MyForexPath offers a completely automated expert advisor ensuring successful results with low risk. The FX robot works on the MT4 and MT5 platforms. It is effective mainly on three major currency pairs and places orders using indicators and special algorithms. As per the vendor, the FX robot has a win rate of 65% to 70%. The FX EA is available for $285. You get one unlimited license, a possibility to change the account number online, a detailed user guide, 24/7 technical support, free updates, and the MT4 and MT5 versions of the product. A 30-day money-back guarantee is present. When compared to the price of competitor systems in the market, we find the pricing is expensive.
MyForexPath trading strategy
As per the vendor, the FX EA uses a trend-following approach. It uses specific algorithms and indicators such as the Parabolic and MA to open order accurately. If an entry is unsuccessful and there is a trend shift, the robot closes previously opened trades with a small loss. The method prevents large losses and protects from big drawdowns. When losses do occur, the EA uses methods that will help recover the losses soon.
MyForexPath features
Some of the key features of the FX robot that make it competitive as per the vendor are:
- The FX EA is 100% automated and works 24/7 ensuring you do not miss out on the market opportunities.
- It uses 4 independent sessions for each of the currency pairs to ensure sufficient signals without compromising the quality.
- The AUDUSD, EURUSD, and USDCAD are the main currency pairs the FX robot works on.
- It is compatible with the MT4 and MT5 platforms.
- You can use the robot on any broker as the results are identical regardless of the broker chosen.
- A drawdown control is used that protects the account from unexpected losses. A smartly calculated SL and closure of orders at the market price are measures used to control the drawdown.
- Backtesting results are present for all the currency pairs since 2015 and show stable and good performance.
MyForexPath backtesting results
A few backtests are present for the FX EA on the official site. Here is a strategy tester report for the period starting from 2015 to 2022.
From the above report, we can see the testing was done on the AUDUSD pair using the H1 timeframe. For an initial deposit of $1000, a total net profit of $9355224 was generated. A total of 1827 trades were executed with a profitability of 70.17% and a profit factor of 1.93. The maximum drawdown for the account was 39.62%. From the results, we can see that the profits are high but the drawdown is high indicating a risky approach.
MyForexPath live trading results
A real live account using the FXOpen broker and the leverage of 1:500 on the MT4 platform verified by the myfxbook site is present for the EA.
From the above stats, we can see that while the trading privileges are verified, the track record of the EA is not verified by the myfxbook site. A total profit of 1,043% is generated for the account that started in November 2019 with a deposit of $2000. The daily and monthly profits are 0.27% and 8.43% respectively. A drawdown of 37.61% is present for a total of 663 executed trades. The profitability is 65% and the profit factor is 1.47. From the trading history, we can see the lot size of 0.30 is used which is very high. The big lot size and high drawdown corroborate with the backtesting results indicating a risky approach are used by the FX robot that can endanger your capital.
MyForexPath reputation
Besides the mention of the site being powered by Forexstore.com and the copyright allotted for 2022, we could not find details of the company or team behind the system. There are no company details such as the founding year, team members, location, other products, etc. For support, the vendor offers an online contact form. We could not find other support methods like a live chat, phone number, etc.
Unfortunately, we could not find user reviews for the FX EA on reputed review sites such as Forexpeacearmy, Trustpilot, etc.
MyForexPath review summary
- Strategy – 4/10
- Functionality & Features – 5/10
- Trading Results – 4/10
- Reliability – 5/0
- Pricing – 5/10
MyForexPath uses the trend-following approach to identify trades accurately. The backtesting result and real trading stats verified by the myfxbook site are provided by the vendor. However, our evaluation of the results reveals a high-risk approach that can put your capital at risk. Further, the pricing is expensive when compared to the market average.
