Fx Review of Pipjet - The Automated Metatrader Forex EA Trading Robot
Very briefly and to the crux of what the Pipjet EA trader is:
Pipjet is a Metatrader Expert Advisor that trades the currency pair USD/CAD during the Asian trade day sessions. It would be considered a scalping, intra day, short term strategy that aims for small targets and a higher percentage of winning trades over time. The money management is built into the EA to handle the entry and exits of trades based on the trader(or users) risk tolerance levels.
As a Forex trader that has traded the Forex markets for nearly 10 years using classical manual methods of technical analysis. I thought it would be interesting to diversify my trading portfolio with an automated system. My original plan was to partner up with another individual, gain from someone else's experience and knowledge so to speak with the hopes of improving some of my own skills, and of course injecting profits into my trading account. After all, isn't that what the ultimate goal in trading is, profits?
After some thought, I reconsidered the whole idea of having another partner. Instead I thought, Why not give an auto trader a go?? A robot trader would after all have its own view of the markets, probably far more different than mine. And being a robot, well, that would by definition take some of the emotions and stress out of the whole trading sessions. So after doing some research(much like what you may be doing now), I spent a few weeks on the web, scouring forums, asking for opinions from traders who's opinions I trusted and respected. Here were some of the criteria that were important to me and what I'd want if I were going to trade a Forex EA robot.
Many systems automated or manual come and go in this business. I've been in Forex to see that. If you're researching an EA, chances are it will be new without much history, or there will be history but it's not around anymore and not actively traded for whatever reason. Pipjet has a few years under its belt you can examine, unlike simulated backtest that really never risked real money.
So you see, just like you, I'm a stickler with details, yes maybe skeptical as well much like you. You should be if you're plunking down cash for a system. I have been lucky. I've bought systems and books, some costing hundreds of dollars. I'm glad to say that with almost all of those systems, I've learned a wealth of knowledge while getting back my investment. So these were some of the reasons and criteria that helped me to narrow down which Mt4 Ea robot I'd go with,
Obviously, since you're reading this, it was Pipjet that I chose. Again, unlike many systems that you may be considering, the developers and traders behind Pipjet put their numbers up. You'll have to decide from there, but at least you see the trades, and can make a fair assessment of their performance, not just what they may say. Show me the trades right?? Or shall we just say, show me the profits?
So that's my Forex review of Pipjet. Do your homework, have confidence in whatever system you end up choosing. If a cool auto-trader is in your strategy, then take a look at Pipjet.
Pipjet is a Metatrader Expert Advisor that trades the currency pair USD/CAD during the Asian trade day sessions. It would be considered a scalping, intra day, short term strategy that aims for small targets and a higher percentage of winning trades over time. The money management is built into the EA to handle the entry and exits of trades based on the trader(or users) risk tolerance levels.
As a Forex trader that has traded the Forex markets for nearly 10 years using classical manual methods of technical analysis. I thought it would be interesting to diversify my trading portfolio with an automated system. My original plan was to partner up with another individual, gain from someone else's experience and knowledge so to speak with the hopes of improving some of my own skills, and of course injecting profits into my trading account. After all, isn't that what the ultimate goal in trading is, profits?
After some thought, I reconsidered the whole idea of having another partner. Instead I thought, Why not give an auto trader a go?? A robot trader would after all have its own view of the markets, probably far more different than mine. And being a robot, well, that would by definition take some of the emotions and stress out of the whole trading sessions. So after doing some research(much like what you may be doing now), I spent a few weeks on the web, scouring forums, asking for opinions from traders who's opinions I trusted and respected. Here were some of the criteria that were important to me and what I'd want if I were going to trade a Forex EA robot.
- It must be as automated as possible. I want to set it, forget it and don't want to have to babysit trades. If i have to babysit the robot, then the robot is fired, and the whole purpose of automation goes out the window, so I don't want to have to babysit!
- Even though the robot is automated. I still must understand the logic behind the trades that are made. As an experienced trader and programmer, I need to understand what the heck this robot is doing, and why.
- After an automated trade is placed, this is when the reall work begins and where the profits are made or lost. I want a solid money management plan that will be applied in all types of market conditions.
- I don't care for back tests. Markets change day by day, hour by hour, news event to news event. What I want is positive expectancy. How has this robot performed over weeks, months and years and when markets change? Is the expectancy positive or negative, has it been profitable over time?
Many systems automated or manual come and go in this business. I've been in Forex to see that. If you're researching an EA, chances are it will be new without much history, or there will be history but it's not around anymore and not actively traded for whatever reason. Pipjet has a few years under its belt you can examine, unlike simulated backtest that really never risked real money.
So you see, just like you, I'm a stickler with details, yes maybe skeptical as well much like you. You should be if you're plunking down cash for a system. I have been lucky. I've bought systems and books, some costing hundreds of dollars. I'm glad to say that with almost all of those systems, I've learned a wealth of knowledge while getting back my investment. So these were some of the reasons and criteria that helped me to narrow down which Mt4 Ea robot I'd go with,
Obviously, since you're reading this, it was Pipjet that I chose. Again, unlike many systems that you may be considering, the developers and traders behind Pipjet put their numbers up. You'll have to decide from there, but at least you see the trades, and can make a fair assessment of their performance, not just what they may say. Show me the trades right?? Or shall we just say, show me the profits?
So that's my Forex review of Pipjet. Do your homework, have confidence in whatever system you end up choosing. If a cool auto-trader is in your strategy, then take a look at Pipjet.
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