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Expert Advisors Reviews

Smart Pips Expert Advisor: Making Profits from Trends

I've been looking for a cheap scalping expert advisor, after the reviews of robots like the Easy Walker showed some ambitious price tags of more than $300. And today I encountered such a robot: the Smart Pips EA costs meager $99, the developers present it as a scalper and it shows stunning profits on a real account. This combo immediately got my attention so I decided to take a closer look at this bot.
 
Let's first explore the strategy a little: the robot trades solely with the EUR/USD pair, which is a common choice of a trading instrument for a scalper, as the pair is very volatile and allows benefiting from short-term moves of the market. 
 
The developers describe the strategy as scalping, but after exploring the history of trades on the account linked to Myfxbook, I can hardly agree with such a claim. Scalpers usually open a raft of positions separated by short-time intervals – the positions are in the same direction, they are kept open for brief periods of time and the entire group of positions is closed simultaneously. And I could not see anything resembling such a method in the history of trades. What I saw was a robot that tries to make use of short-term trends and achieves it – but most often there is only one trade at a time. Moreover, the average duration of the trades is 18 hours, which is quite bigger than the usual duration of trades of scalping EAs.
 
And now let's take a peek at the performance of Smart Pips – by the way, we don't have plenty of data to rely on. The account on which the robot has been working, has been active only since December 19, 2013 – which gives us less than four months of trading results. Furthermore, the EA is not amid the most aggressive ones (despite the “scalper” label) and so far it has carried out only 67 trades. 
 
But this small number of trades have resulted in great gains – they already amount to 264% - a stunning amount for such a short period of time.
 
Photo credit: Myfxbook.
 
The balance chart is also nice, with one exception – the EA hit the stop loss (minus 155 pips) on February 17, 2014. One more worrying factor is the drawdown – it's true that it's still acceptable at 28% at this point, but given that it was accumulated for a handful of months, we have to be cautious.
 
The return-to-drawdown ratio is boosted by the solid gains and is at strong 9.4 – which is way above the 2.5 that we recommend. The reading indicates that one can expect some serious returns in exchange for funds invested. But we have to wait to see whether the robot will maintain this solid ratio for at least a year.
 
The average pips per trade are at nearly 11, which is a rather robust reading, showing that the system is stable and can recover after periods of drawdown. Moreover, it will hardly be affected by the effects of spreads and slippage. And indeed, you can see that the EA managed to return trading to normal and to deliver profits after the dip in the middle of February. That's a very good sign of this robot's strategy.
 
Overall, I think the Smart Pips EA is a good trend-following robot that manages to deliver solid profits and to recover from problematic periods. Its low price is one more pro for this one. 
 
 
 
Any opinions and statements in this article are strictly subjective and should not be treated as investment advice. Forexbrokerz.com and all of its authors are not affiliates of any of the discussed signal providers, expert advisors and their vendors.
TAGS: smart pips  smart pips ea  expert advisor  smart pips review  ea review  forex robot  automated forex trading  mt4  scalper  forex trading  forex software  pips  gains  drawdown 
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