Forex Pip Shooter EA: Is It a Good EA to Buy In 2022?

Forex Pip Shooter uses advanced analysis technology and pip shooter techniques to execute 24/7 fully automated trading. The developer states that it is elementary to use and provides annual profit on the market with customized capital and scale of operations. We will review the product below to cover all the benefits and disadvantages to see if this is a good match for your trading. 

Pricing

The robot is sold for a one-time price of 800 Euros and accepts payments through PayPal, MasterCard, Visa, amongst many others. It can be bought on the personal website or through cTrader. The robot comes with 1 real account and 1 demo account. 

Their Terms and Conditions clause about purchases contains information about the money-back guarantee and refund but does not specify the time frame. 

Vendor transparency

There is no information about the profile of developers, which is not a good practice. The customers can only reach them through a company email provided or a contact form. 

Key features

The robot has the following key features:

• It has an average execution speed.
• It’s 100 % fully automated.
• The robot provides 24/7 customer support.
• It works with 28 forex currency pairs.

Forex Pip Shooter EA trading approach

The developer states that the EA uses an advanced analysis technology that is coupled with the pip shooter to observe the trend reversals. It tries to exploit the small spread conditions. 

From the history on Myfxbook records we can observe that the algorithm trades on multiple currency pairs. It tries to hedge against losses by opening trades on various assets which are observed as they close at the same time.

Backtesting results

Unfortunately, the developers do not disclose the backtesting results for their robot, which is considered a poor practice according to standard procedures. So, customers are rendered blind to many key data points that reveal the proper performance of the robot to help with purchase decisions. 

Forex Pip Shooter live trading results

The developer links the Myfxbook records, which state the performance records from December 09, 2020, until February 21, 2022. The system made an average monthly gain of +1.61% during this period, with a drawdown of 9.34%. 

The stats show that the bot participated in a total of 161 trades and had a profit factor of 2.30. The algorithm processed the best trade of €19.35 and the worst trade of -€13. The robot saw   €1,001.06 in deposits and €80.45 in drawdown. 

What are the risks with Forex Pip Shooter ?

We can observe the following risks while trading with the robot:

• The ratio between the monthly gain and drawdown is not suitable.
• The developer is not clear about their transparency.
• Lack of backtesting records allow customers to see the whole picture.

Worth noting!

Unfortunately, there are no customer reviews for Forex Pip Shooter on trusted review sites like Forex Peace Army or TrustPilot, which signals all potential customers to be super cautious while considering this robot for purchase.  

What are the pros and cons of investing in Forex Pip Shooter ?