In this post I will be reviewing the Million Dollar Pips Forex Robot. This forex robot went viral a few years ago. It is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It 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.
Million Dollar Pips Trading Strategy
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.
Million Dollar Pips Back Testing
There are some back tests published on the 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.
Million Dollar Pips Live Results
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
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/laptop running in order for Million Dollar Pips to enter/exit trades or you can run it on a virtual private server (VPS).
Overall, I would personally avoid using this particular forex robot. I find that it is too broker sensitive for my tastes. 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.