Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?

Posted on 18. Nov, 2009 by admin in EA, Link Love, scam

Tech tipsComputer Tricks

Casey Lim from Best Forex EA has made a great post about a new EA called No Loss Robot. He argues that this new EA shares many similarities to Don Steinitz’s HAS MTF Hedge EA. In fact they seem so similar that it looks like an exact copy! I love the way he outlines all the details, about this. I am sure that the majority of sales pages out there use the same approach as these guys (fake testimonials, photos from istockphoto, etc.). Anyhow, it turned out that Casey was wrong about one thing; The No Loss Robot was not a copy of Don Steinitz’s HAS MTF Hedge EA. It is the exact same EA with additional features (some improved stop loss function). Casey wrote Don Steintz with questions regarding the No Loss Robot and Don said that he had entered a partnership with two guys because they had some excellent ideas on how to improve his system. Now obviously there is nothing wrong in improving his product. However, it seems fair to say that this should be mentioned both on Don Steinitz homepage as well as on the No Loss robot page. In addition to this, they should stop using fake photos and unreliable claims:

Our robot is the only one out there that can claim it is a No Loss Robot™. It promises no losing trades on your Forex account, period. How do we do this? It isn’t simple but thankfully we’ve done the hard work for you. To understand how our system eliminates losing trades you must first understand the advanced features and trend detection systems that we built into our No Loss Robot™. These systems were developed by us and are not available anywhere else!

Right. I think I know how this works, even without knowing the amazing advanced features and trend detection system; no loss = no stop loss. Now this is a suckers strategy, as no one has unlimited capital in their forex account. If using such a strategy should make any sense, it would require you to use an extremely low percentage of your account balance on each trade it takes, and then it seems fair to say that it will take a long time, before you break even when the cost of the EA is taken into consideration.

Anyway, I simply wanted to make you aware of the two posts from Casey Lim over at Best Forex EA. Check them out, here and here.

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6 Responses to “Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?”

  1. Debbie

    27. Nov, 2009

    I know both parties involved with this dispute and I have doubts in Don Steinitz and his claims. Casey Lim does have a better forex system and support. Don Steinitz does have problems with his support and does charge $150 an hour if you want support on his system. Don Steinitz when googled comes up with too much negativity. It’s unfortunate that there is a dispute but I have never had a problem with Casey’s support nor system.

  2. Jean

    02. Apr, 2010

    I bought this EA from Don, 3 webinars and the Fractal system. The products are bad, the support is very bad and Don is only available when you are not convaiced to buy his products. Don only cares to make money and nothing else

  3. Sean Fradley

    26. Apr, 2010

    Just bought Don’s Fractal breakout with the Steinitz Fractal Pterodactyl Robot.

    The results for the past 2 weeks are shocking and the drawdown is as follows:
    GBPUSD – 88
    AUDUSD – 55
    EURUSD – 11
    USDCHF – 41
    No where near his 7-10 that his ales pitch and video demostrations report.
    He should be banned and jailed

  4. Kevin

    04. Jun, 2010

    Tried this back in the day. Blew the account away…and not in a good way. That’s $1000 I will never see again plus the money for the system. I blogged about what a scam this guy is. No stop losses – not very smart…oh wait a margin call is a build in stop loss. He is an idiot.

  5. robert sonich

    15. Jun, 2010

    i bought 2 robots from don ,the hedge and the directional, bottom line when the hedge robot makes 20 or more straight winning trades which it has then it turns around and loses it right back every time,the directional is not any better, and also the point being , when he sells all these robots including the latest fractal robot,and when their is no refund on any of these robots , that’s obviously a red flag. he want’s to lock in all his profits no matter what.

  6. Mario

    19. Jul, 2010

    Yup also tested his “robots” and they do suck…. They only work on super super easy to trade trending markets of 2004-2006 other wise in normal markets they will just get rapped like a 90lb guy in maximum security prison.

    He is also a world class asshole always starts his webinars or videos with a condescending – talking down to you – kind of way. His latest webinar right on his website about the “Pterodactyl” he stars out the webinar by being an asshole and saying “If you don’t know how to spell it its ok. You probably will not know how to spell it … ” etc. etc.. and he keeps going with that pissing me off . Here is a guy hosting a webinar, trying to sell you something and he starts it by insulting your intelligence.
    But I guess it is true because if your stupid enough to be looking for easy way out in trading you are very stupid and then you deserve his condescending attitude and shitty products.

    Trading the financial markets takes humility, patience and skills that is why you need to start with Van Tharp or other professional trading coaches and teachers.
    Later…

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