Hello Traders:
This refers to the post by Fredik regarding his denied refund.
We need to get something straight:
We have a refund policy that is fair, but has to be followed correctly.
[B]You need to test the robots (demo or live) for 30 days[/B] before you can conclude that you are not happy with them.
The main problem is that once you have the robot files installed in your computer, we cannot get them back from you. If you do not give us a fair chance to prove ourselves, how can we offer a guarantee?
The terms are very clear: you must trade at default settings for 30 days. That means all pairs, all times, no picking and choosing, [U]plain default settings[/U]. If you do that and do not make a profit, we take responsibility and refund your money. If you choose to use your crystal ball to guess who is going to make money and you are not right, we are not guilty of that.
If you do not trade for 30 days, you do not qualify either. You cannot judge a trading robot over a weeks’ worth of trading.
Now that the legalities are spelled out, let me tell you how I really feel about refund policies on EAs:
I think that if a robot is properly built and it trades according to the strategy that is described in the selling literature, the trader should bear responsibility in what the market does to us. If I sell you a boat and you test the boat, and it’s a very good boat indeed, and then you want to go fishing but it rains 3 weeks in a row, why do you come complaining to me?
We build great EAs, that trade great under most market conditions.
If the market is upset for a month, we do not make the markets. The most we can offer is a small drawdown. And that we do have.
Your boat did not tip over, you just did not catch much fish! And not because the boat is not good, it was raining… You should thank us for the nice boat that did not tip over and try fishing again next month.
But if you don’t even give us the benefit of the 30 days worth of testing, and you want a refund and keep the software for free… don’t you see the abuse in that?
Try getting a refund for a Windows, or Apple product? No such thing. Software is non refundable because we cannot get it back from your PC.
But we choose to offer a guarantee to convince you to test our EAs. The only catch is that you do have to honor the terms of the guarantee: 30 days at default settings, demo or live.
Otherwise, it’s just not fair to us.
[B]Issue #2[/B]: Everyone knows what kind of customer service we offer. If your account is losing money at the rate that Fredik has, it is obvious that something is wrong. In his case, the trades are way too large for the capital of the account. His leverage must be way higher than the 50:1 of default, or even the acceptable 100:1. Trading this hard does this to an account, a couple of bad days, out of business. But we did not do that. We did not even get a chance to help him rectify the problem. He went straight into Live trading without taking any precautions of even checking with us. We cannot be responsible for reckless trading behavior.
A quick look into the following real account and long running demos, show that drawdown is very small, usually under 5%… isn’t this proof that something is wrong in his setup? Well, all we ask is the chance to help him correct it.
Here is the link to our new Real Account, opened with the release of version 7.
Broker: MB Trading (ECN), TimeZone: New York (currently GMT -4 on DST).
Started trading on Oct.4th, 2011,
![](http://www.myfxbook.com/widgets/174647/mini.jpg)
Since the Real Account just started, I am posting the older demo tests.
They run each EA independently and show several months of trading.
Breakout Hunter, started in April 2011. Updated to version 7 on Oct. 4th.
![](http://www.myfxbook.com/widgets/151977/mini.jpg)
Master Scalper, started in August 2011, started with release of the previous update. Updated to version 7 on Oct. 4th.
![](http://www.myfxbook.com/widgets/151982/mini.jpg)