Forex Ninja is a new Forex robot developed by Eryk Skorzynski, a Polish national. The vendor claims that this robot is based on 10 years’ worth of backtesting data and it helps users explore the various avenues of automated Forex trading. Forex Ninja charges its users based on their capital limit, with the monthly fees being $39 for a capital limit of $300.
The vendor has made a quite detailed presentation for the Forex EA on the official website, outlining the main features, how to start trading with the system, and an affiliate section. A profit calculator is also provided, and here you can check how much profit you can earn with the robot. While at first glance, this looks like a legitimate and reliable service, we need to take a closer look before a conclusion is reached.
Forex Ninja Trading Strategy
In spite of the professional presentation, Eryk Skorzynski does not tell us anything about the trading strategy he uses. So, we have no way to know how the Forex robot identifies entry and exit points in the market, how it identifies a trend, or how it gathers market data.
These days, most Forex traders look for technical details regarding the strategy while investing in an automated system and the fact that the developer hasn’t mentioned anything about it is quite disappointing.
Any legitimate service provider knows that strategy details are a vital aspect to be considered while purchasing a Forex robot. So, this tells us that the people behind Forex Ninja might not have enough experience in the Forex market.
Before using this Forex EA, the vendor recommends learning about the Forex market and having an account with a broker with a low spread. For this purpose, they recommend the ICMarkets broker and additionally, the Interserver VPS is recommended and configuration steps are provided. After installing the MT4 platform on the VPS server, you can buy the robot, install it, and start placing your trades with it.
Forex Ninja Features
Forex Ninja is a fully-automated system that lets you deal in all kinds of pairs. It has an active discussion group where you can seek advice from some of the top experts in the field of Forex trading. That being said, we found it quite odd that the vendor hasn’t highlighted any unique features of the software on the official website.
Forex Ninja Backtesting Results
Although the vendor has highlighted the fact that the Forex EA has met a thorough backtest for more than 10 years, we have no way to verify this claim. No backtesting data is provided by the developer, and this makes us think that the claim has little truth to it. From backtesting results, we can assess several vital aspects of a system and without them, we cannot possibly complete our evaluation.
Forex Ninja Live Trading Results
It was good to see live trading results being provided by the vendor, and in this particular Myfxbook account, we can see that the trades have been placed through the IC Markets broker with leverage of 1:500. This account was launched on 25th March 2020 and since then, it has accumulated a gain of 176.17%.
Although the absolute gain figures are quite impressive, what makes us skeptical is the fact that the vendor has chosen not to reveal certain aspects, such as interest, profit, balance, deposits, withdrawals, etc. We can’t think of any reason why an authentic service provider would choose to do so.
To date, 1142 trades have been placed through this account, 941 of which have been won, and this means the system has a profitability of 82%. This, along with the profit factor of 1.63, tells us that you can earn some profits by using this Forex EA.
Forex Ninja Reputation
On the Trustpilot website, we found some customer reviews about Forex Ninja. One user has complained about the position ranges being too small and how they were preventing them from making profits. The vendor has replied to this review, however, and explained how overdoing the risk management is a bad idea, since the risk settings are already optimized.
While this shows that the customer service team of Forex Ninja is quite proactive, we are still doubtful about the capability of this Forex EA.
Forex Ninja Review Summary
- Strategy – 4/10
- Functionality & Features – 4/10
- Trading Results – 6/10
- Reliability – 4/10
- Pricing – 5/10
Conclusion
While we don’t think Forex Ninja is a scam service, we are not quite sure about whether it is reliable or not. First of all, the vendor doesn’t give us any information about the strategy and features and offers some oddly structured pricing plan where you have to pay according to your capital limit.
Although the live trading results are promising, we cannot recommend a Forex EA solely based on that, so we think this system has a long way to go before it can be deemed as trustworthy.
