Harmonics Trader Review: Scam Or Way of Profit?

Harmonics Trader Review: Scam Or Way of Profit?

Thanks for reading this Harmonics Trader review. This product is one of the most interesting technical systems in the marketplace right now.

Harmonics Trader, also known as Harmonics Trader Ultimate or HT Ultimate is an expert advisor that trades Harmonic patterns on the Forex market.

The developer of this trading system is known as Walter, and appears to be running a company called WaltSoft.

They can be contacted using an email which they have provided on their site. This is in addition to their Skype contact name, harmtrad, which is published on the website for everyone to see. This vendor is not offering phone support though.

Looks like the above communication methods is most preferred than phone communication since the vendor insists that people should first read their FAQ page before making contact with them. The whereabouts of this company is not known.

Harmonics Trader review: what we know so far

The developer claims that since they first released this trading system, they’ve been constantly working on it to improve its performance.

They claim that this expert advisor has been using ZUP indicator to help locate the patterns as they emerge in the Forex market.

They labeled it the 2 series, and now they also have the 3 series which focus on trades right after the close of candles.

Now, as time went by, they decided to completely revamp this expert advisor so that it would not be dependent on the ‘ZUP indicator’.

They wanted Harmonics Trader to trade the ‘C point’ which the ZUP indicator couldn’t do. So this is apparently one reason why they wanted to develop the trading system from scratch again.

As time went by, this vendor introduced the 4th series of the Harmonics Trader. This one works on the 1 hour time frame, and trades  EURUSD, AUDUSD and USDJPY pairs.

According to this developer, this trading system uses ‘C-D leg pattern’, which in the eyes of this developer, is the best trading pattern to use in this case.

Besides, the developer claims that the algorithm which is being used to search for patterns is unique across the 3 pairs mentioned above. To make things even more precise, the size of patterns for individual currency pairs are also taken into account according to the behavior of those pairs.

Just to give us a clue of the kind of things that happen for each one of the 3 pairs, the developer decided to publish the exact patterns for the 3 pairs.

The developer uses fancy names when referring to the patterns used to trade each of the pairs. For instance, they talk of The Gartley, Butterfly, Shark, New CypherCrab, Bat, Navarro 200, Leonardo patterns. However, the list doesn’t end there yet since there are dozens of patterns that this developer is supposedly using to trade the 3 pairs. We are not able to mention all of them in this review.

In our opinion, these fancy names give the impression that Harmonics Trader expert advisor is a sophisticated trading tool. We are not sure if those names can be converted to real Forex profits. Thankfully, this is something we should see on the performance history of this trading system. The good news is that they already have 3 myfxbook accounts which should give us some insights on the operations of those patterns.

Generally, Harmonics Trader has been in operation for a fairly short time now. The first Myfxbook account was registered in April 2017. The other two were registered in July 2017. However, a 3-year back-test is available too.

The strategy of Harmonics Trader

The name of this software pretty sums up its strategy. It simply uses Harmonic price action patterns to trade the Forex market.

Just in case you are not familiar with this trading strategy, you should know that Harmonic patterns hold the idea that market activities are correlated to each other by the proportion of their movements. Through these movements, harmonic figures can be deduced.

One of the most popular patterns can be seen in the image below. This pattern shows us 4 solid lines, which are the price action of this formation. The traces are measurements of the proportion. According to the rules of Harmonic pattern trading, when such a pattern forms, a bearish move is always expected.

harmonic pattern

But this is just one of the patterns that a Harmonic trader would want to master and act upon. There are several dozens of other patterns which a Harmonic Trader relies on so that the trader should not waste their time learning all of them at once.

Now, this expert advisor used to rely on the ZUP indicator. But like we mentioned earlier, the developer improved the original version and now the new version of the Harmonic trader EA uses a proprietary approach.

When we look at the recent history of events, we see that this trading system has been relying on this style of trading to open and close trades. Most trades are also opened and closed pretty close to one another. However, this does not mean that the Harmonics Trader EA is similar to a Martingale or a Grid trading system.

This EA trades 3 currency pairs, and EURUSD is one of them. As you may have known, this currency pair doesn’t suffer from liquidity issues. This means that slippage won’t be an issue when you use this robot.

Trade history

There are 3 myfxbook accounts here. Let us start with the first one which tracks the performance of this EA while trading the EURUSD.

harmonics trader EA eurusd testing

At the time of writing this Harmonics Trader Review, this account had grown by +69%. The DD was at 20%. But the growth curve was somehow heading downwards after plateauing for some time.

Testing was carried out between the months of April and September this year. This is a significantly long time to test a robot and see whether or not it can work in the long term.

However, we are not pleased by the fact that this equity curve lost momentum, and is looking to increase the Draw down of this software after holding a long phase of relatively good performance.


The other two myfxbook accounts have lost terribly as the overall gain is in the negative zone. To be price, this figure is at -3.86%. The draw down is at -12%. Meanwhile, the equity curve failed to take off on a good note. It instead went on a zig zag pattern, indicating that the this robot does not work well with the other pairs.

Pharmonics pattern EA myfxbook account


At the time of writing this review, this expert advisor was retailing at $299. With this amount, traders can get a license and lifetime updates too. On top of this, there is a 30-day money back guarantee. We cannot promise you whether or not you will be able to get your money back if you ever placed that request.

Also, as to whether or not this is a steep price, we can only state that this is a highly objective matter. One may say it’s expensive while the other person may think it’s cheap.

But just in case you’re among traders who want to spend less than $299 on an expert advisor, then this list will suffice.

Our best advice for you

The choice is yours to make. But generally, we don’t feel comfortable with the Harmonics Trader EA especially when we realized that it wasn’t profitable with other pairs and that the equity curve for the EURUSD was showing signs of descending.

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