Forex Pip Dragon has hit our radar since launch following some good reports we have been hearing from traders. While this release from Jia Ming Zhang and his team is designed for MetaTrader it doesn’t work like just any old EA.
| Where To Buy: | Forex Pip Dragon |
| Price: | $37.00 (per month) |
| Currency Pairs | Various |
| Time frame | NA |
| Type: | Trade Cloner |
| What You Receive: | Forex Pip Dragon ex4, updates,support |
| Guarantee: | 60 Day Money Back |
What’s Behind Forex Pip Dragon?
Forex Pip Dragon is a MetaTrader Expert advisor and a fully automated trading system. However unlike many of the systems that we review on FX System Trader it is not actually a Forex robot.
Instead the system is a trade copying EA. This means that the Expert Advisor functions as a trade copier, allowing the trades placed by the Forex Pip Dragon team to be replicated within your own MetaTrader account.
This approach aims to avoid what the Pip Dragon team refer to as the ‘stubborn… mechanical algorithms’ of Forex robots which can suffer from poor performance when markets start to change in dynamics. Of course this assumes that the trading team behind the system are also able adapt to changing market dynamics.
The central trading approach used is called VBPR or Volume Based Pattern Recognition. This has been developed as a method within their team over a number of years and is applied to each of the range of currency pairs traded. Pairs traded include the EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, EURGBP, NZDUSD and EURJPY.
The results look good from the statements provided showing a 460% return since late October. Login information is also provided to a live money account. This allows you to look at each trade taken and verify performance statistics.
How to Use Forex Pip Dragon
The system is provided as a straightforward Expert Advisor and simply needs to be installed onto your MetaTrader platform. The team pledge even with no prior computer knowledge that you can use the installer program to get Forex Pip Dragon up and running on your Metatrader account in just five minutes.
Strategy Tester Backtest Results
Being a trade copying Expert Advisor it is not possible to backtest the strategy with the Strategy Tester.
Forex Pip Dragon – Verdict
In terms of analysing long term performance there is little to go on as of course, the strategy used is tailored to the prevailing market. This after all is the point behind Forex Pip Dragon and the unique selling point over similar automated systems.
What you are getting is essentially an automated signal service which mimics the performance of the Forex Pip Dragon trading team in your account.
We are always a little sceptical of new EAs with little information on them. However performance so far looks very good. In addition the reoccurring monthly payment structure certainly puts the emphasis on the trading team to deliver results.
If the Pip Dragon team are looking to make a name for themselves as signal providers they will need to maintain performance or they will quickly find their subscription levels drop away.
Certainly for only $37.00 per month this looks worthy of further investigation and we will be adding the system to our current crop of on test EAs to see how this one progresses over the coming months.
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