Automatic Forex robots or any other automated trading systems are not able to replace traders completely. When you choose an efficient, competent and profitable robot, you can automate trading on 90%, controlling your actions of the trading system and keeping track of the account balance only.
Reaper Forex Robot is one of several automatic robots that has been acknowledged by enterprising traders for several years. The advertising headline on the company’s website states that the trading system is based on breaking levels of resistance and support as it uses for this the built-in technical indicators. Does the forex robot able to basing on price levels only and bring more profit for a user?
The detailed description of Reaper Forex Robot
The trading system determines the opening point of transactions by the levels of resistance and support. Reaper Forex Robot trades from the price rebound, opening a trade in the opposite direction by touching the boundaries of the range. The official website of the trading robot underlines that it requires a large deposit. One of the drawbacks is the need for a large stock of free funds on the account. For many beginners or even experienced traders, raising more than $1,000 leads to certain difficulties.
Denials
All descriptions of the Reaper trading robot contain some advertising facts that are not always comparable to reality. For example, the website claims that the trading system requires absolutely no experience in trading for its use. Though any experienced participant in stock trading will agree that using the fx robot without any trading experience or the mere rudimental concepts of Forex is irrational. Eventually, this will leads to discharging of the entire deposit.
Another refutation is the ability to use Reaper Forex Robot fully automatically without the presence of a trader. In fact, you can’t just leave the bot to work with the computer turned on and disappear for a few hours or even days. It will require a VPS server (from a broker) and total control over the electricity. The VPS server service is necessary for the robot to trade at any time of the day without any references to trading sessions.
General characteristics
Characteristics of the Reaper Forex robot:
- The trading terminal – Metatrader 4;
- The currency pairs – any;
- Timeframe – any;
- Lot size – from 0.01 (generated by the robot based on the built-in parameters);
- Recommended deposit is $ 1000 and higher.
In order to install the automatic Forex robot you should copy the downloaded files to the directory of the trading platform folder. The archive includes an indicator and the ready settings. You don’t need to perform optimization or change the parameters of the robot.
Benefits:
- Robot Reaper Forex is fully automated – trading is possible at any time of the day when trading sessions are working.
- Trade is conducted by indicators, not blindly (this increases the chances of making profits without losing funds).
- Versatility – the trading robot can be used with any currency pair or asset without reference to the timeframe or other parameters.
Disadvantages of the trading robot:
- The lack of the real evidence of the high profitability of an automatic adviser (the only “confirmation” of the robot’s profitability is advertising headlines on the website of its creators).
- The risk of losing funds due to the fact that trading algorithms are not worked out (it is impossible to trade in support and resistance levels around the clock).
- The high cost of the robot.
Conclusions:
Unfortunately, the user cannot find out which algorithms are built into the Reaper Forex trading system. It is a well-known fact that the Martingale methodology is not used here. According to the creators of the robot, it is able to determine the invisible levels due to the embedded algorithm (probably an indicator). Although the idea of manipulating brokers, which is actively published on the website of developers, seems crazy.
Another negative point – the test results, which have published on the site of the creators. They are obviously false. For example, it’s written that in one calendar year the bot earned about $1 million. Without an impressive deposit it is impossible. In the absence of evidence and confirmation of such figures, one should not trust these results. It is very important for developers to provide access to the trading results of the robot through verified services Myfxbook or FX Blue. Here this criterion was not fulfilled.
In the robot must have primarily interested those people who have been long looking for an automatic robot with a proven strategy. If you have any difficulties or questions, you may contact the representatives of Reaper Forex. Judging by reviews, the service support service is stable and rated at 7 points out of 10 (rated by one of the independent portals).
If you are still interested in the automatic trading system Reaper Forex, then start testing it on a virtual account or using a small initial deposit.
