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 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.
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.
The developer has kindly shared a trading account running the FXAutoPips EA. All the statistics are verified by the well-known third-party company Myfxbook. At the time of me writing this FXAutoPips Review, the account is showing around 600% in gains although the drawdown is very high at around 50%. This would personally put me off completely as I wouldn’t want to use a system that could lose up to 50% or more as I would expect sounder money management.
FXAutoPips Trading Strategy
FXAutoPips is based on an intraday trading strategy. 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 around 14 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 minimum deposit according to the developer is $26 using 0.01 lots. It works on USDCAD currency pair. The EA does not use martingale, but at the same time has a loss recovery mode, in case stop loss is reached. FXAutoPips does not trade often, but when it does, the EA has a decent win rate based on historical performance. 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 with very impressive results over a 7-year period. The gains are huge but so is the relative drawdown, backing up what I said earlier regarding the verified Myfxbook account. Another thing about the back tests is that they 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.
FXAutoPips Live Results
Overall, the FXAutoPips EA can generate some decent gains if the historical results are anything to go by. Despite that, the drawdown 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. The FXAutoPips comes with instructions, dedicated support, free updates and a money back guarantee.