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Leo Trader Pro

Discussion in 'Scam Alerts' started by MPA, Dec 30, 2010.

  1. MPA

    MPA Recruit

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    Badly Programmed EA: Margins Out $1000 live account due to faulty risk level settings:

    Several Issues Along The Way

    EXE File Unable To Download:

    Hello
    The problem with download link has been resolved. Please try again.
    Note this - you have to select the "Save Target As..." or "Save File As..." option to download the file to your Desktop.
    Thank you for contacting the LeotraderPro Support. Feel free to contact us if you have any further questions. We will be more than happy to help you


    Software Update Within 24 Hours:

    After early feedback from users, we've just uploaded a new version of
    Leo Trader Pro, so if you came on board more than 30 minutes ago
    you'll want to pop back to the download page and grab the new files
    asap. You'll find the link above.



    Trading Warning: Within 48 Hours

    Although we will continue to trade the Leo Trader Pro account as normal,
    we just wanted to let you know that users who are not risk-tolerant should
    change the "AllowOpening" setting on Leo Trader Pro to False until
    Tuesday, January 4th.

    This will avoid wide potential market swings from affecting your own
    account by temporarily preventing Leo Trader Pro from opening new
    positions.


    MT4 Charts Crashing

    Usually "Too many IP addresses" error means that the receipt code was entered incorrectly, so the robot can't authenticate. Please check whether you're using correct receipt code (it is your Clickbank order number), reattach you EA, and enter the receipt code carefully.


    Manual Quotes Risk Settings:

    Risk Level: A setting below "0" will be a risk per trade....and gives an example of -5 being 5%

    A setting above zero will be a fixed lot trade:

    Despite setting -5 to equal 5%

    Account Margins Out In Two Trades

    20484070 2010.12.28 01:21buy0.71gbpusd1.548311.515281.55078 2010.12.28 09:521.544350.000.00-281.16 20502926 2010.12.28 15:24buy1.00eurusd1.321011.287971.32197 2010.12.28 15:531.313830.000.00-718.00

    REFUND REQUEST IGNORED TWICE !

    and RESPONDING E-MAIL MAKES NEW CLAIMS AS TO RISK SETTING


    Refund Request 1

    The problem is fixed now. First of all you need to delete the Leo Trader Pro
    from your Meta Trader 4,then follow the link
    Leo Trader Pro download and install updated version.
    Then attach robot to the chart (Leo Trader Pro works on the basis of a "User
    License" - if you purchased the main product then you have a user license for
    trading EURUSD and GBPUSD and so you should attach *ONE* copy of Leo Trader Pro
    to *ONE* chart only (we suggest EURUSD).) If you follow our instructions (attach
    robot to 1 chart only) it will never crash the Platform.



    Refund Request 2 Dramatic Change to Risk: Should be0.04-0.05

    Hi Mark Pardi,
    Thank you for your e-mail.
    Risk Level is a percentage of the account value that the user is willing to lose on a single trade, so we'd recommend trying to use 0.04-0.05 risk level setting per $1000 account balance for trading fixed lot sizes.
     
  2. PeterFX

    PeterFX Recruit

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    I bought a copy of this EA myself around the same time the OP made this post. Apparently it's a "replicator" that trades on the basis of someone else's trades in another MT4 account. I'd guess that the source account is held in FinFX, as the CEO there has signed off on the veracity of the live accounts that they hold for the EA authors:

    http://www.leotraderpro.com/blog/index.php/uncategorized/ceo-of-finfx-authenticates-our-live-account-performance/

    http://www.leotraderpro.com/images/letter.jpg

    The big selling point for this EA has been its incredible performance on closed trades to date, and the fact that you can check on their live account yourself directly within MT4 via an Investor (read-only) password:

    http://www.finfx.fi/download.php
    Login: 1331
    Password: LTP082010
    Server: FinFX-Live

    The Trade tab in MT4 for this account shows that they got into trouble on the USDJPY back on 12-20, and again with the USDCHF on 12-28. They apparently use a Martingale approach, as they've tried to double-down on both trades, and they are still looking to drawdown on both. Of course this my change dramatically after market open next week (or it may get dramatically worse...)

    The live account at FinFX was opened with $250, went as high as $790 (with only one minor loss) and is now looking at a $280 loss total for these trades. However, the account as a whole is currently running at ~$1500% margin, so I don't see why the OP got margined out. I'm guessing that the program update was to fix a problem with the Risk Level settings in the original release, and the OP got bit by the original bug.

    OP, if you really want out and you feel that you have a legitimate beef with how the Risk Level setting works/worked (or don't/didn't work), etc. then you can always go direct to ClickBank to get your refund. Leo Trader Pro advertises a "no questions asked" refund policy:

    If at ANY time within the next 60 days, for ANY reason at all, you aren't happy with Leo Trader Pro™ then simply e-mail us and we'll refund every cent of your purchase.

    No questions asked, no ifs, no buts, no whys! Your satisfaction is our success and if we can't achieve that then we don't want your money.


    If they really are willing to back up that policy then there should be no problems with going direct to ClickBank (check your ClickBank receipt for the link that will take you direct to the order record on the ClickBank website).

    Good luck!
     
  3. PeterFX

    PeterFX Recruit

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    Turns out that Leo Trader Pro has actually advertised at least two separate live accounts. The stats I quoted above actually apply to a different live account: #2729. I'm not sure at this point where I got the full credentials for this newer account but will post them here if/when I find them.

    MT4 shows that live account #1331 started with $500 on 2010.08.01 and has steadily risen to ~$3025 over the last five months. There's currently one open trade (on the EURUSD at 2010.12.30) that's about ~$66 underwater, but of course this is likely to change one way or another at the next market open.
     
  4. PeterFX

    PeterFX Recruit

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    OK, I've finally gotten this all straightened out, I think (it was very early in the morning when I purchased these EAs...)

    There are currently two different versions of the Leo Trader Pro EA in release...

    The "original" version trades the EURUSD and GBPUSD pairs:

    http://www.leotraderpro.com/

    Note that a single license purchase only covers one pair or the other at the same time. You can always detach the EA from a chart for one pair and reattach it to a chart for the other pair (or vice versa). These are the credentials for the live account trading these pairs:

    Login: 1331
    Password: LTP082010
    Server: FinFX-Live

    ------------------------

    After purchasing the original EA I was taken to an "up-sell" page where another version of the EA was being offered that trades the USDCHF and USDJPY pairs:

    http://www.leotraderpro.com/LeoTraderUJ.php

    Again, a single license purchase only covers one pair or the other at the same time (but you are free to choose one pair or the other at any time). These are the credentials for the live account trading these pairs:

    Login: 2729
    Password: LTP15112010
    Server: FinFx-Live

    ------------------------

    The same version of MT4 is used for both EAs, and this is the same version you would download and install if you were trading manually (or with other EAs) via an account with FinFX:

    http://www.finfx.fi/download.php

    ------------------------

    (post edited to improve formatting, for clarity's sake)
     
    #4 PeterFX, Jan 1, 2011
    Last edited: Jan 1, 2011
  5. PeterFX

    PeterFX Recruit

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    To summarize...

    The live account for the "original" EURUSD and GBPUSD version of Leo Trader Pro opened on 2010.08.01 and has been performing amazingly well for the last five months.

    The newer USDCHF and USDJPY version has only been running since 2010.10.29. It also had a great takeoff but has apparently fallen into a bit of trouble over the Christmas holiday. It will be interesting to see how it performs next week.

    ;)
     
  6. PeterFX

    PeterFX Recruit

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    OK, I need to correct this as well... apparently a single license covers trades on both pairs for the corresponding EA; but you can only attach the EA to a chart for one pair or the other. Otherwise you risk crashing MT4.

    And actually, it appears there's just a single EA for all four pairs...

    If you want to trade USDCHF and USDJPY instead of EURUSD and GBPUSD then you will probably want to open a second account with your broker to keep the trades from working against each other and messing up your margin.

    This is confusing... :mad:
     
  7. f-man

    f-man 4Xangels Representative

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    Do the results match yours?

    It seems that you have spent quite some time setting this EA up.
    Are the results the same like yours?
     
  8. f-man

    f-man 4Xangels Representative

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    Demo VS Live Charts are not the same

    I have noticed, that the Demo charts are not the same with the live charts. You can not see the bars once you logged in with the investors password and you have to open new charts.
    This doesn't happen with my other MT4 platforms.
    I wonder what does that mean?????
     

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