MyForexPath promises to show you the way to success in the Forex market. As per the vendor, the EA is capable of generating a win rate of about 65-70% per trade for you. A drawdown system is also incorporated to ensure that you don’t make unnecessary losses. We will assess the robot to find out if is able to keep these promises.
MyForexPath: to trust or not to trust?
Through this review, we have established that the system makes huge earnings for users in the live market. However, the grid strategy is integrated into the program, increasing its trading risks to a great extent.
We have listed the features of the system below:
- The system works with three main currency pairs: AUDUSD, USDCAD, and EURUSD.
- It’s compatible with the MT4 and MT5 trading accounts.
- The robot supports all brokers.
You can get MyForexPath at a price of $285. This package includes features like a 30-day money back guarantee, technical support 24/7, 1 unlimited license, free updates, the ability to alter the account number online, a user manual, and MT4 and MT5 EA versions.
MyForexPath focuses on the trend strategy. The vendor has incorporated special algorithms and indicators like MA and Parabolic into the system to help it spot a trend and open trades in its direction. The EA is also able to recover losses incurred when the direction of the trend changes by closing previously opened trades as soon as possible.
The robot was backtested on the H1 chart using 2015-2022 historical data. It used a deposit of $100 to implement 2012 trades, winning 71.27% of them. The resulting profit amount was massive—$2913900.65. But a profit factor of 1.85 indicates that the losses were equally high. The maximum drawdown (88.84%) was sky high, meaning that the strategy used was very risky. The average profit trade was $4423.89, whereas the average loss trade was -$5934.19.
The EA has been generating an average monthly profit rate of 8.43% for this account for 2+ years now. Cumulatively, the profits have caused the account to attain a total gain of 1043.79%, which is outstanding. A deposit of $2000 has been used to generate a huge profit amount—$20875.78. Subsequently, the balance has increased to $22875.78.
There are 663 completed trades with 205.90 traded lots. Sadly, the success rates for long (68%) and short positions (57%) are not out of the ordinary. Up to now, the best trade has generated a profit of $3653.25 for the user. The worst one has caused a loss of -$1783.05. No commissions have been paid.
The account is about to be blown up, thanks to the EA’s risky trading activities.
The robot works with large lot sizes and implements the grid strategy, something which the vendor fails to reveal in the sales pitch. Although the system has managed to make profits for the owner, some large losses have been made.
The monthly performance of the system has been declining since February to date.
The EA has generated a high drawdown of 37.61% after trading live for 2+ years. Since a risky strategy is employed, this drawdown may increase significantly in the future and erode the gains the system has made on the account.
The vendor of this EA is anonymous. We could not even find basic info about the company, such as its name, location, relevant contact info, etc., on the official website. It is clear that the vendor doesn’t want the trading community to know its identity, which is suspicious.
The EA has zero customer feedback. We searched for user reviews on reputable sites like Trustpilot and Forex Peace Army, but could not find any. It is either that the trading community has not heard about this product yet or is just not interested in it.