Pip Collector EA – An In-Depth Review

Table of Contents

The Pip Collector EA is an automated forex trading robot that aims to generate consistent profits for traders. In this comprehensive review, we will analyze its key features, performance statistics, pros and cons to determine if it is a reliable solution for your trading needs.

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Overview

The Pip Collector EA was created by ChinEtti, a well-known figure in the forex community. It uses a combination of technical indicators like ATR, RSX, MACD, Bollinger Bands along with price action analysis and a non-martingale approach to identify profitable trades automatically.

Some key aspects of this expert advisor (EA) include:

Fully automated trading – no manual intervention needed
Works on the popular MetaTrader 4 (MT4) platform
Trades the EURUSD and GBPUSD currency pairs
Boasts an impressive 90%+ win rate in backtests
Comes with optimized set files, detailed user guide, email/SMS alerts

In terms of pricing, the Pip Collector EA is available for a one-time fee of $279 as of this writing. This license allows you to run the EA on one live and one demo MT4 account simultaneously.

Next, let’s analyze some of the performance statistics to gauge the profit potential of this forex robot.

Performance Statistics & Backtests

Extensive backtesting is essential to validate the efficacy of any automated trading system before committing real capital.

Key metrics from the developer’s backtests on the Pip Collector EA include:

Total net profit of $1980 on a $1000 account
Profit factor of 2.78
91.27% profitable trades
Maximum drawdown of 15.10%

These figures indicate solid profitability with a high percentage of winning trades and reasonable drawdown control.

However, it is vital to note that backtests do not represent future performance. Market conditions keep evolving dynamically, often deviating significantly from historical data.

As such, users should conduct their own rigorous backtesting with current market data before purchasing the EA.

Live Performance

In addition to backtests, it is important to analyze real-world trading results generated by the Pip Collector EA.

The developer provides verified MyFXBook results with the following statistics:

$72,331 profit
Max drawdown of 18.8%
Profit factor of 2.15

These results span 16 months which provides some credibility regarding the EA’s consistency. However, there is still insufficient data to conclusively determine long-term profitability.

As a rule of thumb, traders should examine at least 3 years of real-world results before considering any EA.

Pros of Pip Collector EA

Straightforward non-martingale logic avoids risky strategies
Detailed user guide explains setup and usage
Optimized set files provide proven configurations
Email/SMS alerts for convenience
Reasonable price point compared to competitors

Cons of Pip Collector EA

Limited real-world trading history
Only works on MT4 currently
Locked to EURUSD and GBPUSD pairs
Requires manual periodic updates

Pip Collector EA Final Verdict

The Pip Collector EA offers an intriguing option for novice traders to explore algorithmic trading without breaking the bank.

However, its lack of long-term track record makes profitability uncertain. The backtests and existing live results show positive signs but remain insufficient to determine consistency.

As such, traders are advised to thoroughly backtest the EA themselves and use prudent position sizing to manage risk. Though not a hands-free solution, it may reward those who put in the testing and optimization effort.

Overall, the Pip Collector EA is worth considering for beginner to intermediate traders but doesn’t provide adequate evidence yet to win over experienced investors.