Pterodactyl is a forex trading robot designed and created by Forex Robot Trader. It is one of a selection of robots created by the same company and is based around fractal trading.
As we mentioned, this forex robot is based around fractal trading, this is where indicators on candlesticks try to identify reversal points in the market. The robot is being marketed as perfect for anyone with some of its main features being its automated fractal trading, the fact that it is incredibly intelligent, it’s built around a powerful strategy, you can trade any pair that you want and it makes better trades in minutes. This is a lot to live up to.
The robot has been designed to work with the popular MetaTrader 4 platform, there does not seem to be a version for any other trading platform.
The way the robot is being promoted makes it seem like there will be a lot of trading being made and it states that it is a high-frequency robot, there should be no manual trading or intervention needed by the user and can be used on any currency pair, that is a big claim to make, as many robots often need to be used on certain pairs rather than working on all of them.
Forex Robot Trader has posted up some results from the robot, if we look at the past three months we can see the following results:
- January 2020: $46,524
- February 2020: $41,587
- March 2020 up to 13th: $19.661
These are very impressive results, however, we have a few concerns with them. Firstly, the account being used has a balance of 4.5 million, this is not a realistic account size for the types of clients that they will be getting. The absolute drawdown on the account is at just $192.80, considering the account is using trade sizes of 1 lot, we find it hard to believe that the drawdown as never gone below that figure, especially during MArch 2020 in the heart of the Coronavirus outbreak where the markets are extremely volatile. Our final concern is that it looks like it is being used on a demo account, so the trading conditions can be optimized to the robots’ needs and it does not take into consideration all the fluctuations in the real markets.
Forex Robot Trader has not linked up the results to an independent site such as My FX Book to verify the accounts, so please take anything you see with a pinch of salt.
The Pterodactyl robot currently costs $79.00 which is down 60% from its original price of $199.99. There is one of those countdown timers indicating that there isn’t long to get the robot at that price, however, this is just a marketing ploy, as when you refresh the page, the timer starts again, so the robot is most likely always going to be at the reduces price of $79.00. There isn’t a demo of this exact robot, but the creators of the Forex Robot Trader are giving away a free robot, so you will be able to see how their robots work and to test whether they can be effective.
There are a few reviews available on the site, however, they are all 5 stars except for a single 4-star review, we are always a bit weary when there is nothing but perfect scores for a product or service.
One of the reviews states: “300 DOLLARS! I just made that on 1 single trade!!! I can’t take my eyes off of my trading platform! It feels a little like betting, which I know, is a bad thing. But this robot gets into some kind of groove and starts knocking trades out of the park left and right.”
Other sites around the internet have ratings ranging from 6/10 to 1/10 so it looks like the opinions are varied. The information provided looks great in theory, However, the fact that the results look a little suspicious is a big red flag.
This Forex service can be found at the following web address: https://www.forexrobottrader.com/forex-robots/pterodactyl-forex-robot