Waverunner Forex Robot auto-detects 4 or 5 digit brokers and comes with custom indicators and necessary templates. Traders have the option to adjust all of the colours and text objects within the algorithm interface on the MT 4 platform. This review will cover all the essential details about this robot to understand its merits and demerits.
Waverunner Forex Robot review
The developer behind this is Don Steinitz, an American individual. They have many other EAs listed for sale in the market, for example, Odin Forex Robot, Vader Forex Robot, and the Reaper Forex Robot. Based on the profile information provided, this person has worked in the casino industry but fails to show solid documents like diplomas, degrees, certificates, etc., that might bolster his profile. Moreover, no contact information is displayed. This raises some suspicions about this person.
The robot has the following set of features:
- It trades on the MT4 platform.
- Automatic money management is provided.
- The robot comes with custom indicators, an expert advisor, and templates.
- It works with 4 or 5 broker digit pricing automatically.
How does it work?
The robot works by following the steps mentioned below:
- Purchase the system from the website
- Download the EA files on your PC
- Launch the MT4 platform
- Drag the bot files onto the charts section and enable auto-trading
Waverunner Forex Robot strategy tests
Waverunner Forex Robot uses a trading strategy that involves Zig Zag indicators and the Elliot Wave theory. The algorithm picks out market tops and determines the sharp decline caused by the previous impulse. This robot works across all currency pairs.
Unfortunately, there are no live records that we could use to analyze the trading methodology of the EA for ourselves.
Backtesting records have been provided on the website. Inspecting records for January 2008 for USD, the robot had a balance of 22 637.46. The deposit value was 10 000, whereas total net profits were reported as 12637.46. The robot made a total of 43 trades. This is relatively low and falls inconsistently with its strategy based on determining the market’s ups and downs, which requires more data from a higher number of trades. Also, 23.26% of the trades resulted in a loss.
Real trading results
We could not find any trace of live trading results for this robot either on the personal website or Myfxbook. This reduces the transparency of this system as we cannot know about the key metrics to gauge performance like drawdown value, gain rate, profit, deposit value, profitable trades, profit factor, etc.
This EA is sold for an asking price of 49 USD. Payments are accepted through credit cards or PayPal only. They don’t use any security systems for e-transactions, which raises issues about account safety.
There is no information about the availability of a money-back guarantee. The seller also fails to provide a contact email address.
Although we could not locate any reviews for the Waverunner Forex Robot specifically, we did manage to see some negative reviews about the parent company, FRT, on Forex Peace Army. FRT, owned by Don Steinitz, has a 2.251-star rating for 271 reviews, which is not impressive.
The latest review is an angry customer who accuses the vendor of substandard customer service and poor robot performance. This raises concerns about the practices used by this developer in their trading products.
Waverunner Forex Robot does not provide us with any verified live trading results. There is no plausible evidence about the seller's experience in the industry, which puts their credibility into question.