Automated Pips -Warning

[atletrader]

I got this e-mail tis morning:


Yesterday I've sent you an email about AutomatedPips.
I received some replies back and a question if I really
believe this EA hype.

Actually, I'm very reserved against automatic trading systems.
The few that really work are very hard to find.

We have to be very careful with any EA, and I admit I personally
trade only my own robots because I know exactly what they are doing.
But not everybody is a programmer to be able to do that.


I learned about AutomatedPips from a friend, and I thought
it might be interesting, because they are showing live proof
for 5 years!
I checked the results and they passed my quick test of a good EA -
it was not a scalping system, and the results seemed to be consistent
on the first look.

Unfortunately, just recently I learned an interesting thing about them.

Their statements are from MB Trading broker, but after a research
we'll find out that MB Trading did not actually have MetaTrader platform
back in 2006, so the statements on the website are indeed FAKE.
They are not live account statements.

For this reason I DON'T RECOMMEND this EA.


Also, I'd like to apologize for wasting your time with a product
I didn't know first hand.


Best regards,

Mark Fric

[raa]

Bad popularity is better than no popularity at all. Controversial marketing.

[arthur]

Unfortunately, just recently I learned an interesting thing about them.

Their statements are from MB Trading broker, but after a research
we'll find out that MB Trading did not actually have MetaTrader platform
back in 2006, so the statements on the website are indeed FAKE.
They are not live account statements.

For this reason I DON'T RECOMMEND this EA.


Also, I'd like to apologize for wasting your time with a product
I didn't know first hand.


Best regards,

Mark Fric

Hi Mark-

I have no idea whether the EA is interesting or not. However, I did some research. Their statements are not with MB for five years. They have running statements with other brokers, but they just switched to MB in the last four months, so at least that part doesn't rule them out.

[marc walton]

Hi, I asked a friend of mine (who develops his own eas) to take a look at this. He knows what he is doing & I trust his judgement, this is what he had to say:

I tested it. I would not touch it.

It came with the default settings SL=0. I started testing with that settings. It was doing great for a long time, could be a year or even two years, but when it crashed it blew the account. Every time. Seems like there is not even a hidden SL. One time I had a loss of 2400 pips. Try to set the lot size to 3% risk based on that as a stop.

Then i tried to back test with various combinations of SL/TP but i could not find one that looked good.

Note, this is running on M1 and then i think back tests are even more inreliable.

[forexinfo]

Hi, I found this article also: http://www.forexverified.com/scams/A...matedPips.html