In this post I will review another forex robot from the Forex Robot Trader team, this one is called the Reaper Forex Robot and again runs in the MetaTrader 4 (MT4) trading platform which is free to download from the best forex brokers worldwide.
The Reaper Forex Robot is fully automated and requires no input from the user other than the initial setup. You can start on an MT4 demo account if you wish to test the waters with the Reaper Forex Robot until you feel comfortable to trade with it on a live account.
I always prefer to use an ECN forex broker for the best possible trading conditions as they tend to have more liquidity providers (LP’s) which can give lower spread, slippage and commissions. I also find that an ECN forex broker can have the best bid/ask prices which can help forex robots such as the Reaper Forex Robot.
Reaper Forex Robot Trading Strategy
The Reaper Forex Robot is a breakout trading system that uses daily breakout levels to look to enter on significant support and resistance breakouts to catch big market moves. Reaper Forex Robot is fully automated and trades 5 days per week as long as the markets are open.
I find breakout systems work best on long term support / resistance levels that have been tested multiple times, daily levels can provide this.
Major currency pairs such as the EURSD & GBPUSD can have some of the best breakouts as they have some of the largest trading volume and thus, most liquidity. That being said, the Reaper Forex Robot developers state that you can run it on any currency pair and it will automatically adjust according to that pairs current anticipated breakout levels.
The Reaper Forex Robot will look to lock in profits and the results shown on the official website are frequently updated although I would have preferred to see the results verified by myfxbook or FX Blue for added validation.
Reaper Forex Robot Back Testing
There are no back tests shared by the Forex Robot Traders team on the official Reaper Forex Robot website. I would use Bits Tick Data Suite (Birts TDS) to back test Reaper 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.
Reaper 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.
Reaper Forex Robot Summary
The Reaper Forex Robot uses a breakout trading strategy that has historically been one of the most popular ways of trading. It is of course natural for there to be big movements when price breaches significant support / resistance levels as many traders will place stops around these levels. The key for me is trying to find the significant levels and cutting losses short whilst letting winners run.
I have conducted many forex robot reviews and there are other alternative automated trading options you may wish to consider over this EA. I would have liked to have seen real verified results provided by the developer.
Reaper Forex Robot comes with instructions, support, updates and a money back guarantee. 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.