Don’t Buy the Hype – Rev Trader Pro

By | January 2, 2015
Facebook sponsored post of RevTraderPro

Facebook sponsored post of RevTraderPro

Generally speaking, I’m very skeptical of anyone selling Expert Advisors (EAs), for two reasons: 1. from the buyer point of view, believing that you can get your own ATM for the price of an iPhone or less shows lack of understanding of how the world really works. 2. from the seller point of view, it doesn’t make any economic sense to sell something that supposedly produces triple digit returns annually for a fee instead of using it to manage outside capital.

Today I’m going to address a real piece of work, RevTraderPro, which is used according to its creator, one Doug Price, by wealthy clients with $10+ million. :) In order to get a chance at multiplying your money some 4.000% in a year (!), you’d have to spend around $700-$750, depending on VAT and other taxes. In any case, it comes with 60 day money back guarantee, so what is there to lose, right ? Just read on, by the time you finish this article, you most probably won’t be willing to part with your money anymore.

Let’s see what’s wrong with the ‘Incredible gains in forex’ made by RevTraderPro:

1. Already their homepage gives us a taste of what is to come.

RevTraderPro homepage

RevTraderPro homepage

Leaving the hard-selling aside, do people with $10+ million dollars really compound their wealth at the pace of 4.000% a year ? In what universe is this happening ?

2. Looking at the statement on their website, I get the distinct impression that we’re dealing with a fabricated one. I know, they also have the same statement on a live, Myfxbook verified account. So how is it done ? I’m afraid I don’t have a definite answer to that and I will refrain from speculating as long as I don’t have  any proof.

Statement

Statement

There are several wrong things in the picture above, and I have highlighted them: Firstly, the ticket numbers per currency pair are consecutive. This doesn’t happen, unless you make up the data in an excel spreadsheet. Secondly, there is a GBP/USD trade on 10th October 2014 which is closed at 1.6181 and the same second another trade is opened and now the price is 1.6207. 26 pips difference within 1 second on a dull day ? It should be obvious that we’re dealing with fictitious quotes here.

3. I looked at the first few trades of the account – they are the same in the statement listed on Myfxbook as on the website. If you just pay attention to the three NZD/USD trades highlighted: the loss on the first two 8 lots trades up to the point the third 8 lots trade was opened was $80/pipX55pips + $80/pipX13 = $4400 + $1040 = $5440 which is more than the entire deposit.

Myfxbook history

Myfxbook history

This further points to a complete fabrication of the statement. But even if somehow there was a reasonable explanation for all the red flags (highly unlikely) – what kind of trading is this when you open 24 lots ($240/pip) in an averaging down fashion with a $5k account ?

Let me end with a quote from the disclaimer you can find on RevTraderPro homepage: ‘The typical purchaser does not make any money using this system.’ :)

Disclaimer

Disclaimer

Update October 2015: I’ve come to the conclusion that Synergy FX is most probably a scam broker, read the new article here.

36 thoughts on “Don’t Buy the Hype – Rev Trader Pro

  1. John

    How do you say this is a “scam” when there are abundant numbers of positive reviews for users getting the same results as the vendor? In fact, I’ve been getting the same results… There are many scams out there, rev trader pro is FAR from being one of them. Maybe one of the more honest people out there.

    Reply
    1. JLTrader Post author

      First of all, those ‘abundant’ positive reviews (where can I see them ? ), if they exist in the first place, are most probably either fake or based on just a few recent trades. Secondly, the facts presented in my post haven’t been refuted in any way by the vendor.

      Reply
    2. Nebakineza

      You can tell this ‘John’ is some kind of affiliate or paid-review. Let me put it this way, you are a liar.
      I signed up for a ‘trail’ for this system which can a rebilling clause in the subscription for $500 EVERY 5 DAYS. I wrote to Doug exposing this and informed him that unless you gave me a full refund, I would prosecute against him with the full extent of the law. I advise you to stay away from this scammer and all his products. And alter-egos… ‘John’

      Reply
  2. Tom

    Definitely NOT a scam, i’ve been using the EA now since October with excellent results which match the vendors live results. The marketing is a little over the top I agree but the EA is excellent and based on some very sound thinking. That is, it buys only with the trend and only after there has been a pullback against the main trend which becomes oversold/bought.

    You should buy and test before you comment next time

    Reply
    1. JLTrader Post author

      I don’t know you and have no way to verify your claims. Furthermore, even if the EA is profitable since October and the trades since then are real, it doesn’t change a bit the facts I have presented. There is no need to buy and test when the scam is so obvious.

      Reply
    2. Eli AUBERTIN

      http://eareview.net/live-forward-test/rev-trader-pro
      The 3 €/$ positions opened on Feb.3 are not trend following (and which trend? Hourly? Daily?).
      BTW, I copy here a comment from Angela posted on FPA :
      “I was interested in purchasing the Rev Trader Pro. However, there are some negative comments regarding “Doug Price” (picture on the website is a headshot of an actor).
      Please go to http://www.headshotsnyc.com/guide-to-great-headshots/what-is-a-headshot/
      Also check out review: http://www.jltrader.com/2015/01/02/dont-buy-the-hype-rev-trader-pro/
      Rev Trader Pro may actually work…. but this left a bitter taste in my mouth. I find the site not trustworthy. If the owner(s) of the product used a fake picture of an actor on the website… then they may be misleading with other things…. I will also forward this to forexArmy….”

      What does worry me even more is the 5 stars granted to RevTraderPro by FPA !!!??? I’ve asked the question in their forum and will keep you posted.

      Reply
  3. Ronnie

    You give a review of a product Just based on the
    sales page without even testing and reviewing the product…WTF??

    Reply
  4. mark

    Haha, this is not a scam have a look on myfxbook.com and the discussion on Rev Trader Pro and you can see this from hundreds of average everyday people using the software.. sounds like jealousy to me if you can create a better EA I’ll swallow my own words.

    Reply
    1. Scott

      Where is the link to your myfxbook. I would like to see your balance sheet and since it works so well you should be proud to show it off. I wonder how many people get paid to post false reviews so they will hopefully outweigh the negatives. There will be plenty of people who just fell off the turnip truck but with the power of the web it is hard for these scammers to fly under the radar.

      I appreciate you posting this. “Sounded too good to be true”…. I believe it is.

      Cheers

      Reply
    1. JLTrader Post author

      Thank you. No surprise though with using actors/fake photos for testimonials.
      It happened before with much bigger crooks:
      http://www.bloomberg.com/news/2014-11-13/forex-investors-may-face-1-billion-loss-as-trade-site-vanishes.html
      “I’m an actor; actors lie for a living,” says Chuck Hall, another paid performer who did a testimonial for Secure. In his endorsement, Hall, 64, of Fernandina Beach, Florida, didn’t give any name. He told viewers he easily withdrew money from Secure.

      Reply
  5. Jp

    Even if this were to be a legit product the advertising is just plain wrong. It is ads like this which give trading forex a bad name like its easy money. Succesfully and consistently being profitable in forex is one of the hardest jobs there is. Ads like this cause people to destroy their accounts in no time and leave them behind disillusioned and quit. So good post.

    Reply
  6. Failed Forexer

    i have spent thousands of dollars buying trading systems, signal services and EAs. This definitely is SCAM! This is just another affiliate program for which the affiliates make commissions selling this software to us. Just observe the links on each site that gives good review to this site.

    Reply
  7. frank wright

    I was suspicious as well and I couldn’t find myself departing my hard earned money to an EA vendor that didn’t address the issues that you uncovered. Synergy FX broker also closely niched with EA vendors as I recall “ICHI SCALPER” not to mention KeltnerPRO and RevTraderPro include the same Synergy broker. KeltnerPro and RevTraderPro include same web designer ( front page html, css, same). Not to mention the coding problems on RTP Order2Distance/Order3Distance. All in all, I was still interested in learning the trading system that led me down the road to reverse engineer the RTP. The indicator is free from 2006 MQL HighLow aka Super Signal Channel. Finally, I have have my own version based off same logic and it does work! Regardless of the vendor, the strategy works in backtest and his forward test is profitable.

    Reply
    1. Scott

      Hi Frank,

      I am interested in learning to write the parameters for what I look for when trading. I have minimal coding experience but find it interesting. Where would you recommend looking to learn how to do this? Did you use a base code and build from there? Do you share your EA or keep it to yourself? I am manual trading but very interested in back testing and forward testing live with a micro account. Hoping you are doing well.

      Cheers

      Reply
  8. John

    Where are three NZD/USD trades loss , if all highlighted trades are with profit?

    Reply
  9. AcerPhoon

    When a site looks like that, I am already 99% sure it’s a scam. Aren’t they tired of having a non-skipable video being auto-played on every single scamming site and the big yellow and colored “We have proof! It works!” being displayed?

    Seriously, they should think about a new web design before doing these kind of shennanigans over and over again.

    Reply
  10. Doug Price

    Nope. We are not going to SCAM everyone.
    We just learning it ..

    Reply
  11. Bob

    You know.. I see people write bad stuff and warnings about this and other EA’s, but most of them haven’t actually bought the software and *tested* it, they’re just complaining about websites.

    You want to discredit someones software? Buy it and test it.

    There are people who claim to be running it on myfxbook, with publically available data saying it works… So do the same then to prove that it doesn’t!

    Reply
  12. mecman

    PLS Stop fooling people REVTRADERPRO is not a Scam. It really works, not because its having a bad time now that means its a scam. It is not a scam Mr.jltrader.com.

    It is obvious that u never used the EA, i made more pips than the sellers account. i was making averagely 500pips per month, and i was using a different settings tho on 1% risk and the max draw-down i had was 9% and. So from all the comments i read they are from people that never bought the EA, i have both demo and live stats but i will not gain anything by proving it to you. The fact is that the market have changed since march, any professional forex trader knows that, the average daily range is higher since march thats why the EA easily hit SL.
    For eg in the month of feb. i made 49% with 9% max drawndown
    http://www.myfxbook.com/members/mecmen/funds-mgt-05/1159464

    Reply
  13. Mark B.

    Been looking at this product and the people behind it closely and its interesting.
    There is almost certainly no Doug Price. Use of a headshot that has not been paid for is copyright theft and that’s a huge red flag in my book.
    Great analysis of the data by JLTrader above – but eve if the data is real and live the monthly performance has fallen off a cliff since first published on myfxbook.com in August 2014 – from 75% down to 4%. The trend is clear – this EA (like all robots) is past its sell by date and due for redevelopment or replacement.
    But the thing that sticks in my throat is that the website and everything around this product has that stench of stale bullshit that makes it impossible to determine if there is any credibility to the product. Why can I not find Doug Price in any Google search? Why does Doug Price not have a real, live LinkedIn profile demonstrating his background and professional career? Why did Doug Price build a website that loos, feels and stinks exactly like the other 10,000,000 snake-oil salemen sites on the web – spanning multiple pages, not contact information, nothing about the real people behind it, not located in a jurisdiction where you can get legal recourse if it turns out to be a criminal enterprise, not regulated by any trade body you’ve ever heard of, offering a money back guarentee from an equally obscure organisation also located in Nauru or the Seychelles or via a shell corp in the BVI.
    Doug Price – if you’re reading this and you’re real and you have a serious business model then stop making it all look like a scam / fake. You could make so, so much more money if you were just totally honest – like a real, normal business.

    Reply
  14. Lucio

    Why most (all?) of the statistics of these EAs coming from the same vendor (at least a dozen, for example the ones with “Pro” in the name) are coming from Synergy? I read rumors of unclear connections between this broker and these EAs, with data disappearing, drawdowns reduced and so on. I have no prove, but the suspicion is strong.

    :)

    Reply
  15. Ben S.

    I totally endorse the negative feed back and comments. I did buy the EA and I did test it and use it on a modest demo and live FXCM account since Nov. 2014. The bottom line is a 6-17% loss on all accounts. Comments from “Doug”, it was due to a set back for the EA, but hey I could buy his new EA at $799 wit a 60 day cash back guarantee and a sure 2000% gain called CHANNEL TRADER PRO. Look and feel from the site is as described above and I strongly suggest to keep your money in you pocket. I support the comment from Mark B., why hide your real identity when you are legit? Show balls “Doug” and face your critics!

    Reply
  16. Markus stein

    Great post! Unfortunately I have read it to late, since I purchased the EA and run it since Nov. 2014 on a demo account. The balance is now -8% with all the default settings as adviced in the manual. They are now promoting a new version called Trade Copier, which by the way is not an update and not covered by the original price of $697, but an “one time offer” at $397 for a limited time. I can only advise every trader to keep away from this relative expensive EA and the update policy which boost the price in one year to over $1,000!!!!

    Reply
  17. Lieven

    After reading all this, I did a little digging myself and was somewhat astounded to find out with WHOIS.COM that FOREXPEACEARMY.COM and MYFXBOOK.COM and FOREXHACKED.COM are all owned by the same person/company in Arizona. FOREXHACKED.COM and REVTRADERPRO.COM are both displaying “Doug Price” on the webpage and some even think it is the same product, however REVTRADERPRO.COM and other webpages I came across are registered in Panama, so this could be a tax thingy for them…So FYFXBOOK.COM is totally unreliable, I bet all the products they show there are in their layer. That surprised me the most because many believe(d) including myself that FYFXBOOK.COM is truly genuine. I guess if one dig deeper more SCAM will follow… It is sad to see this, but they are well organized and bigger than one would think, so be aware… Maybe this should be reported somewhere but I don’t know where.

    Reply
    1. JLTrader Post author

      That Arizona address belongs to the company that registered the domain. It has nothing to do with the site’s owner address. You can see if you look up my site that is the same situation.

      Reply
  18. Matt

    Hi JLTrader,
    Doug Price seems to permeate the FX Space! There’s RTP, CTP and VTP!!!
    Rev/Channel/Vortex/TraderPro!
    And guess what, there’s another website showing the exact same trades as ChannelTraderPro on myfxbook.com:
    http://www.myfxbook.com/members/channeltraderpro/channel-trader-pro/1283833
    http://www.fxblue.com/users/quantsagefxalpha
    Can your sharp eyes pick out anything wrong with the CTP trades shown?
    On the CTP website, same disclaimers at the bottom:
    The typical purchaser does not make any money using this system
    http://www.channeltraderpro.com/ctp.html

    Quantsage Capital (www.quantsagecapital.com) painted a picture as if they own the system, and open to leasing to individuals or hedge funds…. is Quantsage a reseller or “Doug Price” is linked to Quantsage? Hm…. this fx industry requires Colombo to do some detective work it seems! The performance stats shown on their website are exactly the same as those of CTP trades, the last closed trade shows a huge loss of 9412.05:
    09.22.2015 09:53 09.24.2015 12:19 AUDCAD Buy 6.29 0.94662 0.92658 -200.4 -9412.05 2d -5.88%
    Are they really managing money using this EA?!? One can only wonder…

    Here’s VTP:
    http://www.myfxbook.com/members/vortextraderpro/vortex-trader-pro/1148041
    http://www.vortextraderpro.com
    Appreciate your input and others’ as well! Thanks in advance.

    Reply
    1. JLTrader Post author

      This guy reminds me of Bruce Willis and Die Hard series :) Keeps coming back with a vengeance to separate the gullible from their money. I’ll have a look and maybe write a new article.
      LE I noticed that both Vortex and Channel use SynergyFX, so I sent them an email to clarify the situation. I’ll wait for their response before writing a new article.

      Reply
  19. Matt

    Hi JLtrader, cool! Glad you wrote to synergy fx, probably good to write to quantsage capital, the key man has email posted on the website: justin@quantsagecapital.com, who claims to own the EA and leasing or selling EA outright with codes (mql file). Either he’s Doug price or reseller of Doug price, in which case we still wouldn’t know who the real Doug is :-o)

    After the 9k+++ loss trade, CTP has had 2 smaller wins but an open trade with floating loss of 2k plus…

    Hope either synergy or the sage at quantsage could shed some light on Bruse FX Willis! 😉

    Reply
  20. Eduardo

    For a scam EA to have such good results at Myfxbook the owner either hacked Myfxbook directly, which is highly unlikely, OR the broker have fabricated a fake statement. In this second case there’s no way to discover the scam as Myfxbook relies on broker data. Synergy FX is the broker used by “Doug Price” and they’re having some problems with FPA as it can be read here: http://www.forexpeacearmy.com/public/review/www.synergyfx.com.au. It seems people writing reviews at FPA are accusing Synergy FX to be a scam broker.

    Reply

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