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In this post I will review the Pterodactyl Forex Robot that is another fully automated forex robot developed by the Forex Robot Trader team and runs in the MetaTrader 4 (MT4) trading platform. MT4 is free to download from some of the best forex brokers across the world and you can begin by using the Pterodactyl Forex Robot on a demo account until you are familiar with how it trades at which point you may wish to trade with it on a real live account.
I prefer to use an ECN forex broker for low spreads, low slippage and low commissions. I find that these forex brokers tend to have the most liquidity providers (LP’s) which can help lower trading costs.
The Pterodactyl Forex Robot is suitable for both beginner and advanced forex traders as it is fully automated nature and can be setup in minutes using the easy to follow step by step instructions provided.
You just need to set a suitable lot size depending on your account balance, leverage and risk preference whilst checking back regularly for the latest Pterodactyl Forex Robot performance.
Pterodactyl Forex Robot Trading Strategy
The Pterodactyl Forex Robot uses fractals and retracements to automatically try and find trades across multiple currency pairs. The developer states that it can be used on any currency pair that you wish although I would personally use a major currency pair such as the EURUSD or GBPUSD due to the amount of liquidity they have which can help me to save on trading costs in the long run.
According to the Forex Robot Traders team, it is “One of our most advanced forex robots ever. 3x the normal amount of code.” It is a fully automated version of their Fractal Breakout Forex Indicator.
The Pterodactyl Forex Robot will try to evaluate the strength of a particular trend and calculates the time to enter the market based on retracements. Once a retracement has been observed it will then plot fractal set ups and trade them for you automatically.
Pterodactyl Forex Robot Back Testing
There are no back tests shared by the Forex Robot Traders team on the official Pterodactyl Forex Robot website. I would use Bits Tick Data Suite (Birts TDS) to back test Pterodactyl Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would help decide the best currency pairs and time frames to run it on. It could also have given an idea of the historical performance but of course would be no guarantee of future performance
Pterodactyl Forex Robot Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Pterodactyl Forex Robot Summary
The Pterodactyl Forex Robot uses a complex and unique built in trading strategy that could possibly take a long time and lots of chart watching to trade manually.
There are good results updated frequently that are shared by the Forex Robot Traders team on the official Pterodactyl Forex Robot website although I would like these to be verified by myfxbook or FX Blue. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
The Pterodactyl Forex Robot does come with instructions, support, updates and a money back guarantee.
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.