I haven't used it, but from reading the reviews, it sounds like the lack of stop loss settings means that there will always be the potential to have an account wiped out, no matter what the previous amounts of profit gained are.
If you do decide to try it, I'd recommend having it trade a demo account for several months before risking it live.
Anybody got any feedback on Traders Choice Fx? the broker that Don Steinitz
recommends on the Forex Robot Trader website.??
I cant find a reference to them on FA's reviews. Just curious. Thinking of trying the system and if this is a decent broker might be integrated well with bot but if there are other issues then there are obviously other brokers out there.
DO NOT BUY ANYTHING FROM THIS MAN!
His HAS EA lost everyone money.He then came out with another ea which also lost everyones money.Now this sick twisted scammer don steinitz is trying to resell his original HAS ea with optimized settings!Can you beleive this?He is trying to make people buy it AGAIN by sending them spam emails.Please do not buy anything from this man.You will lose more than just the cost of the EA.Both of his EA's lost money.He doesnt even trade himself HE LIES!
The Robot Trader Sticks. I Lost $25,000.00 On A Demo And When I Called Don About My Concerns Several Times, He Emailed Me And Told Me Flat Out Not To Contact Him Again. I Hope The Fpa Does Something With This Guy. He Refused To Refund My Purchase Price And Initially Told Me The Fpa Was His Best Friend And He Had Connections With Them, I Told Him, Yeah, Right. He Called Me High Maintenance.
Please i will like anybody that knows about the forexrobot trader software by Don Steinitz to please tell me if its a good forex robot i can relay on, am new to forex and am fast lossing money... please anybody out there with good information on how to make profit should please help me. you can reach me with this e mail email@example.com.
hmm, i've been trying this ea out since last week the 1st of june and it has gotten alot of closing profits.. but open trades still have huge drawdowns in my opinion... this is using default settings, i havn';t fooled around with it yet..
anyways here is a link to a statement.. Statement: 5516536 - NIKOLI YAP
I think what is important here is that it helps to have an understanding of not only how the forex market works, but also how EA's function. I am fortunate that I know just enough to get myself into trouble
This is a good EA out-of-the-box, but with a few minor tweaks, it can be a great EA. Try this to help on the drawdown (settings are in the EA):
1. Close Trades on Friday
2. Raise Risk according to your goals
3. Don't trade on Sunday (wait a few hours into the Asian session before starting the EA
These are basic tips that will help any EA perform better. Drawdown is manageable, as is swap.
By far this is the best performing EA that I have every owned. It's averaging 100 pips a day, consistently! Definitely worth the $199 that Don is selling it for (plus some).
I understand that this EA was not as profitable earlier in it's career. I've seen the performance data, Don has posted this on his site. A lot of other retailers have not been as up-front and open as he is!
If you spend $200 on an EA and expect the world, don't be surprised if you are disappointed; I have MANY times before. There is risk involved in any trade. I am fortunate to have found one that actually works, and that is this one!
P.S. If you want me to post my performance data I can. I have created detailed reports on this one, primarily for forecasting.