Reviews of Forex Products

Forex NoNameBot

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Forex NoNameBotForex NoNameBot is a completely automated Expert Advisor by Juliya Ivanov created to trade EURCHF on 15 minute chart.

The software works on MetaTrader 4 platform and implements the following technologies:

The APAI price action analysis algorithm, it determines the market changes and price movement.

HS (Highly Snesitive) trend analysis algorithms that determine important turning points and trend continuation.

Curerncy Correlation Analyzer that takes advantage of correlation between different currency pairs to improve accuracy.

Exclusive OWL (One-Way-Leverage) money management system that changes lot sizes in real time to increase profits and minimize losses.

And finally, it includes an email notification system that sends you notifications about its activity to your inbox.

Here’s the Forex NoNameBot test on ForexPeaceArmy. It shows a 85% winning rate and 15% drawdown, but its average loss is significantly higher than average winning trade. While its performance seems good so far, it looks like its strategy is quite risky.

Some additional details:

  • Cost: $99
  • Currency pairs supported: EURCHF
  • Guarantee: Clickbank’s 60-day money back guarantee

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5 Comments

  1. After one week live trading, my results are:

    +2,2 pips
    -0,2
    +3,2
    +2,0
    -63,5
    +5,1
    +0,8

    I wrote to the developer:

    Great System! Average profit 2,18 Pips, average loss 63,5 Pips.
    That means I need “only 20,9 trades” for coming to break even( commission not included).
    If I would use a broker what not charge commissions, I would have to pay a much higher spread
    and the results would be much more bad.

    I suggest you rename it to: “NO GAIN BOT” or
    “WASTE YOUR MONEY AND TIME BOT”.

    Can you please explain, how this system can ever make a profit?

    Regards
    Mike

  2. Their answer:

    —– Original Message —–
    From: “NoNameBot Support Team”
    To:
    Sent: Tuesday, August 24, 2010 2:09 PM
    Subject: [#195173] Re: NoNameBot Weekly Report for 2010.08.15 to 2010.08.20

    — do not edit —

    all1000,

    A customer support staff member has replied to your support request,
    with the following response:

    Hi Mike.

    NoNameBot is a high quality EA that has been rigorously tested and operated
    on live accounts for a long time. You can perform a backtest and see how
    accurate and profitable this robot is.

    There was an unexpected sharp move in EURCHF which is a rare occasion. Since
    the market is dynamic, these moves may occur and may result in losses.

    If you’re trading manually or with an automated robot, you should be willing
    to accept losing trades. You can’t have a 100% accuracy rate and can’t cover
    every combination of market movements.

    However, in order to avoid large losses to your account, you should use LOW
    LEVERAGE as also explained in the user manual.

    It is also possible that your broker is frowning upon using scalping robots,
    and may do whatever is in their power to fail the trades. A broker can make
    a strategy fail if they wish so. There are many brokers who are not willing
    to let customers enjoy scalping strategies, although the broker may not
    always openly admit it.

    We hope this response has sufficiently answered your questions. If not,
    please do not send another email. Instead, reply to this email or login to
    your account for a complete archive of all your support requests and
    responses.

    My answer:

    NO GAINERS,

    thats a real nice excuse: There was an unexpected sharp move in EURCHF which is a rare occasion.
    Such moves happens nearly everyday! Every real trader know this.
    Marketers obviously not.
    Off course I accept losses – this is a part of the game.
    But if you ever had traded live, you would know, the risk reward ratio has to be in your favour!
    With an average profit of 2,18 pips and an average loss of 63,5 pips it is absolutely impossible to make profit in the long term.
    Even you will have to admit this.
    Fortunately I traded not the same lot size as you on your show account. If I had used the same size as you, accordingly to my account value, I would have lost 630$ in one trade. I need now to have 29 winning trades in a row, just for recovering from the loss.
    How likely is it that there will not occur another loss?
    For making profit with your “rigorously tested EA” you need to have a 99.5% percent winning rate.
    Even you will agree that is impossible.
    Everyone, except you, knows a backtest says nothing.
    SL 63 pips and TP 2 pips is one of the worst R/R I ever have seen on an EA.

    Regards
    Mike

  3. Sta away this EA is the usual piece of crap. With a risk/reward ratio of 30 to one will it blow out your account sooner or later. Probably sooner.
    The results on their website are faked.
    I had my second full loss of 64 pis in one week.
    If I had traded the same lot size as the vendors calculated to my account value, I would have lost already more than 50%.

    My last mail to their support:

    —– Original Message —–
    From: ”
    To: “NoNameBot Support Team”
    Sent: Thursday, August 26, 2010 11:42 AM
    Subject: Re: [#381488] NO GAIN BOT

    > No Gainers,
    >
    > now I have the proof – the results on your website are faked!
    > The last trade on your so called live statement was opened at 1,30404
    > and closed with profit at 1.30361.
    > On my trading station the sell trade was opened at 1,30406 ( 0,2 pips
    > better) and closed with a loss of 64,4 pips at 1,31052.
    > My broker is a pure ECN and 100% honest!
    >
    > I claim my my money back!
    >
    > Regards
    > Mike
    >
    > —– Original Message —–
    > From: “NoNameBot Support Team”
    > To:
    > Sent: Wednesday, August 25, 2010 1:48 PM
    > Subject: [#381488] NO GAIN BOT
    >
    >
    > — do not edit —
    >
    > Mike,
    >
    > A customer support staff member has replied to your support request, #381488
    > with the following response:
    >
    > Hi Mike,
    >
    > The NoNameBot uses a scalper strategy, which means it takes several
    > profitable trades with several pips each, and with a high accuracy. This
    > also involves larger stop losses to avoid unexpected moves. This is contrary
    > to what people inaccurately call “favorable” ratio, where the stop loss is
    > small but gets taken many times, hence their low accuracy, which we
    > overcome.
    >
    > We hope this response has sufficiently answered your questions. If not,
    > please do not send another email. Instead, reply to this email or login to
    > your account for a complete archive of all your support requests and
    > responses.
    >

  4. This is exactly what I got from support, the same you have to take losers some time.
    The backtest shows that its a losing proposition.
    Will have to go for refund

  5. same i used this aswel for 2 wins of less than 10 pips then with a loss on 3rd trade of 650+ pips and that was with the broker she recommends anyway its not worth the money lucky its with clickbank got my money back anyone looking to get a refund go here refunds@clickbank.com

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