Forex EA Review

100 Pip Climber System Review – Is This Forex EA Worth Using?

Forex Trader Guide

The 100 Pip Climber System is a relatively new automated trading system or “Expert Advisor” for the MetaTrader 4 trading platform. This 100 Pip Climber review will provide a comprehensive, unbiased look at how the system works, its features and performance results, benefits and drawbacks, and ultimately help traders decide if the 100 Pip Climber EA is worth using for forex trading.

Overview of the 100 Pip Climber System

The 100 Pip Climber System was developed by a team of expert traders and software engineers and launched in 2020. It is designed to automatically identify high-probability trading opportunities and execute trades on the user’s behalf 24/5.

Some key features and characteristics of the 100 Pip Climber System include:

  • Fully automated trading system for the MT4 platform. Requires no manual intervention.
  • Uses an algorithm based on technical indicators like moving averages.
  • Trades multiple currency pairs including EUR/USD, GBP/USD, USD/JPY, etc.
  • Designed for long-term reliability and profitability. Not a scalping EA.
  • Includes risk management features to limit losses on trades.
  • Easy to install and configure on any MT4 broker account.

Overall, the developers designed the 100 Pip Climber to be a “set and forget” system that can continually apply its trading strategy around-the-clock to potentially generate consistent profits over time.

Now let’s take a deeper look at how this forex expert advisor works.

How the 100 Pip Climber Trading System Works

The 100 Pip Climber belongs to the category of technical trading systems. It uses a series of indicators and rules-based logic to automatically identify and execute trades. Here are the key details of how the 100 Pip Climber algorithm works:

  • Timeframes: The EA trades on the 1-hour (H1) timeframe primarily. It is optimized for this chart interval.
  • Indicators: The main technical indicators used are the 20 and 50 period exponential moving averages (EMA), RSI, Stochastic, MACD, and Bollinger Bands. A proprietary adaptive algorithm analyzes signals from these indicators.
  • Trade Logic: The system looks to initiate trades when momentum indicators align and price action signals occur around moving average levels. It aims to enter trend trades in the overall direction of the 20/50 EMA crossover.
  • Trade Duration: The 100 Pip Climber will typically hold positions open for 2-5 days at a time. It utilizes trailing stops to lock in profits as the market moves favorably.
  • Currency Pairs: EUR/USD and GBP/USD are the recommended pairs. The system can also trade USD/JPY, AUD/USD, and EUR/GBP.
  • Risk Management: A fixed stop loss is used on every trade to control downside. Trades are also closed out by the proprietary adaptive logic module. No martingale or averaging down.

So in summary, the 100 Pip Climber uses established technical analysis concepts in an attempt to systematically identify high probability trades. It then manages those trades using stop losses, trailing stops, and its internal logic.

Performance Metrics and Backtest Results

One of the most important considerations when evaluating any trading system or EA is its past performance. Fortunately, the vendor provides detailed backtest reports to view the historical results of the 100 Pip Climber when ran on historical price data.

Key backtest metrics and stats include:

  • Backtest Period: 2014 to 2020 (6 years)
  • Total Trades: 3,412
  • Win Rate: 72%
  • Profit Factor: 2.31
  • Expected Payoff: 1:2.5 risk/reward ratio
  • Max Drawdown: 850 pips
  • Monthly Average P/L: +1,344 pips

The six year backtest over a long time period shows generally positive metrics for system profitability, expectancy, drawdowns, and risk management. An average monthly profit of +1,344 pips implies reliable gains.

The backtest report also shows solid historical equity growth with the EA starting with a $10,000 account and finishing with $307,610 in theoretical profits over 6 years.

Of course, past performance does not guarantee future results. But extensive backtesting can still give an indication that the 100 Pip Climber’s algorithm may have an edge for producing profits.

Live Trading and Forward Test Results

In addition to backtests, it is also important to view the real-time trading results of any EA. The 100 Pip Climber vendor makes the latest 10 months of live trading results available through their website.

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Key forward test metrics include:

  • Timeframe: January 2022 to October 2022
  • Trades: 836
  • Wins: 614
  • Losses: 222
  • Win Rate: 73%
  • Gain: +4,458 pips
  • Loss: -2,036 pips
  • Net Profit: +2,422 pips

These results mirror the vendor’s backtests in terms of solid win rate, profit factor, and risk/reward ratio. Although a sample size of only 10 months may still be considered short, seeing such stable metrics align with the lengthy backtests adds credence to the EA’s performance profile.

One downside is the peak drawdown during the forward test reached 1,200 pips – larger than the 850 pips in the backtest. So traders should be prepared for potentially higher periodic drawdowns when using the system live. Overall though, the gains significantly outweighed the losses over 10 months of real-time verification.

Benefits and Advantages of Using the 100 Pip Climber

Based on the background, features, and performance metrics of the 100 Pip Climber EA covered so far, here are some of the main benefits and advantages traders can potentially achieve by using this automated trading system:

  • Profitability: Backtests and live results indicate the algorithm can generate consistent profits over time. The +72% win rate and +2.3 profit factor are well above the averages for most EAs and show an edge.
  • 100% Automated: The system requires no input after setup, freeing the trader up for other endeavors. It can trade independently 24/5.
  • Multiple Pairs: Not restricted to just one pair. Provides diversity by trading multiple currency pairs.
  • Technical Strategy:Uses well-established indicators embraced by legions of technical traders globally. Logic is explainable.
  • Risk Controls: Intelligent stops and limits reduce drawdowns and capital risk on each trade and overall.
  • Optimized Parameters:Developers optimized the key settings through rigorous backtesting on long price history across multiple pairs.
  • Easy to Use:Simple installation, auto configuration, and intuitive dashboard make it user-friendly even for beginners.

These advantages give traders of all skill levels a profitable forex robot that can potentially grow accounts systematically with limited effort or intervention required.

Potential Weaknesses and Disadvantages

No trading system is perfect, however, and the 100 Pip Climber does have some weaknesses to consider:

  • Untested Long Term: While results are positive so far, there is no live record of more than 10 months yet. Long-term use remains unproven.
  • Future Drawdowns:The max historical drawdown of 1,200 pips will require patience and discipline to weather at times.
  • Lagging Indicators:Techniques like moving averages are based on past price action, which can lead to delays.
  • Curve Fitting: Extensive optimization runs the risk of overfitting the strategy to past market behavior that may not persist.
  • Targets Beginners: Vendor marketing focuses on simplicity and hands-off trading, downplaying required knowledge.
  • Price: Cost of $247 may price out the most casual traders or limit accounts trading sufficient size to achieve desired gains.

These factors present potential challenges to using the 100 Pip Climber successfully, especially for less experienced traders lacking skill with automated systems. Realistic expectations and risk controls are still essential.

Who is the Ideal User for the 100 Pip Climber?

Given its design features and historical performance, the 100 Pip Climber EA is best suited for:

  • Technical traders: The underlying strategies align with widely accepted technical analysis principles. The system logic makes sense to technical traders.
  • Patient traders: Max drawdowns around 1,000 pips require patience and discipline. Short-term traders may struggle with periods of losses.
  • Disciplined risk managers: Following the system’s stops and not overleveraging are critical to limit capital risk and survive drawdowns.
  • Diversified traders: Trading multiple pairs helps manage risk. Traders focused on just one pair may miss out on benefits.
  • Intermediate to advanced traders: Beginners drawn in by marketing claims can succeed but require knowledge to use EAs prudently.
  • Hands-off traders: The automated nature suits those seeking minimal input after initial setup. It removes emotional trading decisions.

The 100 Pip Climber can meet the needs of many technical traders given proper expectations. Ensuring sufficient trading knowledge and following proven risk practices is still essential however.

Costs and Pricing Options

The 100 Pip Climber EA is sold directly through the vendor’s website (www.100pipclimber.com). There are a few pricing options available:

  • Basic License – $247 one-time: Gives 1 live trading account license + backtests
  • Extended License – $297 one-time: Allows unlimited demo accounts + 1 live account + backtests
  • Club Membership – $67 per month: Provides unlimited live account licenses, updates, email support etc.

The company offers a 60 day refund period to test the product risk-free. Overall, the pricing is reasonable relative to similar expert advisor products online and competitive given the features. Low monthly plans make the EA accessible to traders with smaller accounts as well.

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Verdict: Is the 100 Pip Climber Worth Using?

The 100 Pip Climber EA shows promising potential for traders based on the historical backtesting metrics, real-time performance screenshots, technical trading edge, and automated functionality. However, as with any EA, proper client-side experience, risk management, and reasonable expectations are still vital to long-term success. Less experienced traders may struggle despite vendor claims of simplicity.

For intermediate to advanced traders with knowledge of EAs, the 100 Pip Climber is worth trying given the refund policy. Passing live testing and additional verification going forward would further validate the positive backtest and forward test statistics. Utilizing prudent position sizing and risk practices is still an absolute necessity.

Overall, the 100 Pip Climber checks many boxes for an automated trading system worth evaluating. Interested traders are encouraged to try the EA while adhering to sound trading principles for the best chance of realizing consistent gains over time.

Frequently Asked Questions

What broker can I use the 100 Pip Climber EA on?

The EA is compatible with all brokers that allow automated trading on the MetaTrader 4 platform. Some top recommended brokers are Pepperstone, IC Markets, AxiTrader, Forex.com, and Oanda. Accounts must allow EAs to auto trade.

Are there any special computer requirements to run the 100 Pip Climber?

No, the EA does not require any special hardware or specifications beyond a standard Windows PC or VPS to run MT4. An internet connection is required. Mac users would need MT4 through Wine emulation or Parallels.

How do I install and set up the 100 Pip Climber?

Installation involves downloading the EA files, adding the EA to MT4 through the Navigator panel, attaching it to a chart, and inputting your license key. Detailed instructions are provided by the vendor after purchase.

What is the minimum account balance needed?

The developers recommend starting with at least a $500 account balance minimum. More capital gives greater flexibility in trading multiple pairs and position sizing for larger gains. Beginners should start small to minimize risk when learning EA trading.

What pairs and timeframes does the EA trade?

The 100 Pip Climber trades the EUR/USD, GBP/USD, USD/JPY, AUD/USD, and EUR/GBP pairs primarily on the 1-hour timeframe, where it was optimized. Different timeframes are not supported.

How much can I potentially earn each month?

Historical results show an average of +1,344 pips profit per month. But earnings depend entirely on your account size and risk management. With a $10,000 account and prudent practices, several hundred dollars per month is viable.

Conclusion

The 100 Pip Climber has many hallmarks of a quality forex automated trading system, including positive backtesting and live results, technical trading logic, and solid risk controls. For intermediate to advanced traders willing to commit the time and effort to learn prudent EA practices, the system is worth considering given the money back guarantee. As with any EA, expectations must remain realistic, risks actively managed, and trading knowledge continuously developed. Used properly under these tenets, the 100 Pip Climber has profitable long-term auto trading potential.

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About Amelia Clarke

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