The Reaper Forex Robot trades based on hidden support and resistance areas on multiple currency pairs. The algorithm trades accounts of any value and does not require trading experience from traders. To understand its performance, we will review it in our article and neatly detail all its pros and cons.
Reaper Forex Robot: to trust or not to trust?
Due to the absence of backtesting records, we cannot fully trust the expert advisor. The customer reviews available on noted forums such as Forex Peace Army are also poor.
The robot has the following features:
- Fully automated algorithm
- It can trade accounts of any size
- A sleek interface that brightens up the charts
- It does not require any experience from the trader
To get the service up and running, you the following steps:
- Purchase the robot from the developer and download it on your computer
- Place it on your charts by dragging it
- Do not forget to enable auto trading
The developer is not clear on the number of licenses they provide with the robot. There is no information present on the money-back guarantee.
The robot trades based on hidden support and resistance levels waiting for the price to break through. There is no further information on the topic, so we head over to the live records present on Myfxbook. From there, we can observe that it has a small take profit and a large stop loss for each position, providing us with a highly negative risk-reward ratio. The average trade duration is 20 hours and 18 minutes, referring to a day trading methodology.
The EA is available for an asking price of $79, and there are no renting options provided. There is no information present about money-back guarantee.
There are no backtesting records available that we could use to judge the product’s performance for extensive historical data.
Verified trading records are available on Myfxbook. The developer does not provide any link to the results, and we had to do a custom search to get the performance.
From August 21, 2019, till the current date, the robot had a maximum drawdown of 44.87% and provided a total gain of -13.51. The drawdown value here is extremely high and shows us that the algorithm can lose nearly 50% of the account balance while trading.
It had a winning rate of 66% with a profit factor of 0.91. The average amount of profitable trades was $2.76, while the average amount of losing deals was -$5.9. There were a total of 4121 trades executed during this period. The largest profitable trade that is present is $122.02, where the loss is standing at $816.
The current drawdown of the system is high and shows us that the algorithm can lose nearly 50% of the account balance. This can poorly affect a trader’s psychology. The current gain is also in the negative category.
The product’s author is Don Steinitz, who claims to have started his trading career through betting. He played poker and blackjack and then decided to move on to live to trade. After spending thousands of hours scanning the market, he developed custom indicators and algorithms. There are no certificates or records that could prove his statements.