MyForexPath is a trend-following system that is fully automated to provide ease of use and make accurate trading. The vendor claims that the ATS can generate a win rate of 65% to 70% for each trade. Backtesting and real trading results are provided to prove the efficacy of the approach. However, the results show a high risk and the pricing is also expensive when compared to the market average.
What is MyForexPath?
Some of the key features of this FX EA that the vendor focuses on are:
- The FX robot works on the USDCAD, EURUSD, and AUDUSD pairs.
- It is available for the MT4 and MT5 platforms.
- Backtesting results are present from 2015 showing 8 years of stable and high returns.
- A strong drawdown control system is present for protection from losses.
- The FX EA can work with any broker and shows identical results regardless of the broker you use.
We could not find info on the recommended leverage, deposit, timeframe, etc. as the vendor does not provide the details.
Official MyForexPath website
The official website is designed well with the features, statistics, contact info, and pricing available on a single page enabling easy navigation. But we find the info provided is very minimal. The website domain is registered for 2022 and the site is powered by Forexstore.com. We could not find further details on the vendor as there is no info related to the founding year, team members, location, etc.
How can we use MyForexPath?
As per the info provided by the vendor, the robot has four independent sessions for every pair it supports. The separate sessions help to generate sufficiently high signals without compromising the quality. Further, the vendor claims that the system is compatible with any broker so you can expect similar results. The FX robot works effectively by smart SL calculation and closing orders at the market price.
Pricing & refund
You can purchase this FX EA for $285. The package includes an unlimited license, the possibility to change your account number online, versions of MT4 and MT5, a detailed user guide, free updates, and 24/7 technical support. If you are not satisfied with the performance of the robot, the vendor provides a 30-day refund offer that you can use to get your money back. When compared to the prevailing market rates, the pricing of this ATS is expensive.
This FX robot uses a trend-following approach. It identifies the trend and opens orders in the direction of the trend with the use of special algorithms and indicators. It uses the Parabolic, MA, and other such indicators for identifying the accurate trades. If an entry is not successful and there is a trend change, the EA closes the opened trades to minimize losses. This approach helps in protecting the account from big drawdowns.
A few backtests are present for the ATS. Here is one of the backtests working on the AUDUSD pair using the H1 timeframe.
For an initial deposit of $1000, a total net profit of $25032 was generated for a total of 1839 trades. The profitability was 70.04% and the profit factor was 1.92. A drawdown of 29.33% was present. From the results, we find that the drawdown is a bit high which is contrary to the claim of good drawdown control by the vendor.
A real USD account using the FXOpen broker and the leverage of 1:500 on the MT4 platform is present for this FX EA on the myfxbook site. While the trading privileges are verified, the track record is not verified. Here are a couple of screenshots of the results:
From the results, we find the EA has generated a total return of 1,043.79% with a daily profit of 0.27% and a monthly profit of 8.43%. The account that started in November 2019 with a deposit of $2000 shows a total of 663 trades with 65% profitability and a profit factor of 1.47. A drawdown of 37.61% is present. From the trading history, we find the lot size of 0.30 is used. The big lot size and high drawdown indicate a risky approach proving false the claims of strong drawdown control by the vendor.
What customers say about MyForexPath?
Unfortunately, we could not find user reviews for this FX EA on trusted review sites like Forexpeacearmy, Trustpilot, etc.
Summary: is MyForexPath a trustworthy EA?MyForexPath
Trading Results2/5 Bad
- A fully automated system
- Money-back guarantee
- Lack of vendor transparency
- Expensive pricing
- High drawdown