Forex Ninja is an innovative and fully automated Forex expert advisor with unique and attractive website design. The developer of this trading tool just started advertising their new product in the past few weeks and claims that this trading software is a great opportunity for traders to “discover the possibilities of auto trading”. They promise daily market information, backtests for over 10 years of trading, and a guarantee of quality.
Today in this Forex Ninja review, we will check out the veracity of claims and decide whether this trading system is what you need.
Is Forex Ninja a Good Choice for Traders?
We can neither say that it is the worst or the best expert advisor for its price. Taking into account that this trading software is a new one in the Forex market, we need more time to see how it will be performing in the long term. However, there are some points we advise the developer to pay attention to:
- Represent a detailed description of the product
- Describe the trading strategy approach and methodology
- Provide more transparency in terms of trading activity data of this robot
- Tell us about the team that stands for this EA, their location, and trading experience they have in the Forex market
- Add “Contact” page on their website
Although this is a new expert advisor and the website design looks attractive and unique, the developers of the Forex Ninja robot failed to provide detailed information about their product. Their website consists of client testimonials, a profit calculator, a quick start guide, an affiliate area, and a robot license area.
The profit calculator was specially designed to “quickly check possible robot gains”. Traders need to enter their capital, the date range, and the number of trading pairs. Then, the trader needs to press the “profit calculate” button on the website to see how much the software is likely to bring during that period.
If, for example, you invest $1000, choose the date range of 3 months and 12 currency pairs, the software will show you that your gain will be over 25% for that period.
Undoubtedly, a profit calculator is a great feature, but it is only or attracting clients. The calculator does not show factual information, because it cannot predict changes in the market that can influence the trading performance of the robot.
Penalizing Traders with Larger Accounts
This software is available to buy for $39/month, $112/3 months, or $211/6 months. Forex Ninja robot comes with access to chat and sample sets files. Erik is using a unique pricing model. To buy a robot, traders need to insert the capital they are going to trade and then select a date range they want to use the EA (1 month, 3 months, or 6 months). Depending on the capital and date range, the price will increase or decrease. We do not like their system of pricing. Firstly, they do not offer a lifetime license, and, secondly, they are penalizing traders with larger accounts.
No Trading Strategy Insight
We have found nothing about the trading strategy of this expert advisor. Taking into account that the person behind this EA is new to the market, we were hoping that he would provide us with a detailed trading strategy insight.
In most cases, vendors who have a long-term reputation in the Forex marketplace can provide less information about their trading strategy approach, but that is not the case here.
We advise the developer to update his website content and provide the community with detailed information to understand the EA better.
Verified Results from Myfxbook
We are provided with one myfxbook account on the sales page of developer 9see on the bottom of the screenshot).
This is a real EUR account with the IC markets brokerage using the leverage of 1:1500. The account was launched on March 25, 2020, and has obtained a 72,31% gain during this time. Its drawdown is 29, 80%.
Oddly, but there is no information to analyze the initial deposit, its profit, or current balance data. Therefore we cannot say how profitable the system is.
For over 4 months of trading, the account has placed 612 trades with 1262.8 pips. It has won 510 out of 612 trades, which represents 83%. The profit factor is 1, 61. The average trade length is 4hours and 31 minutes with the average win coming in at 7.01 pips and 3 times higher average loss that equals -22.69 pips. The risk/reward ratio of this EA comes across as a scalper, but this info is not mentioned on the website.
Long story short, trading results look well but taking into account that some trading aspects are hidden, we are not completely sure what to think.
Lack of Transparency and No Customer Support
The software developer is Eryk Skorzynski. He is a young man, located in ŚLĄSKIE, Poland. This fresh coder is a new person to the Forex market, obviously trying to make a great first-time impression and a splash with his flashy website design. Outside the information provided on the Forex Ninja website, there is very little to verify his identity or reputation on the market. It is strange because you understand that you are investing your money in software developed by a person who has very little or no experience in this market. It does not mean that he has no abilities, it only makes it difficult to understand what he tries to bring to the table.
One of the oddest things about the Forex Ninja team is that they failed to pride any information about their headquarter location (probably it is because they are running their business out of home) or what trading experience they have in the Forex marketplace. They do not provide any contact details to get in touch with support. We have found neither phone number, email address, nor live chat to get in touch with support. It looks very strange as well as leaves many questions that need to be answered as soon as possible.