Felix I appreciate your response to peoples concerns, but it doesn't change the premise upon which this was product was distributed.
A new method of utilising the Currency Strength Meter that a trader was able to produce $1M in a very short time. Henry goes into great detail describing this alleged phone call with this mystery person where a new ‘method’ is discovered.
The robot is advertised to be based upon this new method and giving people the hope that they can make significant gains in a short period.
I believe there is no mystery trader who turned made the $1M in a short time
based on the CSM using some 'unknown method' and that there was no phone conversation. This is just a made up story to get subscribers and sell the product... If not, then reveal the unknown method; show us the statements from this trader and explain the methodology as it is based upon the CSM.
Other things that don't add up:
The comments were locked on the CSR website BEFORE the CSR was released.
The statements of the robot create such a draw down that very few people could withstand that with their account sizes. This can be seen by the statement on the website (attached). Surely someone who knows anything about trading knows to minimise draw down. It is a fairly safe bet that anyone who is subscribing to this CSR does not have enough knowledge or confidence to trade by themselves otherwise they would not need this at all. These are the same people who least can afford massive drawdowns. This robot just blows up accounts.
If Henry knew anything about his followers he would know they cannot sustain a robot like this. Even if (and this is a very big 'IF') the robot was actually making the right trades, the peoples accounts would have been blown up before they could benefit from the trend adjustment to get back to even. If the robot 'knows' what should be happening, why not just enter at that point? Why have any draw down at all? Henry has presented this as the Holy Grail, this is deception.
This CSR is nothing but an account killer.
I haven't calculated the returns as a percentage based on the figures Henry quotes in his videos but the number is a large percentage figure within his stated time period. (The mystery traders starting account up to the stated $1M). Henry has set the expectation of high percentage returns based on this 'unknown method' within a short time frame.
Later in a response on the below review link, Henry is stating that an account must be built slowly over time (). Well, this is not how Henry has presented this robot in his marketing. This is not the expectation he has set with potential subscribers from the outset.
Other quotes from Henry:
Currency Strength Robot | CurrencyStrengthRobot.com reviews and ratings by Forex Peace Army
I just want to leave a quick feedback and explain a little bit on what CSR is about. I think one of the most important and difficult task for automated trading systems is to differentiate between noises and trend. CSR is design to follow the trend and not the noise. As explained in the intro video, there is the 3-days look back factor which protects our account, along with active monitoring.
It could have about 4 positions, depending of course on whether or not it is doing cost averaging. However, this is where “active monitoring” comes in handy, as I will manage the EA to behave correctly.
Cost averaging... doesn't sound good... How many positions does it actually open?
Based on the strength of the market in the last few days and active monitoring of the EA, there is a recovery option that adds to the position. However, as soon as the trend changes, it would take losses. I trade US brokers with 50:1 leverage and I do not have any problems when targeting 5% to 10% gains a month.
I will get to the prices in the next video. The different lot sizes are based on different internal strategy. I can’t say any more
'Martingale' is the word you are looking for...
I am simply showing what the robot can do when adjusted to take higher risk in the statement. As far as consistent return, I believe CSR should be able to generate at least 5% per month. I think 5% is great if you are treating this like a retirement fund.
That's not what you lead people to believe in the videos...
The robot is designed to make small profits on a consistent basis. However, for more information on the drawdown, please watch the Q&A video.
Small profits... after massive drawdown. Hang on, but doesn't the CSR follow the trend? Why exit after small profits? Sounds like cutting profits short and letting losers run to me.
stops are internal hidden stops, it is not shown here in the statement but monitored by CSR.
Stops are hidden internal stops... they're called 'Margin Calls', you may have heard of them.
-In reference to a question about 500 pip SL:
It may seem that way, but because I monitor it actively, I NEVER let the trade get that far.
The EA has a recovery routine build it, and it needs plenty of room, remember sometimes you have to give enough room… this is where my knowledge of the market comes in, a different perspective from a strictly mathematical or programming point of view.
Thank heavens for Henry's market knowledge, now everyone can be secure in the knowledge their SL is protected by a margin call ensuring the SL is never hit.
No this EA is based solely on the principles of the currency strength meter and not on any other technical indicators.
Henry says he was able to make 100K in three months. The statement he shows is not complete and its from 2008 but it looks like at least 75K of that is just a deposit (attached). Notice this there is no activity before or after the three months in the actual statement posted.
Things just don't add up with Henry. Something is not right. It appears as though he is misrepresenting his trading capabilities and he has certainly misrepresented the CSR.
I know we're coming down hard on Henry, but this is simply not acceptable and cannot be tolerated. Especially, and I can't state that strongly enough, that he is affiliated with FPA, a site that by its very core was created to eliminate this sort of thing.
Henry by taking this course of action is in violation of the very principles that FPA stands for.
This is no 'little white lie' here. He has made up a story as the premise of creating the robot, executed a marketing campaign, had reviews written before its release, domains purchased, a website created, payment infrastructure setup, back testing done (he must have been aware of the account exposure and low R:R that would ultimately lead anyone’s account to failure over the long term… if he could not see that then he should not be teaching anyone anything). To sell all this to subscribers is all pre-conceived and quite the undertaking. Henry, better than most should know there is no magic EA, no magic system. How can Henry under any good concious sell any EA? If Henry is any educator at all, HE should be the one saying to others not to bother with EA's, Signal Providers, etc, and teaching people the correct way to trade.
The very fact the he as an educator is putting faith in an EA makes me question whether he should be a financial educator at all and I would suggest the FPA look for someone with a less questionable record to represent them. He has lost all credibility with me, that is for sure.
I personally am disgusted about this scenario and feel bad for the people who have lost money.
Although his education has been helpful to people, Henry has crossed the line here, here has gone too far into the realm of scammer. He has hurt his own credibility probably to the point that people will not take much of what he says with regards to trading seriously. We have now seen him in action, and it’s not good. He has hurt people and their accounts… and charged them for it. This is all based on the premise of a new method of interpreting the CSM and the ability to create exponential returns.
Henry holds a position where certain standards of morals and conduct are expected. This simply cannot be let slide without thorough investigation and appropriate action. He must answer to this.
Here are some others reviews on the CSR.
Currency Strength Robot | CurrencyStrengthRobot.com reviews and ratings by Forex Peace Army
Currency Strength Robot – Real User Reviews : Reviews @ Forex Machines
Currency Strength Robot Review And Discussion
Currency Strength Robot | Forex Trading Reviews
I will post this in the CSR review so it can be investigated as you have suggested.
