Another website selling EA - page 2
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Hi,
I think all EA's done one back tested data are not reliable and nobody should be looking for buying them anyway.
The question was that if it was making so much money, why would the guy be selling it so cheap?
Take a minute and think that if the price of the EA was 5000$, would you go and buy it??
What is the fair value of an EA??
I realize this vendor has been trying to sell this EA on several forums including ours. This heavily hyped EA was orginally selling for $200 and has now gone up. At least he is honest and runs a demo forward testing, but over the last week or so no profit, proving my point that this may be curve fitted to best results the last several months and now is going in drawdown.
Forex Victory!
http://idea-forex.com/interbankvictory/statement.htm
This system has a 1000 pip stop loss because it controls the orders itself and closes them itself and it will never go down in-1000 pips because it has part of hedging system.
First you should ask the guy who lost the money how he closed those orders, he closed them himself without using the system, because he could not wait no more. If he waited another 10 minutes the system would have closed those orders them with profit.
As far as drawdowns are concerned, the website is selling a new version of the system, which does not have large drawdowns. The previous version, which was sold on eBay, also would not have had large drawdowns if the recommendations were followed.
Somebody asked why the system is so cheap and the other person asked why there is no trial offer, so here is the question and the answer. It is cheap so far because there is no trial offer. But the price will go up, but then you will probably say that it is too expensive. So what is the fair price for an EA, as somebody asked already?
Fx-Expert
I now don't think that FX-Expert and Techinvest are the same people as FX-Expert writes in a way which suggests that English is not their native language, whereas Techinvest is born and bred in the US and has been "Spitting in the face of adversity since 1976"!
First you should ask the guy who lost the money how he closed those orders, he closed them himself without using the system, because he could not wait no more. If he waited another 10 minutes the system would have closed those orders them with profit.
Fx-ExpertI think I remember that the member lost a very large precentage of his account in one day's of trading. If you tell me that if he waited 10 more minutes it would be profitable, I seriously doubt your statement or more so, doubt that EA. It means that the EA takes some very ill advised risks and then starts some kind of averaging down scheme. My hunch that it is a grid type system, with out of control risk, seems to be true.
I hope you returned that guy's money.
I think I remember that the member lost a very large precentage of his account in one day's of trading. If you tell me that if he waited 10 more minutes it would be profitable, I seriously doubt your statement or more so, doubt that EA. It means that the EA takes some very ill advised risks and then starts some kind of averaging down scheme. My hunch that it is a grid type system, with out of control risk, seems to be true. I hope you returned that guy's money.
First i want to tell you its NOT grid system.
Second He was using Previous version without my recommendations. With Small account and big risk for MMgmt.
But now new version avoids any large drawdowns, and uses minimum risk.
Fx-Expert
First i want to tell you its NOT grid system.
Second He was using Previous version without my recommendations. With Small account and big risk for MMgmt.
But now new version avoids any large drawdowns, and uses minimum risk.
Fx-Expert-----------------------------------
What do you mean!
You sold the system to that poor guy and now you say that, he lost his big money, because you did not provide any of your recommendations for your EA.
Whose fault is that?
I mean!
Buyer's fault? Or Seller's fault?
rswamy4449
But now new version avoids any large drawdowns, and uses minimum risk.
Fx-ExpertSo, you were selling a system with large drawdowns with large risks. Did you advice the buyers about that pitfall? Did you tell him to wait till you came up with your new version?
If you did not, then you should return his money.
It means he just did NOT follow my recommendation. I send him all my recommendation, and i do not know why he start trade live without it.
Fx-Expert
Second He was using Previous version without my recommendations. With Small account and big risk for MMgmt.
But now new version avoids any large drawdowns, and uses minimum risk.
Fx-ExpertYes, that would be right or should that be "wrong"?
Now, let's evaulate this statement. First look at the screen shot attached of your demo results taken from your very own ebay listing (yes demo results - this seller does not trade live - he is not that foolish! If in doubt ask him for a statement that is longer than 1 month old!)
Look at the Lots highlighted - you will see that this dangerous Martingale EA, the one that so called avoids large drawdowns often plces trades with 48.6 minilots = 4.86 standard lots!
So my question is how big account would you need to trade 4.8 standard Lots? A reasonable estimate is around $40,000-$50,000. Next put into that calculation the 1000 pip StopLoss, then ask yourself how much would you need to trade this system???? The answer is a very big account!
So, you even in your own demo tests are not trading this EA with the right demo starting capital - therefore if you do not know about money mangement yourself how can you tell others about it??? Or even criticise them????
You should do the right thing and refund the guy who lost his money just like Maji and rswamy4449 have stated.
And for those stupid enough to buy this EA let me tell you this, why would you buy a system that the seller is not prepared to use live himself? The seller explicitly states that "The purchase is non - refundable" for a reason.
This statement by the seller is infact incorrect because if you do indeed complian to www.2checkout.com they will refund your money, you could also get a refund via complaining directly to your credit card company if you were foolish enough to buy this EA.
Save your money! You should be in no hurry to buy a system that has a high chance of wiping your account!