I've tried this, and while admittedly it seemed too good to be true for a while (spoiler alert: it was), in the end, there are no losses, just a system that kills your account.
The strategy may be sound if you actually use it and take losses, but as far as I can tell this is one step beyond the dreaded martingale strategy. My advice- don't do it. They won't respond to help requests and you won't make money long term. Sorry to say, but true.
I bought the Steinitz has mft robot and the fractal robot. I haven't traded live . the Steinitz has mft which I believe is the no loss robot, is doing very well on my demo ,about 45 straight wins. the problem is ,its still a demo. don't know how it would preform on a live account. problem, ive emailed support about 6 times in the past 4 weeks for the coding to trade live and as usual they will not answer. bottom line there,s obviously something scammy with contact us. no reason to take that long.there's no refund policy,it tells me its a rippoff. still wating.
I have been reading many forums regarding the Don Steinitz HAS system. In my opinion (and this is just an opinion), I believe that many who have tried this EA have not properly followed Don's money management suggestions. Because of the DD that must be sustained, one must follow the money management based on the size of their account.
I am currently running a demo with a $5000 account. I am running a mini account and I am running .05 lot sizes. I am also running only 12 pairs and that is all.
I have set my profits at set pips for each time frame, less for shorter time frames and more for longer time frames. I am trading 15M through 1W.
My demo is on its 8th day at the time of this running and I am up almost 5%. Now I FULLY REALIZE that this is not enough time and I actually plan on running this demo for the next 6 months before opening a live account to trade this EA.
I can definitely see an account being blown away if the lots are too big in relation to the account size.
So at this time, I am very satisfied and will report back again in 30 days and then again every month until the 6 months have passed.
I am rating GOOD at this time as I see a few display bugs that I would like to see worked out but seem to cause no performance issues at this time.
I welcome any feedback IF AND ONLY IF the proper money management was followed by you. At this time I am not interested in hearsay or 3rd party war stories.
I am also not interested in backtesting, I have not run any either.
My next report will be in 3 weeks.
By the way, I am in no way affiliated with Don or his company and do not care if anyone purchases his system.
I am interested in the greater good of the forex trading community as I have learned and gained a lot from the many forums I participate in.
Cheers to all.
I have reviewed many electronic trading programs (Robots, Bots) and have tested over 60 different Bots. It is obvious that most of the developers have little experience in trading Forex and/ difficulty translating trading strategies into computer code that trades effectively. Our statistics show that over 90% of Bots fail to meet my expectation of consistency and profitability.
Recently I placed Robot No loss into a Demo account and it began to trade. This Bot has had no difficulties and what I've observed is small drawdown and it trades quite often. The Bot was attached to 8 currency pairs. The Bot was trading in Demo at .01 lots per thousand USD of account balance. No settings or parameters were changed. The Bot is running as "downloaded".
I have since placed Robot No Loss into a real money trading account and it is trading very well, that is, consistently and profitably. It is attached to 8 currency pairs in the real money account. Of 60 Bots I've tested to date it has the lowest drawdown of any Bot.
Here's why I think some are experiencing problems with Robot No Loss Bot: Before attaching the Bot to a currency chart the chart must be loaded with data for all timeframes. To do this Don instructs you to click through every timeframe for the chart once. However, due to your Broker's implementation of their MetaTrader platform this procedure might not load sufficient history data for the currency pair. Therefore, Robot No Loss does not have the data in all timeframes that it requires for its logic to process correctly. I suggest that you also click on each timeframe, as Don explains. Then, while the mouse pointer is on the chart and with the left mouse depressed press the "Page Up" key on your keyboard. This will force history data for that currency pair to be downloaded for that timeframe. Repeat this procedure for every timeframe of the currency pair before attaching Robot No Loss to that chart.
The next point is that Robot No Loss is designed and developed to trade at .01 lots per one thousand USD or .10 lots per ten thousand USD for each trade it opens. It should also never have more than 1 trade open on a given currency pair at any one time, however can have multiple trades open as limited by the number of currency pairs to which you are attaching Robot No Loss Bot to.
With many Broker's Demo accounts they do not permit trading at micro-lots sizes (.01 lots). This appears to be causing at least some of you problems as your demo accounts are a small balance. Just open a new demo account with your broker and fund the account with $10,000 USD or larger. I often use $100,000 USD just for convenience. It doesn't matter in demo as you are only interested in the drawdown of the account as a percentage of the account's balance, and profitability as a percent of the account's balance, or PIPs to ascertain a Bot's performance.
If after seeing good trading results in demo you decide to place Robot No Loss into a real live money account be sure to get the history data for each timeframe of each currency pair before attaching the Bot to the chart to trade, just like it is described above for a demo account.
Also, know what minimum lots sizes your live real money account can trade. I would suggest that no matter the balance of your account that you want trading as micro-lot increments. However, if it cannot accept micro-lot trades and is only able to increment trades at .10 lots then be sure you have funded the account with $10,000 USD or greater, or yes, you will probably risk a margin call from the broker from severe drawdown.
There are 2 parameters in the Robot No Loss:
1) AccountlsMini = false
2) AccountlsMicro = true
These 2 parameters need to be set to the type of account you are trading whether demo or a live real money account. As "downloaded" these parameters are set to the values of "true" and "false" indicated above. If the account cannot trade micro lot trade increments and the "AccountlsMicro = T " the Bot will get "volume error (131)" error messages from the MT4. No trades will open even though the Bot keeps submitting requests to open a new trade for a currency pair. These error messages can be reviewed by clicking on the "Experts" tab of the MT4 Terminal Area.
I think if you perform the items suggested to you above you will be very pleased (as I am) with the trading results of Robot No Loss.
for better results with this robot, I've found that adjusting the lot size to .01 allows you to fish for the drawdown. That's where the big money is for this program. I had losses the first few times I used it using Don's trading strategy (trading 10%) of your account balance, and found that to be too risky with the high drawdown. When I sent my lot size to .01, I still had profitable trades that were quick and easy. Closing trades weren't that high. However, when the trades went negative, and I hit the high drawdown, I'd continue to buy another .01 lot with every -100 pips I hit. This worked great this past December 2010. Had a $4000 account which I took to $6300. Unfortunately, with the new year, I continued to trade and got stuck in about 3 trades that hit -1000 pips. I'm still in them, and the pips are coming down, but my novice ability is what caused this issue IMHO.
Email me and I'll send a copy of my statement for December as proof. All in all, it's a good robot if you learn how to trade it and realize that automated and using it's basic settings can become and issue and risky.
Infact i had no wish to write any review about Don Steinitz or his products. I really don't know whether he is insane or what. Before 1 month, he sent out an email to all of his subscribers that Felix is a big scammer and he is using FPA to promote his products and services and FPA itself is a scam. He also added many YouTube videos. On this point, i know myself how legitimate FPA is,so i really don't need his advices.
Now today,he sends out another promotional email and praises FPA as the most notorious website against scammers and asks the subscribers to visit the performance page of his so-called 'No-Loss Robot'.
I can't believe either this person is mentally all right or having regular medical appointments in his near by hospital.
Well,now come to the performance. So i couldn't stop myself and visited the performance page of his Robot(on FPA). And i was almost laughing when i saw the Drawdowns of 1549,1588,774 etc Pips. So the Profit in whole 9 months=8022 pips, DD=-5491 pips...Wow,what a robot. This way,by not closing the losing positions, we can make any system a 'No-Loss system',we just need to open smaller lot size. And then,we will be praying for the market to come back and make us profit. I mean, to make 22 pips of profit, if u get a -1549 pips of DD, and still instead of stop selling the EA,you are sending the promotional emails and asking the people to visit performance page,then really not sure what to call such a person. One of the biggest crap one could ever see.Only Most inaccutrate entries can give you such a huge DD,especially when your TP was just 22 pips. But market didn't hit your TP which was only a little far from the entry,but it managed to go as far as 1549 pips in the other direction, then why not to close the trade and accept our loss? why to make people fool by not closing the positions and maintain a No-Loss status?
Infact he always finds out guys who are newbies and who can be attracted by seeing even 10-20 pips of profit ,so newcomers should be aware of this and understand that none of his EAs work .He just keeps making new EAs to sell them. Sometimes, he reintroduces his old systems as new inventions. He never shows a performance statement on his website which is running continuously.Instead of this,he always shows a new statemtent on a new DEMO account each month. And the most unethical thing what he does is- selling his webinars to use his own system. Nowhere in the world, a Forex system is sold without any instructions of how to use that successfully. But this guy is an exception. He will sell you a system and then when you start losing and complain to him, he will ask you to buy his webinars to get the proper ideas of making money by that system.
Why these bloody sellers don't make money themselves and keep trying to bring new systems all the time and sell them in few hundred dollars? A person who really makes money by his systems,would he ever try to collect $49 by selling webinars? NO,HE WON'T DO IT,but only if he is making money by trading. First of all,he will never start selling anything at all. However if he does,then he would preferably try to get the appreciation from his buyers. On the other side, whenever a person doesn't make money by TRADING,he always finds out new ideas to collect money from the people around. And this guy is the best among all of the marketers.
PS:: If Steinitz and any of his referrals think that i am a loser with his system,that's why i have written all this,then he/they should know that i have really had a very bad time in trading when i HAD to use his systems but now i make more number of pips in 1 month than what his so called No-loss EA' has made in 9 months because the talent,strategies,tricks are present in a human brain and Robot doesn't have any brain. He just copies and takes a decision on the basis of what has been stored in it but without emotions,you can NEVER trade successfully. If emotions are the enemies of trading(as most of the EA sellers claim) then everyone must have been successful in Fx just by flipping a coin and entering on the basis of that. And when emotions are not involved in trading,ONLY then 1588 pips of DD appears in your account statement.
I started trading a live account via Don's EA. I had a personal conversation with him and he advised I do not mess with any of the settings. I believe he said it works best right out of the box. Anyway I started with a 2,000 live account and my equity began building and climbed all the way up to 2,362. This was in November of 2009. I followed all his rules. Don't get out of a trade. Everything will come around. Well I couldn't take it anymore and just closed out of everything with only 385.00 left in equity. That's an 80% loss. If anyone is interested in viewing the live account, please let me know. More than happy to forward it to you. What's interesting is that I emailed don a few months ago with concern and he told me not to worry and that the worst draw-down he has ever seen in the 5+ years trading the EA was 35%. Now I know I manually created a number of losses by closing out the trades but how can you let the remaining 385.00 become 0? Now Don has his Fractal indicator made into a robot. It's named after an extinct dinosaur. How ironic. Please save your money and stay away from Don's systems. Marketers sell systems and document demo accounts. Traders trade and stay away from marketers.
For only 17 trading days I have profited more than $2,900 on my demo account. Relizing the profits I funded it my live account with FXDD on a $2,000 real money account.
To date my profited $1,400 in 30 days with each trade in profit with NO losses! My average winners are $15 to 25$. This is one of the reasons I was drawn to this roboter.
THis is just great and I love watching my account grow everyday. Thank you team for making such a great product. I am coming back for more.
Review Moderation Team Note: 5 Star rating removed. This review was left using a proxy.
Having experienced the original version (HAS Hedge), i can say that in trending markets this is an effective EA. In a ranging or oscillating market, its possible for large drawdowns that rival a significant % of your previous gains, So unless you can distinquish ranging from trending markets and are nimble(not a trait of most EA users) avoid this system-its not for beginners and I agree it has been misnamed.
THIS ROBOT IS A SCAM I NEVER GOT MY REFUND.THIS IS A TOP OUT ROBOT IT KEEP ON TRADING ONE WAY EUR/USD BUY ONLY EVEN AT THE VERY TOP PRICE LEVEL. IF YOU WANT TO FOLLOW ONE MONTH TREND YOU DON'T NEED THIS ROBOT. IF YOU NOTICE ON THE OTHER SYMBOL IT ONLY TRADE ONE WAY. WHO EVER IS TESTING THIS SHOULD TELL THE TRUTH THAT IT DOES NOT WIN