MyForexPath EA is a fully automated forex trading strategy that has been developed to run in the MetaTrader 4 and MetaTrader 5 platforms. The MyForexPath EA is designed in such a way as to determine a trend and open orders in its direction. It has a built-in trading algorithm that will automatically scan your charts for potential trading opportunities. When it finds them, the MyForexPath expert advisor can enter and manage positions on your behalf.
If you want to maintain some control over your trading, you could always set it to semi-automated mode so that it will send you an alert when it finds a trading signal. You could then decide if you would like to manually place the trade or wait for the next opportunity to come along. In this MyForexPath EA Review, I will take a look at the strategy that the robot uses along with any backtests and most importantly, any verified results.
This is another forex robot from the same development team who have a range of other forex software that I have previously reviewed including Forex inControl, FxDiverse, FXCharger, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, FXGoodway EA, Forex Truck EA and the FXCipher EA.
MyForexPath EA Trading Strategy
The MyForexPath EA is based on a trend trading system. The unique algorithm that the robot implements will look for trends in the forex market. I quite like trading with the trend because it means that you can catch some big moves. However, it is important that losses are cut short and you try to avoid getting whipsawed in and out of ranging markets. This forex robot does use a stop loss, but I think it is too wide, which is evident when you look at the significant drawdown on the verified accounts which we will look at later.
There are two key technical indicators for detecting the trend that are built-in the MyForexPath EA which are as follows:
Moving Average
This is perhaps one of the most popular forex indicators for detecting the trend. A rising moving average indicates that the currency pair is in an uptrend, while a declining moving average indicates a downtrend.
Parabolic SAR
The Parabolic SAR is another popular technical indicator for detecting the trend. It is used to determine the direction that an asset is moving. When graphically plotted on a chart, the Parabolic SAR indicator is displayed as a series of dots. If it appears below the current price, the parabolic SAR is interpreted as a bullish signal. When it is positioned above the current price, it is deemed to be a bearish signal.
Currency Pairs
In theory, you could use the MyForexPath expert advisor on any currency pair or other financial instruments. However, the developer has designed it specifically for three currency pairs which are the AUD/USD, EUR/USD and USD/CAD. I think that this is a good selection of fx symbols, mainly because they are considered major currency crosses which means that you can trade with nice liquidity, tight spreads and fast execution speeds.
Forex Broker
In order to use the MyForexPath EA, you will need a trading account with a forex broker. You probably already have one if you are looking for a forex robot, but if not, IC Markets are one of my top choices when it comes to forex brokers with the best possible trading conditions for automated forex systems. They have a deep liquidity pool for superior pricing along with an excellent range of trading products and services.
MyForexPath EA Features
Independent Trading Sessions
The MyForexPath robot has 4 independent sessions for each pair, which provides a sufficiently large number of signals without compromising in their quality. Keep in mind, you do not need to trade all pairs and you should adjust the risk on each currency pair according to your own risk preferences.
Fully Customisable
The MyForexPath EA does come with default “out of the box” settings that have already been optimised by the developer. However, they have made all of the key settings accessible as external inputs. This means that you can adjust all of the MyForexPath settings according to your own trading style. You can change the stop loss, take profit and other key inputs.
Multiple Indicators
The MyForexPath expert advisor does use a combination of technical indicators which means it can sometimes filter out unsuitable forex market conditions. The problem with this is that the technical indicators which it uses can be lagging. This means that it can be late to detect a trend or exit a bad position.
Any Forex Broker
As mentioned above, the MyForexPath EA can be used on any forex broker that provided you with the industry standard MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. As with any manual or automated forex strategy, the lower the spreads and commission fees, the more you could save on trading fees over the long term.
MyForexPath EA Back Testing
MyForexPath has been back tested on the AUD/USD, EUR/USD and USD/CAD currency pairs, using 4 sessions for each. All of the backtests have been conducted since 2015, which shows 8 years of decent results.
There is one big problem with the MyForexPath backtests, they have poor modelling quality that is maxed out at just 90%. This means that the robot has not been tested with real tick data, variable spreads, slippage and does not account for commission.
These are all very important factors that could have a significant impact on the performance of any trading robots. In fact, I have seen the same forex robot give completely different results between 90% and 99% modelling quality back tests.
For this reason, I would take the provided results with a pinch of salt and look to do my own back testing using 99% modelling quality. This can also be a good way to discover a new combination of settings for your favourite currency pairs and chart timeframes.
MyForexPath EA Results
Full credit goes to the developer for sharing verified MyForexPath results. Whilst they may be lacking in top quality back tests, they have gone some way to making up for this with the Myfxbook accounts that show you how MyForexPath has been performing recently. The main problem is, the drawdown on the accounts are quite high for my taste. I think the money management needs to be improved significantly to help reduce the drawdowns to a more reasonable level. As it stands, a few bad trades could cause damage to the accounts which could be difficult to recover from. Therefore, I consider this to be a risky automated trading strategy. They also only have AUD/USD and EUR/USD accounts, so it makes me wonder why they are not trading on the USD/CAD, despite it being a recommended currency pair. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
MyForexPath EA Summary
Overall, I think there is some sound logic behind the MyForexPath EA but it is not bringing anything new to the table and there is significant room for improvement when it comes to back testing, money management and arguably diversity across more financial instruments.
I think the developer could improve the MyForexPath strategy by implementing some additional technical indicators for detecting range bound markets. As a trend-based system, it can get whipsawed in and out of the market which is not always trending. In addition to this, price action analysis along with dynamic money management could also help to improve the EA by making sure it does not exit the market too late. I feel like the current chart analysis that the MyForexPath EA is using can be lagging at times when used alone.
This developer has many other forex robots, which is why it surprises me that they have not conducted 99% modelling quality back tests. I mean this is something that all professional forex robot developers should be doing as a bare minimum. Without accurate back testing, we have no way to get a more realistic idea of how the expert advisor could have performed historically speaking. I would like to see them improve the back tests to backup claims. There are many alternative commercial forex robots that do provide top quality back testing results, including the Forex Robotron EA.
The MyForexPath EA does come with an unlimited license which you can change at any time. There is a detailed user manual for a quick and easy setup. You also get free updates and 24/7 technical support. If you are curious and can see past the downfalls of this particular forex robot, then you could always test it on a demo account to begin with and see how things go.
MyForexPath EA
$285
Pros
- MetaTrader 4 & MetaTrader 5
- Customisable Settings
- Trend Trading Strategy
- Multiple Indicators
- Independent Trading Sessions
- Verified Results
- Full Support
- Free Updates
- Detailed Instructions
- Money Back Guarantee
Cons
- Limited Back Test Quality
- High Drawdowns
- Quite Risky Strategy
- Could Improve Money Management
- Limited Currency Pairs
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.
