NoNameBot = NoGainBot!!!
Stay away!
This is a money destruction EA with an extremely bad risk/reward ratio.
Average profit per trade is 2,18 pips, average loss is 63 pips.
That means, for recovering from one loss you need 29 winning trades in a row,or in other words a 99,5% winning rate.
I traded it one week live ( demos`s are very different from live trades) with 5 microlots and had 2 losers.
The results on their website are faked. I had exact the same trades and entry prices,as on their statement to see.
Their trades ended with profit, my trades hitted 2 times the full stop loss of -63,5 and -64,2 pips.
They trade 1 full lot on their faked show account.
If I had used the same lot size, because my account has about the same balance,I would have lost within one week 52% of my account.
That means the risk per trade is 26%!!!
I only bought this terrible money destruction robot,
because Vladimir Ribakov has highly recommended it.
I can not understand why a person with such a good reputation as he has till now, do this.
Is it just because of the affiliate commission?
After the first loss I have sent the mail below to their support:
Great System! Average profit 2,18 Pips, average loss 63,5 Pips.
That means I need "only 29 trades" for coming to break even
( commission not included).
If I would use a broker what not charge commissions, I would have to pay a much higher spread and the results would be much more bad.
I suggest you rename it to: "NO GAIN BOT" or "WASTE YOUR MONEY AND TIME BOT".
Can you please explain, how this system can ever make a profit?
Regards
Mike
Their answer was:
Hi Mike,
NoNameBot is a high quality EA that has been rigorously tested and operated on live accounts for a long time. You can perform a backtest and see how accurate and profitable this robot is.
There was an unexpected sharp move in EURCHF which is a rare occasion. Since the market is dynamic, these moves may occur and may result in losses.
If you're trading manually or with an automated robot, you should be willing to accept losing trades. You can't have a 100% accuracy rate and can't cover every combination of market movements.
However, in order to avoid large losses to your account, you should use LOW LEVERAGE as also explained in the user manual.
It is also possible that your broker is frowning upon using scalping robots, and may do whatever is in their power to fail the trades. A broker can make a strategy fail if they wish so. There are many brokers who are not willing to let customers enjoy scalping strategies, although the broker may not always openly admit it.
We hope this response has sufficiently answered your questions. If not, please do not send another email. Instead, reply to this email or login to your account for a complete archive of all your support requests and responses.
My answer:
NO GAINERS,
thats a real nice excuse: There was an unexpected sharp move in EURCHF which is a rare occasion.
Such moves happens nearly everyday! Every real trader know this. Marketers obviously not.
Off course I accept losses - this is a part of the game.
But if you ever had traded live, you would know, the risk reward ratio has
to be in your favour!
With an average profit of 2,18 pips and an average loss of 63,5 pips it is
absolutely impossible to make profit in the long term. Even you will have to admit this.
Fortunately I traded not the same lot size as you on your show account. If I had used the same size as you, accordingly to my account value, I would have lost about 650$ in one trade. I need now to have 29 winning trades in a row, just for recovering from the loss. How likely is it that there will not occur another loss?
For making profit with your "rigorously tested EA" you need to have a 99.5%
percent winning rate.
Even you will agree that is impossible.
Everyone, except you, knows a backtest says nothing.
SL 63 pips and TP 2 pips is one of the worst R/R I ever have seen on an EA.
Regards
Mike
Their answer:
Hi Mike,
The NoNameBot uses a scalper strategy, which means it takes several profitable trades with several pips each, and with a high accuracy. This also involves larger stop losses to avoid unexpected moves. This is contrary to what people inaccurately call "favorable" ratio, where the stop loss is small but gets taken many times, hence their low accuracy, which we overcome.
Below 2 weekly reports from my live account:
NoNameBot Activity Report for the week of 2010.08.15 to 2010.08.20
=====================================================
NoNameBot opened 6 trades this week: 4 Buy and 2 Sell trades.
Total Profit/Loss for this week: $ -26.11 USD
Trades closed this week:
Ticket=274306 Open time=2010.08.19 23:38 Buy 0.05 EURCHF @ 1.32262 S/L=1.31662 Close price=1.32284 Profit= $0.77
Ticket=272854 Open time=2010.08.19 00:04 Buy 0.05 EURCHF @ 1.33963 S/L=1.33363 Close price=1.33965 Profit= $-0.20
Ticket=272843 Open time=2010.08.19 00:02 Sell 0.05 EURCHF @ 1.33995 S/L=1.34595 Close price=1.33963 Profit= $1.24
Ticket=272710 Open time=2010.08.18 23:39 Buy 0.05 EURCHF @ 1.33947 S/L=1.33347 Close price=1.33967 Profit= $0.66
Ticket=271367 Open time=2010.08.18 00:08 Buy 0.05 EURCHF @ 1.34374 S/L=1.33774 Close price=1.33740 Profit= $-30.73
Ticket=271335 Open time=2010.08.18 00:00 Sell 0.05 EURCHF @ 1.34420 S/L=1.35020 Close price=1.34369 Profit= $2.15
Have a nice weekend
The NoNameBot.com Team
NoNameBot Activity Report for the week of 2010.08.22 to 2010.08.27
=====================================================
NoNameBot opened 3 trades this week: 2 Buy and 1 Sell trades.
Total Profit/Loss for this week: $ -28.43 USD
Trades closed this week:
Ticket=281286 Open time=2010.08.26 00:19 Sell 0.05 EURCHF @ 1.30406 S/L=1.31006 Close price=1.31052 Profit= $-31.62
Ticket=279232 Open time=2010.08.24 23:00 Buy 0.05 EURCHF @ 1.30370 S/L=1.29770 Close price=1.30440 Profit= $3.10
Ticket=277010 Open time=2010.08.23 23:29 Buy 0.05 EURCHF @ 1.31685 S/L=1.31085 Close price=1.31693 Profit= $0.09
Have a nice weekend
The NoNameBot.com Team
:hissyfit:
