In this post I will be reviewing the WaveRunner Forex Robot that has been developed by the team at Forex Robot Traders and runs in the free to download and very popular MetaTrader 4 (MT4) trading platform that is available from some of the best forex brokers across the world.
The WaveRunner Forex Robot is a fully automated trading system that will do all of your trading for you, of course you should use a sensible lot sizes that you are content with and do not over leverage your account to avoid a margin call or stop out.
For best results with the WaveRunner Forex Robot, I would personally use a true ECN forex broker which can help lower my online trading costs and give me good bid and ask prices with the vast amount of liquidity providers (LP’s) that they have.
As with any forex trading system, the WaveRunner Forex Robot will probably perform best with low spreads, low slippage and low commissions.
The WaveRunner Forex Robot is suitable for any level of trader from beginners to the more advanced with easy to follow setup instructions provided by the developers.
The WaveRunner 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 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 WaveRunner 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.
WaveRunner Forex Robot Trading Strategy
The WaveRunner Forex Robot uses the zig zag technical analysis theory to identify potential trade setups on multiple currency pairs. The developer states that it can be used on any currency pair and will look for trades 24 hours a day as long as the market is open – fully automated!
I would personally trade major currency pairs like the EURUSD & GBPUSD as they usually have the best liquidity, which can save me on trading costs long term.
The zig zag theory is often referred to as the “Elliot Wave”. The Elliott Wave Theory is named after Ralph Nelson Elliott and is inspired by the Dow Theory, by observations found throughout nature, Elliott concluded that the movement of the stock markets could be predicted by observing and identifying a repetitive pattern of waves.
In fact, Elliott believed that all of man’s activities, not just the stock market, are influenced by these identifiable series of waves.
Elliott’s primary discovery was that the markets behaviours could be identified and measured through a repeating eight wave sequence, consisting of 5 waves that he called “impulsive,” followed by a 3-wave “corrective” sequence.
Zigzag patterns are sharp declines (or advances in a bear rally) that substantially correct the price level of the previous impulse sequence.
Often wave B (the counter-trend wave of the ABC pattern) is the shortest relative to A and C.
In zigzag patterns, the sequence may double or triple up until the price correction target is achieved. Zigzags internally subdivide 5-3-5 as follows: Wave A (5-waves, motive), Wave B (3-waves, corrective), Wave C (5-waves, motive).
The WaveRunner Forex Robot looks to implement this strategy for you so you do not need to analyse the charts for it yourself whilst the developer points out that it has been designed to run on the longer term time frames, perhaps as these time frames tend to filter out some of the noise the lower time frames can give.
WaveRunner Forex Robot Back Testing
There are not any back tests shared by the Forex Robot Traders team on the official WaveRunner Forex Robot website. I would personally use Bits Tick Data Suite (Birts TDS) to back test the WaveRunner Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would also help to decide the best currency pairs and time frames to run it on whilst it could 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 WaveRunner 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.
WaveRunner 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 WaveRunner 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.
WaveRunner Forex Robot Summary
The WaveRunner Forex Robot will try and pick market tops and market bottoms with its complex built in technical analysis algorithms.
There are results shared by the Forex Robot Traders team on the official The WaveRunner Forex Robot website although I would prefer to see them verified with myfxbook or FX Blue.
Thus, I would probably start with this forex robot on a demo account to see how it performs for myself before going live, keeping in mind that demo and live account conditions can differentiate according to price feeds.
I have conducted many forex robot reviews and there are other alternative automated trading options you may wish to consider over this EA. Without any backtests or verified account to analyse, we have no way of backing up the claims made by the developer.
The WaveRunner 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.
WaveRunner Forex Robot
$59
Pros
- Customisable Settings
- Multiple Currency Pairs
- Multiple Time Frames
- Fully Automated Forex System
- Elliot Wave Theory
- Zig Zag Analysis
- Any Forex Broker
- Detailed Instructions
- 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.
