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). The Gold Pips Forex Robot has historically on back testing in the mt4 strategy testing performed well over many years, including through the financial crisis. The back tests are not enough to decide on whether a forex robot is good or not especially when real tick data, real spreads, real commission and real slippage is not used – as is the case with the Gold Pips Forex Robot. I would have liked to have seen more reliable back tests using Birts Tick Data Suite. In saying that, the developer has provided a verified FX Blue account that has shown gains of around 5% per week albeit on a demo account – again, not reliable enough to make a fair judgement as a live account would have been much better to evaluate the Gold Pips Forex Robot’s performance.
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 than let it place and manage gold traded for you. Juts make sure that you set a sensible lot size and use an ECN forex broker for the best possible trade conditions. The Gold Pips Forex Robot trades on average 8 times per day with a win rate around 60%. Please be carful 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.
Gold Pips Forex Robot Back Testing
There are no 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.
Gold Pips Forex Robot Live Results
Gold Pips Forex Robot Summary
Overall, there is not enough data, especially a real live verified account to say that the Gold Pips Forex Robot is a good solution. There are other forex robots that trade XAUUSD (gold) that have a proven track record although the Gold Pips Forex Robot does come with full support and a money back guarantee I would personally proceed with caution.