In this post I will be reviewing the subtly named Forex Million Pound Robot which is a fully automated forex trading system developed to run in the free to download MetaTrader 4 (mt4) trading platform as per most forex robots. It does not require any manual trading and comes with detailed instructions for a quick and easy 5 minute setup thus making it suitable for beginner traders. Despite the Forex Million Pound Robot having a vast array of different inputs that can be changed, it can be used on the EURUSD 15 minute charts with the default settings. Just make sure you adjust the lot size to a suitable amount depending on your trading style. Obviously some traders are more conservative whereas others will be more aggressive so adjust risk accordingly.
Forex Million Pound Robot Trading Strategy
The Forex Million Pound Robot trades during hours of low volatility on the EURUSD 15 minute charts. What I like about trading this particular “major” currency pair is that there is usually always plenty of liquidity thus fast execution at the best possible prices and low spreads. This saves on trading costs and for the best possible performance please make sure that you are trading using a regulated true ECN forex broker as you should be with ANY forex trading system whether it be fully automated or manual. The last thing you want to be doing is using a dealing desk market maker that takes the opposite side of the trade to you, why would they possibly let you win!
Current real verified by myfxbook results are showing that the Forex Million Pound Robot has had almost 100% in automated gains in a few months with relatively low drawdowns and a win rate around 70%. This is a great start although it would be interesting to know if it continues this way so make sure that you check the latest results at the time you are reading this review to see if the initial impressive performance has continued. The risk to reward ratio is 1:1 with the stop loss and take profit 20 pips, the profit factor is good north of 2. I feel we would need more data to draw a more detailed conclusion although on the face of it, the logic behind the Forex Million Pound Robot makes sense and provided the trading conditions on your broker are right, it can make profit.
Forex Million Pound Robot Back Testing
We do have a detailed back test on the official Forex Million Pound Robot website although the modelling quality is 90% and I would have personally preferred 99% using tick data, real spreads & real commission for more accurate results with Birts Tick Data Suite, as per Forex Robotron. That being said, the back test on the EURUSD 15 minute chart shows profits over 1.7 million generated from a modest deposit on around 7 years trading.
Forex Million Pound Robot Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Million Pound Robot Summary
Overall, whilst having great potential primarily due to the way it has started trading live, the back test and logic behind the trading system it incorporates, the Forex Million Pound Robot does have huge potential. However, it is too early as I write this review to draw a complete conclusion so make sure you keep track of my best forex robots page to see where it is standing in the rankings. It does come with full support, detailed instructions and a money back guarantee.