Are you familiar with RayBot EA? Have you used it before, or do you plan to use it in the future? Well, read this review first to get our perspective on the subject.
RayBot EA whose website can be accessed here Raybot.phibase.com is yet another expert advisor that deserves to be scrutinized in an attempt to verify the claims made by its owner.
Although the vendor does not use hype marketing to promote it, the website still uses a subtle approach to pass its message to traders who are in need of a profitable EA.
As you can see, it says that if you have been searching for a profitable expert advisor, your search has come to an end. Really?
Let's find out below:
I have observed and understood the trading logic behind RayBot EA. This robot simply tries to take advantage of price swings which happen around key areas of a chart. This is according to the website.
However, it does not mention which time frame this robot trades.
They also claim that this expert advisor does not use Grid or Martingale systems of trading. Whether this is true or false remains to be seen.
Finally, this EA is promoted as the only Forex robot that cuts your losses earlier on before your account can be damaged.
However, the website does not state how this mechanism works to ensure that the trade is a sure loss, hence putting a stop to it is a necessity.
Basically, these are the main points that stood out on the sales page.
As you can see, there's nothing in particular that this vendor has used to demonstrate the uniqueness of this expert advisor.
Moreover, I feel that this robot is over-priced for no justifiable reason. You can do better with these Forex robots because they are reasonably priced, and their strategies of trading and well-known in advance.
Another thing that caught my attention was the fact that details of the domain of this website could not be verified on who.is. A quick search on the registration details returned nothing. It is not clear whether this was intentional or a technical problem from the side of who.is.
It's worth mentioning that RayBot EA has a verified Myfxbook account. However, looking at this equity curve from an objective perspective, you can see that this is not a promising curve. At some point, the curve losses momentum before making another attempt to climb the graph.
What message does this send? Well, first of all, we would have been very much comfortable if that equity curve was strong and climbing in a steep manner.
Secondly, the lack of momentum kills my confidence because it gives the impression that RayBot EA will most likely fail in the due course of time.
Back-tested results are available for the period starting 2007 and ending 2015. These results show how RayBot EA would have performed if it was running a live account on the represented pairs.
In my opinion, back-tested results are not as reliable as Forward-tested results. Even then, the developer would need to constantly adjust certain elements of the expert advisor to get a true picture of what it can do on a customer's account.
Theoretically, back-testing on two different broker platforms who run mt4 software will not yield the same results.
RayBot EA was allegedly back-tested on EURUSD, AUDUSD and USDCAD pairs with various risk settings.
From the chart below, you can see that the graph was steadily climbing and showing favorable results on these pairs.
However,that would not have been the case if RayBot EA was simultaneously back-tested on other broker platforms.
Even if the mathematical formulation is not altered, the mt4 terminals for the two different brokers will always show different results. Possibly, one graph will climb sky high while the other one will plummet to the rock bottom.
Therefore, the results which you're seeing above are not a true reflection of what every customer would have experienced if they used RayBot EA within that period of testing. Therefore, you should never base your purchase decision on the back-tested results alone. It's a bad idea.
Another thing to note as far as back-tested results for the RayBot Forex expert advisor is concerned is that hypothetical performance is not a reflection of what would happen on a real account settings.
Refer to CFTC RULE 4.41 at the footer of the website. The website where RayBot EA is being promoted actually admits the fact that what they've posted as (past and live performance) does not represent actual trading.
Secondly, the website admits that making profits with RayBot Expert advisor is not a guarantee. Remember that this is also contrary to the overall message that this website has been preaching all along.
This vendor recommends using RayBot only on an ECN trading environment. It is alleged that this expert advisor performs at its best when spreads and commissions are low. This is a major shortcoming.
Truth be told. Nearly every Forex broker on the internet will occasionally widen their spreads. This may be intentional or due to unavoidable market changes that happen from time to time.
In other words, if these things happen, this expert advisor, with the robustness of its money-management system, will not protect you.
This means that you're likely to set back your account with a large margin because performance will be sub-par.
Now, the best thing is that not all expert advisors are susceptible to poor trading conditions. We have already prepared a list of expert advisors and other Forex systems that give good results regardless of market conditions.
I believe that the aforementioned list solves this problem once an for all.
Another sad truth concerning RayBot EA is that it is not cheap to obtain a license. Is the price justified? I doubt.
Of course there are various plans that allow the customer to pay with their own flexibility. One can either opt for the $99 per month plan or the lifetime license that costs $975 per year.
There are hidden costs as well. For example, the lifetime license should be renewed after every 1 year, plus a $65 yearly charge applies. In my opinion, this is not a lifetime license because customers are still paying to renew their license rather than paying once to get access to the software for good.
Basically, this is not a good product based on the pricing model.
Whoever is behind this expert advisor has tried very hard to present ”evidence” which would suggest that this robot is authentic.
However, we still doubt whether RayBot EA would perform well in the long run. This is due to the issues which I raised earlier concerning myfxbook results.
Furthermore, with a very low win rate of 57%, you will surely break even at some point or lose your funds altogether.
Other systems have been known to perform with remarkable win rates and are even cheaper than this expert advisor. You'd be placing a safer bet on these Forex products because of the cost involved in relation to what you'll get.
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I also think raybot is overpriced, there are bots that offer approximately more or less the same Thing at better prices
What are these cheaper EA’s hook me up.