In this post I will review the FXAutoPips forex robot that has been developed to run in the MetaTrader 4 (MT4) trading platform which is freely available to download for Windows and MAC devices.
There are also MT4 mobile apps but for the purpose of running expert advisors (EA’s), you will need to download the desktop MT4 platform which you can get from most online forex brokers.
I personally prefer to use an ECN forex broker as I find that they tend to have the lowest spreads and commissions along with superior trade execution speeds. This is primarily due to the fact they use multiple liquidity providers (LP’s) and thus have plenty of liquidity during most market conditions.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
FXAutoPips is fully automated which means that it requires no intervention from the user. You just need to follow the provided instructions for an initial 5-minute setup and the EA will run on the charts in your MT4 platform and analyse the markets for potential trading opportunities.
Once it spots them, it will place and managed trades on your behalf. This makes FXAutoPips suitable for traders of all experience levels although you must ensure that you have a clear understanding of the significant risks involved with trading online using any system.
FXAutoPips Trading Strategy
FXAutoPips is based on an intraday trading strategy that has been developed to run on the USDCAD currency pair. Despite that, it does not trade very frequently. The developer states that the strategy used was inspired by scalping trading strategies but it is actually not a scalper EA.
FXAutoPips instead aims for more pips from a trade compared to scalpers which usually target a few pips per trade. It trades during the night time, waiting for the price to reach a certain range, which is calculated by the built-in algorithms.
The FXAutoPips EA is compatible with any MT4 broker although the lower the spreads and commissions the lower the overall trading costs can be
The EA does not use martingale, but at the same time has a loss recovery mode, in case stop loss is reached. It can be used as an additional EA in a trading portfolio along with other EAs, but it can also be used as a standalone EA on a trading account.
FXAutoPips Back Testing
The FXAutoPips EA website shows some back tests over a 7-year period. The back tests are only using 90% modelling quality which means they are not that accurate. They do not use real tick data, real commissions, variable spreads, swaps nor do they account for slippage.
I would like to see the developer take the time to provide potential users with 99% modelling quality back tests which can be achieved by incorporating Birts TDS with the MT4 strategy tester.
It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
FXAutoPips Live Results
The drawdown shown by the FXAutoPips EA makes me feel uncomfortable and it probably does not trade frequently enough for most traders. I have certainly seen better forex robots in the many years I have been studying them. You can see alternative options in my forex robot reviews.
The FXAutoPips comes with instructions, dedicated support, free updates and a money back guarantee.