NoNameBot.com Review

Finally got a refund after several emails. Guess they're not thieves after all. Used this robot on a vps for 45 days took a demo account from 5k to 3.2k. Didn't prove itself to me in the 60 period.

2010-10-09 03:02 1 Star I bought it, and ran demos for 45 days, asked for a refund and was instead sent and explanation as to why the robot had not done well lately. Was redirected to a site where I could submit a ticket for the support team, only the site won't take my information. This robot is a scam, these people are thieves.

They say there's no fool like an old fool. Fell for the B/S hype
and went straight to a live account.
15 days later and minus $4200.00 have returned to sanity and stopped feeding $$$$ into the money pit.
They put up a really good story but I 'm starting to think there is
a mathematical equation here for scam detection.
Something like Strength of B/S is inversely proportional to EA
Performace.

I have tested this for 2 weeks on demo. It closes trades at net profit of 4 to 5 pips, or at the fixed SL of 60 pips. Assuming it has 90% success rate (which it doesn't), it would still be negative expectancy. I emailed the Support to ask how in the world this could be a viable strategy. This was their reply:

[The NoNameBot uses a scalper strategy, which means it takes several profitable trades with several pips each, and with a high accuracy. This also involves larger stop losses to avoid unexpected moves. This is contrary to what people inaccurately call "favorable" ratio, where the stop loss is small but gets taken many times, hence their low accuracy, which we overcome.]

Indeed, I was overcome by laughter. I dont need an answer that looks like a cut and paste definition of "scalping" from Wikipedia or babypips. I guess you know by now what I am going to do next.....

Refund, here I come!

Ignore the first trade - these are the trades for this `Swiss ea`.

This is a scary piece of kit with massive stopped out losses, and this is on small level lots.

I have checked the setup and it is on `turbo` which they say does not increase the risk - I will reset on basic settings to see if it makes a difference.

It is difficult checking the spread on the broker, but even with narrow spreads it wouldn`t change the results.

The sales story was good but doesn`t seem to be matched by the quality of software.

yoong check the ticket number - as they replied to me without advising a response - so it may just be waiting for you.

FXDD Malta

Account: me: Currency: USD 2010 August 27, 20:55
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
40276560 2010.07.16 20:30 balance Deposit 5 000.00
40622282 2010.07.23 13:47 buy 1.00 eurusd 1.2948 1.2873 1.3098 2010.07.23 15:58 1.2873 0.00 0.00 0.00 -750.00
42255146 2010.08.23 08:05 sell 1.00 eurchf 1.31450 1.32050 0.00000 2010.08.23 08:37 1.31400 0.00 0.00 0.00 48.37
42255990 2010.08.23 08:49 sell 1.00 eurchf 1.31450 1.32050 0.00000 2010.08.23 08:51 1.31400 0.00 0.00 0.00 48.36
42256069 2010.08.23 08:51 buy 1.00 eurchf 1.31390 1.30790 0.00000 2010.08.23 09:02 1.31440 0.00 0.00 0.00 48.36
42256392 2010.08.23 09:02 sell 1.00 eurchf 1.31440 1.32040 0.00000 2010.08.23 09:08 1.31390 0.00 0.00 0.00 48.36
42256504 2010.08.23 09:08 buy 1.00 eurchf 1.31380 1.30780 0.00000 2010.08.23 09:11 1.31430 0.00 0.00 0.00 48.38
42256625 2010.08.23 09:11 sell 1.00 eurchf 1.31440 1.32040 0.00000 2010.08.23 09:37 1.31390 0.00 0.00 0.00 48.42
42257947 2010.08.23 09:37 buy 1.00 eurchf 1.31400 1.30800 0.00000 2010.08.23 11:12 1.31450 0.00 0.00 0.00 48.35
42264011 2010.08.23 11:12 sell 1.00 eurchf 1.31450 1.32050 0.00000 2010.08.23 11:16 1.31390 0.00 0.00 0.00 58.01
42264269 2010.08.23 11:17 sell 1.00 eurchf 1.31380 1.31980 0.00000 2010.08.23 11:54 1.31330 0.00 0.00 0.00 48.38
42265818 2010.08.23 11:56 buy 1.00 eurchf 1.31250 1.30650 0.00000 2010.08.23 11:57 1.31300 0.00 0.00 0.00 48.39
42265917 2010.08.23 11:59 buy 1.00 eurchf 1.31270 1.30670 0.00000 2010.08.23 12:01 1.31320 0.00 0.00 0.00 48.40
42266568 2010.08.23 12:10 buy 1.00 eurchf 1.31270 1.30670 0.00000 2010.08.23 12:37 1.31330 0.00 0.00 0.00 58.04
42268562 2010.08.23 12:47 buy 1.00 eurchf 1.31270 1.30670 0.00000 2010.08.23 12:59 1.31320 0.00 0.00 0.00 48.35
42269113 2010.08.23 12:59 sell 1.00 eurchf 1.31340 1.31940 0.00000 2010.08.24 15:19 1.31340 0.00 0.00 -2.51 0.00
42347670 2010.08.24 11:11 buy 0.01 eurchf 1.31430 1.30330 1.32830 2010.08.24 23:59 1.30380 0.00 0.00 0.00 -10.17
42369548 2010.08.24 15:19 buy 1.00 eurchf 1.31340 1.30740 0.00000 2010.08.24 15:20 1.31390 0.00 0.00 0.00 47.93
42374948 2010.08.24 15:54 buy 1.00 eurchf 1.31460 1.30860 0.00000 2010.08.24 17:01 1.30860 0.00 0.00 0.00 -578.37
42386403 2010.08.24 17:19 buy 1.00 eurchf 1.31200 1.30600 0.00000 2010.08.24 18:18 1.30600 0.00 0.00 0.00 -582.30
42394614 2010.08.24 18:21 buy 1.00 eurchf 1.30590 1.29990 0.00000 2010.08.24 18:40 1.30640 0.00 0.00 0.00 48.54
42399527 2010.08.24 19:09 buy 1.00 eurchf 1.30780 1.30180 0.00000 2010.08.25 00:01 1.30180 0.00 0.00 0.00 -581.62
42432032 2010.08.25 08:03 buy 1.00 eurchf 1.30440 1.29840 0.00000 2010.08.25 09:50 1.30490 0.00 0.00 0.00 48.51
42437909 2010.08.25 09:50 sell 1.00 eurchf 1.30500 1.31100 0.00000 2010.08.25 10:01 1.30440 0.00 0.00 0.00 58.22
42440150 2010.08.25 10:21 buy 1.00 eurchf 1.30270 1.29670 0.00000 2010.08.25 10:33 1.30320 0.00 0.00 0.00 48.54
42441011 2010.08.25 10:34 buy 1.00 eurchf 1.30310 1.29710 0.00000 2010.08.25 10:42 1.30350 0.00 0.00 0.00 38.83
42442021 2010.08.25 10:50 sell 1.00 eurchf 1.30380 1.30980 0.00000 2010.08.25 12:26 1.30340 0.00 0.00 0.00 38.95
42451607 2010.08.25 12:26 buy 1.00 eurchf 1.30340 1.29740 0.00000 2010.08.25 12:28 1.30380 0.00 0.00 0.00 38.93
42451679 2010.08.25 12:28 buy 1.00 eurchf 1.30420 1.29820 0.00000 2010.08.25 15:56 1.29820 0.00 0.00 0.00 -584.23
42466841 2010.08.25 15:56 buy 1.00 eurchf 1.29860 1.29260 0.00000 2010.08.25 16:01 1.29910 0.00 0.00 0.00 48.67
42468765 2010.08.25 16:29 buy 1.00 eurchf 1.29950 1.29350 0.00000 2010.08.25 16:30 1.30000 0.00 0.00 0.00 48.63
42469274 2010.08.25 16:37 buy 1.00 eurchf 1.29960 1.29360 0.00000 2010.08.25 16:38 1.30000 0.00 0.00 0.00 38.91
42471469 2010.08.25 17:00 buy 1.00 eurchf 1.29960 1.29360 0.00000 2010.08.25 17:02 1.30000 0.00 0.00 0.00 39.00
42473069 2010.08.25 17:10 sell 1.00 eurchf 1.30190 1.30790 0.00000 2010.08.25 17:19 1.30150 0.00 0.00 0.00 38.89
42474082 2010.08.25 17:25 buy 1.00 eurchf 1.29930 1.29330 0.00000 2010.08.25 17:56 1.29980 0.00 0.00 0.00 48.60
42481295 2010.08.25 19:05 sell 1.00 eurchf 1.30100 1.30700 0.00000 2010.08.25 19:16 1.30050 0.00 0.00 0.00 48.64
42482036 2010.08.25 19:29 sell 1.00 eurchf 1.30100 1.30700 0.00000 2010.08.25 19:34 1.30050 0.00 0.00 0.00 48.65
42482427 2010.08.25 19:43 sell 1.00 eurchf 1.30100 1.30700 0.00000 2010.08.25 20:44 1.30050 0.00 0.00 0.00 48.64
42484396 2010.08.25 20:48 sell 1.00 eurchf 1.30090 1.30690 0.00000 2010.08.26 05:10 1.30690 0.00 0.00 -7.52 -582.59
42509703 2010.08.26 08:00 sell 1.00 eurchf 1.30770 1.31370 0.00000 2010.08.26 10:23 1.31370 0.00 0.00 0.00 -581.73
42518032 2010.08.26 10:23 sell 1.00 eurchf 1.31330 1.31930 0.00000 2010.08.26 10:40 1.31280 0.00 0.00 0.00 48.47
42519432 2010.08.26 10:44 sell 1.00 eurchf 1.31130 1.31730 0.00000 2010.08.26 10:51 1.31090 0.00 0.00 0.00 38.80
42520571 2010.08.26 11:04 sell 1.00 eurchf 1.31060 1.31660 0.00000 2010.08.26 11:12 1.31010 0.00 0.00 0.00 48.55
42521952 2010.08.26 11:28 buy 1.00 eurchf 1.30840 1.30240 0.00000 2010.08.26 14:05 1.30240 0.00 0.00 0.00 -584.97
42533014 2010.08.26 14:55 buy 1.00 eurchf 1.30360 1.29760 0.00000 2010.08.26 15:30 1.30410 0.00 0.00 0.00 48.71
42538033 2010.08.26 15:57 buy 1.00 eurchf 1.30270 1.29670 0.00000 2010.08.26 16:11 1.30320 0.00 0.00 0.00 48.69
42539665 2010.08.26 16:19 buy 1.00 eurchf 1.30270 1.29670 0.00000 2010.08.26 16:28 1.30320 0.00 0.00 0.00 48.71
42542157 2010.08.26 16:46 buy 1.00 eurchf 1.30280 1.29680 0.00000 2010.08.26 17:02 1.30330 0.00 0.00 0.00 48.87
42546171 2010.08.26 17:18 sell 1.00 eurchf 1.30460 1.31060 0.00000 2010.08.26 17:22 1.30410 0.00 0.00 0.00 48.84
42548224 2010.08.26 17:38 sell 1.00 eurchf 1.30450 1.31050 0.00000 2010.08.26 17:56 1.30400 0.00 0.00 0.00 48.82
42550159 2010.08.26 17:59 sell 1.00 eurchf 1.30460 1.31060 0.00000 2010.08.26 18:13 1.30350 0.00 0.00 0.00 107.34
42551772 2010.08.26 18:14 buy 1.00 eurchf 1.30320 1.29720 0.00000 2010.08.27 07:48 1.30320 0.00 0.00 0.00 0.00
0.00 0.00 -10.03 -2 874.93
Closed P/L: -2 884.96
Open Trades:
Ticket Open Time Type Size Item Price S / L T / P Price Commission Taxes Swap Profit
No transactions
0.00 0.00 0.00 0.00
Floating P/L: 0.00
Working Orders:
Ticket Open Time Type Size Item Price S / L T / P Market Price
No transactions

Summary:
Deposit/Withdrawal: 5 000.00 Credit Facility: 0.00
Closed Trade P/L: -2 884.96 Floating P/L: 0.00 Margin: 0.00
Balance: 2 115.04 Equity: 2 115.04 Free Margin: 2 115.04

Details:


Gross Profit: 1 961.05 Gross Loss: 4 846.01 Total Net Profit: -2 884.96
Profit Factor: 0.40 Expected Payoff: -56.57
Absolute Drawdown: 3 284.94 Maximal Drawdown: 3 284.94 (65.70%) Relative Drawdown: 65.70% (3 284.94)

Total Trades: 51 Short Positions (won %): 21 (85.71%) Long Positions (won %): 30 (76.67%)
Profit Trades (% of total): 41 (80.39%) Loss trades (% of total): 10 (19.61%)
Largest profit trade: 107.34 loss trade: -750.00
Average profit trade: 47.83 loss trade: -484.60
Maximum consecutive wins ($): 13 (648.17) consecutive losses ($): 2 (-1 171.84)
Maximal consecutive profit (count): 648.17 (13) consecutive loss (count): -1 171.84 (2)
Average consecutive wins: 6 consecutive losses: 1

Stay away!

This is a money destruction EA with an extremely bad risk/reward ratio.
Average profit per trade is 2,18 pips, average loss is 63 pips.
That means, for recovering from one loss you need 29 winning trades in a row,or in other words a 99,5% winning rate.
I traded it one week live ( demos`s are very different from live trades) with 5 microlots and had 2 losers.
The results on their website are faked. I had exact the same trades and entry prices,as on their statement to see. Their trades ended with profit, my trades hitted 2 times the full stop loss of -63,5 and -64,2 pips.
They trade 1 full lot on their faked show account.
If I had used the same lot size, because my account has about the same balance,I would have lost within one week 52% of my account.
That means the risk per trade is 26%!!!
I only bought this terrible money destruction robot,
because Vladimir Ribakov has highly recommended it.
I can not understand why a person with such a good reputation as he has till now, do this.
Is it just because of the affiliate commission?

After the first loss I have sent the mail below to their support:

Great System! Average profit 2,18 Pips, average loss 63,5 Pips.
That means I need "only 29 trades" for coming to break even
( commission not included).
If I would use a broker what not charge commissions, I would have to pay a much higher spread and the results would be much more bad.

I suggest you rename it to: "NO GAIN BOT" or "WASTE YOUR MONEY AND TIME BOT".

Can you please explain, how this system can ever make a profit?

Regards
Mike


Their answer was:

Hi Mike,

NoNameBot is a high quality EA that has been rigorously tested and operated on live accounts for a long time. You can perform a backtest and see how accurate and profitable this robot is.

There was an unexpected sharp move in EURCHF which is a rare occasion. Since the market is dynamic, these moves may occur and may result in losses.

If you're trading manually or with an automated robot, you should be willing to accept losing trades. You can't have a 100% accuracy rate and can't cover every combination of market movements.

However, in order to avoid large losses to your account, you should use LOW LEVERAGE as also explained in the user manual.

It is also possible that your broker is frowning upon using scalping robots, and may do whatever is in their power to fail the trades. A broker can make a strategy fail if they wish so. There are many brokers who are not willing to let customers enjoy scalping strategies, although the broker may not always openly admit it.


We hope this response has sufficiently answered your questions. If not, please do not send another email. Instead, reply to this email or login to your account for a complete archive of all your support requests and responses.

My answer:

NO GAINERS,

thats a real nice excuse: There was an unexpected sharp move in EURCHF which is a rare occasion.
Such moves happens nearly everyday! Every real trader know this. Marketers obviously not.
Off course I accept losses - this is a part of the game.
But if you ever had traded live, you would know, the risk reward ratio has
to be in your favour!
With an average profit of 2,18 pips and an average loss of 63,5 pips it is
absolutely impossible to make profit in the long term. Even you will have to admit this.
Fortunately I traded not the same lot size as you on your show account. If I had used the same size as you, accordingly to my account value, I would have lost about 650$ in one trade. I need now to have 29 winning trades in a row, just for recovering from the loss. How likely is it that there will not occur another loss?
For making profit with your "rigorously tested EA" you need to have a 99.5%
percent winning rate.
Even you will agree that is impossible.
Everyone, except you, knows a backtest says nothing.
SL 63 pips and TP 2 pips is one of the worst R/R I ever have seen on an EA.

Regards
Mike

Their answer:


Hi Mike,

The NoNameBot uses a scalper strategy, which means it takes several profitable trades with several pips each, and with a high accuracy. This also involves larger stop losses to avoid unexpected moves. This is contrary to what people inaccurately call "favorable" ratio, where the stop loss is small but gets taken many times, hence their low accuracy, which we overcome.


Below 2 weekly reports from my live account:

NoNameBot Activity Report for the week of 2010.08.15 to 2010.08.20
=====================================================
NoNameBot opened 6 trades this week: 4 Buy and 2 Sell trades.

Total Profit/Loss for this week: $ -26.11 USD

Trades closed this week:

Ticket=274306 Open time=2010.08.19 23:38 Buy 0.05 EURCHF @ 1.32262 S/L=1.31662 Close price=1.32284 Profit= $0.77
Ticket=272854 Open time=2010.08.19 00:04 Buy 0.05 EURCHF @ 1.33963 S/L=1.33363 Close price=1.33965 Profit= $-0.20
Ticket=272843 Open time=2010.08.19 00:02 Sell 0.05 EURCHF @ 1.33995 S/L=1.34595 Close price=1.33963 Profit= $1.24
Ticket=272710 Open time=2010.08.18 23:39 Buy 0.05 EURCHF @ 1.33947 S/L=1.33347 Close price=1.33967 Profit= $0.66
Ticket=271367 Open time=2010.08.18 00:08 Buy 0.05 EURCHF @ 1.34374 S/L=1.33774 Close price=1.33740 Profit= $-30.73
Ticket=271335 Open time=2010.08.18 00:00 Sell 0.05 EURCHF @ 1.34420 S/L=1.35020 Close price=1.34369 Profit= $2.15


Have a nice weekend

The NoNameBot.com Team

NoNameBot Activity Report for the week of 2010.08.22 to 2010.08.27
=====================================================
NoNameBot opened 3 trades this week: 2 Buy and 1 Sell trades.

Total Profit/Loss for this week: $ -28.43 USD

Trades closed this week:

Ticket=281286 Open time=2010.08.26 00:19 Sell 0.05 EURCHF @ 1.30406 S/L=1.31006 Close price=1.31052 Profit= $-31.62
Ticket=279232 Open time=2010.08.24 23:00 Buy 0.05 EURCHF @ 1.30370 S/L=1.29770 Close price=1.30440 Profit= $3.10
Ticket=277010 Open time=2010.08.23 23:29 Buy 0.05 EURCHF @ 1.31685 S/L=1.31085 Close price=1.31693 Profit= $0.09


Have a nice weekend

The NoNameBot.com Team

support very bad service.i put up an support open ticket #674413 since 5 days ago and complains again this matter yesterday,but they just ignored me.what a s*** support they have contrary to what is written in their sales letter.