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A Possible Winner Without the Usual Hype ?

Because of some information I received from one of my subscribers I recently decided to investigate the Pips Leader Forex robot. As expected, the Pips Leader Homepage feature screenshots of Forex accounts making thousands of dollars per month, charts showing consistent earnings and the promise of a profitable automated system. We all know that most of the reviews online can not be trusted, so the question is – does Pips Leader really work or is it just another scam like so many others ?

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After spending an hour or two researching this system I found enough evidence that showed that Pips Leader is not the typical garbage Forex robot that is launched on a weekly basis. Pips leader uses what is called a “basket trading” strategy, which can be very effective if you understand the risks involved and enforce strict money management rules.

I have read many reviews from users of the Pips Leader system and I have to say that it was hard to find any negative comments about this product. Those who did lose money or gave Pips Leader a bad rating didn’t seem to understand the money management requirements of this system.

A Basket trading system like this can have up to 30 or more open trades at any given time, so it is important to understand what your percentage of risk is in order to avoid margin calls. While the Pips Leader Homepage states that you can start with as little as $300, the amount of margin used on such a small account will be way too high and the general feedback from customers is that the optimal account size for Pips Leader is $2000 or more.

I am very impressed with what I have found about Pips Leader so far and decided to make this the 2nd Forex robot that I will test in 2009, in addition to the recently launched Forex Megadroid. Check back regularly or subscribe below to see my latest trading results using this system.

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January 2010 Update: Read my full Forex Megadroid Review here.

The Forex Megadroid launch has definitely been one of the biggest for a Forex product I have seen so far. John and Albert (the creators of the system) sent out an email to their mailing list this morning where they state that the $97 launch special will not be available for much longer and that the price will go up soon.

Click Here to Visit the Forex Megadroid $97 Launch Special

I’m not sure what the final price will be, but we saw with the Fap Turbo launch that they increased the price from $97 to $149, so if you still want Forex Megadroid for less than $100 then I suggest you move quickly.

Another very interesting thing is that the creators have just posted trade by trade results of the robot on the Forex Megadroid Homepage. The results certainly look impressive – a 100% success rate in the past 8 days, which has increased the return on investment for 2009 so far from 330% to 387%.

This means that the account has almost quadrupled already in 2009. According to John and Albert they are aiming for a 1000% total return on investment for 2009. Unfortunately I have had some problems with my dedicated Forex PC and Internet connection over the past 2 days and I can’t confirm any of these trading results yet, but I will post another update on this blog as soon I see some results. So far I havent seen anything that suggests that this is a scam, so I’m quite excited about the results they have posted.

Click Here to Visit the Forex Megadroid $97 Launch Special

The Forex Megadroid team also sent out an email today to answer some of the frequently asked questions by users. Here are some of the things they mentioned:

• Forex MegaDroid trades ONLY the EURUSD currency pair – we suggest that you run it on the 1H chart timeframe as shown in the manual. Please do not confuse the term “multi market condition” (meaning varied market situations – trending / ranging / volatile / non-volatile) with “multi currency” (meaning a variety of currency pairs).
  
• Back-Testing
  The strategy tester in MetaTrader is useful but also very finicky due to
  variances in server times, spreads and several other factors. This can
  make it rather difficult to match results seen elsewhere so we are going
  to issue a list of the correct settings for several major brokers over the
  next few days.
  
• Trading live / Practice Accounts
  The best settings to use are actually the defaults. The only thing which
  requires setting is the LotSize parameter (for trading without Order
  Management) or the RiskLevel – 0.1 – 0.2 works well… (10% – 20% risk
  per trade) though you are free to use any sensible risk level you wish.
  
• Trade Frequency
  Some people seem to feel that a robot should be trading frantically
  from the moment it is attached to a chart!
  While that might provide an element of excitement, it is not the way
  to succeed in trading – the people who look upon trading that way
  would be more sensible taking their money to Las Vegas and getting
  some enjoyment out of throwing it away.
  MegaDroid is very carefully designed to enter trades with an extra-
  ordinary degree of accuracy so if it doesn’t trade for a day or two,
  there is a very good reason for it and nothing is wrong.
  
• Forex MegaDroid does NOT trade on Fridays, Sundays and Holidays.

January 2010 Update: Read my full Forex Megadroid Scam review here.