Don Steinitz's MTF HAS EA

Ken Long

Sergeant
Messages
436
I have been running this EA on 0.1 lot size across all 10 pairs now for over 1 month without altering the program. The program is very complex and offers many user variables, too many for some people. The possibilities to tune the program and optimize it with various exit strategies are all available, but it is a complex program.

During the month of Dec, using just 0.1 lot size, it hit drawdowns of over 4K. Trying to place stops after the fact doesnt work at all, even trying a preset stop doesnt work well. This program needs its drawdowns to run. Sometimes it catches a trend and clicks off trade after trade, but being nothing but a moving average system with a colorful indicator it is notoriously laging, both on entry and exit signals. Therefore it catches drawdowns constantly. As long as there is a good supporting trend they can be waited out, and this is what has kept this program alive this long. In this current market volitility though it gets crushed.

At present this is not a program that I could run on real money. It is capable of making fantastic profits when things go right, but it is also capable of giving it all back and running your account into a margin call.

A rather dangerous program, I dont know many people still testing or using it. Most give up after they see the extent of the drawdown problems. Additionaly the full Steinitz Heiken Ashi indicator takes an enormous amount of computing power. Different from the regular Heiken Ashi that comes with MetaTrader or the smoothed version that is available, his indicator shows a Heiken Ashi bar chart for each time frame in the lower windows, this means it has to load and run every time frame for every pair it trades. This is a beautiful feature, but has enormous power requirements. It can easily use 1G of RAM on its own.

This robot has great trend following characteristics and many adjustable parameters. I have barely begun to change and attempt to optimize this program. I think it can be done better, but there are problems, most notably his Smoothed Heiken Ashi indicator. This is a great trend following indicator for manual trading, but is extremelly lagging. The robot constantly finds itself entering trends too late, or on counter trends that dont reverse back, and it has no preset exit strategy other than to close all trades at the end of each month. As mentioned this strategy was working up until the current volitility. I find this strange as it does have the capabilities to filter and close trades in a number of ways, using the Heiken Ashi indicator signals on various different time frames.

This is not a no loss robot as advertised. The fact that it attempts to be is its first problem and shows that Don Steinitz is not a trader but an internet marketer and gambler with an idea to sell. The robot has a lot of interesting features, that should be able to be used to control these situations and add depth to this program, but it needs a less volitile and better trending environment.

The most interesting solution I have heard is anouther user who wrote a program to close all open trades once a certain percentage gain was reached, in his case 5%. In this manner he was hitting 5% every week and closing down for the remainder, or automaticaly closing down at the end of the week. This works well because the robot is almost always initialy profitable, its the never ending drawdowns that catch it and kill all profits.
 
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Messages
7
Don Steinitz EA

The drawdown is a disaster. I purchased the EA after reading the advertising on how it doesn't lose. Very disappointing how this ended up being a scam. I did research on Don Steinitz and by the discussions I had with fellow traders that used his systems and by reading the postings on forums and internet postings, I can't believe he actually sleeps at night. As one friend told me, his false advertising catches the attention of people that never heard of Don Steinitz. Those that do know him, know to stay away from anything with his name on it. Customer service is poor, charges $150 an hours for phone consultations and refunds are difficult to get back. The testing of his EA on this forum shows a negative result. I can see why he has been banned on all forex forums I have visited. Big thumbs down for Don Steinitz.
 

Grizz

Recruit
Messages
1
This EA is worthless

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.
 

Ken Long

Sergeant
Messages
436
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.
I swear I've heard that somewhere before
 
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