MyForexPath Review: Can You Trust This EA?

MyForexPath is a trend-following expert advisor that works on the MT4 and MT5 platforms. As per the vendor, the system has special algorithms and indicators to help prevent big drawdowns. The vendor provides backtesting reports and verified real trading results for the system. However, the real trading results show a high drawdown indicating a risky approach. Further, when compared to the market average, we find the pricing is expensive.

Vendor transparency

Besides the mention of the website being powered by Forexstore.com, we could not find details related to the company such as its founding year, team members and their experience, reputation of the company, location, etc.

How MyForexPath works

The key features that make this FX EA gain an edge over its competitors as per the vendor are:

• A win rate of 65% to 70% is assured for the FX EA.
• It uses 4 independent sessions for each of the three currency pairs it works on.
• The FX EA can work with any broker without any worries about the efficacy of the system.
• A powerful drawdown control system is present to protect the account from unplanned losses.
• The system is fully automated and easy to install and use.
• It uses a smart calculation of the stop loss.
• The EA provides additional protection by closing orders at Market price.

Timeframe, currency pairs, deposit

This FX robot works on the AUDUSD, USDCAD, and EURUSD pairs and is compatible with the MT4 and MT5 terminals. The vendor does not provide info on the recommended timeframe, leverage, deposit, etc.

Trading approach

A trend-based approach is employed by the FX robot using which it determines the trend direction with indicators and special algorithms and opens trades in the direction of the trend. Indicators such as Parabolic and MA are used for the strategy. In the event of an unsuccessful order due to a trend change, the robot closes all open orders to compensate for the loss and to prevent big losses due to the trend change.

Pricing and refund

You can purchase this FX EA for $285. Features included in the package are one unlimited software license, the possibility to change the account number online, a detailed user guide, free updates, and 24/7 technical support. The package has MT4 and MT5 versions of the EA. A 30-day money-back guarantee is present. When compared to the price of similar systems on the market, we find that this FX robot is expensively priced.

Trading results

The vendor provides backtesting results for the FX EA with different risk modes including normal and aggressive risk modes. Here is a strategy tester report with normal risk done on the AUDUSD pair using the H1 timeframe.

From the above report, we can see that the test was done from January 2015 to April 2022 with an initial deposit of $1000. A total net profit of $25032 was generated for the account with a maximum drawdown of 29.33%. The profitability was 70% and the profit factor was 1.92 for a total of 1839 executed trades. From the results, we can see that the profits were not high and the drawdown although not very high indicates a certain amount of risk was involved.

Live real trading results verified by the myfxbook site are present for this FX EA. Here is a real USD account for the FX robot using the FXOpen broker and the leverage of 1:500 on the MT4 terminal.

The account began in November 2019 with a deposit of $2000. It shows a total profit of 1,136.58% with a daily profit of 0.27% and a monthly profit of 8.52%. A drawdown of 49.03% is present which indicates a risky approach. Further, the growth curve also shows a series of drawdowns some higher than the others denoting poor risk management. Comparing the backtesting and real trading results we find that the drawdown is higher in real trading indicating a risky and ineffective approach.

People say that MyForexPath is…

Unfortunately, we could not find user feedback for the FX EA on trusted third-party sites like Forexpeacearmy, Trustpilot, etc.

Verdict