In this post I will review the interestingly named FX Seven Pips automated forex trading system for the ever popular and free to download MetaTrader 4 (mt4) trading platform for Windows and MAC computers. For those of you who may not be aware, FX Seven Pips is an EA (expert advisor) that will place and manage trades on behalf of the user. It will analyse the markets 24 hour a day looking for potential trading opportunities based on its built-in trading algorithm. Thus, it is a completely set and forget trading system which are popular choices amongst those who do not have the time nor experience to trade manually. Setup instructions are included for those who are unfamiliar with loading forex robots on the mt4 charts and the developer even offers a free EA installation service if required.
FX Seven Pips Strategy
I am not sure why this robot is called FX Seven Pips when the average winning trade is around 9 pips. It trades on the USDCAD currency pair. The developer recommends a balance of at least $100 when using the FX Seven Pips EA and also a minimum lot size of 0.01 – most forex brokers will have minimum requirements around these value in any case. That being said, you should only ever trade with what you can afford and not what anyone else tells you to! The FX Seven Pips robot works with default out of the box settings so no need to play around too much with the settings, simply enter your desire lot size. However, the more experience traders amongst you may wish to create customised set files for specific pairs and timeframes by optimising the EA in the mt4 strategy tester. I would certainly use Birts Tick Data Suite if choosing to do so.
To their credit, the developer has shared a real verified by FX Blue trading account, the only problem is that the FX Seven Pips EA is actually losing after a few months of trading at the time of me writing this review. There is a floating loss that is around 50% of the account balance which makes me believe this is a risky EA. The average win is less than the average loss and thus giving a poor risk to reward ratio. I could go on but I don’t think there is any need to! Of course, losing weeks even months can be a part of trading but the statistics do not personally fill me with confidence. Perhaps check back on the FX Seven Pips EA website and see how things are going following you reading this review.
FX Seven Pips Back Testing
The FX Seven Pips EA website does not have any back-test results. Whilst these are not always accurate, they can certainly give potential users an idea of the type of trading strategy involved and a rough guide to historical performance.
FX Seven Pips Live Results
FX Seven Pips Summary
Overall, I would personally not use the FX Seven Pips EA. No disrespect to the developer as no doubt they have put some time and effort into programming this forex robot it is just that I do not see statistics or results that fill me with confidence. I do not mean to be harsh but there is certinaly a lot of room for improvement. There are many other forex robots to choose from that have been performing for sustained periods of time and with more sensible money management. The EA does however come with full support, instruction and updates but there is no mention of a money back guarantee.