Waverunner Forex Robot works on the MT4 platform and automatically detects 4 or 5-digit brokers. Money management techniques are also coded within its structure to help maintain risk management. Traders can adjust the texts and color objects from the settings of the expert. While the website seems enticing at first glance, it is essential to go through its features and performance stats to know the true output of the EA.
Waverunner Forex Robot: to trust or not to trust?
The robot has the following features:
- It works with 4-5 digit brokers.
- The system provides the option to close trades manually without disrupting trade operations.
- The EA comes with an auto-money management feature.
- It is suitable for all types of forex currency pairs.
To get the service up and running, you need to follow the following steps:
- Purchase the robot from the website and download it on your laptop
- Open the MT4/5 on your desktop
- Drag the EA files onto the charts section
- Enable auto-trading
The developer states that the robot uses a zig-zag theory for its operations which is based on the Elliott Wave Theory. The EA picks out the market top and bottom while working on 30 min, 1hr, and 4hr timeframes. Each position comes with a take profit and stop loss.
The custom records on the website show us that the robot can implement an exit of around 100 pips for each position. There is no fixed time for when it trades the markets.
The robot is sold for an asking price of 49 USD. Payments are accepted through PayPal or personal credit cards. But it seems like no online transaction security system is used, which increases the possibility of misuse. There is no information about a money-back guarantee. Also, no contact email is provided.
Backtesting results are available on the bot’s website. They show that the EA had a deposit value of 10,000 with total net profits reported as $12637.46. Balance stood at $22637.46. From the backtests, it was inferred that 23.26% of the 43 trades resulted in a loss. The drawdown value was 3.56%.
Live trade results are presented on the dev’s website. However, it should be noted that these are not verified by authorities like Myfxbook, FXStat, etc which makes them subject to manipulation. These are in USD for the month of April 2022. It can be inferred from these results that Closed Trade P/L was 40,392.20 USD and Floating P/L was 519.20 USD. Margin stood at 5815.60 USD. Balance was written as $3806468.61.
The profit factor was reported as 5.01 with gross loss stated as $10,049.50. Maximal drawdown was described as 0.01%, which seems highly unrealistic. The robot made a total of 441 trades of which 19.95% resulted in a loss.
Even though the backtests show that the drawdown value was low, the number of trades was less, making this number a bit implausible and unconvincing.
Waverunner Forex Robot belongs to the parent company, FRT. Don Steinitz, an American, founded this company. They have many other EAs in the market, such as Odin Forex Robot, Reaper Forex Robot, etc. The seller fails to show any concrete proof or certification validating their experience and claims. Furthermore, no contact information like company address or telephone number has been provided. This points toward a lack of transparency.
Waverunner Forex Robot has negative reviews about its parent company, FRT, on Forex Peace Army. On the site, the bot has a rating of 2.251 for 271 reviews which is not impressive.
One dissatisfied customer accuses the company of inadequate performance by pointing out that their used strategies are defective and fall short in real-time. This raises some serious concerns about the trustworthiness of this algorithm.