Forex Ninja is a new automated robot, with a very unique and cool designed website. The vendor just started advertising their robot in the past few days, and claim that it’s a great opportunity for traders to “discover the possibilities of auto-trading.” They promise daily market information in their discord, a rigorous 10 year backtest and a guarantee of quality. Today, we will be analyzing each of these aspects, and more in our complete review of this expert advisor.
The software developer is a young Polish man, named Eryk Skorzynski. This fresh faced coder is new to the market, and is obviously trying to make a splash with his flashy website design. Outside of the information provided on the website, there is very little to verify his identity or reputation in this market. This is fine though, as long as you understand that you are investing with a newcomer that doesn’t have a girth of experience in this market. It does not diminish his abilities, but it does make it more difficult for us to pin down exactly what he brings to the table.
There is no address for the corporate headquarters of the company, likely because the business is being run out of a home office. Oddly, the website also doesn’t contain an email address or phone number to contact for support.
Forex Ninja Review
The Forex Ninja is undoubtedly an exciting new robot, if not just because the design of the website is so engaging. Although, beyond the flashy exterior, there isn’t as much content as we would like. The website is made up of testimonials, an affiliate area, license information, a quick start guide and a profit calculator.
The profit calculator is “designed to quickly check possible gains.” Basically, the potential client enters their capital, the date range of using the software, the amount of pairs and then hit the profit calculate button. Then, the graph will slide and show how much money the software is likely to make during that period of time. It is a cute feature, but it’s more for aesthetic and drawing clients in, than it is providing factual information. This is not the type of function that determines whether a system qualifies for best Forex robot status or not.
Eryk Skorzynski fails to provide any real detail about the Forex Ninja trading strategy. Considering he is brand new to the market, we were hoping that he would provide complete insight into his methodology. Without seeing this, we really don’t know how skilled or knowledgeable Eryk is as a trader.
If a vendor already has a long-term reputation in the Forex market, it’s easier to let them off with less strategy insight, but that’s not the case here. We hope that Eryk will read our critique, modify his website, and let the community understand the trading robot better.
- Type: Forex Robot
- Price: $39+/month
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURJPY, EURNZD, EURSGD, EURUSD,GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, NZDCHF, NZDJPY, USDCAD, USDJPY, USDSGD
The Forex Ninja robot trades many different pairs, but they do not provide information about the strategy or timeframe they use.
In terms of pricing, the software can only be purchased on a monthly basis. Eryk is using a different pricing model than any other robot in the market. In order to purchase the EA, traders have to insert the capital that they will be trading and then select a date range they wish to use the robot. Based on the capital and date the price will increase or decrease. This is a new approach to selling robot licenses, but we don’t like it. They don’t offer lifetime licenses which is the first issue, and the second issue is that they penalizing traders with larger accounts.
Eryk provides a single live Myfxbook account with the IC Markets brokerage using a leverage of 1:500 to show the Forex Ninja results. The account started in late March 2020, and has placed 584 trades during this time.
In terms of performance, the robot is showing a gain of 67.75%, with a drawdown of 29.80%. The average trade length is 4h 38m, with the average win coming in at 7.07 pips and the average loss at -23.16 pips. A risk reward ratio of this magnitude makes the system come across as a scalper, which is a trading approach that we appreciate, but it isn’t confirmed on the website.
Overall, the results look decent, but many aspects are hidden so we aren’t completely sure what to think.
It’s still early days for this new developer, and we wish them luck with their Forex Ninja robot. We aren’t sure if it’s going to be profitable in the long term just yet, but it’s showing some promise.
If you have anything to add to the review, please leave your comments and questions now.