The new "No loss" EA, WATCH-OUT! Crook-city!!!!

[Batchboy]

I thought to give this inviting new "no loss EA" a shot, but Lo, just leaving stop-losses off and having 3/4 of yopur equity increase deducted by negative open trades does not qualify as "no loss" in my book , no matter how much Don Steinitz tried to justify to me in email !!!
-----------------------------------my Clickbank refund request:
CUSTOMER: CHANGED: 2009-10-29 10:58:46 PM
Changed from TECH_SUPPORT to REFUND. please refund per above. Author Don
Steinitz has tried to explain away what these open trades are and that they
"should" close in profit later, nothing like that can be presumed in trading.
This is 100% contrary to what is advertised on website as a never any loser kind
of auto trading "EA", quite the contrary. He gives impression he had come across
the "holy grail", no, it's just leaving trades open which if you leave off
stop-loss function you can have! No thanks!
jerry

[Batchboy]

and don't no one smack me with "if it sounds too good to be true then......" bit, LOL,
:madf awk:
thx
jb

[jeffstar]

Hi Jerry.

I've been running this EA for about seven weeks with the recommended settings. My $5000 account went up to $6700 in these seven weeks. The highest my equity went to was $5800. I am currently sitting with a $1500 DD and equity of $5200. As you can see I am still ahead, but most of the profits from the closed trades are sitting in DD. If the DD comes back the trades will start closing again and the profits rolling in. I guess time will tell. If you want I will keep you updated.

Thanks. Jeff

[Batchboy]

Originally Posted by jeffstar

Hi Jerry.

I've been running this EA for about seven weeks with the recommended settings. My $5000 account went up to $6700 in these seven weeks. The highest my equity went to was $5800. I am currently sitting with a $1500 DD and equity of $5200. As you can see I am still ahead, but most of the profits from the closed trades are sitting in DD. If the DD comes back the trades will start closing again and the profits rolling in. I guess time will tell. If you want I will keep you updated.

Thanks. Jeff

Similar to RoboMiner in this sense eh? Sure, keep us posted here.
Best of luck if this trading style is cool for you!
I totally didn't like the advertising method of "no loss", to me any EA with it's SL real wide would be by Don a no loss EA!
So looking forward to my refund.
jerry

[jeffstar]

Good point . Similar to the Robominer. I believe Steinitz has been around longer. So you can call it the original no loss EA. I have been using Robominer for about one year. I have just about doubled my account. Nice! The only problem now with Robominer is that the balance factor needs to be increased to reduced the pending risk. Last year about this time the EA was closing about 5-10 trades per day and making a good 10% or more per month. This last month I averaged two trades per day and about 1.5% for the month. The Robominer is becoming less and less profitable each month. I hope this is only temporary, but who knows. Is it possible Robominers hay day has passed? That is why I am looking for additional EA's to use. One other EA that I like is the new Pipsminer EA. It would be nice if pipcop could test this EA. I have been running it for two months with positive results!

[rsmereka]

I just bumped into this. Looks familiar, doesn't it

Rick

[Killer-B]

Yup - that is Steinitz HAS - and has been thoroughly tested, trashed and busted on here by PC...

Good luck getting your $ back - as Steinitz doesn't offer one - I put up with his DD BS "stories" for the better part of a year - and is all hype and BS - He's a card shark from Vegas that found a semi-decent EA ... but the DD's will kill you - always...

FWIW, "his answer" to me, was to place a counter-trade when a DD got too far on.... Oh yeah Don? What happened to your "hands free" no-loss claim? - Now, with this FIFO BS - many can't do that either.. so now what?

He's a crook - Stay clear.... Run Forrest Run!

[Ken Long]

This EA seems to be the same as the Steinitz HAS MTF Hedging EA, but without the hedging fearture. It is sold on his web site for $149 with no refund, and on the "no loss robot" web site with a full Clickbank guarantee.

This seems to be just a new marketing attempt. The "no loss robot' site says nothing about Steinitz and instead has the usual formula sales page, with all the usual hype, paid actors, and inflated promises. But once you buy the robot his name is then connected to it, and if you ask for any customer support your automaticaly directed to Steinitz.

People have been discusing this on the FPA site, with the usual comments on Steinitz and his creation. It seems he loses his cool and gets rude as soon as anyone disagrees with him.

As with the previous HAS MTF EA, it is capable of making enormous profits quickly, and then getting stuck in an enormous drawdown . As long as the upper time frames stay aligned it should be able to pull out simply by holding the trend and absorbing any drawdown , but this requires an enourmous margin and associated risk. When the trends do change the robot does not detect it in time to avoid opening trades in the wrong direction. This is because the robots only indicator is a Heiken Ashi based on a smoothed moving average of price, and it only signals when the indicator changes, often the real price will move through the indicator well before any signal is given, thereby constantly entering late on that time frame, hence the need to have every time frame aligned.

However, I'm fairly certain that if you use this as a trading asistant, and not a set and forget robot, and only use it when you have a strong and confirmed upper trend , and turn it on and off with the intermediate trend swings that it could work quite profitably. This is just based on observations from when I tested the original almost a year ago. I dont own a paid copy and never continued the testing, but this does seem to be the same robot.