The FX Parabol trades on the MT4 and MT5 platforms and is compatible with all brokers and all account types. The algorithm operates in such a way that it uses a combination of indicators to detect a trend and decide the right moment to enter into a position, with an option to limit drawdowns and maximise profits.
Reaper Forex Robot: to trust or not to trust?
Since there are no customer reviews present on trusted third-party evaluation channels like Forex Peace Army and Trust Pilot, the trustworthiness of this site is not very clear.
Also, no information such as developer names, company emails, addresses, etc., are provided on the website.
The robot has the following features:
- Operates on MT4 and MT5 platforms
- Provides free updates post-purchase
- Has reliable drawdown control
- Highly compatible across all types of accounts and brokers
To get the service up and running, you the following steps:
- Purchase the system from the developer site
- Download the EA files and place them on your PC
- Open MT4/MT5 depending on the type of accounts
- Drag the EA files from the downloaded folder into the charts section
- Enable auto-trading. You’re good to go
As mentioned before, the robot uses a combination of Bollinger Bands and Parabolic SAR to trade the markets. It determines the general trend and opens positions in the same direction.
From the history presented on Myfxbook we observe that it trades on USDCHF and uses grid and martingale strategies. It has a swing trading approach with an average trade duration that stands at 12 days.
The developers sell FX Parabol at a one-time price of 289$, which comes in a package that includes: 1 licence, a detailed user manual, qualitative customer support 24/7, and free updates. They accept payment in multiple formats like Visa, Mastercard, American Express, PayPal, Union Pay, etc. Their partner, 2Checkout, also verifies their payment systems. A 30-day money back guarantee is also included.
1-hour backtesting records are available on the USDJPY and USDCHF from 2015.01.01 – 2022.01.25. For USDJPY, the backtesting records are modelled based on 135133766 ticks with a 90% modelling quality. The value for absolute drawdown was 5255.67. The system participated in a total of 406 trades for this period. The loss rate stood at 25.62%. The gross loss is shown to have an amount of -553799.60. The graph below shows that the balance exhibited a steady trend against ticks.
Myfxbook trading stats and records are available on the website for a specific period. Until the current date, the system has participated in 139 trades with a win rate of 68%. The design shows an absolute gain of 446.84%. Deposits are equal to 1000 USD with 0 USD withdrawals. The dollar value for the best trade was 698.12 USD, and the worst trade was -360.15. The average trading length stands at 10 days with a profit factor of 2.27. The total net profit of the robot is 4,468.35 USD.
The present reports show that the drawdown of the FX Parabol is about 22.86% which is not that low. Also, their drawdown trends show that it fluctuates a lot in a short period, which reflects poorly on the robot’s performance.
The developer is not keen to provide us with accurate information about the company’s location, email addresses, contact numbers, etc. This is very unethical in an industry like the forex, where transparency is key to a client-customer relationship. The only touchpoint provided to the viewers is through an online form, which makes one suspicious about the robot.