, you can see the nosedive.

So here is my first concern, why did this happen?, the difference between Alpari Uk and FinFX is 0.5 pip to one pip, the trade shoud have been taken. If this happens very often then we may be forced to trade only at FinFX.

My second concern is that the stop loss used by LTP is very big compared to the profit target. In this last trade, the entry price was 1.32103, the stop loss was set at 1.28797 and the profit target was set at 1.32197.

**rsmereka** · 2010-12-29, 10:43 AM

Quote:

Originally Posted by FHNOGAL

This days are not good for trading, but nontheless I have my two licenses of LTP working on two accounts, one in Alpari UK and I decided to open a second one at Fin FX. Both should end up with the same trades, but it looks like replicators are not perfect.

Today my Alpary UK account missed a buy order at 1.32103 on the EUR/USD at 16:24 Alpari UK time.

My Fin FX account took the trade and the EUR/USD is now at 1.31117, you can see the nosedive.

So here is my first concern, why did this happen?, the difference between Alpari Uk and FinFX is 0.5 pip to one pip, the trade shoud have been taken. If this happens very often then we may be forced to trade only at FinFX.

My second concern is that the stop loss used by LTP is very big compared to the profit target. In this last trade, the entry price was 1.32103, the stop loss was set at 1.28797 and the profit target was set at 1.32197.

Without knowing how the EA was built, your first question is tough to answer although it could have been a socket communication error (I trust you looked at the experts log and the journal).

In regards to your second concern, the floating DD of LTP will be high. In the adverts, they are careful to tell you about the DD being low but very few people/EA developers will talk about floating DD (what you have to carry while the trade is in progress). Even if the trade ends in success, how many pips in negative territory is the trade going to be? After looking the other evening at a EURUSD trade where LTP was buying in a clear and large bear move where this trade would have had 100-200 pips of floating DD. My 10K demo account at the default risk would have opened a 3.03 lot trade, you do the math.

Rick

FHNOGAL · 2010-12-30, 12:34 PM

My demo accounts are missing some trades, I can tell for sure because in addition to my two demo accounts where I follow both licenses of LTP (both licenses in both accounts at Alpari Uk and FinFX), I have set up another platform to follow the two master accounts LTP has.

The last trade I missed was last night at 00:42 Fin FX time on the EUR/USD sell at 1.32197. Both my Alpari UK account and the Fin FX account missed it.

LTP properties let you establish for how long your replicator will accept a trade from the master account, you can configure it to wait for n seconds and the default value comes at 120 seconds. But how can this be necessary?, with DSL lines that can download gigabyes in minutes and one MB in one second, I am really surprised that a tiny piece of information has to have such a large waiting time.

Just in case, I have increased the waiting time to 600 seconds and I have kept the maximum price difference to the default 3 pips.

Felix