In this post I will be reviewing the subtly named Forex Million Pound Robot which is a fully automated forex trading system developed to run in the free to download MetaTrader 4 (MT4) trading platform as per most forex robots. It does not require any manual trading and comes with detailed instructions for a quick and easy 5 minute setup thus making it suitable for beginner traders. Despite the Forex Million Pound Robot having a vast array of different inputs that can be changed, it can be used on the EURUSD 15 minute charts with the default settings. Just make sure you adjust the lot size to a suitable amount depending on your trading style. Obviously some traders are more conservative whereas others will be more aggressive so adjust risk accordingly.
Forex Million Pound Robot Trading Strategy
The Forex Million Pound Robot trades during hours of low volatility on the EURUSD 15 minute charts. What I like about trading this particular “major” currency pair is that there is usually always plenty of liquidity thus decent execution at the best possible prices and low spreads. This can save on trading costs and for the best possible performance I would be using an ECN forex broker as I would with ANY forex trading system whether it be fully automated or manual.
Forex Million Pound Robot Back Testing
We do have a detailed back test on the official Forex Million Pound Robot website although the modelling quality is 90% and I would have personally preferred 99% using tick data, real spreads & real commission for more accurate results with Birts Tick Data Suite, as per Forex Robotron. That being said, the back test on the EURUSD 15 minute chart over around 7 years testing.
Forex Million Pound Robot Live Results
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Forex Million Pound Robot Summary
Overall, this forex robot can analyse currency pairs and place trades for you but it does have some limitations. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA. It does come with instructions, support and a money back guarantee. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.