Forex Pip Shooter is a Forex robot that is compatible with the MT4 platform. As per the vendor’s claims, it is simple to use and is capable of trading automatically without any manual intervention. There is not enough information on the parent company. We don’t know when it was founded or where it is based. It is unknown whether the company manufactured other robots in the past.
This EA has an average execution speed and it uses a high-end analysis technology. It is compatible with pairs involving currencies like USD, NZD, JPY, GBP, EUR, CHF, CAD, and AUD. You can trade in 28 pairs using this EA. Forex Pip Shooter monitors the market continuously, opening and closing positions multiple times a day based on the daily opportunities offered by the market. It generates small profits from each trade but conducts multiple trades daily.
After purchasing the license, you can open an account with the Key To Markets broker. According to the vendor, this broker offers high leverage, zero margin with hedging positions, fast execution speed, server time, and license from FCA. You may use your own broker, but it should have the aforementioned characteristics. Other broker partners for this EA include TrioMarkets, Klimex, and TopFX.
The vendor advises loading the EA on the EUR/USD pair for any timeframe. It is advisable that you start with a minimum of $1000. You should keep a 1:1 ratio between the deposit and investment size. For a 0.01 lot size, you should deposit $1000. The vendor recommends starting with a demo account first.
Trading strategies and currency pairs
Some of the strategies used by this robot include hedging, breakout, and spread trading. It observes the market regularly for trend inversions. After finding a trading opportunity, it adjusts the trading parameters to maximize the profit potential of each order.
EA vendors often test their systems using historical data. These tests go on for several years, thus exposing the robot to various market conditions. Unfortunately, the vendor has not shared the backtesting results for this expert advisor.
Forex Pip Shooter trading statistics
Here we have a live trading account on Myfxbook that has been active since December 09, 2020. To date, Forex Pip Shooter has conducted 161 trades through this account, winning 118 out of them. This means it has a very high win rate of 73%. However, we can see that it has only generated a small profit of 237.52 EUR.
At this moment, the daily and monthly gains for this account are 0.05% and 1.61%, respectively. The drawdown is quite low at 9.34%, and this indicates a low-risk strategy. This account has a time-weighted return of 26.43% and a profit factor of 2.30, which is more than satisfactory.
As you can see from the recent trading history, the EA is able to generate profits at a steady rate. Although it suffers the occasional loss, it is able to recover it in the subsequent trades. Oddly, the lot size the system trades is hidden. Probably it’s because of the martingale trading approach applied. The average trade length is five days, but sometimes the robot holds an order for as long as 30 days. Currently, the average win and loss for this account are 49.90 pips/€3.82 and -59.24 pips/-€4.56, respectively.
Pricing and refund
The price of the lifetime license for Forex Pip Shooter is 800 EUR. This makes it much more expensive compared to other expert advisors on the market. The vendor offers free updates for all customers and the development team always aims to maintain the competitiveness of the system. Unfortunately, there is no mention of a money-back guarantee for this Forex robot.
What else you should know about Forex Pip Shooter
At this moment, there are user reviews for this expert advisor on websites like Trustpilot, Forex Peace Army, Quora, and Myfxbook. This indicates a lack of reputation and we can tell that not many people are currently using this system to conduct live trades. There is no contact address for the support team, so the only way to seek assistance is to send a message using the contact form on the official website.