In this post I will be reviewing the Pattern Trader Pro forex robot which has been developed by the Leap FX team whose other forex software I have previously reviewed, including Funnel Trader, Trade Explorer, AX Trader, DynaScalp, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader, Automic Trader, Auto Arb, Fund Trader, Easy Money X-Ray Robot, Skilled Trader, Trend Hunter Robot, The Money Tree Robot, Wave Scalper EA, Quick Scalp Trader EA, Dax Day Trader and InstantEA.
You can tell from the vast number of forex products that they have available they certainly have some experience. Here we will take a look at the Pattern Trader Pro, covering the trading strategy that it uses, along with analysing any backtests provided and most important, verified real results. Hopefully this will help you to decide if this forex software is suitable for your own trading goals and style.
Pattern Trader Pro Trading Strategy
As the name suggests, the Pattern Trader Pro forex robot incorporates trade entries based on price action patterns. It trades on patterns, trends, support and resistance levels, and price action, to gain accurate entry and exit points. It never uses grid or martingale.
It is based on a manual forex trading system utilising candlestick patterns. These patterns can take years of studying to master so having a forex robot that can take trades based on them can save years of practice and also remove the need for constantly watching the charts for such patterns.
Pattern Trader Pro does not use any dangerous grid or martingale-based money management strategies. You can choose to trade all or a select few of the recommended currency pairs. Personally, I would trade major currency pairs such as the EURUSD and GBPUSD to save on trading costs such as spreads and slippage that the more exotic currency pairs could have.
Furthermore, for ideal trading conditions I would use a true ECN forex broker with plenty of liquidity providers (LP’s).
Pattern Trader Pro will try to find patterns such as double tops, rising wedges, head and shoulders, etc.
What’s good is you do not need to have an understanding of these patterns as Pattern Trader Pro is fully automated! However you should of course have an understanding of the significant risks involved with online trading.
Pattern Trader Pro runs in the free to download and very popular MetaTrader 4 trading platform. Pattern Trader Pro is suitable for any level of forex trader as it is a fully automated forex robot although whatever your level of trading expertise, always make sure that you understand the risks involved with trading before using any forex software.
In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
Pattern Trader Pro Back Testing
The Leap FX team haven’t shared any back tests on the official Pattern Trader Pro website. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Without any backtest results, we cannot get an idea of how the Pattern Trader Pro software may have performed based on historical data which is disappointing. I am also concerned to why the developer has not bothered sharing any backtests as I think this is a vital aspect for a trader to consider when choosing any forex robot. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Pattern Trader Pro Live Results
If the lack of top quality backtests wasn’t bad enough, the developer isn’t even sharing any real live verified accounts of the Pattern Trader Pro robot. Without them, we don’t have any idea of how good or bad this forex system has been performing in the current market conditions which are constantly evolving. For this reason alone, I would consider looking at another trading robot such as the Forex Flex EA. They have 99% modelling quality backtests that are also backed up by verified results, two important things that the Pattern Trader Pro is missing. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Pattern Trader Pro Summary
Overall, Pattern Trader Pro will try to spot chart patterns fully automated and shows diversity. I like the fact that Pattern Trader Pro uses price action analysis as this style of market analysis can adapt to the current market conditions. Pattern Trader Pro include full support, detailed instructions and a money back guarantee.
However, there are some key areas in which I feel there is plenty of room for improvement. Whilst the implemented trading strategy makes sense and uses popular forms of markets analysis, I think that the developer needs to back up claims with verified real account results. Without these, there is no way for us to see how the Pattern Trader Pro has been performing as of late. They could at least publish some backtests which would be very beneficial to help potential users make a decision based on historical statistics.
I think there are better options better whether you are looking for an automated trading system or manual forex strategy. You could always try Pattern Trader Pro on a demo account to see if the results live up to your expectations. Just keep in mind that demo trading account conditions can vary greatly from a real live trading environment. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
Pattern Trader Pro
$397
Pros
- Customisable Settings
- Multiple Currency Pairs
- Price Action Analysis
- Fully Automated Forex System
- Versatile Trading Robot
- Detailed Instructions
- Full Support
- Free Updates
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- No Backtests
- No Verified Results
- Requires User Input
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
