Million Dollar Pips Review
Million Dollar Pips is one of the newer entrants onto the Forex robot scene. The developer – one William Morrison – admits on his sales page to being a software developer rather than a seasoned Forex trader but also claims that his software knowledge combined with 18 months of research and testing – both demo and live – has resulted in an EA that is hard to beat and easy enough for the absolute beginner to use successfully – but does Million Dollar Pips performance actually back up his claims?
Strategy Overview: Morrison says he had himself used Forex robots in an attempt to make money for a while before deciding to create his own. Million Dollar Pips is programmed to trade on the 1M chart and it does have a fairly tight stop loss to minimize your losses if and when they occur. A combination of indicators are designed to detect, and then scalp, mini break outs to take advantage of. It also initiates a fairly high number of trades, something that the developer terms risk diffusion.
In its basic form Million Dollar Pips trades only in the USD/EUR, USD/GBP, and USD/CHF currency pairs, although for an additional fee you can add USD/JPY into the mix, a currency pairing that not a lot of the current crop of EA s work with. This gives users the kind of currency pair variations that most “live” Forex traders always recommend working with.
Backtesting: In his sales pitch on the main Million Dollar Pips website the developer admits it took him a while and a good amount of demo testing before he got up the nerve to begin running Million Dollar Pips on a live account. His live account results, together with several others are displayed on myfxbooks.com and they all have some fairly consistent similarities. Each account demonstrates a win/loss stat of between 50/50 and 60/40 with short trades performing 10-20% better than long trades. The average winning pips figure is 9.06 and the losing number is -8.75. You can see some of those resultshere
Price: The basic cost of the Million Dollar Pips Forex robot is $99, which puts it right in the middle in terms of cost when it comes to the current crop of well known EA s. If you want to be able to trade in the USD/JPY currency pair that involves a separate $99 purchase.
Looking at the pricing in comparison with some of the other offerings out there $99 is not bad at all as you are getting the multiple currency pairing options while some Forex robots priced at just about the same level offer only USD/EUR and or USD/GBP currency pairings. Whether you choose to up the ante and purchase the USD/JPY add on as well is entirely up to you and your interest and confidence in the yen. You may want to differ that decision until you have seen how well the basic option is working for you.
One word of warning – while many Forex robots have a standard 60 day money back guarantee the duration of the one attached to Million Dollar Pips is only 30 days, so if you are one of those people who tests an EA by essentially trialling it free and always claiming your money back that is important to keep in mind.
Conclusion: Backtesting for Million Dollar Pips may not be quite as impressive as some of the other Forex robots but there are two points to keep in mind. The first is that backtesting is a useful tool but it should never be taken as gospel. Markets are by their nature very volatile and even a real live human Forex trading expert could have predicted something like the Japanese tsunami and earthquakes that played havoc with that market and that is just a single example.
The other thing worth considering is that the demo and live results with Million Dollar Pips are very consistent, even in a volatile market and the tight stop loss settings do seem to work for the most part.
In conclusion I am not sure you will make a million dollars using Million Dollar Pips but as an EA to help you begin to make some money in the Forex treading world it is at least worth serious consideration if you are still weighing up your Forex robot options.