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These are actual testimonials Gus M., New York| Rating: | 
| | Date of Post: | 2009-02-09
| | Review: | I am using the Steinmetz HAS MTF v3.23 robot for 6 weeks now on a 3000.00 live account with FXDD. I am using only pairs that have a 5 pip or less spread which is encouraged by the author. I have seen my account grow to 4200.00 with 378 closed trades in profit with the larget one at 150 pips.
My open trades are 178.00 in losses (not bad considering all the comments on here). My equity growth is just over 1000.00 which is FANTASTIC to say the least. I have noticed that most trades start out at a small minus before closing out positive.
I am wondering if I should leave the settings alone or experiment with the hedge features. Anyway my recommendation is to be patient and not stare at the computer like I did in the beginning. :-)
MY highest rating. Great work over there! |
Joji Ikeda, Yokosuka, Kanagawa| Rating: |
| | Date of Post: | 2009-02-01
| | Review: | This robot is uncanny. Amazingly accurate. BUT, you have to know how to use it. After months of experience, you earn/learn how to use this robot. Look at what Don says: "It is %100 profitable" and "You can trade alongside the robot." and "contrary". Should I tell you straight out? Well, I'm just guessing that it places the short term trades in the opposite direction, and eventually closes in a smaller profit thanks to a higher time frame. It is 100% perfect. It makes the trades at the right time and the right place in the opposite direction, I think. Read Don's comments here; he won't say directly. |
Albert Franz, Germany| Rating: |
| | Date of Post: | 2009-01-22
| | Review: | I am a student of Forex for several years now and always wanted a robot to trade from. I found steinitz and studied the website until comfortable to purchase from him the Hedge Robot v3.23.
I trade primarily the 4 majors because the market is more fluid and seems to yield better rsults for me. I went live after I made 674$ on the account EUR/USD and 858$ on the GBP/USD and 779$ on USD/JPY with EUR/JPY slightly less with 197$. in just 3 weeks of trading.
I purchased the Directional Robot v1.7 after receiving some news from an email and tried it back in DEcember. The robot to my amazement got me in the EUR/USD on the 6th at 1.2728 and got me out on the 18th at 1.4248 for an insane 1520 PIPS !!!!
I wish I was trading more then .1 lots size :-)
I highly recomend anything this person invents and wish to thank all his staff for very warm support. |
Ward Edsin, UK| Rating: |
| | Date of Post: | 2009-01-14
| | Review: | OK. I have been using Steinitz Hedge robot for a little over 2 months now live. I have managed to change some of the settings to allow the use of the trading time filters which turns off trading during off hours.
My feeling is the robot seems to do extremely well during high volatility times and meander during slow times. To my surprise the trades got in and out quickly without any drawdowns whatsoever.
I downloaded the free screen shot software off Don's site and took screen prints every 5 minutes to review at a later date how my trades were behaving while I was a way from the computer.
I will continue to trade the Frankfurt, London and New York times ONLY and keep track of my results. I always felt it was better to trade with the smart money and sit on the sidelines otherwise.
This software is by far the most flexible and profitable EA's that I have ever owned. Thank you for the opportunity to post my findings on here and best wishes to ForexRobotTrader.
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Ronny Lyle, Georgia| Rating: |
| | Date of Post: | 2009-01-10
| | Review: | From time to time I visit the site to see if I can learn anything new. What struck me about the last poster was his lack of knowledge about hedging techniques.
I have used this robot for two months now and already knew about this technique that I applied. I found it to be very useful to manage drawdown. In fact, I mentioned this to Don on his forum months before he posted it to his customers.
Don't get me wrong I'm not taking credit for this I'm merely stating that this robot is very profitable the majority of the time. Occasionally I find myself hedging to offset drawdowns and find this to be an excellent strategy.
To date I have managed to eek out 12% returns per month for the last two months. This is a spectacular robot and before anybody is quick to slam it make sure you understand proper money management and some basic knowledge of the Forex market. |
George Criontsky, LA California| Rating: |
| | Date of Post: | 2008-11-30
| | Review: | I work for a large investment firm and decided to see if I could find a product that could perform better than our in-house analysts. I came across various robotics software and chose this one because of its logic that we impart use to some degree for our trading decisions.
After running the software for two months on a live $25,000 account I was pleased to see a 38% return on investment. If this continues without compounding were looking at 228% yearly returns.
Now I don't know about you but we try to obtain a modest 7 to 12% for our clients yearly. We've had difficulties in the past several years and were lucky to even breakeven.
I know Don suggests trading 10% of your account and claims to be getting 25% return on investment per month or 300% per year. That is much too risky for us and we would scale down to less than 5% trading risk allocation. Even with that extrapolating outwards you're looking at 150% per year which is insane.
If I managed a large fund with this robot I would trade 1% total which would give a 30% per year return on investment which would put our firm at the top.
My point is I read a lot of reviews and the chief complaint is drawdown. I recommend lowering your trading risk and you'll find the drawdown is insignificant and returns will be steady. Layering on top of that compounding and you have a wonderful trading system.
By the way, Don was answering my questions over Thanksgiving and I wish he'd spend more time with his family. |
Paul Skrobarczyk, Corpus Christi Texas| Rating: |
| | Date of Post: | 2008-11-29
| | Review: | The Steinitz Fractal Breakout Indicator is the BEST tool I have seen for Forex. On a volatile day the price begins to move in the indicated direction as if it is magic. I use the one and five minute charts only taking the trades in the direction of the overall trend. When the five minute chart gives a signal I start looking for a response on the one minute chart. I set up the trade parameters and when the one minute chart responds I make the trade.
It is Awesome !!!! I made more in 5 hours than I have in two months of trading unsuccessfully using just about every indicator available. Currently I am using Igmarkets ( their charts are phenomenol !!) for a broker and they do not use the Metatrader platform required for the EA's or robot traders.
I also have the Steinitz HEDGE and Directional robots in demo mode and I can't wait to get the FXDD account funded,
More later . . .
Paul |
jamesfrance, France| Rating: |
| | Date of Post: | 2008-11-19
| | Review: | Don,
I have only been using the Steinitz_has_mtf_hedge bot for LIVE a few days with a small account and am finding a steady rise in the bank of between 1 and 3 % per day and a DD of around 10% if this continues I will be very very happy.
My question is regarding the END OF MONTH CLOSE.
I know you recommend closing all open trades at the end of the month but there surely must be a better way of of handling open trades?
Have you tried different methods?
On your forum there is a post in which the guy closes the bot down when the bank reaches 15% profit in any particular week and allows open trades to caary on,what do you think of that strategy?
What about introducing an automatic close of open trades when a certain number of time frames turn against the open trade?,Im sure you will know at what point an open trade should be classsed as a lost cause.
Have you any plans to introduce a more logical and automated method of closing open trades.
Great Work,Great Bot Thanks !!! |
Jean Klaude, Germany| Rating: |
| | Date of Post: | 2008-11-08
| | Review: | Sorry for English not to great. I have used der Steinitz Robo for 3 months so long on mine live account. I have seen my cash in my account grown largely upside from 1200.00 to 5000.00.
My system take trades on monthly and close out each 30 days as Steinitz says. I have never been a winner in any other methods.
I now have 3 differemt accounts opened wit brokers to make sure I am safe. I love this Robo more then you can imagine. I will be rich in due times.
Thank you for listening |
PAUL R.M., SPAIN| Rating: |
| | Date of Post: | 2008-11-06
| | Review: | HI,
Well for a start my english is not perfect so I´ll do the best.
I just want to sa that I have this EA for only the last 2 weeks and and I´m trying ut on a few DEMOS and at the moment it´s doing pretty well.
The first days it´s got into a big drawdown , about 20% of the
deposit and after a week it´s getting back in to proffit.I´v open an
account with 10.000 an has a ballance of 13.283 and a equidad of 11.350 , that meens that if I close my account right now I would have a profit of 13,5% in only 5 days, that´s great for me,I don´t know for the rest of you.I meen , if you take it as a deposit account i a years time GOD knows how much it could make.I´v got my money in the bank and it gives me a rediculus 5% a year thats .....crap.
The other account are in the same way they all seem to do the same ,they start loosing and after a few days grow u in to profits. But anyway I´m still going to testing it of at leest a month´s time before taking any risk.
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Pedro , Lisboa, Portugal| Rating: |
| | Date of Post: | 2008-10-24
| | Review: | I am still amazed with my live results, I regret that I only started to use this robot in my live account on the 13th of October (Don took 2 days to hardcode the robot for me, whici is more than acceptable). My ROI since the 13th of October is aprox 40% (NET as for today) and I never earned so much money in forex in such short time. Amazing. Incredible. I will post again in a couple of months to tell you how am I doing. The DD dont scare me, I trade forex for 3 years and every trader knows that DD is part of the business. Moreover, there are some veterans that dont use stoplosses like mp6140 on fxfisherman (I had a great discussion/debate) with him about SL since he doesnt uses them at all. I have default settings and I WILL close ANY open trades by the end of the month (I prefer to do this manually but the robot can do this for you). So my payment to Don's robot is not only covered by the robot as I got that money back 5 times already. I wonder how a robot like this is being sold to the general public...No wonder the chasing that Don is getting especially from Forex-TSD which is run by a bunch of scammers connected to brokers and all of that mab...
Thanks Don. |
Ben, London| Rating: |
| | Date of Post: | 2008-10-23
| | Review: | For what it's worth I thought I would leave a review in response to some of the recent posts, as some of things that have been said I think are unfair, and some are reasonable points.
I've been trading the robot with real money since the start of September, so I can't give you a long-term view on the performance. However I think I can legitimately make the following points:
1) I have no reason to suspect that Don is making up any of his results. If you leave the robot on default settings (there is a big temptation to tamper given all the options available) then it makes serious money. My results match Don's statements on the 5 currency pairs I have been trading - my equity has increased 64% since 1st Oct.
2) I was also trading with real money during the big drawdown in September. I had a DD of about 40%, but by the end of September it had reversed to a profit. I think Don could be a lot clearer about the potential drawdowns on his website instead of just talking about 100% winning trades.
3) This robot seems to me to be a high risk strategy (the DDs are large). However, this is not surprising as the profits are incredible. I haven't found any EA that can genuinely make you 240% ROI (uncompounded) without a high level of risk, and if you compound your winnings you can make over 600% ROI (based on the previous 12 months). I personally am investing 10% of my money with this robot, so if my account is blown I will only lose 10%, but if not I should hopefully make a 60% return on the total, even if I keep the rest of my money in a (government-guaranteed) savings account. Overall, a very good bet.
4) If this level of risk is too much for you, reduce the lot size from Don's recommendations. If you halve it you still get 120% ROI uncompounded.
5) I can't see a fundamental difference between trading an EA with stops or without. If you make a loss (or your equity decreases) and you continue to run the EA then you are putting your faith in the EA to recover the loss.
6) If you use this robot, do not trade with money you cannot afford to lose (as in the rest of Forex!) and NEVER INTERFERE. With this robot there will be drawdowns, and if you cannot afford to lose the money in your account you will panic (as I did at first!).
Overall, 4 stars - this robot makes fantastic profits, but I would have liked Don to be clearer on the risks before I bought the product.
I will update my results on this post every few months. |
Steve, Florida| Rating: |
| | Date of Post: | 2008-10-08
| | Review: | When I started a demo account with the 3.17 version of the Robot I wasn't sure of the result being consistent.
I went live last week with the updated version of HAS MTF 3.19 on four currency pairs and had great results. This week I increased the number of pairs to eight and did experience a draw down on my small account due to the volitility of the GBP and AUD pairs. The draw downs, which were closed out, did come back to profitability. I will go back to the four pairs.
Don is always responsive to questions and has put together a very sophisticated system. With updates included it can only get better. |
Roger Holmes, Taylorsville, GA| Rating: |
| | Date of Post: | 2008-10-01
| | Review: | I bought the Steinitz Robot ver 3.19 3 months ago. Traded on demo for 2 months and decided to go live. I couldn't have started my live account at a worse time.
Goes without saying how BAD the markets have been reacting lately. After seeing my money go down by 30% I asked Don his opinion what I should do.
He said do not interfere with the robot since he has been trading his robot in similiar situations before. He said be patient and don't worry.
Easy for him to say EEEEKS! Well I am here to say I did just that and the Robot Zoooomed up 26% in one day !!!! and later I closed out for a 9% PROFIT.
Holy cow I am amazed and will never doubt the power of this robot.
A must have Robot ***********+++++++********* |
Mike, Connecticut, USA| Rating: |
| | Date of Post: | 2008-09-07
| | Review: | Don's Hedge EA is working perfectly. I have never experienced consistent account percentage increases like this before, and I've been doing this for some time. If your follow Don's money management rules, what ever draw down you experience is completely manageable. Those who had problems in the past, I believe, needed to examine thier money management and they would have realized the power of this EA. Let's face it, most traders need to look at money management much closer.
I am liking this EA a lot. I beleive that the performance posted on Don's site is accurate, and I have enjoyed prompt and sensible responses to any inquiries I have had. |
Scott, New Hampshire, United States| Rating: |
| | Date of Post: | 2008-09-05
| | Review: | What an incredible product. Does exactly what it says, and does it consistently - day and night.
It is not magic, and it does help to understand FOREX, but this is the best thing I have seen in a long long time.
Thank you, Don. |
Ariel W., Los Angeles, California| Rating: |
| | Date of Post: | 2008-08-26
| | Review: | As a relative newbie in the Forex markets with less than a year under my belt...I wanted to take a minute to thank Don Stienitz for all he's done for me...not only making sure my Stienitz Robot & WaveRunner systems were up and running properly...but taking the time from his obviously very busy schedule to give me the guidance I needed to avoid the mistakes that typically crush new traders! Oh yeah...and I almost forgot the most important part...using his system faithfully... I'M UP OVER 11% IN MY FIRST WEEK OF LIVE TRADING!!
Thanks again! |
Boris Tannenbaum, UK| Rating: |
| | Date of Post: | 2008-08-25
| | Review: | I just purchased the Steinitz robot v3.18 after watching the live contest on another website. What caught my eye is the robot was a steady climber with virtually no bumps along the road.
Loaded my Metatrader platform and within minutes I was trading just like he stated on his website. I came back 2 hours later after doing some shopping and to my surprise my 1000 pounds turned into 1243 net.
I just about lost my cookies:-) I don't trade GBP/JPY or GBP/CHF because they are too volatile. I try not to watch the robot but its so interesting how it thinks and manages 10 trades at once I can't seem to get away from it.
Folks if you are sitting on the fence jump off and take this baby for a ride you will not be disappointed...... |
Corrado, Italy| Rating: |
| | Date of Post: | 2008-08-17
| | Review: | I posted here on forexpeacearmy many times but now I'm referring to literally a trading bomb. I purchased Don Steinitz robot, applied to my real account starting from about $4000 and now only in one week I'm up to 4420. Here is the mail that I wrote to Don to thank him to offer the world this masterpiece:
"Hey Don, here is my real live account statement.
I purchased your robot on saturday and put it on work on sunday evening.
I didn't backtested because of I trust in your system and applyed it
immediately live.
I applied your default settings.
I have an account of about $4000,00 and applied the robot to 4
currencies with 0,1 lots on each (not the money management you suggested)
Here are the results.
I'm literally amazed.
More than 10% in only one week !!!!!
Thank you forever, and thank you to Linda Wainmann that refered you to me.
Now I'm referring you also to a friend of mine that wants to open a real
account to apply your robot.
Just few words to express my appreciation.
Best regards, Corrado."
If you're not convinced watch his free video tutorial on his website and you'll see that the logic that drives the robot has been founded on the right trading principles. He suggests to not use stop loss and at the beginning when you see the drawdowns of certain open positions you suffer a little. But if you learn to have patience and wait the market to resume the main trend, you'll never suffer any loss. In only a week the robot made 21 trades and all winning. I don't know if you ever saw this kind of things.
Try it. You'll be gratefull forever. |
Minh Nguyen, Tallahassee, FL
| Rating: |
| | Date of Post: | 2008-08-10
| | Review: | I have traded stocks for over a decade since I was 18, I have loss many money on advisors and robots most of them don't even have number or contact to get a hold of them. Don answers all your emails all the time. I have the robot running and evreyday after drawdowns its becomes profitable. Thats how the robot runs. By the way there is somebody out there who was trying to copy Forex Robot Trader and that person don't even have a contact to get a hold of him. And the people who don't know to adjust the robot correctly will lose money because they're no programmer so just let it work its own way and make profits for you. |
Mark, Orlando| Rating: |
| | Date of Post: | 2008-08-09
| | Review: | When I first tried Don's robot I tried tweaking it and I just wasn't seeing the results I wanted. I decided to just load the robot and leave it alone and I started to see positive results. I just started trading live with Don's robot this week(Thurs at 11:45-Fri close) and the results have been great, I'm up $1928 in less than 2 days. So far the robot has acted like the cash register at Walmart the day after Thanksgiving. I will keep everyone posted. Don has provided outstanding customer support and I really do believe he is trying to help everyone be successful. So far 5 stars, I pray to God this keeps up! |
Ken J, Tampa, FL| Rating: |
| | Date of Post: | 2008-08-08
| | Review: | Highly recommended
I think what is important here is that it helps to have an understanding of not only how the forex market works, but also how EA's function. I am fortunate that I know just enough to get myself into trouble :-)
This is a good EA out-of-the-box, but with a few minor tweaks, it can be a great EA. Try this to help on the drawdown (settings are in the EA):
1. Close Trades on Friday
2. Raise Risk according to your goals
3. Don't trade on Sunday (wait a few hours into the Asian session before starting the EA
These are basic tips that will help any EA perform better. Drawdown is manageable, as is swap.
By far this is the best performing EA that I have every owned. It's averaging 100 pips a day, consistently! Definitely worth the $199 that Don is selling it for (plus some). |
Oscar Avila, Monterrey, Mexico| Rating: |
| | Date of Post: | 2008-08-05
| | Review: | If someone asks if there is anybody using Don´s robot succesfully, here I am. I´ve used it for three months and I´m very happy with the results. Just be careful with your money managment, calculate correctly the size of the lots to use, run the robot for a full month and then close all the orders. You will have more gains than losses. And that´s it, more then 10% per month. |
Jonathan Steele, UK| Rating: |
| | Date of Post: | 2008-08-04
| | Review: | Don,
I wanted to drop you a quick note of appreciation for the work of art you have created.
I have experimented with many robots but only yours has a low drawdown with excellent and consistent monthly profits.
The trading logic is excellent and one could not ask for a more thorough approach using the multi-timeframe approach (read Martin Prings on "Market Momentum") in finding the very best counter trends to trade upon!
As a side note, I have been reading a lot about trading ONLY POSITIVE SWAP currencies. I am getting the best of both worlds as my open trades that eventually come back to profit actually make MORE MONEY because of the added bonus of the free interest.
I almost would rather have trades left open in losses then closing quickly in profits because the interest I am collecting is considerable!!!
This may be the best method to ever hit the trading community.
My hats off to Mr. Steinitz
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Brent, Rockie Mountains - CO| Rating: |
| | Date of Post: | 2008-07-17
| | Review: | I've been visiting this site off/on for several months now, and agree with the poster below, that when people mis-manage their tiny accounts - and get wiped or called - they should not be in FOREX to begin with...
The reason I'm reviewing here (2nd review in a year) is that I'm in the process of trying out Don's robot - and while I've experienced some small issues (mostly my fault caused by pilot error and not fully reading the manual!) - without a doubt, this is by far one of the best robots out there - if not the best... especially for the price -
Don has been super helpful and quick to respond to my many questions and long drawn out "what if" scenarios... If you bother to compare his code, to other lesser MT4 bots, it's very easy to see why this outperforms the rest -
Now, I bought this around the tail end of June 2008 and believed in it so much that I put it on one of my micro LIVE accounts straight out of the box... as well as a demo account - I will be 100% HONEST by sayng the first 5 trades, were all losers (still are in fact!) - the robot bought them all at ALL TIME highs - but - when you look at all the data - and the "red/blue" trend lines from M1 to 1 Month - it makes perfect perfect perfect sense why the bot tried to do a buy - Also, I usually trade on news - and the Euro got slammed this week (07/14/08) as many of you already know - and so my draw downs were (are) huge! - I did ask Don about this - as a "traditional trader" would never attempt this without a net (no S/L) - even at 500 pips - but - outside of a 9/11 event - it really is about money management (1% across 10 currencies) and for all the whiners on here - Don NEVER claims to make you rich! Ever! - He just promises you a small consistant profit - with no losers, ever - 100% winners - (unlike FAP's autopilot boasting $32K in a week or something insane) -
Now, if you don't have the stomach for huge DD's, then this is not the program for you... Right now, after 3 weeks of LIVE trading - I have about 20 closed profitable trades and about the same are still in loss - but am up 35% overall - I also will confess that *I* did toggle the money management setting incorrectly at first - so - truth be told, there are 5 losers that really could fall on me - but the robot did "make the buy" - so I suppose the jury is still out on that one - But my (and Don's) point is, the market DOES come back eventually - and the 5 Euro trades that were down 200+ pips are back to akmost even today (within 20-30 as of THURS) and look to turn them into the profit column here soon - Meaning, I will have a few minor upside-down positions still open - but even those are about to close positive and will have earned my purchase price back in less than 5 days ...
If you're new to robots - READ ALL OF THE MANUAL! and then watch all of the videos - and THEN listen to the 2+ hour conference call on Don's site - All of this will give you precious and valuable insite as "how the bot works" - as well as any fine tuning you may need to do to get better results from smaller accounts and time frames -
Which reminds me - while I've struggled a bit to program this thing at times - and had to manually approve some trades (look, no bot will ever replace human intellect, ever) but as a "guide" and off-hours trading, as well as catching lightning fast DD's before it turns to a loss - this program does very well...
Am I seeing the results Don lists? Close - but not quite there yet... Again, you have to fine tune things to your budget and trading style, as well as comfort zone - I prefer quick in/out trades - High risk, High reward/punishment - but that's just me... If you are a "set it and forget it" type person - and you do NOT stress over temporary DD's - then I highly recommend this program - If yiou watch every pip - then stick with manual trading... for the DD's will drive you crazy :-) But is still great in IMHO.
Don as a person (never met him nor do I work for him - I've bought this just like everyone is) is above reproach - and will bend over backwards to assist you... (within reason:) - but compared to other bots I've purchased - and their lousy support - Don gets 5 stars just for support alone - let alone a great product -
I'll try to post an update at the end of the month with revised results... from a LIVE account -
Cheers-
Brent
PS: I am giving this 4 stars - knowing it deserves 5 - but - there is a TF issue that needs to be tweeked I think - or at least noted in the PDF files better - Again, this could be something I've overlooked - but - as "Good" says, it has better performance than expected, and is a GREAT value for the money!!
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Ceasar Thomas, Canada| Rating: |
| | Date of Post: | 2008-07-12
| | Review: | I have tried all sorts of robots from Forex Auto Pilot, Forex Killer, 4x Made Easy, Sniper 4x the list goes on. Total c***. Lost my money and time with this garbage.
I almost gave up until my friend told me to try Don's Robot. I told myself this is my last friggin time I am going to buy a robot:(
O my GOD after one week of demo trading my account grew by 18% with 34 WINNING trades in a row, no losers !!!!!
I said this has got to be a fluke. I am just getting lucky. So I went live and the trades kept on closing out as winners NON STOP!
I did not think a human could program a robot this good. I can't thank Don enough for restoring my faith in the human race:)
Not only is this robot the real deal but he is always answering my newbie questions within a few hours which is unbelieveable. Does this guy ever sleep???
Thanks a million !!!!!!!!!!!!!!!!!!!!!!!!!! |
Jack, New Jersey, USA| Rating: |
| | Date of Post: | 2008-07-12
| | Review: | I have visited Forex Peace Army many times in order to locate Expert Advisors. This is my first review.
First off, I cannot stand how many people shoot down brokerages and advisors on this site without even TRYING them. It is not helpful. I also don't care about reviews based on 1 week of demo trading, like so many listed for this EA. It is again pointless, and shows why so many people are horrible traders. If you don't have the balls or patience to let a system run for a few months you will never know if it truly makes money. Stop jumping around looking for the Holy Grail that is going to gain 100% everyday and the minute there is some draw-down you come on here and cry. Draw-down is nearly negligible if you use PROPER MONEY MANAGEMENT! The problem is you are trying to take a small account and get rich with big Risks when really want you want to do is take a huge account and make small gains with low risk.
Anyway...
So here are my thoughts on the Steinitz EA after running it on a live account for a few months. This is an honest review based on real live results.
As far as I am concerned, thus far, this EA is performing as promised and future outlook can only be described as potentially life changing.
It is impossible for me to give exact results because I have 5 Advisors running simultaneously on my account. In the first month I saw my account balance double in 4 weeks. Now, granted this is not all the work of the Steinitz, but I look at the Steinitz as the backbone of my 5 EA system. I have it trading on 11 currency pairs, and as Don states, I have yet to take a single loss from this EA. This is another reason why writing a review about the massive draw-down after one week is so pointless. Some trades will hold for 4 weeks or more before closing in profit. This is fine because if you use proper money management even if the trade drops 500 pips it should not hurt your account, cause a margin call, or make you wince in pain. Anyone who complains about the draw-down is obviously not following directions. All trades close in profit...at least they do right now. What I mean by that is as follows:
I back tested the EA on a bunch of currency pairs for the past decade or so. If you look at the EUR/USD around the turn of the century it rises and never comes back. The EA ordered a sell during this time and several thousand pips later the back testing account was wiped. HOWEVER, this is easily workable and here is how for everyone who thinks because of this point the Steinitz is not worth it.
I discovered that having a 2000 pip stop loss on orders will prevent such a huge market shift to blow your account and only once in the last 8 years was my 2000 pip stop loss hit by the EUR/USD and that was during the sell order I described above. This means that the draw-down for any EUR/USD dollar in the last 8 years never went below 2000 pips. Only one time and it was never coming back.
So I guess if there is a major global economic shift you might lose some pips. But once in 8 years is NO BIG DEAL, and considering this is running on 11 currency pairs a loss on 1 will be made up by the others. Which in my eyes is the BEAUTY of this system.
The only weakness of this EA is if a massive market change occurs like what happened when the USD started to lose value around the turn of the century. Big deal. I back tested, discovered this possible problem and with a 2000 pip stop and the correct risk applied with each trade I can sleep easy. And so can you.
Not to mention, using Don's "close trades at the end of every month", this would not be an issue. Using 1% risk per currency per trade would mean the trade would have to fall 10,000 pips to destroy your account. When was the last time you saw that happen in 30 days on the Forex?
Still these are the most ridiculous pitfalls of this EA and I only discuss them because I am thorough about testing these things and want to present this side of things before others come on here and claim I am ignoring the draw-down possibilities.
Getting away from Hypothetical global catastrophes and more toward actual performance this EA is scary. My results match those of Don's on Forex Robot Trader, and what that means is you will average 1500 pips a month. This is the life changing part I was talking about. Most people don't have a ton of money to start with so growth will be small at first since your .02 lot is only worth 20 cents a pip or 300 bucks a month on average. However, this can take off considerably down the line, with 50k in your account and .5 lots multiplying your monthly pip count by 5 bucks, 1500 pips x 5 bucks is 7500 bucks a month or more than most people earn by doing nothing.
There is a lot of talk about Don being a scammer and I simply don't understand it. Try the EA for a few months. His site is loaded with info, he is really accessible. I simply don't understand where it all comes from. As far as I am concerned he might very well be one of the greatest things that ever happened to me in my life. Not only does his EA function as promised but by seeing how it functions I think I finally learned how to trade forex, which is basically all MONEY MANAGEMENT. Stop buying whole lots with account balances of 2 grand. I lost about 10 thousand dollars the last 3 years doing these type of things.
Even if you don't want to run his EA, just read his site and learn how brilliant the strategy is. 10 or 11 currency pairs with low risk on all of them and lots of trades equals freedom from 4 dollars a gallon of gas.
Thanks Don,
Jack
The is the best EA out there because you are trading a lot of currencies with low risk. This is the genius of the system, your eggs are not all in one basket. Eventually I will probably turn off all the other EAs I am running and let the Steinitz bring in my 1500 pips a month. Nearly every other EA is designed for one currency pair and you have to choose your risk level knowing every losing trade will most likely be a minus of that risk% on your account. It is higher risk and requires too much winning on the part of the EA.
Go with the Steinitz. My biggest fear is not about my EA, rather my Brokerage telling me I can no longer use it or packing up shop and flying to Mexico with my account balance.
If there is anything that I feel secure about with the Forex it's this EA. The Steinitz is the answer to early retirement my friends. |
Trong Ho, Hong Kong| Rating: |
| | Date of Post: | 2008-07-10
| | Review: | As close as possible to the holy grail :)
I have used many a program and none try as good as this one. I use robot on demo for 2 weeks and go to live soon after. Results are similiar and my account is rasing fast.
I recommend this program to all traders who prefer to use automated type trades.
Good luck! |
Ramesh Nair, Spartanburg, South Carolina USA| Rating: |
| | Date of Post: | 2008-07-07
| | Review: | I bought this incredible Forex Software EA yesterday and went thru their excellent video tutorial. Went on live account on InterbankFX around 1 am EST on 07/07/2008 with 10 currencies. When I returned from my work in the evening about 5pm EST, and looked at my account. To my surprise I had 12 trades executed with profit and one trade at lose with negligeble amount. Guys Don't think twice. Grab this incredible tool and I am sure your life will change overnight as it did for me. This ROBOT truly incredible. I am so excited to share this info. Forget about all other EA. This Robot is the Next Generation Software for Forex Trading and make money in forex without LIFTING A FINGER. |
Harvey Schwartz, California| Rating: |
| | Date of Post: | 2008-07-04
| | Review: | I read some of the reviews on this robot and want to make a suggestion that I have personally used that greatly increased my profits.
Because some trades can remain open for a while in drawdown before closing profitable I only choose the currencies that give me positive swap.
This way I couldn't care less if the trades are left open since I'm getting interest on my money every day. I click on the expert advisor and choose the drop down box and either go long or short depending on what gives me positive swap for that currency pair.
This little trick I read about has turned around this robot 360° and now I am profitable regardless of what happens!
HS
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Sammy Delongo, USA| Rating: |
| | Date of Post: | 2008-06-25
| | Review: | I saw this Robot featured on You Tube and became interested. After, getting stung many times from software sellers I decided to make this my last purchase!
My only question is why Don is not selling this robot for more $$$$ ?
This is by far the best I have ever seen, NOTHING comes close. I have made on average $75.00 per day for 2 months now on my live account with FXDD.
I run 10 pairs like he recommends and do not use a stop loss. I have tried both ways and each time the way he recommends make more $$$$.
I am going to try running 20 pairs shortly and see what happens. Wish me luck!
If anyone is on the fence undecided your wasting time, get this robot and use it and watch your bankroll grow.................>>>>>>
Sammy
aka The watch dog |
Sun Yan, Thailand| Rating: |
| | Date of Post: | 2008-06-21
| | Review: | I am one of Mr. Don's long time followers back from the Forex TSD days. I recently decided to upgrade to version 3.18 that has hedging capabilities.
I decided to experiment with one of the hedging features that places a trade in the opposite direction. My thinking is to try to capture some of the pips as a result of the trade going the opposite direction.
My setting is for a 15 Pip take profit and a 50 Pip stoploss. I couldn't believe how many extra profitable positions the robot was taking based off of this additional trade.
If anybody is reading this I recommend trying this setting to see for yourself :-). I've heard a lot of people on the forum saying that many trades go the opposite direction for a short while and then snap back to become profitable.
Why not make money from all these market moves that go the opposite direction initially.
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Keith Swaggart, UK| Rating: |
| | Date of Post: | 2008-06-18
| | Review: | Just thought I would give my 2 cents worth here on this site as to my experience with the Steinitz HAS Robot.
I am a systems developer by trade and have tried to come up with something similar in the past using multiple timeframes. I must say I stopped what I was doing when I watched this chaps You Tube video.
Don has eloquently come up with what I was trying to program for years. My experience with this algorithm is pure genius if I may say so.
I would never had thought that this could have been programmed but I was wrong. The robot has many functions to keep anyone busy if they want to experiment.
I used the set-ups straight out of the box and have seen results that are almost unbelievable! Not one losing position and with 10 currencies being traded I see profitable trades each day.
My hats off to you mate! Well done *******
Keith
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Charlie Dwyer, Texas| Rating: |
| | Date of Post: | 2008-06-10
| | Review: | Customer Service is the best I have ever experienced. Other companies have jerked me around, not responded to emails, generally sold a robot and left me hanging.
Don responds quickly and accurately, and is actively involved in improvements which he shares with subscribers.
I consider this an excellent value, especially since I am making money.
2008-05-08 5 stars Rather easy to judge Jon, USA.
Lot's of folks like that all over the place. Nothing is ever their fault, especially when the instructions they did not read tell them not to do it.
My Live results mirror or exceed my Demo results, mainly because I found a little trick to play with one pair, which makes me money going with the robot. I use FXDD.
To plot my Robot strategy I run 6 to 8 sessions on a remote service that costs $42 per month. This has allowed me to better tune my currency and robot setup selection.
I am running the 3.16 version and the Directional version. I have been running Don'e EA's since March 27.
Finally, Jon, your comments about the version 3 temporary problem, get your facts straight or shut up. You are skirting the label of TROLL very closely. |
Randy Stevens, Australia| Rating: |
| | Date of Post: | 2008-06-07
| | Review: | I'm giving this robot five stars for the uniqueness and superb quality of programming.
I have spent over 10 times the cost of this robot and never received anything quite like it. Don's promise of trades closing in profits 100% of the time is absolutely true.
If I didn't run the program myself I wouldn't believe it. I have to admit that I'm a bit worried that brokers might disallow the use of this robot if enough people start buying it.
If anybody has any thoughts on the subject I would like to hear it.
Keep up the great work Don and thank you for the current updates and answering all my e-mails.
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Saim Noswad, Dubai| Rating: |
| | Date of Post: | 2008-05-31
| | Review: | Three years later and dozens of EA's I was ready to quit Forex because of constant disappointments.
Stumbled across this Robot and told myself this is my last purchase. I can't believe I almost gavc up! This Robot kicks butt big time. Every trade closes in profit as advertised with only a small amount of open trades.
Better then I ever dreamed of...
A must see to believe program. Two thumbs up!
Saim |
Amartya, Canada| Rating: |
| | Date of Post: | 2008-05-25
| | Review: | Hello everyone,
I will give this robot a 5 stars : why ? Because it is unique. Dont know if you found any other program which can trade for you automatically and monitor 10 pairs and close them in profit. First of all whenever you buy this robot you should pay heed to the instructions, it is of the utmost importance.Money management is to be taken into account if you dont want to reach deception point within the first days of trading with the EA. Why ? Because it might that within the first days the robot have you make more drawdowns than profit. Don explained this himself on his video. Overtime the profit balance will outweigh the negative position. Lets say you trade 6 pairs with a potential an anverage potential drawdown of 200$ per pair, That's minus 1200$, now this figure should stay around the same level overtime if all get into the negative. On the other hand slowly but surely the robot will generate positive position let me give you an example :
on 6 pairs (the week timeframe is for illustration only it can happen and will happen quicker than that)
1st week - 600 $ / + 200 $
2nd week - 750 $ / + 320 $
3rd week - 715 $ / + 430 $
4th week - 800 $ / + 560 $
5th week - 820 $ / + 640 $
6th week - 830 $ / + 700 $
7th week - 900 $ / + 890 $
8th week - 880 $ / + 950 $
That's it in the example (realistic pattern with the EA excepted for the week time increment, again it will evolve faster, see the results on Don site it took only 4 weeks to have more profit than loss) it took 8 weeks to turn profitable. THAT ' S PARTLY WHY PEOPLE COMPLAIN, impatience and improper money management. Of course it is frightening to loose faster than winning, which could happen on the first days or weeks. On the long run the robot will work for you not against you.
Otherwise customer service is great, the robot is full of features you can tweak in order to optimise for better result and adapt to the market according your wishes. let me give a quick example or tip : if you have a major drawdown on a pair you can reopen a new chart on this pair and load the EA again, thus as soon as the trend is over the robot will pick it up at the bottom or top therefore making you a nice profit while the long term trend resume (to use for trading set 1). There s lot to learn on this robot.
for 200 $ it is a great deal, but you have to be serious about it and devot it some time, i also suggest buying a VPS if you cant have your computer on 24/7.
have a great day,
le's all turn profitable with forex
thank you |
Linda Versonsky, Miami, Florida| Rating: |
| | Date of Post: | 2008-05-24
| | Review: | I promissed Don I would post a testimonial if the Robot performed well on my live account as it did early on in my demo. I am happy to say that it has.
I am a private math teacher here in Miami and decided to learn how to trade Forex after reading a few articles written in S & C. I was impressed with his website and the general layout and clarity of his well written explination of how the method works.
I purchased the system knowing I would only trade it using a stoploss since that is what I need to stay within my personal comfort level. I decided to take a private 1 on 1 class with Don and he explained a method of using a 3:1 stoploss/profit target method that worked well for him.
I set up my robot to take a 10 pip profit with a 30 pip stoploss. I am getting a consistent 90% winners with this. That equates to 10 (pips) x .9 = 9 pips on the winning side.
30(pips) x .1 = 3 pips on the losing end. The net result is 9 - 3 = 6 pips NET PROFIT per trade.
I trade the majors only and stick to EUR/USD, GBP/USD, USD/JPY & EUR/JPY. Now I can sleep like like a baby and know that every trade is worth 6 pips profit net net.
This is exactly what I was looking for and his program has far exceeded my wildest expectations!!! xxxooo |
George Wilcox, Middletown, PA USA| Rating: |
| | Date of Post: | 2008-05-24
| | Review: | I would like to start by expressing my many thanks to Don Steinitz for his "genuis" for programming an EA which has not only replicated my manual trading but exponentially improved on it.
I had never been able to monitor 8 different timeframes all at once. Anybody with a lick of sense should realize this is key to a winning method.
I have been profitable on a demo and now my live account for 2 1/2 months now. He has answered every question I have sent in less then 12 hours each time. I swear this guy doesn't sleep.
Oh yes and by the way my drawdown is nothing like what I am reading here. My worst week was 5% and that turned around the next week and all positions closed in profits.
I recommend this robot to all that are reading this.
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Jean-Pierre, Paris France| Rating: |
| | Date of Post: | 2008-05-18
| | Review: | I am a retired electrician and always wondered if I could trade from home sucessfuly. I have traded Don's Forex Robot Trader robots for over 5 months now and I am always in profit.
This is my only source of income since retirement besides a small pension.
His customer support is fantastic and is always available to answer any questions. I now trade multiple robots that he has recently developed in tandem with each other as he suggests.
Simply Supurb! |
Heath Richardson, Burwood Australia| Rating: |
| | Date of Post: | 2008-05-17
| | Review: | Forex Robot Trader has proven to me that it works consistently. The logic and sophistication of the robot ranks it way above all other trading systems.
The owners manual is filled with illustrations and everything needed to answer all my questions.
Don answers all my silly questions day and night with detailed explinations. He even gave me access to his own Forex forum and chat room.
I have always gotten my answers back in less the 24 hours and he has even remotely taken over my computer to help me out.
I am quite new to Forex and this has been the best experience thus far. It's like I received a robot with my own mentor to talk to everyday.
I strongly recommend Forex Robot Trader to everyone who wants the best of the best.
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David Lundberg, Kafar, Israel| Rating: |
| | Date of Post: | 2008-05-14
| | Review: | I have been reading these posts and I absolutely do not agree with the posts regarding this system as being a scam. I have successfully used this system for 4 months now and average usually around 400+ pips a week. Anyone who says that this Robot cannot or does not work should have their head examined. Believe me, my live account has grown every month and that has never happened with any other system or robot in the past. I made back my $199 the very first day. I highly recommend to any newbie or seasoned trader to get on board with this pip monster!
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Robyn Sawyer, Manchaster, UK| Rating: |
| | Date of Post: | 2008-05-11
| | Review: | Does this guy ever sleep? I always seem to get my questions answered at all times of the day.
As a newbie I find this quite comforting, indeed. If the software is half as good as his support then I have made a great investment.
Cheers! |
Frank Kortlander, Tyler, Texas| Rating: |
| | Date of Post: | 2008-05-10
| | Review: | I have been running live using v3.16 for 6 weeks now on a 3000.00 micro account. At first I saw a lot of open trades in the minus but quickly they all turned positive almost over night.
It's amazing to watch this robot trade 10 pairs at the same time which I could never do myself.
I plan on adding more of Don's robots from the profits from my account.
God bless Steinitz!
F. Kortlander |
Logan M., Toronto, Canada| Rating: |
| | Date of Post: | 2008-05-06
| | Review: | I also don't see why there are negactive postings and wonder if these traders are using the wrong set-up are improper money management.
I opened my live account after running a demo for 1 month. I am using the Hedge version of the software becuase Don said it would close out aprrox. 50% more positive trades.
I started with 2000.00 and I am up 950.00 in closed trades and 175.00 in open losses. Not bad for two months! I plan on adding more money to my account soon to speed things up.
Thank you Steinitz!
L.M. |
steadyincome, Australia| Rating: |
| | Date of Post: | 2008-05-06
| | Review: | I have been live trading for 1.5 weeks now and im also demo trading the pairs that im not trading live, im very very happy with these 2 robots that im running(hedge and directional)as for anyone saying that these are not any good really, i do not understand, either they are not very bright or they are unable to add up, or they believe the foresx lies about earning a million trillion quarrillion dollars with a bank roll of $1000,in a month or so,10% a month is a very good return, thanks Don for going to all the trouble to create these robots, and dare i say, may God bless you and yours. steadyincome. |
Joe Riller, Maryland| Rating: |
| | Date of Post: | 2008-04-26
| | Review: | I don't understand all of the negative ads. I agree that they are probably other software programmers trying to discount the benefit of Don's system. I have been using it for three weeks and am amazed at the results. I have averaged 5% per week and after the second week all my closed trades far outweighed the open trades. If this keeps up any of those current net negative trades which are still open wont matter becuase I have so many profitable trades closing everyday. I was scared when I had a 4% drawdown and the losing trades kept getting worse, but sure enough, the following week all but 1 of them cleared for profit.
If any of you are new to the market, I am using the first system with the counter trends and it is designed as a scalping system. Takes several small profits which add up! and they do add up...
Anyway. the system is worth it...i am glad to have purchased it...and with the returns i currently see, it will pay for itself in another week or so |
Peter Reid, Melbourne Australia| Rating: |
| | Date of Post: | 2008-04-24
| | Review: | I have been running Dons Robot Hedge v3_16 on a practice account for 4 days and have gained over 700 pips the only loosing trades were made by me when I closed early 56 wins 10 losses there is drawdown but with conservative money managemnt you will make good profits the secret is patience and don't bite off more than you can chew.
Don has answered all my silly little emails like a profesioal always does there is a forum were the guys discuss settings etc all in all a good deal |
Vincent Mayock, Ireland| Rating: |
| | Date of Post: | 2008-04-24
| | Review: | I am absolutely amazed but then sceptics will assume I am being paid to write this. This piece of software actually works.It does what it says on the Label! Without emotion or prejudice it achieves what the human can't and almost without effort turns out winner after winner after winner.
Listen --I am as green as they come but this baby works 100% for me: Today a 5% return in less than 24 hours!
The boys at base are wonderful also: Everything is explained pronto and in detail --- even to an Irishman. And I am having the time of my life! Email if the negativity here is spoiling your party: |
Charles Andrews, Gulf Shores, AL| Rating: |
| | Date of Post: | 2008-04-15
| | Review: | I set up the ForexTraderRobot by Don Stienitz on April 10th,2008 and left it alone. I went back on the following tuesday morning (after a weekend of playing ) and my robot had executed 38 trades all profitable, increasing my live account by $550. The great thing is I'm just getting started.... All I can say is "Thanks Don" for the excellent customer service and the Trading Robot. |
Steen Nielsen, Australia| Rating: |
| | Date of Post: | 2008-04-11
| | Review: | ...Don't you just hate when you walk into a shop, where the people who work there are supposed to help you, but really don't give a dime about you? By instinct I prefer that they have my interest as their priority, and what they then charge doesn't really bother me at all - There is one word which describe this, and it is called service, and that cannot be bought for money my friend!
Well, by just recieving Don's Robot this week I must admit that I got a piece of software (really cheap in my mind), which I by nature don't trust, but with the whole support, service, and help that went along with it I have slowly bought into the whole idea of this Robot. And after have seen it in action for only a couple of days, I must confess that I have slowly fallen in love with this 'thing' ... The service Don offer with this Robot (the setup, videos, and quick answers by email), he is either a complete nerd or a total legend! You can make your own mind, but I stick with the last... ;-) |
Steen Nielsen, Australia| Rating: |
| | Date of Post: | 2008-04-11
| | Review: | ...Don't you just hate when you walk into a shop, where the people who work there are supposed to help you, but really don't give a dime about you? By instinct I prefer that they have my interest as their priority, and what they then charge doesn't really bother me at all - There is one word which describe this, and it is called service, and that cannot be bought for money my friend!
Well, by just recieving Don's Robot this week I must admit that I got a piece of software (really cheap in my mind), which I by nature don't trust, but with the whole support, service, and help that went along with it I have slowly bought into the whole idea of this Robot. And after have seen it in action for only a couple of days, I must confess that I have slowly fallen in love with this 'thing' ... The service Don offer with this Robot (the setup, videos, and quick answers by email), he is either a complete nerd or a total legend! You can make your own mind, but I stick with the last... ;-) |
Roy Mwanzia, Johannesburg, South Africa| Rating: |
| | Date of Post: | 2008-03-16
| | Review: | I have been running the Steinitz MTF HAS robot on my live account. My account balance grew by 75% in 3 weeks trading. Out of 142 trades in March 2008 there were 138 wins and 4 loses. Customer service is exceptional and Don answers all my questions promptly. Thank you Don. |
Al Fedor, British Columbia| Rating: |
| | Date of Post: | 2008-03-08
| | Review: | I purchased ver.3.1 from Don Steinitz and had it up and running on march 5 th 2008. By Market close on fri... just over 2 days, the robot closed 42 trades for a profit of $4580.83 and has -2414.67 in open trades at the moment. Compared to other robots I have tried this is amazing! What is especially great is that Don actually answers my silly questions, often within hours. If this keeps up I'll be happy! Keep up the good work Don! |
Robert Perritt, The Woodlands, TX| Rating: |
| | Date of Post: | 2008-02-24
| | Review: | I have just placed my order for the new Version 3.0 Hedging Robot. I own and use the Steinitz Original and the WaveRunner Robots. With a little common sense and creativity, I have been able to use these wonderful tools to apply to my live trading. I just want to say publicly, "Thank you" Don for sharing your knowledge, wisdom and abilities with some of us who don't have the brainpower to do what you are doing! I am amazed at what the robots are doing for my trading accounts. The old saying, "The Trend is Your Friend" is indeed a true saying but I have modified it a bit. "Don Steinitz is a Better Friend than the Trend!" The use of his robots has turned my trading around! Zig Ziglar's words certainly apply to Don and his programmers. "You can get anything out of life you want, if you will just help enough other people get what they want!" Don and his staff are doing that in grand style! Thanks Don for what you are doing for me and others like me! We appreciate it!
Sincerely,
Robert Perritt |
Erik Kusk, Waterford, MI| Rating: |
| | Date of Post: | 2008-02-07
| | Review: | I have been trading this thing for a while with positive results every month since I started. I just recently tried an experiment to see if technical analysis really has any merit. What I did is make the robot take a 50 pip risk and a 50 pip profit target in the EUR/USD pair only - no trailing stop. This basicly puts the odds at 50-50 except for the spread you pay. Mine is 2 pips, so it only has to move 48 pips against me to step me out and it must move 52 pips in my favor for me to win. Well, I started this on 1-15-08 and I am 9 wins out of 11 trades as of 2-7-08! I don't think this kind of accuracy will hold up, but I do think it sure is doing a lot better than random chance. On my last loss, I doubled the size of my next trade to make the loss back and I did. I could not be more pleased with this bot. All the people who say it is a scam say so because they don't have the sense to think for themselves and use a stop loss. Come on people!
2007-11-25 5 Stars I have traded the robot live since 9-17-07 and it has made 26 trades as of this date 11-24-07, 20 of which were winners. The average win has been equal to the average loss so far, so I am very happy with the results. I trade it on the EUR/USD only and have it look at the 4 hour, 1 hour, 30 minute and 15 minute time frames. I use my own settings. There are so many, I may have just gotton lucky and picked some settings that happen to work well, but I think the thing is designed well to buy dips and sell rallies in the direction of the higher time frame trend, so many thanks to the designer. I do have it use a stop loss. To trade without one is to take huge risks which I don't think is wise. |
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