Forex Pip Shooter Review: Does It Win or Lose?

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Forex Pip Shooter

Forex Pip Shooter uses advanced analysis technology and trades the markets with full automation. The developer claims that the system uses its advanced technology strategy to analyse numerous market factors and obtain profits from the market trends. Investors can only use the algorithm with a broker that supports zero spread and minimal execution speeds. To see if the algorithm is effective for trading, we will review it in our article and throw light on all pros and cons.

What is Forex Pip Shooter?

The robot has the following features:

  • It has 24/7 rapid support.
  • The algorithm trades the markets in auto mode.
  • The robot uses an effective algorithm to execute analysis.
  • The developer offers regular updates.

Official Forex Pip Shooter website

The algorithm is available on the developers’ website, where we can see all the characteristics and track the records. Although the information is given on the website, there are no sub columns to be found that can help us to scan the required knowledge to make a purchase decision.

How can we use Forex Pip Shooter?

The algorithm trades on multiple currency pairs and comes with regular updates from the developer. Investors can access all the information regarding the system from a single webpage. The company recommends using their own broker KeyToMarkets for using the EA.

Pricing & refund

The robot is priced at €800 with a lifetime license and no money-back guarantee available. There is a single key available for one live and one demo account. 

Trading strategy

The author states that the algorithm trades on multiple currency pairs and relies on advanced technical analysis based on hyper-controlled parameters. From the history present on the Myfxbook records, we can observe that the robot is using averaging strategies to hedge out of losing trades. This is evident from the fact that multiple trades are closed on the same instance. The lot size is hidden from the developer, so we cannot know if there is a martingale involved.

Trading history on Myfxbook
Trading history on Myfxbook

There are no backtesting records found on the website even after a thorough search. This is seen as a substandard approach utilized by the developer, ultimately leading to severe concerns regarding product performance. 

Current performance

There are verified trading records available on the Myfxbook website that show the robot’s performance from December 9, 2020, till the present date. The graph shows that the system generated an average monthly gain of 1.61% with a drawdown of 9.34%. Subsequently, the winning rate analyzed by the system stands at 73%, with a  profit margin of 2.29. The best trade can be seen at  €19.35, whereas the worst is -€13.00 with a total of 160 executions and deposits of €1,001.06.

Trading records on Myfxbook
Trading records on Myfxbook

Vendor transparency

The creators have not provided any information about their portfolio, leading to a faulty approach and raising concerns about the company’s reputation.

What are the real customers saying about Forex Pip Shooter?

There are a total of 2 reviews present on TrustPilot, which give the robot a rating of 3.8. The number of feedback is not sufficient for us to analyze whether the product is practical and valuable.

Customer review rating on Trustpilot
Customer review rating on Trustpilot

Summary: is Forex Pip Shooter a trustworthy robot?

Forex Pip Shooter
2.4 5 0 1
Forex Pip Shooter is not transparent on several factors, such as backtesting records and strategy. We can observe that it uses a grid strategy for trading which can cause a high drawdown if the market goes in one direction with momentum. The reviews present on TrustPilot are not sufficient to judge how the EA works from a trader's perspective.
Forex Pip Shooter is not transparent on several factors, such as backtesting records and strategy. We can observe that it uses a grid strategy for trading which can cause a high drawdown if the market goes in one direction with momentum. The reviews present on TrustPilot are not sufficient to judge how the EA works from a trader's perspective.
2.4 rating
2.4/5
Total Score
  • Strategy
    3.0 rating
    3/5 Neutral
  • Features
    2.0 rating
    2/5 Bad
  • Trading results
    2.0 rating
    2/5 Bad
  • Reliability
    2.0 rating
    2/5 Bad
  • Pricing
    3.0 rating
    3/5 Neutral

Like

  • It's simple to use

Dislike

  • No backtesting records
  • No information about the developer
  • Little information on the strategy
Total
0
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