Forex Ninja is a Forex robot that has been developed after performing rigorous backtesting for more than 10 years. The vendor claims that the system uses a secure algorithm and an improved strategy to win consistent profits. However, in order to find out whether this robot can be trusted or not, we need to conduct a detailed analysis of all of the system aspects.
Forex Ninja: Characteristics
On the official website, the vendor has clearly outlined the main features of Forex Ninja, other than providing a profit calculator based on capital and date range. We also have a section showing client testimonials and an affiliate section.
The creator of the system is a Polish software developer by the name of Eryk Skorzynski who has more than five years of experience in the Forex market, but we don’t have any further information on him or his work history.
Before using the Forex Ninja robot for trading, the vendor recommends gaining some knowledge about the Forex market. You are advised to use the IC Markets broker, since it offers the lowest spread, and in order for the robot to function, you need to use a VPS service. The Forex EA works on the MT4 trading terminal so you need to install that as well.
There is an active discussion group maintained by the vendor where you can get access to vital market information shared by Forex experts. A sample of sets files are provided for each pair and these can be easily used by an inexperienced trader.
Currency Pairs, Strategy & Timeframe
Forex Ninja trades in 24 different currency pairs, including all the major and minor pairs. The strategy has been improved on the basis of Fibonacci measurements and technical analysis. Fundamental analysis is also supported by the robot.
Forex Ninja uses a scalping technique where transactions are generally closed on the same day. The main focus is on support and resistance levels and reactions within a minimum of 5 pips. We think this information is pretty vague, and it doesn’t give us any in-depth information on the trading strategy. Many Forex traders look for technical details before investing in a system, and they might find this disappointing.
Forex Ninja Trading Performance
Although the developer has shared the live trading results verified by Myfxbook, we can see that he has chosen to hide some of the important figures like Balance, Profit, Interest, Deposits, and Withdrawals. This is a bad sign because a trustworthy system generating profits shouldn’t have anything to hide. The account was opened on 25th March 2020, and to date, it has placed 1213 trades.
Forex Ninja has a high win rate of 82% for this account, with the average win being 6.79 pips for an unspecified amount of money. The daily and monthly gains for this account are 0.31% and 9.60%, respectively, while the drawdown is just below the acceptable limit at 29.80%.
Last but not least, the account has a profit factor of 1.62. While it is nothing exceptional, a profit factor above 1 is a sign of a reliable system. Thus, we can say that Forex Ninja is a system that manages to close most trades in profit. In spite of highlighting the backtesting results, the vendor has not provided us with the same, which raises a question mark.
How much does it cost?
Forex Ninja uses a unique pricing system where you are charged based on your capital limit and the date range for which you wish to use the system. So, for a capital limit of $300, you need to pay $39 for a date range of one month. We think this is an odd pricing system and that most traders would not prefer to purchase a robot that charges based on the capital limit.
Another disappointing factor is that the vendor does not provide any money-back guarantee for this product.
Reviews from Customers
On the Trustpilot website, we found some customer reviews related to Forex Ninja, and most of them are quite positive. One member praises the user-friendly interface and claims to be able to trade seamlessly with this Forex EA, in spite of having little trading experience.
Other users have appreciated the fact that the robot does not overtrade, instead of concentrating on making small profits every day. Looking at the reviews, it is clear that many people trust this system for earning them profits.
Should You Use Forex Ninja Robot?
|Live trading results verified by Myfxbook||Odd pricing structure|
|Positive customer reviews||Limited information on trading strategy|
|Professional presentation||No money-back guarantee|
To summarize, the pros and cons of this Forex EA cancel each other out. Although it is not a scam, we are not sure whether to recommend it. And, although most customers seem to have a great experience with this system, the strange pricing structure, along with the lack of strategy insight makes us wary.