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Official web site which contains more forex system related information. Welcome To Forex Robot Trader

Statement: XXXXXX - Don Steinitz
result not update to 30th because it was negative 40% floatings in real account

Overall I think this is a solid product with good support. I have it running on the default settings on demo accounts and had positive results for both October and November, two of the craziest months ever for all markets. Drawdowns have NOT been very bad. I would definately recommend buying this product.

The overall performance is good, however I feel it's fair to mention the problems. Don claims you can run it on demo accounts without it being hard coded. I cannot figure out how to do this and when I email Don about this he simply replies that I can indeed run it on demo accounts without hard coding, instead of telling me how. I end up having him hard code it for my demo account so it can work. Unfortunately, this takes several email exchanges over several days to do. I feel like he doesn't actually read my emails but skims them for key words and replies to questions he thinks I am asking rather than the questions I am actually asking. I have to go through this frustrating process everytime a demo account expires. The robot never places trades on the GBP/JPY because it says the spread is too large. These are the only negative comments I have, and they aren't that bad.

I don't know if there is a review section for the Steinitz Sniper Live Trading Room utilizing his Custom Breakout Indicator software, but I would highliy recommend joining. The room moderator is Francis O'Conner and he is an excellent trader. I learned so much from him. I would still be in the room but they switched the hours to the exact times that I have to be at my day job. I am very sad about that. But I am having great success using the Custom Indicator Sniper Software on my own. Cheers to Don and Frank for putting out what I have found to be the best FOREX tools on the market for exceptionally reasonable pricing. Keep up the great work guys.

I've had this over 5 months and traded live with it or let me rephrase that used to trade with it. It sucks, the robot trades off multiple time frames with no stop loss. So when the trend reverses due to a major financial release...YOUR SCREWED. because you can't trade forex strictly off static indicators!!! as it puts a order in on the counter trend...what happens if the counter trend turns out to be a reversal trend that doesn't come back due to a financial report in that country? Major downdraw happens every time.

Here is an email I got from this joker who said as you'll see in the email if the pair gets into downdraw open up the same chart and start the robot up again so it starts trading to counter it. RETARDED.

If you don't believe it sucks go to PIPCOP.com they are running it live there and its got major drawdown.

Now here is his email about a draw down remedy... by the way if you open up another trade on a counter trend what happens if it does comes back again, i suppose you open up another chart and have it trade some more against the 2nd trade you opened until your account blows up. WAY TO GO DON YOUR A FRIGGIN GENIUS!!


"Hello members:

Attached you will find our newest version 3.23 for those of you that purchased the Steinitz has MTF Hedge robot version 3.0 software. The only changes that were made dealt with our magic number sequence that is used to keep our trades separated from each other and other robots on the same platform.

Because we are continuously improving our software I felt it necessary to further strengthen the magic number sequence to make absolutely certain there can be no interference while using multiple robots on the same Meta trader platform. Regardless if you trade multiple Forex Robot Trader software or trade manually on the same platform there'll be no chance of conflicts.

You might ask where I'm going with all this? The answer is simple. I want to teach you how to minimize drawdown in the future. To accomplish this you will need to be able to understand how to hedge using two robots. Let's take an example to help illustrate this idea.

You are trading 10 currencies on the same platform using 1% of your equity per trade. Which means you are trading 10% of your equity. Your robot placed a buy trade on the EUR/USD which later goes into drawdown before hitting the take profit target. Since the robot cannot place anymore trades on that currency until the take profit target is hit you might feel a little helpless just watching the robot sit there in limbo.

With this new method you can now take control and actually start making money immediately on that currency. What you will do is open another EUR/USD chart and apply your usual templates. You will place the chart on a different time frame than the first chart. So for example if the first chart is on the 5 minute timeframe make sure the second chart is on the 15 minute timeframe, you get the idea. It doesn't matter which timeframes as long as they are different from each other.

Now apply the robot on the new chart just like you did when you first set up your robots. That's it. What you have done is allow the robot to open up and start trading as soon as it gets a signal to enter the market. Ideally, you want to apply the second robot when the trend has changed direction on the first chart.

Let me explain more about this in detail. Since we are concerned with trend direction changes and drawdown the best time to make this change is when the daily timeframe changes direction (color). Here's another example: on your first chart the EUR/USD has placed a buy trade on set 1. Hours or days later you are in drawdown. Open up your second chart as mentioned before and apply your templates. This next step is to determine if a second robot is needed. Change the time frame on this chart to the daily. Look at the bottom row of your multiple timeframe indicator.

Because the robot traded the EUR/USD going long (buy order) if the daily timeframe is the color red the trend has changed significantly and is now time to perform this hedge operation. Specifically, look at the second colored bar from the right side. That is the bar you are concerned with because it's considered a closed candle. We don't care about open candle's only closed.

So in summary: once a day you will watch your equity and see if any currencies are in large drawdown. If so, you will open another chart with the same currency and change the chart to the daily timeframe. You will look at the bottom row of your multiple timeframe indicator (this is the daily TF row). You will look at the second bar from the right and notice what color it is. You will take note of what that color is. If that color is the opposite color of the original order e.g. blue = buy and red = sell you will then change the time frame to a unique timeframe different than the first chart and load your robot.

That is it in a nutshell. Keep in mind what I taught you is very powerful. This hedge trade will now stop the bleeding for lack of better terms and actually start making you money immediately. When both robots eventually trade the same direction it's time to remove one of the robots. There is no exact rules when to remove the second robot. You might choose when it's slightly in profit or slightly in loss.

I also suggest to trade .5% instead of 1% since you will now be potentially adding additional robot instances which will add to your trading risk. It's important not to over trade your account.

I know there will still be questions and I'm prepared for that. Before you send your questions please read and reread this e-mail several times. For those of you that don't want to bother with this you don't have to. Remember the results on my website which were 27% per month was the result of "setting it and forgetting it". I'm simply explaining an advanced method for those of you that want to improve your profits and/or lower you're drawdowns.

Happy Trading!

Don"

This is a loser robot and his programer codes nothing but c*** as well, his robots on every forum suck. If you but this piece of garbage your in the same boat as they are and deserve the inevitable.

Like I said go to Pip Cop - Forex Robot Reviews and see for yourself the live results.