In this post I will be reviewing the WaveRunner Forex Robot that has been developed by the team at Forex Robot Traders and runs in the free to download and very popular MetaTrader 4 (MT4) trading platform that is available from some of the best forex brokers across the world.
The WaveRunner Forex Robot is a fully automated trading system that will do all of your trading for you, of course you should use a sensible lot sizes that you are content with and do not over leverage your account to avoid a margin call or stop out.
For best results with the WaveRunner Forex Robot, I would personally use a true ECN forex broker which can help lower my online trading costs and give me good bid and ask prices with the vast amount of liquidity providers (LP’s) that they have.
As with any forex trading system, the WaveRunner Forex Robot will probably perform best with low spreads, low slippage and low commissions.
The WaveRunner Forex Robot is suitable for any level of trader from beginners to the more advanced with easy to follow setup instructions provided by the developers.
WaveRunner Forex Robot Trading Strategy
The WaveRunner Forex Robot uses the zig zag technical analysis theory to identify potential trade setups on multiple currency pairs. The developer states that it can be used on any currency pair and will look for trades 24 hours a day as long as the market is open – fully automated!
I would personally trade major currency pairs like the EURUSD & GBPUSD as they usually have the best liquidity, which can save me on trading costs long term.
The zig zag theory is often referred to as the “Elliot Wave”. The Elliott Wave Theory is named after Ralph Nelson Elliott and is inspired by the Dow Theory, by observations found throughout nature, Elliott concluded that the movement of the stock markets could be predicted by observing and identifying a repetitive pattern of waves.
In fact, Elliott believed that all of man’s activities, not just the stock market, are influenced by these identifiable series of waves.
Elliott’s primary discovery was that the markets behaviours could be identified and measured through a repeating eight wave sequence, consisting of 5 waves that he called “impulsive,” followed by a 3-wave “corrective” sequence.
Zigzag patterns are sharp declines (or advances in a bear rally) that substantially correct the price level of the previous impulse sequence.
Often wave B (the counter-trend wave of the ABC pattern) is the shortest relative to A and C.
In zigzag patterns, the sequence may double or triple up until the price correction target is achieved. Zigzags internally subdivide 5-3-5 as follows: Wave A (5-waves, motive), Wave B (3-waves, corrective), Wave C (5-waves, motive).
The WaveRunner Forex Robot looks to implement this strategy for you so you do not need to analyse the charts for it yourself whilst the developer points out that it has been designed to run on the longer term time frames, perhaps as these time frames tend to filter out some of the noise the lower time frames can give.
WaveRunner Forex Robot Back Testing
There are not any back tests shared by the Forex Robot Traders team on the official WaveRunner Forex Robot website. I would personally use Bits Tick Data Suite (Birts TDS) to back test the WaveRunner Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would also help to decide the best currency pairs and time frames to run it on whilst it could have given an idea of the historical performance but of course would be no guarantee of future performance.
WaveRunner Forex Robot Live Results
WaveRunner Forex Robot Summary
The WaveRunner Forex Robot will try and pick market tops and market bottoms with its complex built in technical analysis algorithms.
There are results shared by the Forex Robot Traders team on the official The WaveRunner Forex Robot website although I would prefer to see them verified with myfxbook or FX Blue.
Thus, I would probably start with this forex robot on a demo account to see how it performs for myself before going live, keeping in mind that demo and live account conditions can differentiate according to price feeds.
I have conducted many forex robot reviews and there are other alternative automated trading options you may wish to consider over this EA.
The WaveRunner Forex Robot comes with instructions, support, updates and a money back guarantee. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.