AutoPip EA Gold is promoted as a fully automated system with inbuilt manual trading tools. It is also claimed to feature a news indicator. Even then, is this robot a viable option for traders who want to succeed in the Forex market? We have assessed its characteristics and performance in the market to answer this question.
Neill Thomas Campbell Forbes is the brains behind AutoPip EA Gold. He says that he is “a software developer for the automation industry and has been creating Forex EAs for several years.” So, he is also selling his other inventions-Black Gold EA and Mad Gold Scalper on mql5. We are not satisfied with the information on his profile. This is because it doesn’t disclose to us his qualifications, achievements, and experiences in Forex trading.
Features
Neill does not furnish us with a long list of the robot’s features. We only have a few of them:
- Focuses on the XAUAUD, XAUUSD, and EURUSD currency pairs.
- Works on the 15-minute timeframe.
- Traders are asked to use ECN accounts for best results.
- Runs on the MT4 terminal.
- Money management is available.
AutoPip EA Gold applies what the vendor cleverly calls “an aggressive but careful daily trading strategy, which also uses high performance indicators with intelligent drawdown reduction algorithm and inbuilt news filter.” Do not be enticed by this description. The vendor is trying to hide the fact that his product is using very dangerous trading styles-a combination of grid and martingale.
How to start trading with AutoPip EA Gold
AutoPip is an expert advisor, and this means that it trades on your behalf using a program designed by the developer. If you want to enlist its services, then you can buy a lifetime license at $100. A renting option is available as well. Therefore, you can rent the software for a month at a cost of $50.
Backtests
The developer is proud to announce that the EA’s 5-year testing yielded wonderful results. Utilizing a deposit of $1,000, the robot made a total net profit of $13,619.77. As a consequence, the value of the account increased by 1362%. The drawdown level was also low — 13.40%.
The executed trades were 9526. Unfortunately, the win rates for short (66.35%) and long positions (69.23%) weren’t great. The average profit trade was $6.39 when the average loss trade was -$9.03. We had a profit factor of 1.49. Let us see in the next section whether the EA can attain the same results in the live market.
Verified trading results of AutoPip EA Gold
We have verified statistics on Myfxbook.com. The account below has not been around for long. It was launched just the other day, August 24, 2021. The developer funded it heavily — £11,362.18, a sign that he trusts his EA to perform well. So far, the profit made by the robot is £1,561.38. This means that the capital has increased by 13.74%. The drawdown level (15.80%) is low, but it is slightly higher than the one in the testing report.
At a glance, the trading performance looks better compared to the backtest results. For instance, from the 339 trades implemented, 71% of the long and 70% of the short trades have been successful. The profit factor value (2.60) is also higher. Moving on, the difference between the average win (289.29 pips) and the average loss (-424.27 pips) is a matter of concern. It indicates that the system makes losses rather frequently.
The profits made by the system have been increasing monthly. As it began its trading activities in August, the profit made was 1.35%, and by October, the gains had jumped to 10.5%.
From the trading data below, we can see that the system uses the grid strategy. Martingale is on the board as well. Whenever losses are made, the EA reacts by increasing the lot sizes.
Customer reviews
As expected, all the 5 user testimonials for this software on mql5 are positive. We, however, don’t trust these reviews. They are biased and do not highlight the challenges faced while using the EA. Obviously, no product is perfect. It would be good to know its downsides.
Is AutoPip EA Gold a viable option?
Advantages
- The EA runs a live account on Myfxbook.com
- Backtest results are available
Disadvantages
- Grid and martingale strategies are part of the system
- Vendor transparency is insufficient
- Customer reviews are biased
Summary
Although the performance of AutoPip EA Gold in the live market looks promising, we are afraid that this trend will not go on for long. The strategies used aren’t safe. So, the account is a disaster waiting to happen. With time, the drawdown will increase, and in the end, the robot will wipe out the account. You should not use this product unless you are ready to contend with the risks that come with it.
