Type: Forex Trading Robot

Product: StealPips

Rank: New and Testing Category

Profitability: ???/10 (i need more time on this)

User Friendly: 8.5/10 (one click exe installation and MT4 expert advisor)

Support : ??? /10

»» Visit http://StealPips.com

” StealPips Review “

New forex robot launching

I just got news yesterday that a forex robot by the name of StealPips is launching on 30 Mar ’10.  The developers are putting in some serious advertising bucks so you are going to hear it everywhere this few days.

While huge advertising money doesn’t mean good results but at least we know that the developers are serious about their products.

I don’t think they will spend so much money on promoting an inferior forex robot since refunds can go sky-high.

Ok let’s take a look what I have gathered from my chat with the  main-guy in charge of StealPips development.

LIVE trading statements as proof

Nowadays, when comes to forex robots, talk is cheap and the results are REAL.

Thus , the developers have promised to put up LIVE trading results for us to judge ourselves.

The statements are pulled directly from the metatrader software as the forex robot makes any trades.

So you can feel for yourself how the EA trades, the profit targets and stoploss that it use…how frequent it trades and how profitable on the overall.

I would say it is fairer to judge the forex robot after trading for minimum 3-5 days.

A long and short term trader

Stealpips trades on two timeframes , 1 short and 1 long.

I am starting to see more forex robots adopting this type of trading methodology. You take trades on the intra-day basis using a 1-5 minute timeframe and while looking out for breakout or trend reversal trades on the higher timeframes (min 4hr or daily).

The good thing about this trading methodology is that your capital is always utilized fully. The market always MOVE every single day in range-bound so it is quite silly to leave those pips around.

Meanwhile the market does move explosively when the trend reverse on the higher timeframes. Such movement are worth easily hundreds-thousands of pips and normally last for 3-5 days.

So creating a trading robot that can take advantage of the frequent range bound movement during the day and meanwhile trying to catch a bigger trend on the higher timeframe is very powerful in my opinion.

Your forex robot can also offset losses easily from the profits/losses using different timeframes since the market move very different between small and longer timeframe. (Oberserve the 5 min vs daily chart and you will know)

2 currencies

Diversification is a priority issue for the developers so extra work is done on this part. Stealpips will use the Long/Short term trading approach on 2 currencies. This means the effect of diversification is at least doubled.

The 2 trading system adopted

To properly handle the tasks of trading long and short term timeframe, the developers have custom-coded 2 trading systems inside Steal Pips EA.

They are:

A.P.A.R (Automated Price Action Recognition) – This fellow is responsible for calculating and predicting the current trend. It uses pure PRICE ACTION analysis (my favorite tool). While not 100% accurate, price action do notify you early than ALL lagging indicators and that can save/make you alot of pips.

T.U.L.D. (Trend & U turn Points Detector) – This guy helps to find the market turning points so as to determine the entry and exit point.

Well, we will see how well they work together when the live trading statements are displayed .

Other features

  1. Automatically supports 5-digit brokers.
  2. Automatically supports ECN-type brokers.
  3. Stealth Mode / Broker Protection

Membership area

There is a dedicated membership area provided. Inside contains FAQs, Videos, Installation Guides and bonuses.

Alright, that’s what I have gathered so far and I will post any new updates along the way. Be sure to check out StealPips forex robot on 30 Mar ’10 and see what they have to offer.

StealPips Review

»» Visit http://StealPips.com

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