In this post I will be reviewing the Forex Pip Shooter fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) trading platform. MT4 is free to download from most forex brokers across the globe. You can start with a demo trading account to test Forex Pip Shooter before switching to a real trading account once you feel comfortable to do so.
Forex Pip Shooter combines multiple different trading styles within its automated system and thus, this gives it great diversity. It also trades on multiple currency pairs with the developer recommending AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD based pairs. I would personally trade the major currency pairs that include EUR, GBP and USD due to the fact these tend to have the highest trading volume and thus more liquidity for execution at the price that I want. This can help me save on trading costs.
For optimal performance with Forex Pip Shooter or any forex robot I would prefer to use an ECN forex broker as I find they have lower spreads and less slippage. These factors can be the difference between a winning and losing trading system from my experience.
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.
Forex Pip Shooter Trading Strategy
The Forex Pip Shooter EA incorporates support and resistance with the developer stating there are around 50 trades per day on average. It uses breakouts, rebounds and correlations for its trading decisions. Support and resistance levels when marked correctly can be useful as many traders tend to use them, including some of the big players such as banks.
I think that 50 trades per day is slightly overkill as this increases risk exposure in my opinion. I would only want a few trades open and the same time and would limit this from the Forex Pip Shooter settings whilst also ensuring I am using a suitable lot size in the case that multiple trades are open at once so as not to over leverage my account and use up all my free margin. Trading the most profitable pairs only would also help me limit my risk exposure.
Being a forex robot that is fully automated, the Forex Pip Shooter EA will open, manage (stop loss, take profit) and close trades on your behalf. You simply set it up on your MT4 trading platform using the provided instructions and let it do the work for you. Just make sure you keep a keen eye on how it is performing and that you are aware of the significant risks involved with online trading.
Thankfully, Forex Pip Shooter claims not to use any dangerous money management systems such as martingale which would increase lots after a loss and can create a margin call / stop out if you are not careful! However, looking at the Forex Pip Shooter results, you will see that it is holding onto losing positions which is causing big drawdowns and could eventually lead to a margin call and blown account. Therefore, I think there is certainly room for the developer to improve the money management of this expert advisor.
Forex Pip Shooter Back Testing
There are no back tests on the Forex Pip Shooter website and if there were, I would suggest the developer uses Birts TDS for the most accurate back testing conditions possible within MT4. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester.
Without any backtest results, we cannot get an idea of how the Forex Pip Shooter robot may have performed based on historical data which is disappointing. I am also concerned to why the developer has not bothered sharing any backtests as I think this is a vital aspect for a trader to consider when choosing any forex robot. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Forex Pip Shooter backtests 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.
Forex Pip Shooter Live Results
It is good to see that the developer has provided us with a Forex Pip Shooter Myfxbook verified account where we can see the latest Forex Pip Shooter results. This can be a good way for you to get an idea of how a forex robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving. I think that the Forex Pip Shooter results show it is using dangerous money management simply due to the fact that it is holding onto losing positions in the hope that they will eventually turn around. The problem here is that if they do not, the drawdown can become unsustainable and cause the account to get wiped out. Therefore, this is too risky a trading robot for my personal taste. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Pip Shooter Summary
Overall, I would probably skip this Forex EA. Whilst the sales page looks very slick and the trading algorithm implemented along with the portfolio diversity seems impressive on the surface, I am slightly disappointed at the lack of a real verified trading account for us to follow the Forex Pip Shooter trading performance. I also would like to see the developer provide some back tests to give us an idea of historical performance across different financial instruments and chart timeframes. I would personally proceed with caution if at all. I have conducted many forex robot reviews and there are other alternative automated trading options. That being said, Forex Pip Shooter includes the EA, full support, members area, demo and real account licenses, updates and a money back guarantee.
Forex Pip Shooter EA
$299
Pros
- Verified Results Provided
- Multiple Currency Pairs
- Support & Resistance Analysis
- Fully Automated Forex System
- Customisable Settings
- Detailed Instructions
- Full Support
- Free Updates
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- No Backtests
- Potentially High Drawdowns
- Poor Money Management
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
