MyForexPath Review: Is It a Good EA to Buy In 2022?

MyForexPath is a fully automated system that comes with free updates and technical support from the developer. The developer is keen to offer multiple backtesting and single live records to verify the algorithms’ performance. We will confirm the output of the EA on various currency pairs and see if it can produce profits in our portfolio.   

Key features

MyForexPath has the following key features:

• It comes with an unlimited license with the ability to change the account number online.
• Best technical support that is available 24/7.
• The package inclues a detailed user manual with the purchase.
• The algorithm has a built-in drawdown control system.

MyForexPath trading approach

The algorithm trades on AUDUSD, EURUSD, and USDCAD and uses indicators such as MA and parabolic to identify the trend. If the initial entry is unsuccessful, it will close the current trades and open one in the opposite direction. According to the developer, the EA has a win rate of 65-70%. 

From the history on Myfxbook records, we observe the use of grid and martingale strategies. It will use an arithmetic approach to lot size for the first four trades. After that, martingale will come into play. The algorithm is primarily active during 4-6 PM and Tuesdays. 

Backtesting results

Backtesting records are provided from 2015 to 2022 where the algorithm had a drawdown value of 36.08%. It participated in a total of 2007 trades and had a winning rate of 72.08% with a profit factor of 1.93. The initial deposit of $1000 was turned into $22457.31 with an expected pay off of 11.19. An average win is $32.57, while an average loss is -$41.81.

MyForexPath live trading results

Verified trading records are available on Myfxbook that show performance from November 21, 2019, till the current date. The winning rate stands at 65%, with a profit factor of 1.47 in a total of 663 trades. The developer made $2000 in deposits and has not made any cashouts as of now. 

The system made an average monthly gain of 8.43% for the period, with a drawdown of 37.61%. The stated drawdown is a bit high when we contrast it with the monthly output.

The drawdown of MyForexPath stands at around 30%, on average, which is a bit unstable.

What are the risks with MyForexPath?

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

• Drawdown

A 37% drawdown value suggests that the system can lose more than a quarter of the initial account value while trading. The risk value can be high for many traders.

• Vendor transparency

The author is not transparent in their portfolio. There is no information present on their whereabouts or market experience.

• Pricing

The algorithm is a bit costly. 

Worth noting!

There are no customer reviews that we could use to analyze the viewpoint of the general community on the product. This shows that the system has yet to be tested by many.

What are the pros and cons of investing in MyForexPath?