Range Trader Phase Two authored by Peter Parsons (from FellowTraders.com fame) can be described as a "black box" Expert Advisor script (EA) for Meta Trader 4 which can automatean average of 24 trades per day.

It claimsa 94% success rate, even while it runs unattended and further claims to turn your PC into a 'cash machine' simply by leaving it running all day long. The creators also statethat Range Trader Phase Two is capable of consistently earning 15% per month just on trading capital.

Thus, if you were to allow Range Trader to handle $100,000, you should be able to make an easy profit of $15,000 monthly.

(I'm thinking 'bull crap'... how about you?)

Well, let's see if Peter Parsons can really put his money where his mouth is...

Range Trader Rating:

What Range Trader Claims To Do:

They claim that Range Trader Phase Two (RTP2) makes profiting from Forex trading as simple as starting up your PC, opening Range Trader and Meta Trader 4, and then allowing "RTP2" to spot winning trades, set suitable stop-loss protection - as well as other settings - while you sit back, relax and play solitaire or make tequila slammers...

Here's a simplified breakdown of info from their website: RTP2 will apparently…

• Automatically calculate trade size from your account balance
• Compound trade size as your account balance grows
• Automatically place all pending trade grids (up to 200)
• Ensure every trade has an attached protective stop
• Calculate a new range each day and transitions trades as a result
• Automatically replace exited trades as and when required
• Use a series of trade grids - that are spread over a daily trading range - in order to capture any trending and re-tracement trades that may arise
• Trade the top currency pairs, which is particularly effective with EUR/USD
• Reduce client side processing. 'FellowTraders'servers process the data required to calculate every day's trading range.

Range Trader sounds great! So what's going on?

Why such a low rating?

Because, while Range Trader appears to be the last word in trading systems, you need to read the next section to judge how well the rubber actually performs when it meets the metaphorical road for the majority of traders...

What Range Trader Actually Does:

While Range Trader is not a scam or a con -it is in fact justan EA script for MetaTrader 4, complete with the rightdocumentation and everything else it should have - it's apparentfrom a number of realconsumer reviews across the 'net that the results it gives are scattered, irregular, unpredictable and inconsistent.

There were some consumers who did see a positive result for a time, but they then saw their money flying out the window with their next 'automated' trade. Several others used the demo account and on seeing the negative results, chose not to take it any further. Their main issue was the inconsistency of the results.

The average, impartial opinion from users who have discussed it in severalForex forums is that Range Trader is out of date or it's simplybeing sold as an incomplete package with unfinished automation on the trading system andEA.

Conclusion:

Range Trader has a poor reputation and the results of trials confirm that rep is justified.

You don't need to take our word for it; give it a try yourself, but remember that it only worked well for a very small number of traders according to our research. The vast majority of users have openly and freely warned others to steer clear of it.

If you do choose to try it, we suggest that you take full advantage of the demo account and try it out for a long, long time before you use Range Trader for real trades.

It appears that Range Trader could have potential if its authors can come up with a much better polished version.

Until that happens, take a look at our highest rated software for forex trading instead.

Alternatively, if you don't enjoy using EA scripts, then take a look at the Forex Trading Machine method.