Okay guys, if you every talk to Steve, he explains his trading method. HE, not US, has many live accounts. HE sets them for 100% DD. This is not how WE will use this EA, unless WE as individuals want to open 5-7 live accounts with 100% DD, with the trade strategy that Steve does, where the winning accounts wins, far exceed the loss of any one or two accounts going bust.
Since WE have the ability to set the risk levels, as this EA is very customizable. Since WE as individuals set our variables, if WE lose significant portions of OUR accounts due to high risk levels WE have the option to choose. Then WE, not Steve are responsible for those losses.
So, DON'T use Steve's live account settings. Modify the default settings to risk levels, take profit, stop loss, pip step, lot size, and drawdowns to levels you are comfortable with.
You CANNOT do back test on this EA because the virtual trades are based on live data. This EA has paid for itself for me and I am happy that I can set up my variables to my preferences, and that it has a lot of functionality. I take responsibility for any losses I take, and adjust my settings to fine tune my trade preferences.
NO I don't work for or get anything from Steve. I'm a customer who bought the EA just like many of you. There are no get rich quick EAs in reality. High risk = great gains / great losses. If you cannot take the heat of high risk, don't do it.
This EA does set up to take some Martingalish retracements, but limits the number of times new trades are opened when market moves against you. This is a setting YOU have control over. Martingales go bust, because people keep doubling up against losses until their accounts go bust. If YOU do this, YOU did it to yourself. YOU the trader with this EA, have full control over this, and even can set the multiplier for each trade for, or against a trade.
I hope this clears it up for those who are new to this EA. Feel free to ask Steve details. He doesn't waste time responding to BS. If you ask him in a clear, concise, and detailed manner, he replies very soon to your questions. Keep in mind, he's not some big business, he's just one guy with no staff. I have had all of my questions answered by him within 3 days. He clearly explained his trade strategy, which I have outlined above. Knowing what he does, and that having multiple live accounts set for 100% DD risk, doesn't work for me, I set MY OWN strategy, with modification of the built-in defauts. I only have one live account. I use the EA both automated and manual depending on my own preferences. When manually trading, I leave the EA up with the live trading turned off. I look for technical candlestick patterns and indicators, with the EA as an additional source of confluence to make a trade. When I'm asleep or at work, I usually just let it trade automated with my personalized settings.
Sometimes you get the bear; sometimes the bear gets you.