Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?

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

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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    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.

    • I think you guys are probably just trolls. I have made enough money from the steinitz systems to retire.

      I started with 10000.00 and ended with 250000.00 in 1 year.

      I love this guy!!!!

  1. 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

  2. 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

  3. 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.

  4. 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.

  5. 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…

  6. BEWARE DON STEINITZ, REAL ALL THE REVIEW!!!

    I thing Don is just a fast builder of looser robots, here is why: I got his pterodactyl as it came out, I used on 7 Demo accounts with diferent brokers and with 10 pairs each one, all Demos lost money after two months, I ask him about that and also asked him about what settings was he using? what pairs? what broker? (with real money account) he just answer any pair, default settings, any broker is good, so I open a live account with real money and it ate my money like crazy, actualy I am trying to get my money back, I have a demo test you can see at http://www.mt4i.com/users/ptdemoexness/stats if you go to symbol you can see at this time only 3 pairs have a very small profit, and so far it has ran for almost a moth, Don talk much but so far not deliver.
    I have to say something good about him is he has responded so far to my emails but has not promised to return my money, and he keep sending the same sample (see below) of earnings
    Also Don may just be an scam artist, when he send his emails with statements be carefull to really review them, he used to sent one with a supose 5069 pips gain!!! (I have no idea where he gets this number), if you do the sum you realice it’s only about 3550 but in the statement sums 4945 you can see the statement here http://forexrobottrader.com/webinars/5069pips3fibs14days.gif (if he realice his mistake and erase it I will be happy to post it here), so this made me think he is manipulating his statements and began disecting each one he sends and found other discrepancies, if his robots (yes many!!, and I supose more are caming!!!) are any good why don’t he post a real money live account at MTI (that is where my demo is), so we can verify his earnings?
    Also he send a few days back an email warning people about FPA and his owner stating the owner is an scam artist, I didn’t like that because he didn’t provide any proof just gossip and so far I really trust FPA and have not seen any atemp for deception on the other part I have seen decepcion from DON.
    After seing the emails FPA erased and are now back and the explanation, now I am wondering if he is the only one praising his robots with diferent names? even the so call reviews or emails he is supose to get? by the way he gave me a couple of email address of people who he say are making money, but guess what? one addres is invalid and never got and answer from the other (and I send 7 emails to that person)
    Just to be Clear: My intention with forex is making money not slaming anyone that is why I provide proof, I only want to make money with forex and if DON have ANY robot making REAL MONEY and prove it with and investor pass or an MTI verifyed account I will be happy if he exchange the pterodactyl for that one or if he give me my money back (even if he exchange the robot for another I expect a money back guarantee).

    I will be checking here for any response and will add anything that happen, in the meantime my advise: check if the robot you are interested have anything to do with DON STEINITZ if so do your homework and remember you have being warned!!!

    check other reviews to know the kind of people he is on yahoo.com search don steinitz and see the reviews by donna forex and forex peace army

    Carlos Alejandro, Acapulco Mexico