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Forex Robot NoLoss

17
Dec

Written by Donna
Donna’s Review:
Ease of Use:
Control of Risk:
Customer Support:
Overall Rating:
Forex Robot NoLoss

We started testing Forex Robot NoLoss on 4 November 2009. True to its name, as i write this review, it has indeed not lost a single trade. Before we all get very excited though i wanted to discuss a few of my (somewhat serious) concerns regarding this robot.

1. No Loss = No Stoploss

NoLoss wins 100% of its trades because it never closes any trade out for a loss. Ever. Theoretically speaking, this is a holy grail solution then. In real life however we are limited by the bounds of leverage, account size and lot size. Even trading on a $50,000 account at 0.01 lots i am concerned that this robot will almost certainly bring about account destruction given time.

2. Don Steinitz (maker of NoLoss) – Needs to go back to customer service school?

Since beginning to test NoLoss, we have had a surprising amount of mail from people who absolutely cannot stand this guy. Some of the mail we have seen to back up their reasoning really makes me inclined to agree with them. We don’t normally come out in criticism of robot customer service as it seems an industry-wide problem (i.e. we’d have to highlight it in EVERY review) but in this case we really do think it needs noting.

I would say that generally speaking we should not be supporting robot sellers by buying their robots if their customer service is not only bad but abusive in one form or another. The only exception would be perhaps if a robot really was a near holy grail, in which case i would say “put up with it, the robot is worth it!”.  I have created a new article dealing with Don’s customer service attitude and provide a truely appalling and shocking transcript i have received from one of his customers – it is too long to put here in our short review. I hope that the article will serve to highlight the importance of customer service in an industry which is so much lacking. I’m *almost* sorry to have picked on Don as an example here, but his emails really were bad (swearing, abusive, the lot). See the article here: http://www.donnaforex.com/trading-articles/don-steinitz-and-bad-customer-support/

Back to the robot then – NoLoss really is not a holy grail. Not even close. Yes, it has banked lots of trades and make no losses. Yet. As i write, our sum total of profits is $2,344.47 and the sum of our floating (unclosed) losses is $5,812.90. It’s only a matter of time i think before the account is turned to dust.  If you are trading with NoLoss your best strategy would be to do one of the following:-

1. Run it on very high risk and withdraw your profits EVERY WEEK, starting from scratch each week. Keep your account size small and expect your account to be blown up in some weeks.

2. Run the robot on fairly low risk but close out all your floating losses regularly (this could be either once a week or once a month).

3. Close out all trades when the net profit after doing so will be positive by the amount you want to achieve. e.g. if you want to gain 3% on your account, leave the robot running until such a time as when if you were to close all your open trades you would have gained 3%. Then repeat the process again.

Update 3 February 2010

NoLoss has made 32% profit as of the 1 Feb  2010 with no recorded losses on closed trades however there was -£7581.27 in open trades at the same time.

Update 23 March 2010

We have decided to remove NoLoss from our demo testing because it has not lived up to it’s name by making some losses and it has had some rather large drawdowns.  View Stats Here

 

Visit Forex Robot NoLoss

8 Comments

  1. Chris Butler says:
    December 17, 2009 at 11:31 am

    I have just received my refund from Clickbank for this robot. No manual, just an hour long video. If you miss anything you have to trawl through the lot to find it again. An hour each time. When I saw the runs on your site with no stoploss I bailed out. No space to list my other complaints here. As for his comments you have printed, I thought I was not very customer friendly but perhaps I am not as bad as I thought! All in all, an unpleasant experience. Do not buy this dangerous product.

  2. Donna says:
    December 17, 2009 at 11:37 am

    Agreed. Videos aren’t the best method, especially for more experienced traders who only want to pick out the bits they really need (i.e. settings, etc).

    As for customers, we all have our fair share of them which try our patience, me included ;-) . Sometimes you just have to switch off the email and w.a.l.k. away for a few minutes. I think most clients come around and are pretty amenable if they see you doing as much as you can to assist or correct problems, most often people just want to be heard out/listened to…

  3. Mike Crosta says:
    December 20, 2009 at 2:10 pm

    This guy screwed me to the tune of 9K, my fault though. No stop loss, a report came out and I lost 9K on margin call. He said it never happened. It did. Yes I was overleveraged but bought into the no loss mantra. Shame on me.

  4. Aaron Cohn says:
    December 22, 2009 at 12:16 am

    4xproject.com has produced demo test results corroborating yours, Donna. This robot is a stinker. But Mr. Steinitz claims he’s been running it continuously for 6 years producing positive results even with open draw-downs month after month. I got my refund today.

  5. edoardo says:
    December 30, 2009 at 5:15 am

    absolute no..
    usd -cad in loss for 1220 euro
    is not perfect robot..
    range stop much large
    no affidabily
    setting as for our manual
    please contact me for new functionally settage
    thanks
    edo

  6. edoardo says:
    December 30, 2009 at 5:16 am

    soory for my bad english..
    edo

  7. Morris says:
    January 6, 2010 at 3:27 pm

    I had a run in with Don last week, my installer could not install NoLoss on my MT4 platfrom. After going back and forth with 8 emails, and seeing him downgrade every installer but his, i finally got my money back from clickbank and bought FapTurbo which i am very satified with the service and performance of the robot.
    Don is possessed with his robot.

  8. Charles says:
    February 5, 2010 at 2:00 pm

    This robot produced massive negative floating trades on my account until it finally blew out on a margin call, losing *a lot* of money.

    Not a safe robot, and its creator does *not* trade it on his own live money! See this link:

    http://www.forexpeacearmy.com/public/review/www.forexrobottrader.com

    Apparently trading signals from robots by the same vendor have reinforced profits for people or groups with with extremely large amounts of capital to begin with. And apparently the creator of this robot is quick to lend a hand to people with very large amounts of money.

    Not anyone else though.

    And many relatively small-time traders I’ve read reviews from reports the same results from this robot: huge floating negatives and often margin calls.

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