Money-back bargains, massive discounts, and top of the range customer support are some of the flashing words displayed on 5 Pips a Day’s official website. In short, everything seems perfect for anyone looking to make some quick money from the forex market.
That notwithstanding, each of these trading platforms must be evaluated in its entirety, without much regard to the advertised goodies!
To thoroughly review this EA, we’ll be answering some vital questions:
- What is 5 Pips a Day?
- How does it trade?
- Should you trust this EA?
… and much more.
What is 5 Pips a Day?
5 Pips a Day is an auto trader running on the MT4 system trading a one-minute EURUSD chart. It is said to be independent of grids or hedging strategies as well as the use of any martingale technique.
5 Pips a Days boasts over 8 years of back-testing data using the MT4 strategy tester. The robot’s results are normally based on past trends but they caution anyone against pegging future performances on that.
As a beginner trader on their platform, you’re advised to shun making ‘big’ moves before engaging their experts. You’re told to avoid the risk of getting your entire investment wiped following a slew of amateur moves.
5 Pips a Day Trading Approach
The 5 Pips a Day robot is reportedly fully automated and gets in and out of trades multiple times throughout the day. With the use of technical analysis strategies, 5 Pips a Day trades the EURUSD pair at suitable entry points for each GMT, as determined by the bot.
According to the robot’s site, traders are not required to manually evaluate suitable GMTs as the system automatically does that upon adjusting your account trading time to match the broker’s server.
Its demo account suggests that in less than one month of trading, the robot had made more than $15,000 in profits from an initial deposit of $100,000. However, the statement also alleges that their bot did not lose money in any single trade for more than a month.
Another analysis report on the tool’s website claims that the bot made an actual profit of $350m+ in just under a decade.
Quite impressive, right?
Well, technicalities aside, let’s find out if these numbers are actually bankable.
Should you trust this EA?
Trust, they say, must be earned. We fired up the search engines in a bid to find out what past and current users are saying about this apparently massive profit-generating robot. Our first stop was Trust Pilot and here’s what we learnt:
But we snooped around long enough to pull this from the archives:
And this too…
Now, don’t get this wrong way – we didn’t go around picking negative feedback only just to ruin someone else’s business. The whole page is filled with nothing but negative user experiences dating back to 2013.
Also, did you notice from the images that their data only relates to at least two years back? What happened to 5 Pips a Day from 2020 to date? Because market variables tend to change and entirely relying on 2018 or 2019 data might not be entirely smart considering the recent global economic shifts following the pandemic.
So if these aren’t red flags enough, then what is.
Some two cents: The fact that everyone is posting negative feedback about the robot with the only source of positive stuff being its website is in itself suspicious. Listen: we are not telling you not to invest with them because, for all we know, they might have fixed all that already. We’ll not be pushing you to invest with them either because the issues raised are of grave concern. And until they are genuinely addressed, our advice is to steer clear of 5 Pips a Day EA.