InvestGrail
  • Top FX EAs
  • Investing 101
    • Crypto
    • Options
    • Forex
    • Stock Market
  • Strategies
    • Day Trading
    • Swing Trading
    • Arbitrage
    • Investing
    • Options
  • Analysis
    • Technical Analysis
    • Fundamental Analysis
  • Reviews
    • Online Brokers
    • Forex Expert Advisors
    • Crypto Robots
    • Investing Apps
  • Top Articles
    • Best Forex Robots – Top 6 FX EAs 2022
    • Best Desktop Crypto Portfolio Trackers
    • Best 6 Forex Brokers That Accepts Crypto Deposit for Trading
    • The Best Copy Trading Platforms List: Pros, Cons and Comparison
    • Top 5 Best Coins to Mine for Beginners
    • Top 5 Best Gaming Crypto Coins to Participate
Forex Expert AdvisorsReviews

MyForexPath Review: Is This Forex Robot Profitable or Not?

by manager91 06/02/2022
06/02/2022

MyForexPath is a fully automated system that seeks to make your trading in Forex simpler, more accurate, and faster. As per the vendor, the EA has an average win rate of 65-70% for every trade. A drawdown control system and a smart SL calculation feature are incorporated to protect users from unnecessary losses.

Is MyForexPath good?

MyForexPath may be worth the price because it is capable of generating good profits. However, the bot is based on a risky grid strategy that can eat into your income. 

Features of MyForexPath

Trading TerminalsMT4 and MT5
StrategyTrend following
TimeframeN/A
Price$285
Money Refund30 days
Recommended DepositN/A
Recommended LeverageN/A
Money managementYes
Customer reviewsN/A

These are the additional features of the robot: 

  • The system works on 3 currency pairs, namely EURUSD, AUDUSD, and USDCAD.
  • It has 4 independent sessions for each trading pair.
  • The robot offers free updates and 24/7 technical support.
  • It comes with a detailed manual.

What strategy does MyForexPath use?

The EA opens trades in the direction of the trend. It particularly uses MA and Parabolic indicators to spot trends it will follow and initiate trades. Consequently, the system will close orders when the trend reverses or when it makes unsuccessful entries. The goal is to minimize losses and large drawdowns.

Backtesting vs live trading results

Backtest results

This is a strategy tester report for the AUDUSD currency pair. As such, the EA used this instrument to conduct 1827 trades on the H1 chart using a $1000 deposit. The resulting win rates for the short and long positions were 69.47% and 71.23%, respectively. Subsequently, a total net profit of $9355224.14 was reported, which is impressive. The profit factor, which was 1.93, also shows the high productivity rate of the robot. Unfortunately, the strategy on board was quite risky as it led to a drawdown of 39.62%. 

Live trading stats on Myfxbook

The EA has succeeded in growing this account by 1136.58% after trading on it for two and a half years. So, the user’s investment has jumped from $2000 to $24731.53, following a $22731.53 profit. On average, the system has been making a daily profit of 0.27% and a monthly profit of 8.52%. Sadly, MyForexPath is a risky trader, given it has eaten away nearly 50% of the initial capital. 

Trading performance

The EA has conducted 676 trades with 214.30 lots so far. The loss rate produced is quite high compared to the profits. That’s why we have an average loss of -72.45 pips, which is uncomfortably higher than the average win (33.17 pips). The average trade length is 3 days while the profit factor is 1.49.  

History of trading

As you can see above, the robot applies that grid strategy and works with big lot sizes. 

The core team

Information about the developers who built this EA is not divulged. There are no names, biography details, location, address, trading experience in the market, etc. 

End notes

End notes

MyForexPath is a reasonably priced EA that demonstrates promising results on Myfxbook. It has generated consistent profits for the user for almost 3 years, growing their account substantially. Even so, the strategy on board is innately risky and can produce large losses that may eventually swipe away your deposit.

InvestGrail
  • Yield
    5
  • Reliability
    5
  • Trading approach
    3
  • Consistency
    6
  • Customer support
    5
The Goods
  • Fair pricing
  • Live trading stats are available
  • Offers free trades and a refund policy
The Bads
  • High drawdown
  • No vendor transparency
  • Large lot sizes used
4.8 2.4 5
Average Score
Discover 10 Best FX EAs That Are Worth Investing
Share
0
FacebookTwitterPinterest
previous post
Top 5 Best Hydrogen Stocks to Gain
next post
Best 5 Secured Crypto to Watch

Related Posts

The 5%ers Review

08/18/2023

FundedNext Review

08/16/2023

Topstep Forex Review

08/14/2023

FTMO Review

08/12/2023

SurgeTrader Review

08/10/2023

Tech Trader Review

08/08/2023

Tickeron Review

08/06/2023

BlackBoxStocks Review

08/04/2023

Trend Spider Review

08/02/2023

Trade Ideas Review

07/31/2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

80  +    =  84

Recent Posts

  • Goldman Sachs Expert Predicts Significant Gold Price Surge by 2026
  • Second suspect in New York bitcoin kidnapping surrenders to police
  • Apple to debut dedicated gaming app within days of Nintendo Switch 2’s arrival
  • Satoshi Nakamoto, BlackRock, and TechBerry — a new investigation by Newsweek
  • 3 Crypto Scams That Fooled Very Famous People

Top Articles

  • The Best Copy Trading Platforms List: Pros, Cons and Comparison

    06/28/2022
  • Best 5 Silver Backed Cryptocurrency to Buy Right Now

    05/09/2022
  • Desktop Crypto Portfolio Tracker: Best 5 for Investing & Active Learning

    04/23/2022
  • Top 5 Best Coins to Mine for Beginners

    10/04/2021
  • Best Forex Robots – Top 10 FX EAs 2022

    10/04/2021

Categories

  • Analysis (17)
    • Fundamental Analysis (9)
    • Technical Analysis (8)
  • Investing 101 (112)
    • Crypto (66)
    • Forex (8)
    • Options (6)
    • Stock Market (32)
  • News (128)
  • Reviews (183)
    • Brokers (7)
    • Crypto Robots (26)
    • Forex Expert Advisors (138)
    • Forex Signals (2)
    • Investing Apps (9)
  • Strategies (90)
    • Arbitrage (12)
    • Day Trading (25)
    • Investing (18)
    • Options (13)
    • Swing Trading (19)
  • Top (7)
  • Uncategorized (5)
  • Home
  • Contacts

@2023 - All Right Reserved. Investgrail.com

InvestGrail
  • Top FX EAs
  • Investing 101
    • Crypto
    • Options
    • Forex
    • Stock Market
  • Strategies
    • Day Trading
    • Swing Trading
    • Arbitrage
    • Investing
    • Options
  • Analysis
    • Technical Analysis
    • Fundamental Analysis
  • Reviews
    • Online Brokers
    • Forex Expert Advisors
    • Crypto Robots
    • Investing Apps
  • Top Articles
    • Best Forex Robots – Top 6 FX EAs 2022
    • Best Desktop Crypto Portfolio Trackers
    • Best 6 Forex Brokers That Accepts Crypto Deposit for Trading
    • The Best Copy Trading Platforms List: Pros, Cons and Comparison
    • Top 5 Best Coins to Mine for Beginners
    • Top 5 Best Gaming Crypto Coins to Participate