1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Don Steinitz's MTF HAS EA

Discussion in 'Has anyone heard of?' started by george soros, Mar 26, 2008.

  1. george soros

    george soros Private

    Joined:
    Jan 29, 2008
    Messages:
    17
    Likes Received:
    0
    I'd appreciate any opinions regarding this EA I've come across. His site makes some startling claims but for some reason Don doesn't appear to post 'live' statements, only from 'demo' accounts. This doesn't bode well.
    Generally I'm happy trading news in my own way but I'm always willing to incorporate other stuff.
    So your opinions would be appreciated. Thanks
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,629
    Likes Received:
    2,187
    Before buying any EA, check the reviews and then also carefully read the terms and conditions regarding refunds. Some EAs do not offer refunds. Others will only give refunds if you provide them with a LIVE account statement for an extended period of time. A bad EA could cost you more trading micro or nano lots than the amount of any potential refund.

    Note that PayPal provides some protection (not 100% as one of our fellow soldiers found out), credit cards provide some protection, and clickbank provides some protection. Be VERY wary of any product that requires you to pay by wire transfer or other means that do not allow you any protection in case of fraud or significant misrepresentation of the product.
     
  3. george soros

    george soros Private

    Joined:
    Jan 29, 2008
    Messages:
    17
    Likes Received:
    0
    Well, the more I look at this particular EA, the more I can understand his claim that it has 100% success. This is because the trades that do not reach the profit requirement to trade out of are simply left open until they do, not matter what the drawdown becomes. I think this type of system would work using a coin flip to trade. It has some merit theoretically if you have a huge bank and only trade with a small percentage of it per trade. I would imagine the stats would show that there is a very high probability that no matter where you open a trade, if you can bear a big drawdown, you'll be able to trade out with a reasonable profit at some stage or other. Sadly, most people don't have large enough banks and tend to over trade with each trade.

    I think I'll stick to news rather than these mechanical systems and use my intuition. Seems to work better for me :)
     
  4. george soros

    george soros Private

    Joined:
    Jan 29, 2008
    Messages:
    17
    Likes Received:
    0
    Thanks for the advice Pharoah. Useful stuff. I generally only use PayPal cos I've been working with them for a number of years and it works for me.
     
  5. Cyclon

    Cyclon Company Representative

    Joined:
    Oct 3, 2007
    Messages:
    300
    Likes Received:
    4
    Here's the reason to watch out

    This is their strategy tester from 1999-2007 on gbp/jpy - quite a while to make 13 grand and look at the drawdown! Those are DOLLARS!(drawdown is amount trade goes against you once opened).


    Initial deposit10000.00Total net profit10818.44Gross profit13613.16Gross loss-2794.71Profit factor4.87Expected payoff52.01Absolute drawdown2113.32Maximal drawdown5426.92 (22.97%)Relative drawdown30.50% (3460.47)Total trades208Short positions (won %)0 (0.00%)Long positions (won %)208 (98.56%)Profit trades (% of total)205 (98.56%)Loss trades (% of total)3 (1.44%)Largestprofit trade4826.13loss trade-2775.75
    ================================================== ====

    Also this has an Affilliate Sign up button on site. This means internet marketing armies will hawk this for the developer. Watch out for reviewers with agendas cuz they're not makin it in Forex Trading, they're makin it their chosen proffession of internet marketing. Nothing wrong with that but sometimes their tactics are less than honest and forthright.

    Very NICE looking website though.

    Good luck with your robots! And please keep your Eyes Wide Open.

    Remember If there really WAS a software solution...
    ...everyone would have already retired.

    Indicators and oscillators are all that the software and Expert Advisors (software) work on. An indicator is no more than a very simple robot. No match for complexities of markets. In too late and Out too early. You retired yet?

    Cheers,
    Cyclon
     
  6. george soros

    george soros Private

    Joined:
    Jan 29, 2008
    Messages:
    17
    Likes Received:
    0
    Thanks Clyclon. I switched Don's EAs off. True, all the completed trades were profitable but only because the ones that weren't were left as drawdowns, so the drawdowns were slowly but surely building up to be a huge percentage of my account.
    Almost anyone can create a system that only trades out when in profit as long as they have an infinite bank to draw on.
    Anyway, another EA in the bin. For me at least, the only profitable solution I've found is trading the news. I'm pretty much in tune with things and can judge pretty well what impact a news release will have on the market. So, as its profitable for me, I'll stick to what I know.
     
  7. RICHARD DELAGE

    RICHARD DELAGE Private

    Joined:
    Apr 27, 2008
    Messages:
    14
    Likes Received:
    0
    SAVE YOUR MONEY, IT'S WORTHLESS, I HAVE ONE AND DO NOT USE IT AFTER IT LOSS OVER $25,000.00 AND OTHER LARGE TRADES.
    GOOD LUCK
     
  8. Lyall

    Lyall Recruit

    Joined:
    Aug 9, 2008
    Messages:
    1
    Likes Received:
    0
    Hi there,

    I'm not sure how you configured it but I think you must have done something wrong. I am NOT affiliated with Don at all, and I do not advertise his EA, but I do post my live trading statement on my website at

    Statement: Brandon-Smith Lyall

    I started trading with a live account of £250 two weeks ago - you can see the results so far.

    Sounds to me like you did not enter a stop loss? I don't see how you could have lost so much money (luckily a demo account) with this EA. I have tried many in the past but this is the only one that actually performs.

    Please remember this is a counter-trend EA and therefore you WILL experience drawdowns. So far in the two weeks I have traded these drawdowns have all ented in winning trades. However, in the event of a market crash or explosive news I have entered a stop loss of 500 pips which will stop me losing more than 10% of my account.

    The only losses I have experienced are the very first two trades which I closed because I was still setting up the EA and accidentally triggered them, and another one a bit later on which I closed as I was getting nervous (but then I decided to leave the EA to do it's thing and, as it happens, it knows better than me!

    I hope this helps shed some light on this EA - like I said, it works for me. Next week I plan to deposit more into my account and trade larger lots, as I trust this EA.

    Also, the support from Don if you ever have any questions is great. I don't think he ever sleeps as he always answers my emails...

    Anyway, have fun trading! I highly recommend this!

    Lyall
     
  9. The_Saints1

    The_Saints1 Recruit

    Joined:
    Aug 27, 2008
    Messages:
    1
    Likes Received:
    0

    And I were the only single affiliate/partners that are advertising this EA Robot by fren Don Steinitz whom all the way known at the beginning of forexfactory then forex-tsd not mentioning all.
    Dear actually it is not Don raw product making this things but the shear determination to perfection...pushing and pushing at the same time being bashed as con / scam bla..blaa...what else if isnt human.

    Fact that arent deniable are many credit were given rather than the opposite,,,period.
    Time will tell and I quote:" SOMETIME TO BE GREAT IS TO BE MISUNDERSTOOD "



    BY michelle admin FOREXSEXIER - THE INSTITUTE OF HIGHER EARNING - MONEY MAKING & WORLD 1st ENTERTAINING WEBSITE - Powered by vBulletin FOREXSEXIER - THE INSTITUTE OF HIGHER EARNING
    Regard to Pharoah for his contribution vice versa with FPA [one offa kind]
    thanks admin..all forumner
     
    #9 The_Saints1, Aug 27, 2008
    Last edited: Aug 27, 2008
  10. Fred Vandenberg

    Fred Vandenberg Recruit

    Joined:
    Jan 1, 2009
    Messages:
    1
    Likes Received:
    0
    Winner winner chicken dinner.

    All I can say is that any EA that trades without a stop loss is plain suicide. For the Steinitz ea no-lose means not hitting any stop losses. Seeing your $3000 live account quickly getting overdrawn by $600 while trading 10 currencies at $0.03 to the pip and not seeing any improvement is a nightmare. You might as well just click on any currency and open a buy or a sell and if the trade doesn't go your way then do a martingale to try and rescue your account, and then lose some more hard earned cash!! Take good advice-eat your losses before your losses eat you!! Rather rely on your gut feel and intellect when trading forex. :unhappy:
     

Share This Page