Leo Trader Pro Review

Interested in going directly to Leo Trader Pro’s site? Click here!

Ask anyone who has much experience in trading on the Forex market with an EA robot and many of them will quickly tell you at least one story about having purchased – or knowing someone who purchased – a Forex robot that turned out to be a complete dud, despite having a great flashy website and some decent looking backtesting numbers. Leo Trader Pro claims to very different, but is it really?

Overview of Strategy – If you can wade your way through the multiple pages of copy on the Leo Trader Pro sales site, and there is a lot of it, most of it devoted to why other Forex robots do not work, you discover that the Leo Trader Pro EA is powered by something called a neural network ( seven of them actually according to the developers) Neural network technology in artificial intelligence world is not new, it is a mechanical process that aims to replicate, using some rather compliance science that is beyond me, to mimic some properties of biological neural networks – that is a real brain. So technically a Forex robot programmed in this way should be able to “learn” all the time about market changes instead of relying hard programmed stats based on backtesting.

At the moment the Leo Trader Pro is only “trained” to work with the EUR/USD and GBP/USD currency pairs. Trading is based on the “neural networks” predictions but is mostly short term.

Backtesting – A huge part of the Leo Trader Pro sales pitch is that the EA cannot be backtested as it is based in part on the neural network process so technically the way it “thinks” today is different to the way it did yesterday so it can “learn from its mistakes”.

Instead the developers make a big deal (and I mean BIG deal) about offering anyone interested in their Forex robot the chance to monitor their real accounts by providing them with the account investor password, giving read only access to real time accounts, operating on the MT4 platform via a brokerage called FinnFX. If you go to the Leo Trader Pro sales pitch and have access to MT4 already the password is there for you to access the live version of the accounts.

All of this sounds great and is indeed a big step forward in transparency but if you do log on look at all the accounts, they are not all winners (not that you can ever always be a winner in Forex, even with the smartest robot in the world.)

I did find some other backtesting examples though, the most recent of which showed an average win of 14 pips/ $7.52 and an average loss of 123 pips/$71.40. It did have a record of 98% of shore trades won though, rather interesting to note to say the least. You can view the full results here.

Price : Were you not reading this review you would have to scroll through an awful lot of sales copy (sales copy that mainly trashes every other EA on the planet while hyping up Leo Trader Pro’s transparency) to find out that the asking price for this EA is $67.00, which is actually right in line with what a lot of Leo Trader Pro’s competition are charging these days.

My only concern though, as someone who likes to read through the popular Forex forums, is that there are a lot of complaints about a poor customer service experience, constant crashes and other bugs and one gentleman even suggests that his request for a refund under the 60 day guarantee was delayed deliberately until one day after the 60 trial period was up.

Conclusion: The transparency (or at least apparent) transparency behind Leo Trader Pro is refreshing, if a little over hyped on their sale’s page. Was it necessary to have a representative from their brokerage not only make a video attesting to the validity of the live accounts but to write an official letter as well? Well the developers seem to think so.

They also have footage of company reps appearing at the 2010 International Traders Expo in Las Vegas and conversing with some of the experienced Forex brokers there. So at least there is something of a face to the product.

I am not sure that Leo Trader Pro would be the best product for a Forex newbie as it is not a “set it and forget it” EA, but if you already have a bit of experience under your belt $67 is not a lot to risk to try a product that does indeed seem to offer the chance to get some pretty impressive results.

Interested in going directly to Leo Trader Pro’s site? Click here!

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