Oliver Bridges
Recruit
- Messages
- 2
Don Steinitz not as advertised?
Forgive the length of this post, please. I am totally brand new at Forex. Just now reading up on basics, getting to know markets, etc. Friend of mine sent me link to NoLossRobot. Ad starts with "we; our..." in talking about the program. Then, "John" and "Mark", including nice pictures of them, are introduced as the creators and programmers of the EA (no last names). They are "traders, not businemen", so would sell it for "only $149, download NOW! The price will be going up to $149 a MONTH after the next 20 are sold!!!". The contact form has no names. The ad says the program/robot automatically adjusts to trends in the market to get the most profitable trade. Also, it promised numerous times that there were no losses in any trades made. Period...No Losses! Wow, had to have if I was going to try a system as a novice with no experience. Promised minutes set up time, incredibly easy to use, etc. Paid for it. Still no mention of Don Steinitz anywhere, until I got the download completed and agreements made page on the internet. His name finally shows up, but not the "John" or "Mark" as advertised on the original ad. Hmmm...decided to search this name. Found this site and some others, with contradictory opinions/claims. then on 11-8-09, got email from one of these affiliates about the NoLossRobot from Don Steinitz about his robot. Don's response about stop/loss:
"A system either has to have a stop loss or it must keep positions
open indefinitely. You must pick one. If you're using a stop loss you
will have drawdown if you get stopped out. The more stop outs the
bigger the drawdown. With a robot like this that does not use a
conventional stoploss you will have drawdown until that trade comes
back into profit territory.
Because we trade multiple currencies at the same time no one
particular currency will hurt us bad enough. We trade 1% per
currency with 10 currencies or 10%. The maximum drawdown I have
seen during the worst of the worst times have been around 35%. I
have seen this twice in the past five years but all trades came
back into profit territory.
Because we always trade in the direction of the daily, weekly and
monthly trend we have the best of it which allows the trades to go
into positive territory sooner or later. Money management is
key...
The robot does have a unique feature that can be turned on to exit
any trade where the monthly or the daily timeframes have changed
direction, indicating there was a major change in the original
trend. That's the ultimate stop loss which is much more logical
than some arbitrary made up stoploss that probably gets hit by your
broker mysteriously every time..."
I then realized when I read "sooner or later" and "multiple currencies"--- something was wrong. I had bought something that was not what it advertised up front, or at least did not tell you the stop-loss mechanism was up to you. That's when (finally!) I went to sites like this to do some belated research. Sent him email about my unease about him (Steinitz, the one not in the original ad!) being disingenuous and not up-front about some things but I would like to use the product as advertised. Got a snotty reply. (Can post it some other time) Received no satisfaction to my original email...then decided to go with my gut and ask for money back-as advertised. That was today. Will let everyone know if he complies with the advertised money-back guarantee or not. I am still looking for a novice level EA (FapTurbo/Ivybot?) to begin demo trading on. Please advise.
Forgive the length of this post, please. I am totally brand new at Forex. Just now reading up on basics, getting to know markets, etc. Friend of mine sent me link to NoLossRobot. Ad starts with "we; our..." in talking about the program. Then, "John" and "Mark", including nice pictures of them, are introduced as the creators and programmers of the EA (no last names). They are "traders, not businemen", so would sell it for "only $149, download NOW! The price will be going up to $149 a MONTH after the next 20 are sold!!!". The contact form has no names. The ad says the program/robot automatically adjusts to trends in the market to get the most profitable trade. Also, it promised numerous times that there were no losses in any trades made. Period...No Losses! Wow, had to have if I was going to try a system as a novice with no experience. Promised minutes set up time, incredibly easy to use, etc. Paid for it. Still no mention of Don Steinitz anywhere, until I got the download completed and agreements made page on the internet. His name finally shows up, but not the "John" or "Mark" as advertised on the original ad. Hmmm...decided to search this name. Found this site and some others, with contradictory opinions/claims. then on 11-8-09, got email from one of these affiliates about the NoLossRobot from Don Steinitz about his robot. Don's response about stop/loss:
"A system either has to have a stop loss or it must keep positions
open indefinitely. You must pick one. If you're using a stop loss you
will have drawdown if you get stopped out. The more stop outs the
bigger the drawdown. With a robot like this that does not use a
conventional stoploss you will have drawdown until that trade comes
back into profit territory.
Because we trade multiple currencies at the same time no one
particular currency will hurt us bad enough. We trade 1% per
currency with 10 currencies or 10%. The maximum drawdown I have
seen during the worst of the worst times have been around 35%. I
have seen this twice in the past five years but all trades came
back into profit territory.
Because we always trade in the direction of the daily, weekly and
monthly trend we have the best of it which allows the trades to go
into positive territory sooner or later. Money management is
key...
The robot does have a unique feature that can be turned on to exit
any trade where the monthly or the daily timeframes have changed
direction, indicating there was a major change in the original
trend. That's the ultimate stop loss which is much more logical
than some arbitrary made up stoploss that probably gets hit by your
broker mysteriously every time..."
I then realized when I read "sooner or later" and "multiple currencies"--- something was wrong. I had bought something that was not what it advertised up front, or at least did not tell you the stop-loss mechanism was up to you. That's when (finally!) I went to sites like this to do some belated research. Sent him email about my unease about him (Steinitz, the one not in the original ad!) being disingenuous and not up-front about some things but I would like to use the product as advertised. Got a snotty reply. (Can post it some other time) Received no satisfaction to my original email...then decided to go with my gut and ask for money back-as advertised. That was today. Will let everyone know if he complies with the advertised money-back guarantee or not. I am still looking for a novice level EA (FapTurbo/Ivybot?) to begin demo trading on. Please advise.