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Tuesday, March 8, 2011

PushButtonPips EA Review

Before buying a new product on the internet I normally do a search to see if there have been any reviews on the product by independent traders who can give an unbiased, impartial and honest review of the product. Sadly it seems honest forex robot reviews are hard to come by. When searching for a decent review on the Pushbuttonpips, low and behold it was no different.

Don't get me wrong there were plenty of so called reviews; sadly though, other than the developers of the product and the testemonials on their site, I could not find any reviews by real traders who had actualy tested the product themselves. If I missed any then I apologise, but I searched dilligently and alas only found so called reviews by marketers who were simply extolling the virtues of the product as proclaimed by the developers in their marketing material.

These marketers only obvious interest was in selling as many robots as they could without even doing a forward test on demo let alone test it on a live account. In spite of this I went ahead and purchased the product. My reason for this was that it was supposedly based on price arbitrage between different brokers.

I personally used this method to good effect a few years ago and managed to wrack up similar results over about a three month period trading strictly 1 hour a day on four currency pairs, without hedging them though. Unfortunately it did not last as the brokers involved eventually figured out what I was doing and closed the loophole. So when I read the sales pitch on Pushbuttonpips my curiosity got the better of me and I decided to give it a try.

Immediately I gave my crerdit card details I began to have my doubts as the the product I was purchasing at the advertised price was a watered down version on the supposed real thing.  Nowhere in the sales pitch up to that point was there anything to say that what I was about to order was not the supposed amazing product advertised in the sales pitch.

Things only got worse from there, before I could actually download the software I had just paid for, I was subjected to two more sales pitches consisting of numerous pages, trying to sell me the real thing. Personally I think that is false adverising and clickbank should stop these thieves and ensure the public are getting what is being advertised before parting with their hard earned cash.

In spite of the sales pitch clearly stating that I could own this Bot for a single once off payment, my next surprise was that what I had paid for was a monthly subscription of $39 again not mentioned in the original sales pitch at all. By now I was thoroughly annoyed and wanted to cancel the transaction immediatly. After I composed my thoughts I decided to give it a try any way, the theory being that if the bot made even a fraction of what was advertised I would recoup my money very quickly.

The next task was to set up the Bot and let it do its thing. For this I had to download a second mt4 platform (one reccommended by the developers) in order for the bot to function correctly. Being a cautious trader I ran it on a forward test to see if it works as advertised. I purchased the product on the 21st of Feb 2011 and have run it on forward test till today 08 March 2011 starting with five K in each account. As at the close, the one account is at $5010 up 10$. The second account now has a balance of $4516 thats down $484 and a total of  -$474

During the period I have observed the trades it seems there has always been a negative balance between the 2 platforms and the balance has dwindled by the day. If I label them platform 1 and 2 the in the early stages platform 1 was up about $200 whilst platform 2 was down $500. In the last few days though the position has completely reversed with platform 1 -$484 and platform 2 at plus $10.

I realise that 2 weeks is not a long time to test a product and that at times the market might lack volatility but if their ad is anything to go by, they claim never to have had a losing day in all market conditions so this should not be an excuse.

I have applied for a refund from clickbank, fortunately I did not buy directly from the vendor as clickbank normally honour refunds. The inexcuseable happened,  these clowns kicked back my refund request as tech support and I had to request the refund again. The losing has nothing to do with tech support the EA simply does not make the money they promised. Shame on you clickbank for allowing unscrupulous vendors to renage on their product guarantees by allowing them to refer the purchasers back for refunds, not once but twice.

Overall not a great experience that produced only negatives from inception, and I would not reccommend anyone spend their hard earned cash on the system. I obviously cannot comment on the Standard and Extreme versions as I only tested the watered down version that was a con to start with. If they have to resort to unethical advertising to start with then my guess is the other versions will be no different to the above. Time will tell and I eagerly await some other impartial reviews by traders who have actually tested the product.

Summary
Unethical advertising to start with
Too many popups in the purchase process
Does not live up to advertisers promises
No money management facilities on the version I bought.(besides lot size only input)
Must be a brokers dream with the sheer volume of losing trades executed daily.
Have to open 2 trading accounts for EA to work. (FXCH not a great choice)
For other reviews on product click here
A good idea by the developers of pushbuttonpips but EA certainly has not worked for me.

7 comments:

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Abdul Qoyyuum Haji Abdul Kadir said...

Nice review. Clickbank has always been like that ever since. They have no way of quality controlling whatever products or services are added to that marketplace since its not their responsibility. Sad though.

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