In this post I will review the Pterodactyl Forex Robot that is another fully automated forex robot developed by the Forex Robot Trader team and runs in the MetaTrader 4 (mt4) trading platform. Mt4 is free to download from most forex brokers across the world and you can begin by using the Pterodactyl Forex Robot on a demo account until you are familiar with how it trades at which point you may wish to trade with it on a real live account. I prefer to use an ECN forex broker for low spreads, low slippage and low commissions. These forex brokers tend to have the most liquidity providers (LP’s) which can help lower trading costs. The Pterodactyl Forex Robot is suitable for both beginner and advanced forex traders as it is fully automated nature and can be setup in minutes using the easy to follow step by step instructions provided. You just need to set a suitable lot size depending on your account balance, leverage and risk preference whilst checking back regularly for the latest Pterodactyl Forex Robot performance.
Pterodactyl Forex Robot Trading Strategy
The Pterodactyl Forex Robot uses fractals and retracements to automatically find suitable trades across multiple currency pairs. The developer states that it can be used on any currency pair that you wish although I would personally use a major currency pair such as the EURUSD or GBPUSD due to the amount of liquidity they have which can save on trading costs in the long run. The Pterodactyl Forex Robot can catch some big moves that gain a lot of pips with its powerful fractal trades that come from trends and retracements. According to the Forex Robot Traders team, it is “One of our most advanced forex robots ever. 3x the normal amount of code.” It is a fully automated version of their popular Fractal Breakout Forex Indicator. The Pterodactyl Forex Robot evaluates the strength of a particular trend and calculates the best time to enter the market based on retracements. Once a retracement has been observed it will then plot fractal set ups and trade them for you automatically.
Pterodactyl Forex Robot Back Testing
There are no back tests shared by the Forex Robot Traders team on the official Pterodactyl Forex Robot website. I would use Bits Tick Data Suite (Birts TDS) to back test Pterodactyl Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would help decide the best currency pairs and time frames to run it on.
Pterodactyl Forex Robot Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Pterodactyl Forex Robot Summary
Overall, the Pterodactyl Forex Robot uses a very complex and unique built in trading strategy that could possibly take a long time and lots of chart watching to trade manually. I would personally run the Pterodactyl Forex Robot on an mt4 demo account at first until I familiarise myself with how it trades and what pairs / timeframes it works best on – back testing would also help to determine these factors. There are good results updated frequently that are shared by the Forex Robot Traders team on the official Pterodactyl Forex Robot website although I would like these to be verified by myfxbook or FX Blue. The Pterodactyl Forex Robot does come with instructions, support, updates and a money back guarantee.