In this post I will review the Gold Pips Forex Robot which is a forex robot that runs in the MetaTrader 4 (MT4) trading platform and as the name suggests, trades on gold (XAUUSD). In order to use this forex robot, you will need a trading account with a forex broker. 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. In this Gold Pips Forex Robot 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 this trading software is something that you would consider using on your own trading account.
Gold Pips Forex Robot Trading Strategy
Of course, as per the name the Gold Pips Forex Robot trades on gold (XAUUSD). You simply set it up on your MT4 trading platform and account in around 5-10 minutes then it can place and manage gold trades for you. The Gold Pips Forex Robot trades on average 8 times per day. Please be careful with the drawdown on this one as it seems to be using a potentially dangerous money management strategy that could cause large drawdowns and potentially a stop out / margin call. For that reason, it is too risky for my trading style. I would much prefer a trading robot that uses a tight stop loss to cut losing trades short and look to lock in good trades at breakeven point then use a trailing stop on the position to try and make the most out of each market move.
Whilst the Gold Pips Forex Robot is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the Gold Pips Forex Robot settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the Gold Pips Forex Robot settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Gold Pips Forex Robot software, then you may want to do so on a demo account to begin with and see how things go.
Gold Pips Forex Robot Back Testing
There are back tests on the Gold Pips Forex Robot official website over many years although they are not conducted with real trading conditions being taken into consideration so I would personally take them with a pinch of salt. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This 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. These are all very important factors that can have a huge impact on the results of any trading strategy. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Gold Pips Forex Robot Live Results
The robot developer has shared a verified Myfxbook account showing some Gold Pips Forex Robot 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 Gold Pips expert advisor has been performing in recent market conditions which have changed significantly since the account was last updated. You will also see from the published statistics that the robot had a good start but ended up with a significant downward curve which perhaps shows that it could not adapt very well to differing market conditions. I think there is plenty of room for improvement here, especially when it comes to money management. 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.
Gold Pips Forex Robot Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste, as you can see from the large drawdowns on the Gold Pips Forex Robot account shared by the developer. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support 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.
Gold Pips Forex Robot
$159
Pros
- Gold Trading Robot
- Any Trading Broker
- Detailed Instructions
- Full Support
- Money Back Guarantee
- Free Updates
Cons
- MetaTrader 4 Only
- Results Not Updated
- Limited Backtest Quality
- Risky Trading Strategy
- High Drawdowns
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.
