In this post I will review the FXAutoPips forex robot that has been developed to run in the MetaTrader 4 (MT4) trading platform which is freely available to download for Windows and MAC devices. There are also MT4 mobile apps but for the purpose of running expert advisors (EA’s), you will need to download the desktop MT4 platform which you can get from most online forex brokers.
I personally prefer to use an ECN forex broker as I find that they tend to have the lowest spreads and commissions along with superior trade execution speeds. This is primarily due to the fact they use multiple liquidity providers (LP’s) and thus have plenty of liquidity during most market conditions. 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.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
The FXAutoPips EA is fully automated which means that it requires no intervention from the user. You just need to follow the provided instructions for an initial 5-minute setup and the EA will run on the charts in your MT4 platform and analyse the markets for potential trading opportunities.
Once it spots them, it will place and managed trades on your behalf. This makes FXAutoPips suitable for traders of all experience levels although you must ensure that you have a clear understanding of the significant risks involved with trading online using any system.
Although a forex robot such as FXAutoPips can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider. In this FXAutoPips review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the FXAutoPips Forex Robot is something that you would consider using on your forex trading account.
FXAutoPips EA Trading Strategy
The FXAutoPips EA is based on an intraday trading strategy that has been developed to run on the USDCAD currency pair. Despite that, it does not trade very frequently. The developer states that the strategy used was inspired by scalping trading strategies but it is actually not a scalper EA.
FXAutoPips instead aims for more pips from a trade compared to scalpers which usually target a few pips per trade. It trades during the night time, waiting for the price to reach a certain range, which is calculated by the built-in algorithms.
The FXAutoPips EA is compatible with any MT4 broker although the lower the spreads and commissions the lower the overall trading costs can be. This is especially important for a trading robot that trades frequently, although that may not be an issue with this expert advisor as it is not so active compared to others such as the Forex Scalping EA.
The EA does not use martingale, but at the same time has a loss recovery mode, in case stop loss is reached. I think this is a very risky money management strategy that could end up with large positions in significant drawdowns.
It can be used as an additional EA in a trading portfolio along with other EAs, but it can also be used as a standalone EA on a trading account.
FXAutoPips EA Back Testing
The FXAutoPips EA website shows some back tests over a 7-year period. The back tests are only using 90% modelling quality which means they are not that accurate. They do not use real tick data, real commissions, variable spreads, swaps nor do they account for slippage. These are all things that can have a big impact on results so I would not really consider the FXAutoPips backtests as reliable. I would like to see the developer take the time to provide potential users with 99% modelling quality back tests which can be achieved by incorporating Birts TDS with the MT4 strategy tester. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA. 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.
FXAutoPips EA Live Results
The robot developer has shared a verified Myfxbook account showing some FXAutoPips results. However, the trading account has not been updated for a long time now which is disappointing. This means that we have no way to see how the FXAutoPips expert advisor has been performing in recent market conditions which have changed significantly since the account was last updated. I think there is plenty of room for improvement here. If you are looking for a forex robot that has up to date verified results, then you may want to consider the Forex Flex EA as an alternative option instead. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FXAutoPips EA Summary
Overall, I would personally skip the FXAutoPips software and look for an alternative forex robot. The drawdown shown by the FXAutoPips EA makes me feel uncomfortable and it probably does not trade frequently enough for most traders. Not to mention the backtest quality is poor and the verified Myfxbook account has not been updated in years. There are just too many red flags from my point of view.
The FXAutoPips comes with instructions, dedicated support, free updates and a money back guarantee. You could always try it on a demo account to see if the results live up to your expectations. Just keep in mind that demo trading account conditions can vary greatly from a real live trading environment. I have certainly seen better forex robots in the many years I have been studying them. You can see alternative options in my forex robot reviews if you are looking for some inspiration.
- Customisable Settings
- Fully Automated Forex System
- Verified Results Provided
- Full Support
- Detailed Instructions
- Free Updates
- Backtests Available
- Money Back Guarantee
- Limited Currency Pairs
- Limited Backtest Quality
- Results Not Updated
- Poor Money Management
- High Drawdowns
- Poor Verified Performance
- MetaTrader 4 Only
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.