pipsleader ea is it a ripoff ? if you bought it read this!!

robert morton · (#1 (**permalink**))

I bought pipsleader about a month ago, i wasn`t too impressed with it`s performance so i got my money back from clickbank, go to clickbank.com customer services, select request refund from the dropdown menu and leave your details, to get your money back. Anyhow, i was looking on my metatrader platform, go to yours, look at any expert advisor right click on it, and select online library at the bottom, click on expert advisors and scroll down the ea`s till you come to Divergance Trader, date 22/9/08, author collector. then click download, it will then be on your metatrader expert advisor column. After about a day i started to realise that the parameter settings on divergance trader and the pipsleader were about the same. No, i`ll re-phrase that, they are the same. In fact the only difference between them is that pipsleader is recommended to run on 1hr frame and divergance trader a 5 min time frame, futher more if you run pipsleader e/a and divergance trader e/a on 5 minute frames the trades are identical. So is pipsleader another pirated copy of a free e/a, i`ll let you decide.

forexsuccess.co.uk · (#2 (**permalink**))

I bought this robot some time ago and ran it on a demo account. This robot opens multiple trades with consequent large margin requirements - it was not unusual to require margin of $5,000 when trading with lot size 0.1. This put me off running it on a live account, but I left it on the demo account (which started with $10,000) and it did consistently make money until the demo account expired (roughly 2 months). My big problem was the risk that the margin requirements would eventually exceed the capital in the account and then all would be lost.

I have tried running pipsleader and Divergence Trader as you suggest and concur with your conclusions. They produced an identical set of trades, losses, profits, etc over a 1 month backtest (I did a diff on the results files rather than a visual inspection, so I am 100% sure that all 3892 trades were identical, pip for pip and cent for cent). They even produce the same format of trade summary information in the journal when the EA shuts down (though curiously PipsLeader reports the correct number of long positions while Divergence Trader does not).