Swing VIP is a forex robot that is based on price action and market trends. It will automatically scan the forex market for trading signals. When it finds them, it can place and manage trades on behalf of the user. As with the majority of commercial forex robots, the Swing VIP EA has been programmed in the MQL language for the MetaTrader 4 platform.
MT4 is free to download and available from the majority of forex brokers. You will need the desktop version of the MT4 platform in order to run the Swing VIP EA. The platform will need to be up and running in order for Swing VIP to analyse the markets.
If you cannot always have your computer running MT4 around the clock, you may consider getting a Forex VPS, which can remotely run MT4 24/7. There are many cost-effective Forex VPS providers out there, some which come with the platform pre-installed. Some brokers even offer a Free Forex VPS for qualifying clients. You can login to the VPS at any time to see how the Swing VIP EA is performing and also easily track results via the MT4 app on your phone.
Right, before we go way off track, lets get stuck into this Swing VIP Review!
Swing VIP Trading Strategy
The developer states that the Swing VIP trading algorithm is based on price action analysis and trend trading. In simple terms, price action is a trading technique that allows a trader to read the market and make subjective trading decisions based on the recent and actual price movements, rather than relying solely on technical indicators.
I am actually a big fan and advocate of price action trading. Why? I feel that it tells us exactly what the market is doing at this very moment, rather than what the market has already done, which some lagging technical indicators do. There is a ton of information available if you would like to learn more about price action analysis, including candlestick patterns.
Trend trading is a strategy that involves using technical indicators to identify the direction of market momentum. It is based on the idea that markets have an element of predictability, so by analysing historical trends and price movements, a trader can try to forecast what could happen in the future. When it comes to the trend side of things, as the old saying goes, the trend is your friend.
The Swing VIP forex trading robot was programmed and developed by the SinryAdvice team. In addition to price action analysis, it is programmed to use technical indicators including the CCI, PPO and others. They are all combined together to try and pinpoint entry points into the market.
The Swing VIP EA has been tested on 5 forex pairs (AUD/CAD, GBP/USD, EUR/USD, NZD/CAD, USD/CAD) on the 1-minute timeframe, and it will open and close trades automatically. I would always keep a keen eye on any forex robot, just to make sure they are running smoothly, as they cannot always identify problems arising that a human eye can, e.g. extreme market volatility, platform crashes, bugs, etc.
The fact that the Swing VIP robot runs on the 1-minute chart tells me that it could be highly dependent on the brokers spreads. I would therefore be looking to use an ECN forex broker with a range of liquidity providers that form a liquidity pool, where traders can get the best bid/ask prices available at any time. ECN brokers do not use a dealing desk and therefore trade execution speeds should be rapid, again, very important when trading lower chart timeframes that can be susceptible to volatile market movements. I have written a handy guide about ECN forex brokers that you may find useful if you wish to find out more.
Swing VIP Features
As we touched upon, Swing VIP is a fully automated forex trading system. You can simply attach it to your charts in the MT4 platform and it will do all of the work for you. Whilst this may sound appealing to beginners, it is imperative to be aware that there can be absolutely no guarantees with how well a forex robot will perform. You should be well aware of all the significant risks involved with trading online using Swing VIP or any other Forex EA for that matter.
That being said, here are some of the key Swing VIP EA features:
- Developed for the MT4 platform
- Price action EA combined with a trend trading strategy
- Live results on myfxbook.com
- 5 currency pairs (AUD/CAD, GBP/USD, EUR/USD, NZD/CAD, USD/CAD pairs)
- Can be used with default settings (adjust risk accordingly)
- Automatically open and manage trades
- Analysis of market data
- 2 Account license keys – 1 demo and 1 real
- 1 Time payment – Life time use with Free updates
- No martingale strategy
Swing VIP Back Testing
Unfortunately, I couldn’t find any Swing VIP back tests on the developer’s website. Whilst back tests can be vague at the best of times, they do give some inclination of how the Swing VIP EA could have coped over a sustained period of time across different market conditions. I would have at least expected back tests on the 5 currency pairs it has been designed to trade on. None the less, at least the developer has provided some real verified Myfxbook accounts for us to refer to.
For those of you who are already familiar with the MT4 platform, you are free to customise the Swing VIP EA settings. You can run back tests in the MT4 strategy tester to optimise this forex robot for settings that meet your trading preferences. Who knows, maybe you can find settings better than the developer!
On a side note, if back testing in the MT4 strategy tester, I would make sure that I am using a software such as Birts Tick Data Suite which will help to ensure the best back testing conditions possible. This includes 99% modelling quality, real variable spreads, commissions and slippage.
Swing VIP Verified Results
To give credit where it is due, the developer has shared real verified Swing VIP Myfxbook accounts. This can give us an idea of its historical permeance and enable us to analyse its statistics in greater detail. Some key stats that I tend to look out for when analysing the performance of a forex robot, are the drawdowns, profit factor, duration it has been running, win rate, etc. Keep in mind, previous results are by no means any indication of future results. But, what else do we have to go by other than verified accounts and back tests, right.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Swing VIP Summary
OK, hopefully by now you will have a greater understanding of the Swing VIP trading robot and what to expect. To summarise, it is a price action and trend-based forex robot that runs on 5 currency pairs within the MT4 platform. It can be used with the default settings (adjust risk as required) or you can experiment with your own settings if you wish. The developer has kindly shared some verified Myfxbook accounts but there are not any back tests for further statistical analysis. I would personally only use the Swing VIP EA on a demo account, until I have seen how it performs in the long term.