In this post I will be reviewing the PIPjet forex robot. This 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.
PIPjet Trading Strategy
The PIPjet website does something unique which is to actually explain the automated system being used rather than leaving the user guessing. Of course, it is not compulsory to know exactly how each forex robot works but it does add some transparency and give you a clear understanding of how and why trades are taken.
The PIPjet forex robot trades primarily during the Asian session although it can exit trades outside these hours. It is a short term trading strategy that is mainly for ranging markets as it looks for reversal trades. This is a popular technique used during the quieter Asian trading session.
The PIPjet forex robot uses a combination of technical indicators to analyse the markets prior to and during the Asian session and will only enter if the market conditions match the requirements of the pre-trade criteria.
Being a scalping robot, it is very spread dependant. I would personally use a regulated ECN broker for tight spreads and reliable execution speeds.
PIPjet Back Testing
There are no back tests on the PIPjet website. 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.
PIPjet Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
PIPjet includes instructions manual for a quick and easy setup, full support, life time updates and a money back guarantee. The PIPjet website contains a lot more information on this forex robot.