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Forex Cybertrade EA - SCAM

Discussion in 'Scam Alerts' started by vicaas, Apr 20, 2011.

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Do you think Forex Cybertrade EA is fair ?

Poll closed May 20, 2011.
  1. Yes

    0 vote(s)
    0.0%
  2. No

    0 vote(s)
    0.0%
  3. Maybe

    100.0%
  1. vicaas

    vicaas Private

    Joined:
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    Fellow Traders,

    The developer sells the EA for $ 1000 claiming high profitability. After I used the EA for some time, I saw that the drawdowns were extremely high. Even today the same situation has repeated itself. The FPA demo test has a balance of $ 100000 and a floating loss of $ 43000 in a single day !!! I contacted the developer through Plimus requesting a refund of money. The developer cited the following reasons for not giving a refund -

    1. since I was using other EAs in the account
    2. since I had closed the high drawdown positions manually myself and not let the robot close them
    3. since I did not adhere to the trading time suggested by them


    The first two reasons are NO reasons to NOT grant a refund to me. Anyhow, my replies are -

    1. I did not have any issues with the other EAs as there was no huge drawdown from any of them and there was no over leveraging my account.
    2. Of course I had to close the positions manually when the loss is reaching to around 7 to 10% of the account size. That's what anyone would do. The developer himself responded that he had lost 7% of the account size in a single day. I have the mail on record.
    3. For one day, I did use the EA beyond the time suggested by them to see the results, however the drawdowns had occured for the positions opened by the EA WITHIN the timeframe recommended by them. So their argument is not valid.

    The EA developer seems to be a big scam. The results of the EA being sold for $ 1000 are there on the FPA website to see. I need help to get my money back.

    thanks and regards


    Vicaas
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
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    Go back to Plimus and explain your issues.

    If you paid by credit card, contact your issuing bank and discuss if there is an option for a chargeback or not.

    Since the FPA test is currently in such deep drawdown, why did you buy it?

    General advice - if you get a new EA, run it on a DEMO account for at least a month before letting it near your real money. Don't believe backtests. Run a forward test on demo.
     

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