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.
The Reaper 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, Pterodactyl 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 Reaper 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.
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.
Whilst the Reaper Forex Robot is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
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.
Without any backtest results, we cannot get an idea of how the Reaper 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.
Reaper 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 Reaper 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.
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. Without any backtests or verified account to analyse, we have no way of backing up the claims made 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. Please feel free to browse my forex robot reviews for some alternative options.
Reaper Forex Robot
$99
Pros
- Customisable Settings
- Multiple Currency Pairs
- Multiple Time Frames
- Breakout Trading Strategy
- Any Leverage
- Detailed Instructions
- Full Support
- Free Updates
- Fully Automated Forex System
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- No Verified Results
- No Backtests
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.
