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...You managed to miss my point.  I also compared it to managed funds (in performance fees - using YOUR example of not paying whilst in drawdown; I simply queried whether you think you should pay more when the system OUTperforms?)

Look - you missed it.  What I am saying is - in my opinion - you buy a system.  For $10, $100 or $1000.  You like the system.  You like its stats etc.  And YOU decide to trade it.  Do you owe the system provider any of your profits?  Do they owe you a refund because the system went into drawdown?  Are you seriously suggesting they do?

So - assuming (and that's a big assumption) you agree with me in buying a "one off" system...how does that differ to a "signal provider?"  If you like the newsletter's philosophy and disclosed stats etc enough to use it - that's your choice.  That's my opinion.  It's your choice whether to keep going or not in a drawdown.  Again - does the vendor owe you anything?  Do you owe them anything?

Of course- there's nothing to stop a vendor offering the money back - that's their business choice.

...I only invest in one fund, and I'm the investment manager.