Autopip EA Gold works on the MetaTrader 4 platform and can trade across Gold (XAUUSD), Bitcoin (BTCUSD), and EURUSD. The robot has an inbuilt news filter to mitigate risk and a stop loss option to safeguard profits when trends change. We will review the product, covering the pros and cons to help traders make a better purchase decision.
The robot is sold on a monthly subscription for 30 USD. However, traders can also make a one-time payment to gain access to lifetime usage for 50 USD. Moreover, a free demo version can be used by all customers.
Apart from this, the company provides no information about 24/7 customer service. Also, the sales page does not contain any information about a money-back guarantee. This raises some concerns about this product.
Neill Thomas Campbell Forbes, a UK-based developer, is the owner of this robot. The dev’s profile indicates that he is a software developer for the automation industry. Neill has 5 products listed on the MQL5 website, some of which are Black Gold EA and Mad Gold Scalper EA.
There is absolutely no information like contact address, telephone, or email through which the seller could be reached. Customers can only message them through the live chatbox on MQL5. This points toward a lack of vendor transparency.
The robot has the following key features:
- It is compatible with MT4/5.
- The bot works on Windows only.
- Comes with a money management system.
- The EA has a simple and friendly UI.
Autopip EA Gold trading approach
The robot requires a minimum deposit of $500 to trade on multiple instruments. The recommended amount is $1000. From the history on Myfxbook records, we note down that the algorithm uses grid and martingale strategies on gold. It uses a huge stop loss of 1000 pips on trades.
Backtesting results are available for the XAUUSD currency pair. The time for these backtests is 2016.09.21-2021.09.21. These show that the maximum drawdown value was 13.40%. During this period, the system traded in a 15-minute timeframe with a spread value of 2. The initial deposit of $1000 was converted into a total net profit of $13,619.77. The profit factor stood at 1.49. Total trades made by the service were 9526, out of which 32.14% resulted in a loss.
Autopip EA Gold live trading results
Verified trading records are available on Myfxbook, where the performance records are public from Aug 24, 2021, until Nov 11, 2021. The absolute gain was negative during this time, with a numerical value of -12.18%. This is very concerning. Furthermore, the deposits stood at 11,362.18 GBP with a loss of -1383.35 GBP.
Leverage of 1:30 was used in this session. The system made 492 trades, of which 64% were profitable. But that doesn’t say much about good performance because the profit number indicates that the value of loss trades was much higher. The bot had a profit factor of 0.74. The average trade length of the system stood at 9 hours and 22 minutes.
What are the risks with Autopip EA Gold?
We can observe the following risks while trading with the robot:
- The live records show us that the robot ends up making marginal losses.
- The gain rate is negative in the live trading results, which shows the most recent trades.
- The developer is not clear on their whereabouts and experiences.
A customer on MQL5 states that they have received poor results on their account while using the robot. Traders have to be careful while using the expert advisor.
What are the pros and cons of investing in Autopip EA Gold?
|Provides backtests||No transparency from the developer|
|Margin call on the live account|
|No clear information about the strategy|
Autopip EA Gold Conclusion
Autopip EA Gold uses grid and martingale strategies which can be risky when the market goes significantly in one direction. Also, the live records show us a terrible output where the account has been liquidated. There is no information about a money-back guarantee on the MQL5 site.