The PipJet Forex robot was developed by Forex MegaDroid Team.
This developer believes that frequent updates are very critical to the success of any Forex robot.
The owners of PipJet EA also believe that trading in the Asian session is more profitable that trading in the US or European sessions.
Their theory is that if traders take advantage of the Asian session, they’ll enjoy stable, more predictable markets because about 85-90% traders are focusing on the US and European markets as opposed to the Asian market.
The developer of PipJet expert advisor claims that they’re a brand that has achieved impressive success with their Forex MegaDroid robot.
They want traders to know that PipJet Forex robot was not developed by a fly-by-night operation.
Moreover, traders are informed that their Forex MegaDroid robot was a success and thousands of traders loved it.
This begs the question of whether or not this claim is true.
The good thing is that we can always Google reviews of the Forex MegaDroid robot to establish whether these claims hold water.
There are multiple user reviews on a platform called Forex peace army.
Nearly all traders in this forum say the Forex MegaDroid is a money loser.
The question is why this developer is relying on supposedly positive feedback which none of its clients has ever left behind.
This review is about their product, PipJet Forex robot.
However, the reason we bring Forex MegaDroid into the picture is because half of the sales page of PipJet robot is talking about the supposed success of Forex MegaDroid and how this success has been replicated into the PipJet EA algorithm.
If you want a reliable expert advisor or indicator for trading, we recommend using some of the solutions that we are advising traders to follow here.
Otherwise, we strongly feel that PipJet EA is a product that is peddled by a smart internet marketer and not a brand build by real professionals.
In this PipJet review, we’ll tell you why we’ve taken a different stand concerning this EA.
PipJet Review: Overview of EA
First of all, this is a developer who believes in saying thousands of words in a text to drive their point home.
If you go to the sales page where the PipJet Forex robot is being peddled at, you’ll quickly get bored because a simple statement cannot be summarized in one or two sentences.
Instead, the developer uses multitudes of words which contain spectacular and dramatic promises.
They want the trading community to believe that their new Forex robot was developed based on the hows and whys a Forex robot tackles the market the way it does.
This Forex robot was optimized for the USDCAD pair because the developer believes there’s a unique opportunity in trading this pair.
They believe they’ve built a strong brand and that their team have experience in development.
They claim the strategy that went into the creation of PipJet Forex robot is robust and stable. Free updates are assured in addition to long term performance.
High returns, consistency and safety is also assured with the PipJet EA. They claim traders will enjoy a smooth equity curve if they choose this EA.
This begs the question of whether this developer can show proof of their smooth equity curve with this Forex robot for at least 6 months.
The PipJet Forex robot is a scalper because the developer believes it’s easy to predict the market for a duration of up to 6 hours than trying to predict what will happen in 12 to 36 hours.
Their stop loss are placed a short distance from entry to make losses small. The developer of PipJet EA claims that stop loss is rarely hit because they’re placed within market context and current volatility.
They claim their Forex robot can work with any broker and can also trade a small account balance of at least $100 provided margin requirements and correct lot sizing are met.
In addition to this, they claim trading during the Asian session will give the PipJet EA an advantage because of low competition.
This is a theory that cannot be supported because the more participants trading the market, the quicker the moves in the market and the clearer a market becomes for trading.
The silent the market is (due to low number of traders), the less the volatility and higher the spreads.
Any trader can say the latter will lead to losses because of the prevailing situations.
Trading strategy of the PipJet Forex robot
They claim the Forex robot enters during the Asian session but can also trade during the European session.
The PipJet EA is also a scalper which means it seeks to close trades within same day.
The EA looks for price reversals within well defined and consolidated price channels in a ranging market.
Entries are established using price action and a bunch of indicators namely RSI and CCI indicators plus Hull MA and Andrews’ Pitchfork indicators.
In the coding of the algorithm, there’s a lot of programming that involves statements which say If this happens, that will or will not happen.
Basically, the developer goes into the exact details of the programming and also says it’s very hard to code a successful robot.
We give them credit for outlining a thorough explanation of the trading strategy together with the procedure followed by the programming language.
However, after all this has been said and done, we would still wonder whethr PipJet Forex robot will prove its supposedly outstanding performance.
This is the work of the developer.
PipJet’s Trading Results
They’re using MTRocket’s service to display trading statements of their 5 supposedly live accounts.
We were expecting this vendor to use a myfxbook account to display statistics because this statement sharing service is more transparent and easy to analyze compared to MTRocket.
None of the links to their trading statements are working. Some of the accounts were started in 2010 while others in 2011.
The vendor is showing us impressive returns from accounts that were allegedly credited with $1,000 as starting deposit.
We don’t have statistics to show draw down, length of trades, average monthly returns, equity curve and so on.
So we can also say that this presentation is not transparent.
We’ve had robot developers cheating us with fake trading results.
We don’t trust them for the simple reason that they were dishonest with the performance of their EAs.
Reviews of the PipJet Forex robot are extremely negative and awful. Everyone says this robot is a scam and I tend to believe this is the case.
Based on our observation, one should not purchase a license from this developer. Their ordering form is not working either.
So if traders wanted to purchase, we don’t know how they would go about it.
However, based on their style of marketing and the PipJet reviews out there that display this as a bogus product, one can comfortably say this product is peddled by a Forex conman.