Pipmaster EA for MT3

timbo 2006.05.12 23:08

Hello guys,

I recently found out about this EA being sold on ebay and was wondering if any of you know about it or have purchased it. I've tried contacting the seller a few times, but find it difficult to get a response from him.

He says that there are a few hundred people using this EA and that the results are "incredible", but unlike some of the previous EA's he sold on ebay, he doesn't offer a guarantee with this one - this makes me a little skeptical about it, because he once said "you can find many trading systems here on eBay, but only look at the ones that are guaranteed" in an earlier ebay ad.

Apparently when you buy the EA, it can only be used on a demo account - then, once the demo period is over, one needs to open an account with FXDD and list him as the introducing broker.

The ebay ad for this EA makes it look very attractive, and potentially profitable - and with 100% positive feedback it got me quite interested. I guess I'm mainly concerned about his reluctance to reply to my questions, and the lack of a guarantee - any thoughts on this?

Tim

[Deleted] 2006.05.12 23:22 #1

I had purchased into Pipmaster's system long time before she started selling it at those ridiculous prices. At first it was to make a so so system profitable. Then she changed gears and got into this scalping. Now after the scalper gave such good results in demo, the users are complaining that in live trading it does not work. Of course it won't... it uses the known bug of MT3 in demo trading to fake the great results... it sells the ask and buys the bid. She is promising to fix the problem, but I doubt it can have the same performance as demo if that is done. There is a thread on "where to scalp" in this forum where a very very similar system was discussed.

Hope this helps,

Maji

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timbo 2006.05.12 23:46 #2

Thanks very much for that info Maji - you've probably saved me from making a mistake (and I didn't realise the seller was a lady).

I read through a lot of the ebay feedback comments, and thought perhaps they were all posted by buyers still using it in a demo account because I couldn't seem to find any feedback about actually profiting from the EA in terms of real money.

I guess that problem in live trading is why there isn't a guarantee anymore... and I was surprised to see the huge jump in price, originailly thinking it must perform much better than it did previously.

Thanks again.... and yes, it helped a lot... I'll keep an eye on her ads for a while, but for the moment I won't part with my $160.

Tim

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[Deleted] 2006.05.13 00:55 #3

Here is a portion of the email that was sent to us a few hours ago.

"Some of the users have been frustrated due to the fact that system is not working live. I am expecting the properly working EA ASAP. I spoke with the developer tonight and he assured me that the fixed version would be completed expediently. "

I suspect if that can be done. It has been months since she started telling the users that a great EA is just around the corner.

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timbo 2006.05.13 01:07 #4

Thanks Maji.... I wonder why she continues to sell the EA when she has known for so long that it doesn't work in live accounts - it doesn't sound very honest or ethical to me.

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[Deleted] 2006.05.13 03:11 #5

Timbo,

I am not sure if she even realized this "bug". Sometimes we don't want to see the obvious, because we want to believe the fantasy. I have been that road many times, and still manage to find myself there even though I have been there and done that !!!!!!!! That is how human psychology works and trading is all a game of psychology.

Enough of philosophical ramblings from me now. Have any good systems in mind?

Maji

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timbo 2006.05.13 08:36 #6

Very true! Although I also tend to think that if she actually used the EA she was selling, it shouldn't have been too long before reality set in. Human nature is our own worst enemy sometimes, and I say that from experience unfortunately!!

As for good systems in mind, nothing that's profited me yet - basically a case of seeking, and hoping "ye [or 'I'] shall find"! I've been very impressed with the forum here, and have started testing some of the EA's with great interest.

I came across the FreedomRocks website just now too - based on a forex trading concept I've never heard of before. The strategy, as far as I understand it, involves buying/selling multiple lots of 'opposite' currencies (eg EUR/USD & USD/CHF) to minimise risk, then buying/selling one additional lot when the price reaches a certain point, and then waiting for the currency to 'correct' itself and eventually close the remaining lots to break even - thus making a profit on one lot regardless of whether the price initially rose or fell.

Probably a poor explanation, but you may already be aware of the concept. I have to say I was turned off by the big push on recruitment - seems to me that if the system was as good and profitable as they claim, there wouldn't need to be such an emphasis on the big commissions earned by recruiting new members. But the trading strategy they outlined sounded interesting - know anything about this one?

Tim

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