Forex Pip Shooter trades on multiple currency pairs and aims to provide a 10-50% profit each year with a 0.01-0.05 lot size. The algorithm regulates its trading parameters once it realizes that there is an opportunity available in the market. There is a reserved area on the website where the developer explains how to perform the installation of the product.
Is investing in The Forex Pip Shooter a good decision?
There are no backtesting records that we could use to see if the algorithm has a sound performance on the historical data. The developer is not clear on their experience in the market nor provides clear details on their whereabouts and contact.
Company profile
As mentioned before, the author does not provide us with any information on their whereabouts or experience in the market and coding. There are no certificates available on the website that could highlight their portfolio. The only way to contact them is through a form available on the page. They claim to have the support present 24 hours a day.
Main features
The robot comes with the following main features:
- The robot comes with 24/7 support.
- It uses advanced analysis technology.
- There is a pipshooter technology to observe the market.
- Maximized diversification for safety.
To install the EA, use the following steps:
- Purchase the system from the developer at the website
- Login to your MetaTrader account at the platform
- Download the robot in the experts’ folder
- Attach the EA to charts to start trading
Strategy
The developer states that the EA trades on 28 currency pairs and uses technical analysis based on hyper-controlled market parameters. It scans the market throughout the day, opening and closing many positions. From the history present on the live records on Myfxbook, we can observe that the robot uses a high stop loss and a small take profit for each trade. This gives us a negative risk-reward ratio for trades with an average holding duration of 5 days.
Price
The robot is available for an asking price of €800 for 1 real or 1 demo account. There are no renting options open for now, and there is no money-back guarantee present. The developer states that traders should use the broker of their choice for the system to work properly.
Trading results
There are no backtesting records available for the robot. We do not know how the system performed for the historical data without any detailed performance.
Verified trading records are available on Myfxbook. We have a performance from December 09, 2020, till the current date. The system made an average monthly gain of around 1.62% during the period, with a drawdown of 9.34%. The downside value shows us that while trading the EA requires to risk $9 to make $1.
The winning rate stood at 73%, with a profit factor of 2.29. The best trade was €19.35, while the worst was -€13 in 158 trades.
Customer reviews
There are no customer reviews present on Forex Peace Army or Trustpilot that could be used to gauge the market’s viewpoint. Lack of proper feedback shows that no traders have currently purchased the product.
Is The Forex Pip Shooter a viable option?
Advantages
- Live records are available
Disadvantages
- High asking price
- No backtesting statement
- No transparency on developers
Summing up
Forex Pip Shooter has a high stop loss on trades with small take profit. The algorithm requires to risk a high amount of money to make profits. There is no detailed backtesting statement available, and the developer is not transparent on their market experience.
