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MyForexPath Review

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MyForexPath Review

MyForexPath uses completely automated software for ensuring high profits and low risk. It works mainly on the AUDUSD, EURUSD, and USDCAD pairs.  This ATS is compatible with the Metatrader 4 and Metatrader 5 platforms. A trend-following approach is used by the FX EA to achieve the best results. According to the vendor, the expert advisor is designed to identify the profitable trend and open orders in the direction of the trend.

How MyForexPath robot works

The official website reveals a simple design with all sections of the site displayed on a single page. We could not find info on the vendor other than the mention of the site being powered by Forexstore.com. The domain copyright is for 2022. There are no company details like founding year, team member info, location address, phone number, etc.  For support, the vendor provides an online contact form. There are no other support methods like FAQ, phone number, email address, live chat, etc. for support.

The main features that make this FX robot have a competitive edge in the market as per the vendor are:

  • A win rate of 65% to 70% is present on an average for the FX robot.
  • It works on three major pairs namely the AUDUSD, USDCAD, and EURUSD pairs.
  • It is compatible with the MT4 and MT5 platforms.
  • The FX robot has 4 independent sessions for each currency pair providing sufficient signals without compromising the quality.
  • This ATS can work with any broker effectively.
  • It uses a drawdown control method that safeguards your account from heavy losses.
  • The SL is calculated to prevent unwanted losses.
  • Additional protection is offered b the EA by the closure of orders at market price.
  • The EA has backtests done for 8 years since 2015 with stable results.

Applied strategies

As per the vendor info, the expert advisor uses special algorithms and indicators like Parabolic and MA to ensure profitable orders. In the event of an unsuccessful entry and trend change, the robot closes open trades to avoid large losses. The vendor provides a few backtests for the system with maximum risk and normal risk for the three pairs it works on. Here is one of the backtesting reports for the AUDUSD pair using the H1 timeframe done from 2015 to 2022.

Backtesting result of MyForexPath on the official site.

From the above strategy tester report, we can see that for an initial deposit of $1000, a total net profit of 9355224.14 was generated. A total of 1827 trades were executed with a profit factor of 1.93 and profitability of 70.17%. The maximum drawdown for the account is 39.62%. From the high profits, it is clear that a good performance was present. But the high drawdown shows a risky approach was used by the EA.

MyForexPath trading results

A real USD account using the FXOpen broker and the leverage of 1:500 on the MT4 platform verified by the myfxbook site is present. Here are a couple of screenshots of the trading results:

Growth curve of MyForexPath on the Myfxbook site.
Trading stats of MyForexPath on the Myfxbook site.

From the above stats, we can see the account shows a total profit of 1077% with a daily profit of 0.285 and a monthly profit of 8.66%. A drawdown of 37.61% is present. For the account that started in November 2019 with a deposit of $2000, a total of 653 trades were completed with 65% profitability and a profit factor of 1.50. A lot size of 0.30 is used. 

From the high drawdown and big lot size, it is clear that the robot uses a risky approach. Further, from the growth curve, we can see that the growth is irregular, obstructed by frequent downward dips indicating poor risk management. When compared to the backtesting results, we find the drawdown is similar in both results indicating a risky approach.

Pricing & refund

You can purchase this FX robot for $285. The package includes one unlimited license with MT4 and MT5 versions, a detailed user guide, free updates, 24/7 technical support, and the possibility to change your account number. A money-back guarantee of 30 days is present. When compared to the prevailing market pricing of competitor systems, we find the pricing is expensive. 

Other notes

Unfortunately, we could not find user reviews for this FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc.

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