Forex Pip Shooter is a fully-automated Forex robot working on a unique and efficient scheme. It is an easy-to-use Forex trading system with an optimum speed of implementation that promises to eliminate the hurdles that keep you from closing your trades in profits. As per vendor claims, it is a logical system that is capable of gains on a consistent basis while minimizing risk.
Detailed Forex Robot Review
On the official website of Forex Pip Shooter, the vendor has highlighted the main features of the system and outlined the working principle. There seems to be a lot of emphasis on why this Forex EA is better than others and how it manages to extract profit consistently by manipulating the market. We have little or no information about the vendor or development team, so we don’t know who they are or where they are located.
Through Forex Pip Shooter, you can exploit market volatility and arrange your negotiations in the right way. Profitable trading occasions are spotted automatically and the market is monitored 24/7. In order to enhance gains, trading positions are adjusted in real-time and risk management parameters, like take profit and stop loss, are calculated without manual intervention.
After purchasing the Forex EA, you just need to download the software and perform a quick setup, the instructions for which will be provided in the reserved area of the official website. Here, you can also access the wealth of files related to the system and the documents outlining trading data. There are trading tutorials provided for novice traders who can easily start placing trades using Forex Pip Shooter.
Using this system, you can trade in all the popular currency pairs. Yearly profit is enhanced by merging various trading styles and the risk is effectively minimized.
Forex Pip Shooter Strategy Tests
Forex Pip Shooter employs a strategy that focuses on support and resistance levels and watches out for correlations, rebounds, and breakouts. A low spread is preferred due to the precise price entry levels that prevent a high spread from generating high profits from every trade.
The advanced algorithm of the Forex EA allows it to carry out a thorough market analysis based on different parameters. And, the positions of customers are opened and closed multiple times a day depending on the number of trading occasions available. This way small pips are accumulated multiple times daily, as a result of which profitability and safety are guaranteed.
No backtesting data is provided by the vendor, so we cannot possibly determine how the system would have performed on historic data. At this point, assessing the profitability of the Forex EA becomes difficult, so we need to take a look at the live trading results.
Demo Account Trading Results
Here we have a Demo account on Myfxbook for the Forex robot that was opened on April 14th, 2020. To date, 1680 trades have been placed through it, out of which 1032 have been won and this accounts for 61% of the total trades. The profit factor of 1.05 is just decent enough, while the Sharpe Ratio of 0.03 is a bit low.
Currently, the net profit generated by the system stands at 881.63 Euros and this represents a gain of 88.16%. While the daily and monthly gains of 0.20% and 6.06% are quite decent, the high drawdown of 62.40% is a cause for concern. We think this system is certainly capable of generating profits, but with less consistency compared to some of the other Forex EAs on the market.
Forex Pip Shooter is available for $499, and this doesn’t exactly make it a cheap product. Taking into account the fact that the live trading results are only half-decent, we think this is an exorbitant amount to charge. No money-back guarantee is provided by the vendor, which raises a red flag.
We were unable to find any customer reviews for Forex Pip Shooter on popular review websites like Forexpeacearmy and Trustpilot. Clearly, this Forex EA hasn’t earned a reputation for itself yet, so there aren’t many traders who place their trades using this system.
In the end, we would like to conclude by saying that this Forex EA is not a safe investment. While the vendor furnishes demo account trading outcomes, the profitability is nothing spectacular, considering the high price tag the system carries. And, while it is not a scam service, we are not sure that it can earn you profits on a consistent basis.
The trading scheme used by the Forex robot may suit your style, but there are certainly better systems out there that cost much less.