Thread: Forex Robot Trader Scam - HAS MTF Robot

For anyone who's thinking of buying one of the forex robots made by Don Steinitz, think twice before you act.
I bought his HAS MTF trading robot in 2008, I sent over my metatrader account number and he hard-coded it in the robot then sent it back to me.
Afterwards I put $1,000 in a forex trading account, and setup the robot for it to run on auto-pilot.
The first day the account was up by $400 to $1,400, which made me happy since it seemed to be working, but then the second day it went down to $590, about $900 just vanished overnight. I didn't do anything and just let it run by itself, hoping it would recover the loss, and finally on the third day my account was out of balance & all positions are forced to be cleared, I lost $1,000.
What made me feel even worse is that I recommended the robot to a close friend of mine, and he put $1000 into his forex account and lost it as well, I feel like shit afterwards.
This robot doesn't have any stop-loss positions, meaning once the trade is open, it just stays there, and the price swings plus the high leverage ratios (mine was 1:100) would wipe out your positions on a big price action movement. So just STAY AWAY!!
Another thing worth noting is that once you bought the robot, you'll be signed up for his mailing list which he sends on promotional emails on other "killer products" he developed, it's all just smokes & mirrors to suck more money from you.
It's just common sense really, the best fund managers in wall street would make the front page of new york times finance section if he had a something like a 150% yearly turn, if these guys are really making all that money with their robots, why would they bother selling them to people? I'd just put in some seed money and count the bills!
I've been burned 4 or 5 times by these forex robots and I finally learned from it & stayed away, I understand it's hard to resist the temptation to make money that easily, but there's just no free lunch in life ever, hope this post can help someone out there and save them a couple hundred bucks!

I do not know much that how to do business in Forex... But from a lot of people who are already in to it... I have heard that this is a good business and reap so much profit... is it so?