In this post I will be reviewing the Pattern Trader Pro forex robot which has been developed by the Leap FX team whose other forex software I have previously reviewed. You can see some of them in my forex robot reviews section.
Pattern Trader Pro runs in the free to download and very popular MetaTrader 4 trading platform. Pattern Trader Pro is suitable for any level of forex trader as it is a fully automated forex robot although whatever your level of trading expertise, always make sure that you understand the risks involved with trading before using any forex software.
In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
Pattern Trader Pro Trading Strategy
As the name suggests, the Pattern Trader Pro forex robot incorporates trade entries based on price action patterns. It is based on a manual forex trading system utilising candlestick patterns. These patterns can take years of studying to master so having a forex robot that can take trades based on them can save years of practice and also remove the need for constantly watching the charts for such patterns.
Pattern Trader Pro does not use any dangerous grid or martingale-based money management strategies. You can choose to trade all or a select few of the recommended currency pairs. Personally, I would trade major currency pairs such as the EURUSD and GBPUSD to save on trading costs such as spreads and slippage that the more exotic currency pairs could have.
Furthermore, for ideal trading conditions I would use a true ECN forex broker with plenty of liquidity providers (LP’s).
Pattern Trader Pro will try to find patterns such as double tops, rising wedges, head and shoulders, etc.
What’s good is you do not need to have an understanding of these patterns as Pattern Trader Pro is fully automated! However you should of course have an understanding of the significant risks involved with online trading.
Pattern Trader Pro Back Testing
The Leap FX team haven’t shared any back tests on the official Pattern Trader Pro website. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Pattern Trader Pro Live Results
Pattern Trader Pro Summary
Overall, Pattern Trader Pro will try to spot chart patterns fully automated and shows diversity. I like the fact that Pattern Trader Pro uses price action analysis as this style of market analysis can adapt to the current market conditions. Pattern Trader Pro include full support, detailed instructions and a money back guarantee.