EA Review: My Bitcoin Bot

If you’ve ever been interested in crypto currency, there is a new MT4 EA dedicated to just that, My Bitcoin Bot. This trading software automatically makes “boatloads of money from the bit coin frenzy by trading the volatility instead of trading like everyone else.” The concept behind the system, is that traders can still make money from bitcoin, just not from buying and holding, but from trading it as a currency, like any other Forex pair.

There are no details as to who the developer of this Forex robot is. I’ve read through all of their policies and there is neither an address, nor a company that’s in charge of this product. In order to reach support traders can email support@mybitcoinbot.com.

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My Bitcoin Bot Review

My Bitcoin Bot is not the first bit coin trading system to ever grace the Forex market, but it’s not going to be the last. With so much discussion around crypto currencies, it’s no surprise that there are trading vendors that want to take advantage of this momentum. In the past, these trading systems haven’t fared very well because the crypto currency market is volatile and unpredictable. However, this time around, the developer is telling us that their robot is ready to handle this volatility.

The software relies on “micro movements” that take place during the big movements. The “trick is to day trade bitcoin by buying and shorting depending on the movement.” They don’t want us to buy and hold on to bitcoin and risk losing money every time this market fluctuates.

In this example you can see that the value of bit coin dropped $500 in this coincides with the first successful day of the My Bitcoin Bot.

Breakdown

Type: Forex Robot
Price: $297/year or $39/month
Strategy: Crypto Currency Volatility
Timeframe: H1
Pairs: BTCUSD

Trading Results

The My Bitcoin Bot vendor is currently providing us with a single my FX book account that started on May 25th. As I’m writing this review, the system is still very new and they provided us with just under a month of trading results.

The EA is showing a gain of 62% with a drawdown of 14%. The robot does not trade frequently, then the trade durations can go anywhere from 7 minutes to 3 days. The robot has only misjudged the volatility one time severely throughout the short testing period. On June 12th, the EA lost 356 pips, totalling 13% of the account, by picking the wrong direction. This is a large loss, but it has only happened once and the majority of the other trades are all pretty significant pip winners.

The first trade the Bitcoin EA ever took lasted 3 days and gained 448 pips. This type of large trade obviously propelled the developers to believe that they have a real trading strategy, and it’s gone quite well since.

Conclusion

In the early stages, there is a lot to be excited about with the My Bitcoin Bot system. Although, I am not going to be recommending that the Forex Robot Nation readers sign up with the software just yet. I certainly believe that there is some potential here, but crypto currencies are very volatile, and have a short history to go on. The majority of trading robots we deal with are back test it for years on stable currencies and even then they frequently fail. So, that means that a bit coin trading software like this is going to be even more erratic and less likely to succeed in the long term. That doesn’t mean that this won’t succeed, but we have to be cautious considering just how difficult a crypto currency trading expert advisor is to forecast.

so with all that being said, please leave your comments and user reviews informing us whether or not you believe this trading system has a solid foundation.