MyForexPath works on three major currency pairs using the trend-following method. It is available for MT4 and MT5 platforms. The expert advisor is fully automated and as per the vendor has appropriate protection against big drawdowns. We could not find info on the developer or the team behind this ATS. Other than the info that the website is powered by Forexstore.com, the vendor does not divulge details of the company like its founding year, location, other products, etc.
As per the vendor, this FX EA can effectively control big drawdowns and provide high returns. The vendor provides backtests and real verified trading results for the FX EA. Is the claim of the vendor true? In this review, we have analyzed the features, strategy, and other key aspects of the system to check the veracity of the vendor’s claims.
What is behind the MyForexPath robot?
The vendor states that this FX EA is designed to identify the market trend and open orders in the direction of the trend. To enable this the ATS uses special algorithms and indicators like Parabolic and MA. If an order is unsuccessful and there is a trend change, the robot closes the order to avoid big losses due to the direction change of the trend. The method helps prevent large drawdowns. As per the vendor, the expert advisor has a win rate of 65% to 70% per trade. It can be used on the MT4 or MT5 terminal.
Important features of the system that make it stand apart from its competitors as per the vendor are:
- The FX EA works on the AUDUSD, USDCAD, and EURUSD pairs.
- It is compatible with the Metatrader 4 and Metatrader 5 platforms.
- The ATS uses 4 independent sessions for each currency pair ensuring numerous signals without quality loss.
- Backtested since 2015 with good and stable results.
We could not find info on the recommended timeframe, deposit, leverage, etc. as the vendor does not reveal the details.
According to the vendor, this FX EA uses the direction of the trend to make entries and exits. It uses a few indicators and special algorithms for identifying accurate entries. The drawdown control feature of the EA helps safeguard your account from losses with the aid of SL and additional protection caused by closing orders at Market price. A few backtests are present for the FX robot on the official site. Here is a backtesting report for the AUDUSD pair using the H1 timeframe with the testing done from 2015 to 2022.
From the above report, we can see that a total net profit of $9355224.14 was generated for an initial deposit of $1000. For a total of 1827 trades, the profitability was 70.17% and the profit factor was 1.93. The maximum drawdown was 39.62%. From the results, we can see that the profits were high indicating an effective approach. However, the drawdown is high indicating a risky approach.
You can purchase this ATS for $285. The pricing includes one unlimited license, the possibility to change account numbers online, a detailed user guide, free updates, and 24/7 technical support. A money-back guarantee of 30 days is present for the system. When compared to competitor systems the pricing is expensive.
Trading Performance of MyForexPath
A real USD account using the FXOpen broker and the leverage of 1:500 on the MT4 terminal is present here:
While the trading privileges are verified by the myfxbook site, the track record is not verified making us suspect the dependability of the product. A total return of 1,043.79% is present with a daily profit of 0.27% and a monthly profit of 8.43%. The drawdown for the account is 37.61%. For a deposit of $2000, the account that started in November 2019 reveals a total of 663 trades with 65% profitability and a profit factor of 1.47. The lot size used for the trades is 0.30 which is very high indicating a high-risk approach. Further, the big drawdown in the backtesting and real trading reveals a risky approach.
For support, the vendor offers an online contact form. There are no other methods like live chat, FAQ, tutorials, etc. present to help newbie traders.
Unfortunately, we cannot find user reviews for the FX EA on reputed third-party sites like myfxbook, Forexpeacearmy, Trustpilot, etc.