Leo Trader Pro Blows Up My Account
Long time member and only 2nd time poster on Forex Peace Army:
I have purchased and run other robots successfully in the past
I am an experienced MT4 user
I am an experienced trader
I am good with PC
Reason for that background is that I am not illiterate to the forex robot and MT4 World
Purchased Leo Trader Pro $157 AUD
Like many posts that I have read the EXE file link did not work
Support was helpful and sent me the exe file in an auto install format.
Installed the software no real issues:
New software update was sent 2 days later….this was clunky and again EXE file did not work
Support was helpful
System crashed a couple of times, and a few error messages. Then it seemed ok
Received a risk warning over Xmas….that was a concern too…..however I know volumes are low and my risk per trade I consider manageable at 5% max.
Settings:
Set my account to risk 5% verified with support that as per the manual -5 = 5% risk….support confirmed it was correct
OK
Trade 1 opens 0.71 lots GBP/USD that’s about $7 a pip on a $1400 account…..this was very concerning as it drew back $300 very quickly….I manually stopped it out.
I then re checked all my settings as per the manual and everything was in order:
Trade 2 opens 1.00 lots EUR/USD that’s about $10 a pip….this opened during the US session…………70 pip draw down crashed the account !
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
The EA is a pathetic!
It was rushed to the market, its code is faulty and clunky its manual is also very incomplete: As I have just received there latest e-mail:
This e-mail alone shows that people are having all sorts of issues:
We hope you're doing well with Leo Trader Pro so far however, our
support team have highlighted some questions which seem to keep
cropping up so we wanted to be sure that you had the information
to hand...
The important thing to remember is this: DO NOT attach Leo Trader
Pro to more than *ONE* chart using the same ReceiptCode (ClickBank
order number)!
Leo Trader Pro works on the basis of a "User License" so if you
purchased the main product then you have a user license for trading
EURUSD and GBPUSD which means you should attach *ONE* copy
of Leo Trader Pro to *ONE* chart only (we suggest EURUSD).
If you also purchased the optional "upgrade" product then you also have
a user license for trading USDJPY and USDCHF so you should attach
*ONE* additional copy of Leo Trader Pro to *ONE* additional chart (we
suggest USDJPY).
Under NO CIRCUMSTANCES should you have more than ONE copy
of Leo Trader Pro running with a single ReceiptCode (ClickBank order
number) and, if you also purchased the USDJPY/USDCHF license, no
more than TWO copies of Leo Trader Pro running inside a single copy
of MetaTrader.
In fact, if you have purchased both licenses then we strongly suggest
that you install a 2nd copy of MetaTrader and run just ONE copy of
Leo Trader Pro in each.
Please also note that while running Leo Trader Pro, you *MUST NOT*
attempt to change either the chart timeframe or the currency displayed
by that chart!
Certain other signal replicators (and most EAs) wait for the next price
tick from your broker before checking for a new signal. This can result
is a signal processing delay of up to 10 minutes during the Asian
session which is totally unacceptable!
Leo Trader Pro uses a special mechanism which allows it to check for
new signals approximately 1-2 times each second regardless of trading
session (the actual speed is indicated by the "Processing Status" bar
on the chart) and attempting to change the chart timeframe and / or chart
symbol will invariably result in MetaTrader crashing. If you absolutely must
change either the chart timeframe or the chart symbol then please remove
the EA from the chart first as explained in the manual.
I can handle loss trades, I have been trading Forex Megadroid and it has losses and all of these losses fit within the risk profile
Loss trades are part of FOREX….I have no problem with that….those trades should have represented a loss of only 10% …..5% each time
But $1000 loss in two trades:
Be warned everyone…..I am a confident experienced trader with MT4 and robots…(.I have even got 4 of my own robots built for me)…..this robot just smashed me for $1000…..because it’s a clunky piece of garbage.
My only re course will be a lame $157 refund….that I will have to chase>
However I do have a database of over 5000 forex traders on facebook that I will be sharing my experience with.
Mark
