In this post I will review the Gold Pips Forex Robot which is a forex robot that runs in the MetaTrader 4 (MT4) trading platform and as the name suggests, trades on gold (XAUUSD).
In order to use this forex robot, you will need a trading account with a forex broker. 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.
Gold Pips Forex Robot Trading Strategy
Of course, as per the name the Gold Pips Forex Robot trades on gold (XAUUSD). You simply set it up on your MT4 trading platform and account in around 5-10 minutes then it can place and manage gold trades for you. The Gold Pips Forex Robot trades on average 8 times per day. Please be careful with the drawdown on this one as it seems to be using a potentially dangerous money management strategy that could cause large drawdowns and potentially a stop out / margin call. For that reason it is too risky for my trading style.
Gold Pips Forex Robot Back Testing
There are back tests on the Gold Pips Forex Robot official website over many years although they are not conducted with real trading conditions being taken into consideration so I would personally take them with a pinch of salt. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Gold Pips Forex Robot Live Results
Gold Pips Forex Robot Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee.