Range Trader Phase Two (by Peter Parsons of FellowTraders.com) is a "black box" expert advisor script (EA) for Meta Trader 4 that automates an average of 24 trades per day.

Claiming to have a 94% success rate while running unattended, this fx trading system can allegedly turn anyone's PC into a "cash machine" just by leaving it on all day. They also claim that Range Trader Phase Two can consistently earn 15% a month on trading capital.

So if you let Range Trader handle $100,000 it can apparently make you a tidy $15,000 monthly profit.

(Does the word "bullcrap" emphatically leap to mind for you as well?)

Let's see if these guys can actually put their money where their mouth is...

Range Trader At a Glance:

The "box image" displayed above is the property of FellowTraders.com and its respective owners.

What It Claims to Do:

Range Trader phase two (RTP2) apparently makes profiting from the forex market as simple as turning on your computer, opening up Range Trader and Meta Trader 4, and then letting "RTP2" identify winning trades, setting appropriate stop-loss protection and other settings to ensure smooth, uphill sailing all day long...

...while you sleep, drive your fancy cars, lie around on your yacht, sip martinis, etc.

More specifically, here's a paraphrased breakdown from their website:

• Calculates Trade size from account balance automatically.

• Will compound Trade size as account balance grows.

• Places all pending Trade grids automatically (up to 200)

• Every trade has attached protective stop

• Calculates new Range every day and Transitions Trades accordingly.

• Automatically replaces exited Trades when required.

• Uses a series of Trade grids spread over a Daily Trading range to capture both trending and Re-tracement trades.

• Now designed to Trade the top currency pairs (particularly effective with EUR/USD)

• Client side processing reduced. FellowTraders servers process the data needed to calculate each Days Trading Range.

So what's the deal - Range Trader sounds wonderful.

Why the low rating?

Well, RangeTrader sounds like the ultimate trading system - but read the next section to see how well the rubber performs when it meets the road for most traders...

What It Actually Does:

While Range Trader isn't a scam or anything - it is in fact an EA script for MetaTrader 4, complete with documentation and everything else - it's clear from a number of actual consumer reviews across the web that the results are scattered, sporadic and inconsistent.

Some people saw some positive results for a while, only to see their capital quickly go fleeting out the door on the next "automated" trade. Others simply saw their own test results in their demo account and instantly decided to stay away because of its inconsistency.

The aggregate, unbiased opinion of its users who've spoken about it in forex forums is that Range Trader is either no longer applicable (old system), or it's being sold as an incomplete, unfinished automated trading system & EA.

Conclusion:

Range Trader has a bad reputation with the results to boot.

You're more than welcome to try it out - keep in mind that it has produced results for a small handful of users (according to our online research) - but almost everyone who's used it has openly warned others to stay away.

Our suggestion is that if you do try it - become very good friends with your demo account for an exceptionally long period of time before using Range Trader for your real trades.

It seems like Range Trader has potential, judging by the way they've attempted to build their system. Hopefully in the near future we'll see a polished version.

Until then, we see our top-rated forex trading system software instead.

Or if you don't like using EA scripts, then check out the Forex Trading Machine methods.

The "box image" displayed above is the property of FellowTraders.com and its respective owners.

You can download your own copy of Range Trader here >>