The Reaper Forex Robot is one of many expert advisors developed by the team known as Forex Robot Trader. The developer says this robot will change the way we negotiate the Forex market. By the way, your previous products have not been able to function according to expectations, and we do not expect the Reaper Forex robot to be better. So we want to go deeper just to see if this team will give us the transparency we want this time.
Reaper Robot Overview
We have to conclude at this time that the Forex market is very transparent and as long as you are trading with a regulated broker, there is nothing to fear. In terms of the strategy used by the Reaper Forex robot, the developer tells us that the strategy focuses on daily price breaks in order to take advantage of ’’explosives” price changes. According to the explanation, we understand that the robot looks for areas of resistance where the price is likely to experience strong reversals. These areas can potentially generate significant benefits.
The developer claims that trading is about patience and more with this strategy, which requires a lot of patience. The Reaper Forex robot negotiates all Forex currency pairs and costs USD 99 per license, currently with a 50% discount on its usual price of USD 199. You have to understand that when such suppliers claim that they are giving a discount, it is because they want you to make a purchase and not because they will raise the price anytime soon. This is just something you have done to increase your sales, and you can be sure that the price will never increase.
We know that the strategy focuses on exploring areas of support and resistance. One thing we see in this Forex robot is that it doesn’t focus on a specific pair, and it trades with almost all pairs. Although many may think this is an advantage, the trader will see that the strategy the software uses is unlikely to work with all Forex pairs. It will work well with one or two pairs but will fail with other pairs. That’s what happens when Forex robot creators decide to create robots that don’t focus on specific currency pairs.
Commercial Performance
The Reaper Forex robot has a very unrealistic performance, as they claim that in the last month, the robot has generated yields of up to $120,000. To prove this is true, instead of using myfxbook to display your trading results, they use a screenshot that shows numbers that could have been easily manipulated. If, indeed, the Reaper Forex robot is so profitable, we do not believe that the cost of a license would be $99. And we also think they’d be safer with their business statements if they showed us a live myfxbook account that updates the robot’s live activities.
Conclusion
The Reaper Forex robot is not the kind of product you would trust, basically because the developer is not transparent with its results. We appreciate transparency and, if we cannot achieve it, we often conclude that the product in question can be misleading. For that reason, we advise traders to invest only in legitimate commercial resources with proven commercial performance. Some of these products can be found in other reviews.