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.
The Pterodactyl Forex Robot is another from the same Forex Robot Traders group that have other forex robots which I have reviewed including the Vader Forex Robot, Odin Forex Robot, Ganon Forex Robot, Reaper Forex Robot, Falcor Forex Robot, HAS MTF Forex Robot, Hedge Forex Robot, Volatility Forex Robot, WaveRunner Forex Robot and Directional Forex Robot.
You are probably asking yourself why would they be selling so many forex robots if they all worked as good as they claimed they do. Well, perhaps the lack of verified results across all of the trading robots they sell can help to answer your question. That being said, in this Pterodactyl Forex Robot review, I will be taking an impartial look at this particular trading robot. We will cover the trading strategy implemented, any backtests available and most importantly, real results.
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.
The developer has made most of the Pterodactyl Forex Robot settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
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.
Without any backtest results, we cannot get an idea of how the Pterodactyl Forex Robot 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.
Pterodactyl Forex Robot 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 Pterodactyl Forex Robot. Without them, we don’t have any idea of how good or bad this forex robot 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. 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. However, there are too many red flags in my opinion when looking at this particular expert advisor.
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. Without any backtests or verified account to analyse, we have no way of backing up the claims made by the developer.
The Pterodactyl Forex Robot does come with instructions, support, updates and a money back guarantee. Please feel free to browse my forex robot reviews for some alternative options. You will find that many of them do have verified results and backtests for you to see how they have performed in the past. 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.
Pterodactyl Forex Robot
$99
Pros
- Customisable Settings
- Fractal & Retracement Strategy
- Multiple Currency Pairs
- Multiple Time Frames
- Any Forex Broker
- Fully Automated Forex System
- Detailed Instructions
- Free Updates
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- No Backtests
- No Verified Results
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.
