Forex Robot ReviewsPassive Income

MyForexPath Review: Is It Wise to Hand Your Trading Over to This EA?

2 Mins read
4.8

MyForexPath trades on multiple currency pairs and comes with a drawdown control system to avoid trading in volatile conditions. According to the developers, the expert advisor can generate a 65-70% win rate using its unique strategy. It can work with all types of brokers and comes with an around the clock technical support and lifelong updates. Our review will cover the critical aspects of the EA to analyze the potential risk involved in investing. 

MyForexPath company profile 

MyForexPath is available for purchase on their official website. The vendors are shy in sharing the information about their whereabouts and social media handle. There are no email addresses, certifications, biography, or anything which can be used as evidence to claim their expertise in the forex market. Traders can only contact the developers using an online fill-in form.

The highlights of MyForexPath

MyForexPath comes with the following features:

  • 4 independent sessions for each pair
  • Multiple backtesting records
  • 30-day money-back guarantee 
  • An extensive drawdown control system

The algorithm uses technical indicators such as moving averages and parabolic SAR to determine the direction of the trend. If the initial entry is unsuccessful it will close out the trade and open a position on the opposite side. 

We observe from the Myfxbook records that the system is most active on Wednesday. There is lot multiplication and averaging involved. It can hold trades overnight implementing a swing trading approach.

Trading history of the EA
Trading history of the EA

Facts and figures

The developer shares the backtesting results of the EURUSD chart in the M30 timeframe. The EA was tested for eight years of historical data between 2015.01.01-2022.04.05. The stats consist of 130953636 ticks with a history quality of 90.00%. The relative drawdown can be seen as 88.84%, and the profit factor was 1.85. The system participated in 2012 trades, out of which 1434 trades were winners, and 578 were losses. 

Backtesting records of the EA
Backtesting records of the EA

Verified live records of MyForexPath are available on Myfxbook. The EA was added on 21 November 2019 and is live till the current day. The developer deposited $2000 on a real portfolio, where the current total balance stands at $24911.53. The system showed a gain of +1145.58%, with a profit factor of 1.50 and 1:500 leverage. It participated in 678 orders, out of which 239 trades were losing. 

Verified live trading stats from Myfxbook
Verified live trading stats from Myfxbook

The drawdown value of the robot is at an extreme 49.30%. The fluctuation of candle bars shows the unstable risk value, which also contradicts the developer’s claims of using the drawdown control feature.

Drawdown chart from Myfxbook
Drawdown chart from Myfxbook

MyForexPath packages

MyForexPath is available to purchase for a lifetime license at $285. The plan includes both versions of the robot (MT4/MT5), a detailed user manual for easy setup and installation, free updates and upgrades, and 24/7 technical support.

The developers also claim a refund policy for the first month of the purchase. The EA lacks renting options, which the traders widely use to test the algorithm’s performance for a short duration before final purchase. 

Pricing of the EA
Pricing of the EA

Assistance

The developers claim 24/7 technical customer support along with the purchase. 

MyForexPath comes with 24/7 technical support as claimed by the developers. However, only an online fill-in form is present on their website to ask them regarding your queries. 

Other notes

We cannot find any customer reviews for the system on third-party websites. This shows that not many traders have tried out the system and are willing to purchase it.

Is MyForexPath a reliable system?

Even though the lice records show an extensive gain traders should not forget that the ruse of grid and martingale strategies can cause a high drawdown. This is evident from the live records as well.

MyForexPath Summary

4.8
MyForexPath comes with multiple backtesting records and a detailed user guide. The big value of drawdown is a bit problematic and indicates a high-risk strategic game plan. The developer offers a one-month refund policy, but vendor transparency and lack of customer testimonies are key factors to consider before purchasing.
6.0

Performance statistics

3.0

Reviews from customers

6.0

Ease of use

5.0

Implemented strategies

4.0

Pricing

Pros

  • +Live and backtesting records are available

Cons

  • -High-risk strategy
  • -No user reviews
  • -Low vendor transparency
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