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.