MyForexPath is compatible with any broker and has a win rate of 65-70% per trade, as claimed by the developer. The algorithm uses smart stop loss techniques to protect the account from unplanned losses. There are multiple backtesting records available on the website, with a single link to live records that we will review in our article to help you with your investment decision.
Is a MyForexPath robot still good to go?
The algorithm requires leverage of 1:500 and trades on a real account. It trades on three currency pairs, AUDUSD, EURUSD, and USDCAD, and works on MT 4 and MT 5 platforms.
Vendor transparency
The product developer is Myforexpath, who has a single robot for sale on its website. There are no details of vendor name, email address, or other social platform profiles. The company keeps its users blind to its founded year and its residing country. Users can reach the seller and ask their inquiries by filling out the form on the website.
Features
The robot comes with the following features upon purchase
- Unlimited licenses
- The algorithm comes with a detailed manual
- There is an availability of 24/7 customer support
- Free updates
The algorithm trades in the direction of the trend using indicators such as moving averages and SAR. If a trade enters in a negative direction, it will close out all the positions using the smart stop-loss function. From Myfxbook records, we observe that it has the best performance on Thursday with a winning rate of 75%. It uses averaging and martingale to trade on AUD/USD.
How to start trading with MyForexPath
The bot is available for $285 and has a 30-day money-back guarantee. Multiple payment methods are present for the purchase, such as VISA, PayPal, etc. Buyers must fill out the billing information to get the product.
Traders must follow the following steps to get the system ready:
- Chose the offer
- Click on the ‘buy’ now button and purchase the algorithm from their website
- Sign in to your MetaTrader platform via using credentials
- Bring the robot to the expert directory and reload the page
- Link the algorithm with the chart and start trading
MyForexPath backtests
The backtesting records are present from January 2015 to April 2022 for EURUSD on the H1 chart. The initial deposit was $1000, with a total net profit of $2913900.65 achieved in a total of 2012 trades. The absolute, maximum, and relative drawdown values were 13.06,1355209.49, and 1355209.49, respectively. The total tick modeled noted was 130953636 at a modelling quality was 90%.
Trading results
The live records for the robot are available from November 2019 till the current date on Myfxbook. The drawdown value was 37.61%, showing that the system can lose more than a quarter of the funds while trading. From the stats, we can observe that the system traded on real funds with a leverage of 1:500. The gain percentage is +1,016.50%, with a monthly gain of 8.41%. The deposited amount was $2000, and the portfolio’s current balance is $22,329.91.
There were 656 trades made, out of which 65% were positives and 35% losses. The best and worst trade was $3,653.25 and $ -1,783.05, which goes hand in hand with the value of risk-reward of 1.46.
People feedback
There are no customer reviews available on Trustpilot and Forex Peace Army. This shows the lack of interest by the general community in the system.
The Review
Wrapping up
MyForexPath comes with both backtesting and live records which we find out to be less entertaining due to the drawdown. The vendor is not transparent on their portfolio and does not detail their whereabouts. The product has a 30-day money-back guarantee; however, it is only available if the drawdown exceeds 35%.
PROS
- Detailed live and backtesting records are available
CONS
- Lack of customer feedback
- A bit costly
- The vendor is not clear on their profile
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