My Forex Path is an expert advisor that can work on both MT4 and MT5 platforms and comes with free updates from the developer. The EA is compatible with all brokers and trades each currency pair individually. The sellers claim that the bot has an average win rate of 65-70%, which we will verify in our review along with the other statements regarding profitability.
Detailed forex robot review
This robot is not listed on third-party customer feedback websites. The author provides details about the algorithm’s performance and feasibility on their webpage. Important metrics such as backtesting and live records are made public.
Unfortunately, the vendors provide no clear information about their identity regarding their whereabouts, company address, email, telephone number, etc. The only way for customers to reach out to them is through a web page’s query form. This points toward a lack of transparency by the sellers, which is not good.
The only additional insight is that this product is powered by Forexstore.com where the same features already presented on the bot’s website are repeated.
The robot has the following features:
- It is 100% fully-automated.
- The bot is compatible with all brokers.
- It has 4 independent sessions for each currency pair.
- The system uses drawdown control.
How does it work?
The robot works by following the steps mentioned below:
- Purchase the bot from the My Forex Path website
- Download the EA files onto your desktop
- Open MT4 or MT5 on your PC
- Drag the robot files onto the charts section
- Enable auto-trading
Depending on the coded information, it will analyze the market, pick the ongoing trend, and issue buy/sell trades.
My Forex Path strategy tests
This algorithm trades across three currency pairs: AUDUSD, EURUSD, and USDCAD. The EA uses various algorithms and indicators such as MA and Parabolic to trade in the direction of the current trend. If the current momentum shifts, the robot will close out the positions with a small loss to avoid a large drawdown.
The history on Myfxbook shows us that the system uses aggressive grid and martingale strategies. It does have an equity stop loss in place, which is observed from the balance curve.
Backtesting records have been provided for the robot for the period 2015.01.01-2022.04.05 for the H1 timeframe. These are for the AUDUSD currency. Modeling quality of 90% was used with a spread value of 30. These records show that an initial deposit of $1000 was converted into a total net profit of $9355224.14. The profit factor stood at 1.93, whereas the expected payoff was $5120.54.
The relative drawdown of the system was shown as 86.99%, which is exceptionally high and raises some serious concerns about the performance of this product. Apart from this, the robot made 1827 trades, out of which 29.83% have resulted in a loss.
Real trading results
Live trading results for this product can be located on Myfxbook. These results track performance from Nov 21, 2019, till the current date. The robot showed a monthly gain rate of 8.38%. Drawdown stood at 37.61%, which is relatively high and depicts a poor risk-reward ratio. This is consistent with the backtesting report, where the downside was too high. Deposits were reported as 2,000.00 USD, with profits standing at 22485.91 USD.
The robot made 658 trades, of which 35% went in a loss. The profit factor turned out as 1.46, which is just within range to keep the overall system positive.
My Forex Path is sold for an asking price of 285 USD on the sellers’ website. Payments are accepted through PayPal, Visa, Master Card, Union Pay, Discover, and American Express. The offered package includes free updates, a detailed user manual, and one unlimited license that works for MT4/5. Along with these, 24/7 customer support is provided to all buyers. This item comes with a 30-days money-back guarantee.
Unfortunately, we could not find customer feedback for this robot on trusted third-party sites like Forex Peace Army and Trustpilot. This reduces the level of trustworthiness of this system as we cannot know what past users have to say about this product.
My Forex Path robot does not provide satisfactory evidence to bolster its claim. The product shows very high drawdown values in its past and recent performance. There are no customer reviews that could help us understand the general public's view.