Forex Sniper EA Review: Is It a Good Forex Robot?
The maker of Forex Sniper EA believes or at least states that it’s the best Forex EA in the world to trade with. To prove this point, they have provided a Myfxbook link on their site and also listed several supposed advantages of using Forex Sniper robot as a trading tool.
After testing it and thoroughly analyzing the different aspects of Forex Sniper EA, I have decided to write this review with the intention of enlightening Campforex.com community of traders who prefer robots to hands-on trading.
So, would you like to know whether or not Forex Sniper EA is the best Forex robot in the world? Who wouldn’t?
Forex Sniper EA Review
Forex Sniper is a scaling robot that comes in two models. The first model was designed to trade GBPUSD and EURUSD pairs only. The lifetime usage of this robot is one year, after which the user will be required to renew its license.
The other model can trade all currency pairs on all time frames (the first one only trades 5 minute time frame). This is a lifetime license, so it does not expire.
As at the time of writing this Forex Sniper EA review, the developer was giving a 30% off discount. Usually, the basic model costs $212 while the advanced model costs $652.
It’s quite a significant investment to dive into right away without first conducting some due diligence.
Thankfully, the developer has provided a myfxbook link where we can see what the performance of this robot has been in the previous months.
Forex Sniper EA trading performance
Testing of this Forex robot began in February 2017. The performance of Forex Sniper EA has been recorded for 1 year now.
So far, the gains are at +45.81M%. Daily returns are 3.68% while draw down is over %54.
I noticed that this myfxbook account’s trading privilege had not been verified all this time.
I find this very suspicious because the developer’s website has a screenshot showing this specific Myfxbook account where they tell us that both track record and trading privileges have been verified. But when you click the myfxbook link and actually check for yourself, you will see that only one item has been verified.
In my opinion, the vendor of this product was intending to mislead traders when they first claimed that this account was in order, yet upon investigations, I found that this was not the case.
The other issue is that the equity curve of the Forex Sniper EA robots looks quite suspicious.
In the months of February up to August 2017, the equity curve did not try to rise at all. It stayed on the 0% mark. It only started rising in September 2017, which suggests that this Forex robot had not been making any profits till then.
When I scroll downwards, I see that the Forex Sniper EA has lost -8.99% this month so far.
The point is, this myfxbook account is showing some conflicting reports which can easily be taken as red flags.
Other promises that this vendor is giving
When I tested this robot on a demo account, I discovered that most of those features were indeed real. It works with all brokers and can hide take profit and stop loss respectively.
It does not trade when market conditions aren’t favorable. This is supposed to keep you from trading a market that will eat your balance instead of making you money.
It’s a fully automated robot. But its loss recovery system is doing poorly.
See, monthly draw down is over 54%. That means you will wipe your profits as soon as you make them. If you’re not keen enough, you will burn your trading balance too.
These are real setbacks that have plagued the Forex Sniper EA. If these setbacks are anything to go by, you do not expect to make any significant returns with this robot in the long run.
Forex Sniper EA Review: trading strategy
The Forex Sniper EA is a scalping robot. On the other hand, am a strong advocate of swing trading because I believe that if you approach the market with some patience, you will make better decisions and go far.
Most people here trade my strategy. However, those who use robots invest in Forex expert advisors that can emulate my trading strategies as closely as possible. Some of the Forex robots which can do that job can be found here.
While the main trading methodology for this robot is scalping, the vendor did not mention any specific strategy.
My best advice for you
Forex Sniper EA has no real capabilities of measuring up to expectations. Just like Euro Scalper Pro or the Dynamic Pro Scalper ,this Forex robot makes money and consumes it in the next series of trades.
At this point, I’d like to say that the Forex Sniper EA is not worth the price tag. But even if you were to get it for free, it wouldn’t worth wasting your hard-earned account balance with this robot.
Drop your comments below if you have used it and are having a different opinion.
Or you can contact me here if you have any question to ask. Thanks for reading this review.