Today, another forex robot is reviewed to see if it is a software that we can trust, or if it is one not to trust. This forex robot is known as the Piphunter EA. The software comes out of the stable of Forex4uEA Software Corporation. Very little is known about this company or who the developers are, and pretty little information is provided about the Piphunter EA. All that is shown on the vendor website is a general guide on EA installation on MT4. The cost of the Piphunter EA is $149 and it comes with a 60-day money back guarantee.
Piphunter EA: To Trust or Not to Trust?
With such scanty information available to a trader to make decisions on this EA, any decisions must be made on research and facts about the EA, as well as the experiences of those who have actually bought and used the product.
Our own investigations have shown that the Piphunter EA is a forex robot not to trust. These are the reasons for making this declaration:
Bad Trade Results
The trade results from a verified demo account on Myfxbok show clearly that the EA is not profitable. If the EA is not profitable on demo, how can it be profitable on a real money account?
We can see that the Piphunter EA is down 60% on an account that was started off with $3,000. It has been a steady drop and the results are very current (April 2018). Thankfully, we are not shown a real money account. Who knows what disaster will be on display there?
High Risk of Ruin
The Piphunter EA has a high drawdown percentage. Indeed, it has been shown that the drawdown percentage has been rising steadily and is approaching 80%.
At such levels, the risk of ruin to a forex account on which this EA is applied is very high indeed. High drawdowns always increase the risk of a blown account and margin calls.
Negative User Testimonials
It is very difficult to lay one’s hands on any kind of review for the Piphunter EA. This in itself, does not speak well for the robot. A forex robot which is taking the market by storm must surely have lots of testimonials and reviews praising its performance. But this is not the case.
What has been the experience of those who have bought and used the Piphunter EA? Here is a snapshot of a comment that was made on the Facebook page of a company that has a team of robot testers, and who have actually tested the Piphunter forex robot. The remarks were not too complimentary.
Anyone who has used forex robots that do not possess stop loss settings knows that this is a disaster waiting to happen. With no form of human intervention, a forex robot that does not have an in-built mechanism to curtail losses when they start to get too bad, will inevitably wipeout the account. Can such a robot be trusted to perform well? Certainly not.
Conclusion: The Piphunter EA Is Not to Be Trusted
The information presented above tells the whole story. There is no way to trust the Piphunter EA. It is not profitable, has no positive user testimonials to back it up, and is backed by a company that is faceless and without any channel by which they can be contacted.
It is advised that you save your precious $149 and use it for something else you will find more worthwhile. Do not use it to acquire something that will give you a lot of heartache.