In this post I will be reviewing the very popular Million Dollar Pips Forex Robot. This forex robot went viral a few years ago not just due to great marketing but also due to its very profitable trading results on verified MyFxBook accounts. Many users were making a lot of pips with this automated forex trading system and provided you use it correctly with a reputable and regulated ECN forex broker then that could still apply today. The MyFxBook verified account is no longer updated but during the time it was being updated the results were very impressive. I am not sure exactly why the developer stopped publishing the results but you can see the trading statistics in this review.
Million Dollar Pips Trading Strategy
The Million Dollar Pips Forex Robot trades on 1 minute EURUSD charts which gives low spreads and plenty of liquidity as this is one of the major currency pairs with a significant volume of traders. The developer claims it can make up to 50% in just a few weeks and these claims are semi backed up by forward tests (albeit on demo) that made over 26,000% in around a 5 year period. Those stats are crazy and hard to believe but although it was only a demo account, the conditions for trading the EURUSD currency pair are favourable on many ECN forex brokers.
Million Dollar Pips Back Testing
There are some very impressive back tests published on the website. Shockingly, the modelling quality is only a poor 25%. The industry standard should be 99% modelling quality with tick data, real spreads and real commission in my opinion. Therefore not much of a conclusion can be drawn from these back tests but at least there are live results to confirm the performance. Also, the back tests do not show the spread which is strange. Any scalper system like this one relies heavily on spreads so if back testing was done with 0 spreads (just saying) then of course the results will be much more impressive than they would be testing with real spreads. That being said, the win percentage is around the 70% mark and the equity curve a thing of beauty!
Million Dollar Pips Live Results
Million Dollar Pips Summary
Like all forex robots, Million Dollar Pips is completely set and forget. It is developed to run on the free MetaTrader 4 trading platform and comes with setup instructions for a quick and easy 5 minute installation. You will need to leave your computer/laptop running in order for Million Dollar Pips to enter/exit trades (and hopefully make profit!) or you can run it on a virtual private server (VPS). Again, it is a shame the forward test was stopped as it was doing well and up overall (huge gains!) despite hitting a rough patch. Perhaps the developer decided to trade it live and to themselves but either way it is still available for purchase and comes with a 30 day money back guarantee if you are curious to try it out! Visit the Million Dollar Pips website and see some very impressive back/forward tests and get more information on this forex robot.