In this post I will be reviewing the Million Dollar Pips Forex Robot. It is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. The Million Dollar Pips EA can place and manage trades on behalf of the user. 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. This forex robot makes all sorts of bold claims but shows nothing to back them up. The website has also not been updated for many years so I am quite surprised to see the robot is still being sold. There are no accurate back tests or real verified results which is another red flag. That being said, in this Million Dollar Pips review, we will take a look at how it works and what information we do have on its performance. Hopefully this will help you decide if it is a forex robot that you would consider using on your trading account. Hint, I wouldn’t, for reason that I will outline within this review.
Million Dollar Pips Trading Strategy
Like all forex robots, Million Dollar Pips is completely set and forget. It is developed to run on the free MetaTrader 4 trading platform and comes with setup instructions for a quick and easy 5-minute installation. You will need to leave your computer or laptop running in order for Million Dollar Pips to enter and exit trades or you can run it on a virtual private server (VPS). A VPS can be a very handy way to remotely run all of your automated trading systems around the clock without needing your own computer switched on.
The Million Dollar Pips Forex Robot trades on 1-minute EURUSD charts which can give low spreads and plenty of liquidity as this is one of the major currency pairs with a significant volume of traders. It is a strategy that relies on making a small amount of pips and thus is can be very broker dependant. I would certainly only use an ECN forex broker for such a strategy.
When it comes to automated forex trading systems, IC Markets are one of my top brokers as they tend to have tight spreads and deep liquidity pools which mean that you can get trades executed at the best possible prices at all times. However, the fact that the Million Dollar Pips robot is so broker dependant is a let-down to me personally. You will probably notice a huge difference in results depending on your broker and account type.
Of course, the developer has only provided backtests with poor modelling quality and artificial spreads to cover up the fact that the Million Dollar Pips EA is so broker sensitive. If you are determined to see what it is about and give it a go, then I feel that a forex broker with low fixed spreads and no commission fee would be most beneficial. Even then, I would not be that confident in how the EA would perform.
Million Dollar Pips Back Testing
There are some back tests published on the Million Dollar Pips website. Shockingly, the modelling quality is only a poor 25%. The industry standard should be 99% modelling quality with tick data, real spreads and real commission in my opinion. Therefore, not much of a conclusion can be drawn from these back tests. Also, the back tests do not show the spread which is strange. Any scalper system like this one relies heavily on spreads so if back testing was done with 0 spreads (just saying) then of course the results will be much more impressive than they would be testing with real spreads. If commission was also included along with slippage, the back-test results could look a lot different, and not in a good way. Then you need to consider how the Million Dollar Pips backtests have only been conducted over a few years and have not been updated in many. We have no way to verify the recent performance of this forex robot and therefore, another reason why I would look elsewhere.
Million Dollar Pips Live Results
If the lack of Million Dollar Pips was disappointing, then the fact there are no real verified accounts showing the latest Million Dollar Pips results is even more so. The developer is making all sorts of claims about how good the EA is but has shown nothing to back this up. This is nothing personal, but when I am looking at a forex robot, backtests and verified results are two of the most important things that I look for. Without these, we do not have any other way to judge and make a fair conclusion on the performance of any expert advisor. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Million Dollar Pips Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too broker sensitive for my taste and the lack of backtests and results is a red flag. The developer has also not updated the website in years, so most of the Million Dollar Pips statistics are out of date. If you do not have the ideal market or broker conditions, I think this EA would struggle. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA, including the Forex Flex EA, which does include verified results and backtests. That being said, Million Dollar Pips does come with basic setup instructions, full support and a money back guarantee. If you are set on trying it out, you could always start on a demo account to see how things go. Just keep in mind that the demo account conditions can vary greatly from a real account which could give inaccurate results and expectations.
Million Dollar Pips$99
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.