Forex Ripper Review
Forex Weapon: Forex Ripper
Rating: 85pts / 100pts (Class B – Forex Trading Robots)
Most automated trading systems doesn’t trade regularly
From what I am hearing, many forex robots’ users actually prefer their expert advisers to trade very frequently. However most of the forex robots in the market do NOT trade often.
Some of the most profitable forex robots like Forex Megadroid only trade once every 2-5 days. That is because the price movement in the smaller time frames are difficult to grasp even for humans, not to say for computers. Vendors are not willing to take the risk on their part.
Forex Ripper – 2 to 3 trades daily scalper
Nick Lombardi who is an ex bank-trader who is really well-versed at day trading. He understands that there is a great demand for such automated trading system.
Thus he has come up with a forex trading robot that is very capable to trade the smaller time frames.
Forex Ripper adopts a SCALPING and DAY-Trading system. Based on the average trades over the past 6 months, this forex robot executes an average of 2-3 trades per day.
Forex Ripper uses a combination of price patterns, proprietary indicators and multiple time frame analysis before it enters or exits any trades.
The bad part
Every forex robot has its disadvantage so does Forex Ripper. In my opinion , Forex Ripper has a rather poor risk-reward system. Forex Ripper uses a stop loss around 95 pips which I personally consider to be the high side.
Reason for poor risk-reward
Lombardi’s reason for this is that if you follow the trend, the price should NOT go beyond by 90 pips which thus give a very probability for winning .
As such, Forex Ripper has a rather few losses as the winning accuracy is very high despite a rather poor risk-reward system. The high winning accuracy is to compensate for its disadvantage. Thus Lombardi will focus on the main trend first before taking any trades. Thus the initial multiple time-frame analysis inside Forex Ripper play a vital part in winning trades.
Another reason for this is also to avoid STOP-LOSS hunting which is very common among big players and even brokers themselves.
Combining with an Advanced EA for short/long term trading
Nick Lombardi also offers an advanced EA version which adopts long term trading. He strongly advises to use both so that your portfolio can be well-diversified and protected by the volatility of the market especially during uncertain times.
The Advanced Forex Ripper trades using the weekly and monthly time frames. The average trades is at 3-4 trades per week.
You choose the trading period
A special feature of this Advanced Forex Ripper is that you can configure the expert advisor to trade at your specific timing. For example, some traders avoid trading on Sunday night and the whole of Friday. This is because big players like to take profits during this two days where price movement can reverse abruptly.
As such with a short and long term trading style, Nick promises a very good and well-balanced trading methodology to protect and grow your trading capital at the same time.Forex Ripper Review
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