Reaper Forex Robot is a fully automatic system that is fully automatic and trades all currency pairs and time frames. The developer states it takes a few minutes to set up the robot and make it run on the live account. We will go through the features and all the pros and cons of the robot in our article to see if it is profitable.
Is Reaper Forex Robot still profitable?
Reaper Forex Robot does not provide satisfactory live and backtesting records. This convinces us that it is not profitable to use on our accounts. In the financial markets, the robot’s lack of transparency is not working efficiently.
The company is not transparent about the developer of the author. They do not give us an idea of the experience and the whereabouts. This is again a poor practice that raises concerns on whether the robot is authentic or not.
The developer claims that the robot is using breakouts to trade the markets. It finds out the hidden support and resistance areas and then trades whenever the price breaks out. If the price changes direction during the trade, the algorithm will reverse the initial position.
From the trading history at Myfxbook, we can observe the use of grid strategy on multiple currency pairs. The average trade duration is two days showing the implementation of the semi swing strategy.
How to start trading with The Reaper Forex Robot
To start trading, traders have to follow the following steps:
- Purchase the system from the developer
- Place it on your charts
- Enable auto-trading to start executing trades
The robot is available for an asking price of $79, and there is no money-back guarantee. The developer is not transparent on whether the license is for single or multiple accounts.
Reaper Forex Robot backtests
There are no backtesting records available for the product, which makes us believe that it does not work on historical data. The algorithm might have failed during the procedure, due to which the developer does not provide us with relevant statistics.
Verified trading records on Myfxbook show performance from September 21, 2014, till October 13, 2014. The system made an average monthly gain of around -3.72 %, with a drawdown of 25.01%. Here the value of relative drawdown is quite high, which makes us believe that the product is not working with suitable risk control measures.
The winning rate stood at 44%, with a profit factor of 0.92. The best trade was $251.19, while the worst was -$179.11 in a total of 84 trades. The developer made $5000 in deposits, and there are no withdrawals.
We did not take the records on the website into account as they are tracked manually. It is quite easy to tweak such output and depict them to be profitable for attracting traders. Multiple fraudsters in the financial markets use such an approach.
There are only two reviews present on the Forex Peace Army. A trader provides feedback on one of the other services from the company. He states that they are misleading the traders by providing customers with fake records. The service is dishonest and the vendor is not afraid to lie about the product to attract traders and make money.
- It comes with live account results
- No money-back guarantee
- Uses grid strategy
- No backtesting statement
Reaper Forex Robot is not fit for use on our live accounts due to lack of transparency on multiple factors. We can not see the backtesting records, which is a turn-off.