MyForexPath trades on the MT4 and MT5 platforms and comes with a detailed user manual to help you in installation. The algorithm uses trend analysis to open trades and is subjected to free updates from the developer. The author states that it has a win rate of 65-70%, which we will take into accord while analyzing it in our review.
Unfortunately, the developer does not disclose any information on their portfolio. There is no knowledge of their location and market experience, which is not a good approach in the financial markets.
MyForexPath robot review
The algorithm has the following features:
- It trades in multiple currency pairs.
- Various options to pay for the product.
- The developers provide a detailed user guide.
- Free updates are available.
How it works
Follow the following steps to go ahead with the program:
- Purchase the robot from the website
- Download the robot files on your computer
- Place the downloaded EA files into the charts section on the MT4/5 platforms
- Enable auto-trading
The robot will start placing trades as soon as it analyzes the proper opportunity on the candlestick charts. It has several if-else conditions within its code and functions to scan the markets based on tick or candle data.
Trading strategies and currency pairs
The algorithm works on AUDUSD, EURUSD, and USDCAD. It determines the trend by using moving averages and parabolic SAR indicators. If the entry is unsuccessful, it will use loss control to close all the positions before they turn into a major drawdown. Each currency pair is scanned individually, resulting in an increased number of trades.
The vendor provided backtesting records on the USDCAD chart at the H1 timeframe. The relative drawdown was counted as 33.76%, and the system participated in 2851 trades, out of which 2244 trades were winning and 607 were losing. The data consist of 12419333 ticks with a history quality of 90%. The algorithm generates a total gain of 90% for a testing duration of 7 years. This translates to around 12-13% annual gain. Let us see if the stats hold their value for the live records.
MyForexPath trading statistics
The live track record of the algorithm is available on Myfxbook from November 21, 2019, till the current date. The robot shows a higher drawdown percentage of 37.61%, with a total monthly gain of 8.38%.
The winning rate stood at 65%, with a profit factor of 1.46. These records nearly match the backtesting report however, we should note the fact that the algorithm is currently trading only on AUDUSD.
Pricing and refund
The robot is available for $285, and there are multiple payment methods to make a purchase. A single lisence key is provided, and you can change your account number as necessary from the website. A 30-day money-back guarantee is available.
What else you should know about MyForexPath
There are no custom reviews present on Trustpilot or Forex Peace Army. This shows us that the general trading community has not tested the product as of now. The disinterest might be due to the implementation of grid or martingale strategies.