The Reaper Forex Robot trades on multiple currency pairs 24 hours, 5 days a week. The algorithm sets up in 5 minutes and uses daily price breakout to take entries. We will cover all the pros and cons of the EA in our article and list all its characteristics so that you can have the right purchase decision.
Is investing in The Reaper Forex Robot a good decision
There are no live or backtesting records available with the robot, raising many concerns about its authenticity. We do not know what kind of profitability or drawdown to expect.
Forex Robot Trader is the company’s name behind the development of the EA. They do not provide any information on their whereabouts or trading experience in the market.
The robot comes with the following main features:
- It can trade on multiple currency pairs.
- The algorithm requires only 5 minutes to set up.
- The price breakouts are determined automatically.
- Traders can trade any account size.
To install the EA, use the following steps:
- Purchase the system from the developer at the website
- Login to your MetaTrader account at the platform and download the robot in the experts folder
- Attach the EA to charts to start trading
The developer states that the EA trades on multiple currency pairs 24/5 and calculates the chart’s hidden support and resistance areas. It works on the daily time frame and uses a trailing stop loss to lock in the profits once the trade moves in the positive. From the trading history on Myfxbook, we can see that it uses aggressive averaging. The average trade duration of 5 hours and 39 minutes refers to a day trading approach.
The robot is available for an asking price of $79. There are no renting options open for now, and there is no money-back guarantee present. The developer is not clear about the number of licenses provided.
There are no backtesting records available for the robot. We cannot know how the system has performed in the past without any detailed historical report.
Verified trading records are available on Myfxbook. We have a performance from February 07, 2019, till the current date. The system made an average monthly gain of around -75.45% during the period, with a drawdown of 99.47%. The downside value shows us that while trading, the algorithm causes a margin call on the account, wiping the balance.
The winning rate stood at 53%, with a profit factor of 1.13. The best trade was $16.83, while the worst was -$14.58 in 307 trades.
General customer reviews are available on Myfxbook, which gives the company a total rating of 2.262 for 270 feedback. One of the investors states that they bought the Reaper Forex Robot and lost 10% of their account value in one week. The company does not provide any money-back guarantee. All the statements and the promises on the website are not true.
The Reaper Forex Robot is not a viable option for traders as it has no backtesting statement, and the live records show a margin call on the account. The developers are not transparent with us on their portfolio and do not detail that the algorithm uses a risky averaging strategy.
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