Discuss ForexRobotTrader.com

[Boko Maru]

Well you are of course entitled to your opinion and that's fine. I think we'll just need to agree to disagree about Steinetz himself. I don't think he's an outright "scam", but he sure has enriched himself by stirring up other people's GREED.

Why do you think he uses the marketing verbiage "no loss robot"? If an unsuspecting newbie reads that, what do you expect them to think? That forex trading is tough? That it takes time to become profitable? Hardly. He is creating the impression that it's easy and "no loss", and then he pisses on the very people he's deceived when they actually find out the truth and complain to him.

Anyway, like I said, "agree to disagree." I bear you no ill will at all though Ken; appreciate that you can discuss things.

BTW, on my claim that Steinetz has submitted fake reviews, that's what FPA says in many places on the review page. Possibly they are incorrect, but I'm taking their word for it, as they have ways to know that kind of thing.

 

[Trader Gaz]

Out of Steinitz Fractal Pterodcaytyl Robot

Further to my earlier thread update, I now have unfortunately had to pull the plug on this Robot as it lost 20% of my capital at a 1% risk. Sad, as I had high expectations of this Robot following Don Steinitz's regular monthly 1000pip plus profit figures - so I thought it would be reasonably basic to get 200 pips. How wrong that turned out. I cannot get anywhere close to Don's figures or indeed to FPA's demo test (up 98 pips).

With real money and 24/7 trading on FXCM with 12 active pairs. So not sure if it is a bad month or FXCM feeds that have hit me here. Also the losses are far to out of sync with any gains (average loss 35 pips, average win 15pips but 70% losers) and as I said in my last post - it cannot continue and was destined to fail.

So can't honestly recommend this to anyone, but would like to hear from those who have had a different result, and to learn what's different between success and failure?

 

[limonh]

Steinitz fractal robotis a total disaster

I dont know how on this earth FPA was able to get that kind of result with this robot, but I pulled the plug out of this robot from both demo and live.Obviously this robot knows how to loose money.Just stay away from it.

 

[trader52]

Robots

Yeah Guys,

I have never purchased any of Dons Robots, however I did purchase his manual trading indicator, and I honestly have to say, that really works. and it works best on the 15 minute up to the daily time frames, I am using it on the 4h at the present time. There where way too many signals for me to handle ( I have it loaded on about 12 pairs ) on the 15 min. I works great on the upper time frames if you can't be at the computer all day., although I am home most of the day, it just got to be too much. I like the audible alerts, because I can go about my business around the house, and still trade. But I have to say it really works well. Yes there are times when a trade goes the wrong way, ( but that is rare ) where strict money management comes into play, like don't over trade and follow the trade rules set forth in Dons manual, and you will do fine.

 

[Ken Long]

Thanks for adding that. I dont have Don's Fractal Breakout automated alert system, but the fractal reversal/breakout/123 system does work, and it works well. I've always meant to buy this system, but I keep passing up opportunities, like when he just offered $50 off a few weeks ago.

The biggest problem here is that it seems too many of us still get sucked into the hype, and Don is full of his marketing hype. Think practicaly, a robot, or any purely mechanical system works on odds, and checks and balances. To make a no loss system you have to give somewhere else. In this case its huge drawdowns and grossly extended holding times. Not acceptable to me. I'd rather take a small quick calculated loss and move on. Unfortunately this robot is not set up this way. Its a pure moving average system. It always enters a trade late and counts on the trend to pull it through to a small gain. Its not really capable of taking a small quick calculated loss and moving on, thats just part of the design of this system.

As long as the higher trend is still intact this system should be able to pull through. The problem occurs when a trend of too high a degree changes and you get caught holding indefinately. This robot could work better if you actively manage it and only activate it when you have a good primary trend, and only let it trade in the direction of that trend, and deactivate when in doubt. By itself it will not acknowledge a trend change untill its too late.

 

[drbarney2]

Steinitz Fractal Pterodactyl Robot

I know that there have been a lot of opinions over the years on Don Steinitz and his products. And I am not here to discredit him or his products, but based on my own experience using the both the Steinitz Fractal Breakout custom indicator first and now the Steinitz Fractal Pterodactyl Robot I have nothing good to say.

I originally bought the Fractal Breakout custom indicator and ran it on demo for three months and never had any success. Meaning it was not profitable at the end of the three months. So I surely was not going to use it on a live account.

Most recently I started looking at the Steinitz Fractal Pterodactyl Robot and considered buying it when serendipitously about the same time FPA started to run the robot on demo, which to my knowledge is the first time that Steinitz has ever allowed this to take place. So I thought I would buy the robot and see what happens. Given I thought that there was credibility to this robot since Steinitz was running it on FPA.

Long story short… it has been nothing short of a disaster. I am now sorry that I purchased the robot and will never buy anything from Steinitz ever again. His products are a complete and utter BS. I believe that you will not make money using his products. And it's all a marketing SCAM.

Just look at the results on the FPA demo for his Robot. Can you honestly feel good or even think that after nearly 5 weeks all you have to show for your efforts is a negative $137.67??????

All I can say is buyer beware… I think this is a SCAM along with all his other junk that he sells.
:unhappy:

 

[trader52]

Ken,

I never have seen the fractal reversal/breakout/123 system. Is that an older system of his?

drbarney2..,

How is it that you where not profitable with the Steinitz Fractal Breakout custom indicator. Did you follow the rules, and not over trade. Of course there were loosing trades in my account, but I still am ahead by a wide margin. Why don't you give it another try. And maybe use smaller lot size? And higher time frame like 30 to 4hr time frames. I am not by any means a cheer leader to his products, however one has to make sure they are using the product correctly and conservatively. Believe me it will work for you.

 

[Ken Long]

Ken,

I never have seen the fractal reversal/breakout/123 system. Is that an older system of his?

No, just common trading systems. The 1,2,3 is the common designation and you can find write ups and reports on it. Fractal reversal, fractal breakout are basicaly the same thing. From the pivot, point #1, its basicaly the move up or down to point #2, and the retracement of that move to point #3. As long as point #3 is a retracement and doesnt pass point #1 it confirms a 123 move and you enter on the break of point #2 targeting an extension from the previous move.

People generally run into trouble when they're not careful with the risk and take poorer trades, further from the stop loss point, or further on in a trend. It necessary to get a tight stop, or to be in on the first retracement in a trend. A tight stop awards us a low risk entry, the first retracement awards us a low risk position.

 

[Ken Long]

Ken,

I never have seen the fractal reversal/breakout/123 system. Is that an older system of his?

QUOTE]

123 Pattern EA @ Forex Factory

Several great pdf reports on the 123 1234 systems. Very similar to the fractal breakout system and the knowledge can help in using and understanding the system.

CompassFX | SYNERGY Method | Forex Video Commentary

CompassFX archives. Many videos on the 123 system, and countless others. All great training videos.
When it comes to training videos a lot depends on the presenter. I have seen good information that I had trouble watching because the presenter was hard to understand or follow, generally foreign accents and personal style. Dean's videos are good and I like them, but he may speak a little too fast and too much like an east coast American for some. Enjoy and trade well.

 

[daggerdirk]

The Steinitz Bot Frauds

The statement below by a prior poster pretty well sums it up:

>>>>Long story short… it has been nothing short of a disaster. I am now sorry that I purchased the robot and will never buy anything from Steinitz ever again. His products are a complete and utter BS. I believe that you will not make money using his products. And it's all a marketing SCAM.<<<<

Got all his robots during his "Death of bin Laden" sale (50% off) and tried them for many months on demo. All are unmitigated disasters. Latest $10K demo's at <$5K after less than two weeks (Fractal Pterodactyl).

He should be prosecuted for fraud and misrepresentation - or at least "outed" on ForexPeaceArmy.