Discuss ForexRobotTrader.com

[Kiran Thomas C]

Hello Guys,I am new to forexpeacearmy

Hello friends

I am new to forexpeacearmy as well as forex, Honestly I was looking for a method to get a refund from forexrobotrader.com brought me here,I bought two products from Don Stenitz ,The first one is forex robot no loss and the second one is Stenitz Volatility Channel SAR Robot .

I have not used forex robot no loss in a demo account , it gave me good returns in 2 to 3 days in live account,but then the problem started.In the beginning just one draw down and later in a week 3 more,almost washed off my account .Some how I managed to come out of this loses as this product was bought from Click bank,I have requested for a refund ,I didnt get it so far ,I have applied 4 days before.Still he is asking me to test and wait till the 60 days.I will never use this product any more ,I already booked loses in 3 draw downs ,I am still waiting for the 4th one ,still not over ,I removed it completely from the Chart as well as my computer .

About the second product , Stenitz Volatility Channel SAR Robot ,This product is an utter waste and I spent $189 to buy this product for my dad.This product only books loses and he is asking us to book the profit manually ,when the trades are in manual,then what is the use of the bot?
Another important comment from Don , "Return back to the videos ,and see the robot has not done any thing good in the first 2 months" ,You have to wait for 2 months and let the robot start taking profits for you .Do you think this comment is acceptable ,is he done any formula that robot takes profit only after 2 months,also he didnt explain any thing about the settings about EA ,that is the worst part.I strongly feel he does not know any thing about it.My dad has a account of $1000 ,for this how can he afford to lose money for 2 months and how much you expect to be left in the account after 2 months ,

Don't ever buy this product guys ,seriously, you will be pissed off.

Does any one know ,how to get the refund of the product which I bought from forexrobottrader.com ,the biggest mistake I did was ,I didnt use the paypal link ,If I would have ,I would have escalated to Paypal .

This is the link ,where i did the purchase .
https://www.forexrobottrader.com/new_checkout.php?product_id=Steinitz Volatility Channel SAR Robot

If any one knows ,or suggest ,how to get a refund ,it would be a great help,I could not find the processing agent for the same .

FPA ,please review this as serious ,I can produce each and every evidence ,if you need so.

Thanks
Kiran

 

[Trader Gaz]

Results of Two weeks of live Tests

oh: Whilst not wanting to criticize anyone or any system unfairly I base any outcome only from proven results. So I have been running the Steinitz Fractal Pterodactyl Robot the same time as the Demo on this site.

This site as of today has the product up 604 pips ( I could retire if the average two weekly gain was this, no problem).

However in the same period, using the product un-tweaked as it comes with a 0.1lotsize and 1% risk on 5 pairs. here are my 'Live' results:

Wins:53
Losses:48

Win Pips:1465
Loss Pips:1492
(Nett loss 27 pips)

Average Win Pip Rate:27 pips
Average Loss Pip Rate: 31 pips

So unless I change something - I am heading for trouble perhaps as I'm 27 pips down in two weeks. Why the massive difference to FPA Demo results?

A win rate at 50% is just no good regardless of lotsize or funds and I need to see this up to 70% to have any chance of it being a success. A stoploss to get the average loss rate down could help?

So a disappointing two weeks after I was hoping for a conservative +500 pips by now, so back to the day job !

I'll let you all decide here as to if the product is for you.

 

[drbarney2]

Steinitz Refunds

I believe that Steinitz does not offer a refund on any of his software products, as stated in the agreement when you buy them. He has made exceptions to this on at least one of his software products, if I remember correctly, but this again is the exception and not the rule... I fully agree that the Steinitz software products are nothing but JUNK. Do not purchase.

Hello friends

I am new to forexpeacearmy as well as forex, Honestly I was looking for a method to get a refund from forexrobotrader.com brought me here,I bought two products from Don Stenitz ,The first one is forex robot no loss and the second one is Stenitz Volatility Channel SAR Robot .

I have not used forex robot no loss in a demo account , it gave me good returns in 2 to 3 days in live account,but then the problem started.In the beginning just one draw down and later in a week 3 more,almost washed off my account .Some how I managed to come out of this loses as this product was bought from Click bank,I have requested for a refund ,I didnt get it so far ,I have applied 4 days before.Still he is asking me to test and wait till the 60 days.I will never use this product any more ,I already booked loses in 3 draw downs ,I am still waiting for the 4th one ,still not over ,I removed it completely from the Chart as well as my computer .

About the second product , Stenitz Volatility Channel SAR Robot ,This product is an utter waste and I spent $189 to buy this product for my dad.This product only books loses and he is asking us to book the profit manually ,when the trades are in manual,then what is the use of the bot?
Another important comment from Don , "Return back to the videos ,and see the robot has not done any thing good in the first 2 months" ,You have to wait for 2 months and let the robot start taking profits for you .Do you think this comment is acceptable ,is he done any formula that robot takes profit only after 2 months,also he didnt explain any thing about the settings about EA ,that is the worst part.I strongly feel he does not know any thing about it.My dad has a account of $1000 ,for this how can he afford to lose money for 2 months and how much you expect to be left in the account after 2 months ,

Don't ever buy this product guys ,seriously, you will be pissed off.

Does any one know ,how to get the refund of the product which I bought from forexrobottrader.com ,the biggest mistake I did was ,I didnt use the paypal link ,If I would have ,I would have escalated to Paypal .

This is the link ,where i did the purchase .
https://www.forexrobottrader.com/new_checkout.php?product_id=Steinitz Volatility Channel SAR Robot

If any one knows ,or suggest ,how to get a refund ,it would be a great help,I could not find the processing agent for the same .

FPA ,please review this as serious ,I can produce each and every evidence ,if you need so.

Thanks
Kiran

 

[drbarney2]

Steinitz Fractal Pterodactyl Robot

Hey TG, I too bought the Fractal Pterodactyl Robot and for the most part have experienced the same results, which is very disappoining results. It has proven to be nothing shot of a disaster... The FPA demo says it all. I think that this is the first time Steinitz has allowed anyone to actually run one of his products (demo or live) so anyone can see the results. I fear that the FPA demo is going to hurt him where it hurts most... in his pocket.

oh: Whilst not wanting to criticize anyone or any system unfairly I base any outcome only from proven results. So I have been running the Steinitz Fractal Pterodactyl Robot the same time as the Demo on this site.

This site as of today has the product up 604 pips ( I could retire if the average two weekly gain was this, no problem).

However in the same period, using the product un-tweaked as it comes with a 0.1lotsize and 1% risk on 5 pairs. here are my 'Live' results:

Wins:53
Losses:48

Win Pips:1465
Loss Pips:1492
(Nett loss 27 pips)

Average Win Pip Rate:27 pips
Average Loss Pip Rate: 31 pips

So unless I change something - I am heading for trouble perhaps as I'm 27 pips down in two weeks. Why the massive difference to FPA Demo results?

A win rate at 50% is just no good regardless of lotsize or funds and I need to see this up to 70% to have any chance of it being a success. A stoploss to get the average loss rate down could help?

So a disappointing two weeks after I was hoping for a conservative +500 pips by now, so back to the day job !

I'll let you all decide here as to if the product is for you.

 

[Boko Maru]

Does any one know ,how to get the refund of the product which I bought from forexrobottrader.com ,the biggest mistake I did was ,I didnt use the paypal link ,If I would have ,I would have escalated to Paypal .

This is the link ,where i did the purchase .
https://www.forexrobottrader.com/new_checkout.php?product_id=Steinitz Volatility Channel SAR Robot

If any one knows ,or suggest ,how to get a refund ,it would be a great help,I could not find the processing agent for the same .

FPA ,please review this as serious ,I can produce each and every evidence ,if you need so.

Thanks
Kiran

I bought the "no loss" (lol) robot in 2008 with horrible results; what a surprise eh? I'm totally off robots now, except for EA's that manage positions once open (i.e. moving stops, taking profits, etc.).

Re. your refund, it might be too late, but did you use a credit card? If you did, your best bet is to dispute the charge directly with your credit card company.

Disputing through Paypal won't get you anywhere. They are biased towards the merchant by default, and will look for any way possible to NOT refund. Even if you use Paypal but use a credit card for the Paypal transaction, forget Paypal and go directly to the credit card.

However, it probably still won't work as the purchase agreement includes acceptance of the "no refund" policy. If you can clearly show fraud on his part, i.e. the product was misrepresented, the performance claims are false, etc., then the "refund policy" doesn't mean anything and you would prevail.

Not sure if that helps, but maybe for future reference...

Peace

 

[Ken Long]

If you bought your robots through forexrobottrader.com and agreed to the no refund policy, then there is no refund. If you bought the no loss robot through a different advertisment that was first offered, it did have a refund policy. Either way be carefull running robots, they can sometimes make money, they can sometimes lose money, either way you have little control. If you dont know the robots trading system well, and dont know exactly how its programed and exactly what it will do, your just running blind.

 

[Boko Maru]

If you bought your robots through forexrobottrader.com and agreed to the no refund policy, then there is no refund. If you bought the no loss robot through a different advertisment that was first offered, it did have a refund policy. Either way be carefull running robots, they can sometimes make money, they can sometimes lose money, either way you have little control. If you dont know the robots trading system well, and dont know exactly how its programed and exactly what it will do, your just running blind.

You can still get a refund if you are able to prove fraud (as stated above). If you can show fraud, it doesn't matter what the "no refund" policy is, what you signed, what they say, etc. I know because I've done it.

In one instance where I encountered fraud from a forex merchant, my chargeback was denied initially because the merchant produced his no refund policy that I electronically agreed to accept. I then countered with an 18 page fax to my credit card company detailing their extensive fraudulent misrepresentations with screenshots, emails, etc. In the end, I prevailed and got my money back. That forex company has since gone out of business.

I don't know if he can show fraud in this case or not, but don't think that a merchant's "no refund" policy governs anything at all. The law trumps all of that; you just need to be able to prove it (or at least convince your credit card company). Personally I think Steinetz is fraudulent. Advertising a robot as "no loss" is suspect enough, but esp. after the Dodd-Frank bill and the reform and new laws that it contains, I'd think that "no loss" claim probably violates something somewhere...

 

[Ken Long]

Steinitz has been around a long time. He's one of the originals in this business. Many people have been dissatisfied, filed complaints and tried to get refunds, perhaps some have succeeded. Bottom line is, he's very experienced with this sort of complaint. He can show just as much proof that his robot does work as you can that it doesnt, probably more. He has scores of positive testimonials to how well it works, he defends his business and his creations very aggressively, and he seems to enjoy a fight. His no refund policy isnt just some clause tacked on the bottom of the receipt. Its a well writen legal document that you must agree to.

I personaly have never bought one of his robots. I have a copy of the original HAS MTF EA because it was donated to me by anouther trader who was dissatisfied and wanted to see if I could run it profitably, and it is capable of making large amounts of money, but it is not neccessarily a no loss robot. It is a no stop loss robot. As long as the long term trend is intact price will eventualy come back, it may take months and thousands of pips in drawdown, but as long as it stays aligned with the longest term trend it can read it will generally come back over time. Generally however, is not enough for me. I was testing it, probably a little too aggressively for fully automated trading with this EA, in the fall of 09 and it wiped out my demo account when the long term trends turned.

Theoreticaly this EA could do well if used with a little human discretion, but you would have to make most of the longer term directional decisions and know when to turn it on and off. On its own its simply a moving average system and will always enter a position late and rely on continuation of the trend to pull it through. When the larger trend changes it will not react untill after the fact and it will always get caught in bad trades that need to be held for long periods of time and huge drawdowns.

It does however have many user adjustable features that allow you to control just about every feature the robot uses from how it analyzes the trend, to how it makes its entry and exit decisions. You can set stop losses, trailing stop losses, exits based on Heiken Ashi trend changes, and many other things. In this sense its a very complex robot. It helps to fully understand the EA and have a good knowledge of trading and chart reading as well.

Don is a very personable, inteligent, capable, and willing teacher. He has many webinars and tutorials on trading technique and robot managment, but you have to pay for them, nothing is given for free, and he doesnt like to hold hands and help idiots who have trouble learning basic concepts. He can be quite disagreeable with people who constantly want to soak his time asking the same stupid questions over and over.

 

[Boko Maru]

Yeah he may have all the defenses in place re. refunds I don't know. But I do know that (as a general statement) if you can show fraud it doesn't matter what you agreed to. Do Bernie Madoff's investor's have no leg to stand on because they may have agreed to a "no refunds" policy? Like I was saying, if you can show fraud (with anyone), a no refund policy doesn't mean squat.

As for Steinetz himself, "personable" is hardly a word I would use to describe him. In my limited experience in reading his response to people's reviews about him, his conduct towards other people is absolutely appalling by any measure. I don't care if he's dealing with newbies, or "idiots" as you put it or not; he's simply wrong in the way he treats people a lot more than he's right. He's also tried to fake a lot of reviews on the FPA review page by the way. Oh yeah, he's a really great guy!

 

[Ken Long]

Personable is my opinion. I happen to like Don's trading style and knowledge. Yes, his responce to negative reviews is quite antagonistic, and he has actively encouraged new customers to write gushing reviews of his products. He has not however manufactured fradulent reviews.

As for his negative attitude, it goes both ways, there are a lot of idiots on this forum who like to whine and complain and make major accusations when things dont work the way they want them to. They often accuse fraud when its their own incompetance and gulability that is the core problem. You can find scores and scores of negative reviews of Don Steinitz if you want. Or you can read his material, study what he offers for free, and make your own decisions.

There are a lot of pure charletans in the Forex marketing business. Don Steinitz is not one of them. He is an extremelly capable and successful Forex trader and gambler. He seems to enjoy sharing his knowledge, and is a very good communicator and teacher. He has created some questionable robots, but all are based on very good trading theory, and he's put a lot of effort into them. His main drawback, if you consider it a drawback, is that he is not the most complying and compasionate with people who wont put in the effort and think for themselves, and he gets annoyed with people who dont learn concepts easily, and I dont blame him. This business is not easy. It requires study and preparedness, it requires a certain kind of mind, and too many people think its a cake walk and someone else is going to hold their hand and give them the keys to the kingdom of knowledge and ability and instant riches for just $97, and when that doesnt work as expected its someone elses fault.