Product Name: NoLoss Robot
Author: Don Steinitz
What we are about to show you on this website could change your life.
Price: $149 (purportedly will rise after next 20 sales!!)
Money Back Guarantee: 60 day
What Do You Get?
Forex EA for MT4 platform, videos and user manual
Where To Buy: http://www.nolossrobot.com/
NoLoss Robot is a Forex Expert Advisor (EA) that works with the well known MT4 trading platform 24 hours a day 7 days a week. The software works automatically and does all the trading for you.
What’s It All About?
Automatic trading on the FOREX markets, trades many currencies simultaneously and purports never to have a losing trade. There is a reason for that which raises a serious red flag.
How Much Money Do I Need To Get Started?
The sales letter states that practically any sum can be used to start although the lowest they quote is $250
How Much Money Can I Make?
It appears that the aim is to cream off small amounts on a regular basis across the range of currencies you are trading with. On a demo account the return shows 1% a day as achievable; however, not all is as it seems (see full review for more detail).
How Much Time Will I Need To Make This Work?
As this is an automated EA the only time needed would be for installation which takes 30 minutes or so
Will I Need Any Equipment To Do This?
PC and Internet connection. Note that you would need to leave your PC running 24 hours a day from Sunday evening through to late Friday as the EA needs to be connected all of the time
Quality Of Customer Service?
I did receive a reasonable response to an email enquiry but further research suggests others were not so lucky.
The panacea for any investor is 100% risk free investment that provides above average returns. If you believe the sales page for the No Loss Robot then you may well believe you will have found such a rare entity. And yet, things aren’t quite that straight forward.
In fact this particular Forex Expert Advisor (EA) could well be renamed from No Loss Robot to No Stop Loss Robot as that is how it works in practice.
The No Loss EA is designed to trade with any number of currency pairs and the sales page suggests that it will trade happily with just $100 in your account. In fairness there is a recommendation to only work with currency pairs that have a maximum of 5 pips spread.
To prove the claim potential buyers are provided links to results from live accounts covering a period through 2008 and into 2009. Looking more closely at these statements an important question is raised.
Whilst agreeing that the statements show a profit for the month in question they also show trades that had not been closed out and were generally significant drawdown’s on the account (as a result of no stop loss being set).
As each monthly statement showed a fresh deposit there was no evidence of how these open trades had fared and whether or not they had eventually turned a profit.
This raises a red flag and anyone considering a purchase should be wary. Yes, profits can be made but there are drawdown’s to be considered that weigh heavily on performance.
Realising this I decided to investigate a little further. I submitted an email query and within a reasonable time frame received a reply from a Don Steinitz.
I thought this rather odd as the sales page indicated that the EA had been developed by two traders named John and Mark. Now whilst Don could have been involved in a support role it seemed odd that he would give his full name.
Digging a little deeper it seems that the No Loss Robot was indeed a development by Don Steinitz. It’s possible of course that John and Mark could have some involvement and indeed I did read that Don had tweaked the EA as a result of feedback from some customers but I would rather have seen that on the sales page instead of having to find out for myself.
Curious to learn more I did some more research on Don Steinitz and what I found was not very complimentary. Suffice to say that if you consider purchasing the No Loss Robot I’d recommend you do a little research yourself.
I did find some comments that supported the claims for the No Loss Robot but on balance many users had become disillusioned very quickly and in some cases had lost significant amounts of capital.
In my own testing on a dummy account the EA did show regular small profits but there were also several open trades that were showing significant losses in trading and it was not clear how soon, or even if, they would realise a profit.
In my opinion there are too many grey areas around this particular EA to recommend it to others. The panacea is yet to be found.
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