Pip Brains EA Review & Discount (PipBrains Test Results)

Review of the Pip Brains forex robot.

Update (June 18th 2010) Version 1.1 release! – This is supposed to fix some of the major issues including the discrepancy of results people have been seeing. I will have this up for the start of this week.


10% Off Coupon Code: FBI-RLHI-FBI


Update(April 28th, 2010) – I received word from PipBrains creator that he is completely revamping the system for these new market conditions we are seeing. He says the current conditions will result in in-frequent trading, and up and down results which is exactly what I have seen so far. Well I guess cheers to him for all the effort, will just have to remain patient on this one for now it seems.

EA NameCurrency PairsTimeframeStrategyECN4&5 DigitsTake ProfitStop LossHome Page
Pip BrainsEURUSD/ USDJPY / EURJPY / AUDUSDM15The brain does what the market will let it do.YesYes40-7080-150Pip Brains

 

Performance

License

There are two packages available:

Pip Brains Advance Package – Has all settings available to modify including all indicator settings, take profits, stop losses etc… Over 63 variables to play with. Includes an advance settings guide to understand this monster of a system.

Pip Brains Lite Package – Has only the basic settings available to modify like risk, lot size, magic numbers, trading days and a few other basic variables.

Pip Brains is a membership based platform where you are limited to 1 live account, and unlimited demo accounts. but you have the option to purchase additional account use.

  • 1 extra account for $159.9
  • 2 extra for $298.99
  • 3 extra for $399.99

Many people we’ve talked to running pre-release copies of Pip Brains are doing so on more than account because of the success they’ve been having of recent. You can use unlimited demo accounts, and changing your live account number can be done on your profile page in seconds.

 

Strategy

Pip Brains uses advanced and highly optimized indicators to intelligently pin-point precise market conditions to open certain trades under. It’s hard to label Pip Brains with a specific strategy, the brain does what the market will let it do.

Pipbrains has now been updated to have 3 different strategies mixed together, controlled by a series of indicators and market monitoring algorithms to determine when to run each strategy. You can expect anywhere from 2 to 10+ trades a day with this very powerful, robust EA.

You have the option to turn on or off each of the 3 strategies, as well as turning off certain days of the week like sundays and fridays.

 

Recommended Brokers

Pip Brains works on just about any broker out there but be warned that if your broker does not allow hedging, it will prevent some of the strategies to co-exist. Our recommended FXOpen or IamFX are no exception and provide great execution time and spreads for this powerful EA.

 

Conclusion

I would have to say Pipbrains would be the one forex robot off our site to try first. It’s reliability from it’s A.I. intelligence makes it one of the least stressful robots to control your money.

Overall Rating

  • Phillip Reply
    Jun 25, 2010 @ 12:38 pm

    I would like to know if this software takes $250 account as a start up?

  • Steve Reply
    Jun 25, 2010 @ 10:30 am

    The FXOpen demo I loadd last night isn’t even trading. The demo with FXCM-UK has two winners and two losers and is negative 155.00 in three days. I used preloaded parameters for the FXOpen demo and not making any trades

  • wind Reply
    Jun 25, 2010 @ 5:33 am

    not doing well for me either, lost almost 40% of my account. quite disappointed, even I saw good support from Andy. might have its potential!!

  • Reny4jah Reply
    Jun 25, 2010 @ 5:14 am

    You are right! The latest loser’s “trick” the robot performs is that it opens USDCHF trades with more disproportionate lot sizes when compared to that of EURUSD. For example, as at the time this review was posted, I had open trades for USDCHF whose lot sizes were 10 times more than that of EURUSD. If the trend goes in the direction of USDCHF, there is a potential for a huge gain. But if the trend is in favor of EURUSD, then the account must suffer a big drawdown.

    For the hedging strategy to work properly, the lot size ratio for the two opposing pairs must be 1:1. But because this was not the case, all rising accounts took a turn for the worse when the trend went in favor of EURUSD and against USDCHF. We hope the next version Andy releases will correct this proplem.

  • Reny4jah Reply
    Jun 25, 2010 @ 4:47 am

    O yeah, Strategy 1 is currently sleeping at the wheels, completely unconcerned with what is going on in the trading arena. Strategy 2 once in a while says ‘hello’ and goes back to bed; while Strategy 3 is overworking both the robot and the account making its ballooning balances head for a downward course. There are still many fixes that Andy needs to make for this robot to stand the test of time. Reminding Strategies 1 and 2 of their jobs and forcing them to accomplish their tasks are surely a part of the required fixes.

  • >cristobal Reply
    Jun 22, 2010 @ 3:01 am

    Yes, version 1.1a rocks!

  • RossC Reply
    Jun 22, 2010 @ 1:58 am

    Hi admin,

    Same as reny4jah, I can not succeed in finding a path to register for VIP section (I’m using a Firefox browser).

    I spent 5 minutes going around in circles on multiple screens and gave up.

    What is the secret?

    • admin Reply
      Jun 22, 2010 @ 2:07 am

      Hmm I am not quite sure, I can’t seem to find a way to NOT get in regardless of what I do. When you go to the vip page, what page do you see? Any errors when you enter the password?

  • Chicken Reply
    Jun 21, 2010 @ 12:36 pm

    What settings were used to test for the comparison?

  • Chicken Reply
    Jun 21, 2010 @ 12:04 pm

    Can someone provide the settings for $ 300 account?

  • Dean Guile Reply
    Jun 21, 2010 @ 8:26 am

    @admin, im using the equivalent to my micro account at fx open, so its 50,000 start balance with lowest risk settings advised by author.

    • wind Reply
      Jun 22, 2010 @ 0:27 am

      Hi Dean, with capital of 50k to start and floating with 500 is normal. you are about losing 1%. If your capital is 1k, and floating up till 500, then your account can prepare for margin call. 😉

  • admin Reply
    Jun 21, 2010 @ 8:08 am

    What size account and what kind of risk are you running?

    • wind Reply
      Jun 21, 2010 @ 10:58 am

      ya. I believe it is due to the setting of the size lot? Can you check on your account size, is it mini or micro account? what I would recommend is adjust your lot size, or at least run in demo 😉 hope it helps.

  • Mike Reply
    Jun 21, 2010 @ 4:16 am

    @cristobal: I checked your myfxbook, and today you have -502$, so far. And you have loss in the last 3 days as well. Is this a different account of did I miss something?

  • >cristobal Reply
    Jun 21, 2010 @ 1:44 am

    With the update 1.1a is very good today I got +10%

  • Allan Reply
    Jun 20, 2010 @ 19:26 pm

    @Mike
    Hi, I’ve done backtesting also with the bot and the results all seemed to be margin calls, with mixed settings, some settings ate the account in 3 days, some other settings ate the account withn like 20 days, anyway it was never over the $500 dollars I tried with. I will run some with the new update and see what comes out of it.

  • southernpitbull Reply
    Jun 20, 2010 @ 17:08 pm

    version 1.1a is now out for yall to download.

  • Mike Reply
    Jun 20, 2010 @ 15:41 pm

    I noticed a lot OrderModify error 1, and a lot of OrderCloseError 131. I’m still figuring out what does it cause… Does anyone has a hint? thank you

  • Reny4jah Reply
    Jun 20, 2010 @ 1:11 am

    @Phillips

    I’ll advise you to try it on demo first before going live after this new version is confirmed safe.

  • Phillip Reply
    Jun 19, 2010 @ 10:53 am

    I am buying this software will it function on account starting from $250?

  • wind Reply
    Jun 19, 2010 @ 3:20 am

    let’s us see how version 1.1 works. Hopefully it really works as it published. Looking forward for next week trades. Let’s cheers for better tomorrow!!

  • Roger Reply
    Jun 16, 2010 @ 6:16 am

    @ anyone,
    I’m about to use pipbrains on fxopen micro account with a cash amount of $1140.
    any good suggestions to use? that is low to medium risk? properly.

  • wstephen Reply
    Jun 16, 2010 @ 6:08 am

    I manually closed up all my open trades (on FxPro) but luckily overall still with a small gain in my $3k acct.
    Will the lite and advanced version react different since the demo result is on advance while majority of us (if I am correct) are on lite.
    It has been 5 hours since I close all open trades and there has been no new trades open. I follow what admin suggested to turn off strategy #2.

  • >cristobal Reply
    Jun 16, 2010 @ 5:24 am

    Well the trades where I’m expericing looses are startegy 3 :|, strange

  • Wooz2002 Reply
    Jun 16, 2010 @ 5:02 am

    @Admin:

    Hi, I noticed in MT4 statement PB closed out losing trades before hitting SL and your losses rarely goes over 100 pips; does PB actively manage it’s SL? Some other accounts like this one http://www.fxstat.com/perfomances/view/722 seems to be heading straight for the SL point; why is that?

  • Allan Reply
    Jun 16, 2010 @ 4:54 am

    @admin
    Hey you mean that we should turn the whole strategy 2 off and also the money management, or only mm which is under strat 2.. thanks.

  • Gmac Reply
    Jun 16, 2010 @ 4:41 am

    Thanks admin that would explain why I nearly had my account wiped out. Just started a demo on Sunday and have nearly 25% left.

    Also, I have a mini account with $2000 and 1:200 and lots of 0.1 is this to risky ? and should I change it to a micro?

  • John Reply
    Jun 16, 2010 @ 3:48 am

    Also, I have to question the Martingale used in Strategy 3. I don’t have a problem with a limited “cost averaging” Martingale. However, this one sometimes places trades within 5-6 pips (e.g., EURUSD short 1.2261 for .04 lots then a short at 1.2267 for 0.08 lots). If these trades were spaced out every 30-50 pips with a grid, ATR, etc, I’d be in a much better situation. Unfortunately, all of my losing trades are bunched up and the hedging/offset trades came much later.

  • John Reply
    Jun 16, 2010 @ 3:44 am

    From what I’ve seen, the main problem hasn’t been Strategy 2. It has been Strategy 3. I have a bunch of EURUSD shorts and USDCHF longs from Strategy 3 with very little hedging. I understand this EA sometimes closes a set of trades for a net loss. That’s fine as long as there is reasonable risk management (hedging). I have an almost one-way bet (EURUSD short and USDCHF long) and I’m about to close all the positions manually…it could get really ugly if I let it keep running.

    I’ve been following the demo account here and I’ve never seen such a dangerous lack of hedging. I’ve noticed the account has been flat for awhile (no new equity highs), but losses were always contained. What happened?!

  • Steve Reply
    Jun 16, 2010 @ 1:47 am

    My first trade day is today 06/15/10 with an 11K demo with Beam FX and FXCM. Each demo account placed the same trade and the same TP. But there was only one trade on one pair and closed +157.00 in profit. Not a dissapointment actually pretty good. I downloaded an MT4 from IAMFX.com but it keeps crashing. Also I will never ever use a martingale strategy and will disable this if I go live with this EA.

  • >ForexTom Reply
    Jun 15, 2010 @ 17:43 pm

    If anyone wants to share there Pipbrains stats then I would like to put them on my website so everyone can see how eachother is doing.

    Mine are already up at http://www.forextom.net and I would like to see yours there aswell. …details on site….Cheers!

    Forextom

  • nanquan Reply
    Jun 15, 2010 @ 16:47 pm

    So far very mixed results for me with this EA. I have the light package, with default settings. Running it with a 500$ demo account on AlpariUK, IamFX, and Forex.com

    IamFX account is was showing great success at first, but at the moment is VERY close to getting a margin call (right now at -480 floating).

    AlpariUK also had good results, then lost it all, now it’s back up to profit @ 582$ without a lot of open trades like the IamFX account which are threatening to blow the account.

    Forex.com is somewhere in the middle, also good results at first, then some bad trades, now also has a lot of open trades with -321 floating. Not so good for a 500$ account.

    I also tried running PipBrains on easy-forex 1000$ demo account with 0.1 lots (because they don’t allow any less), and it wiped out the account within 1 day with strategy no.3 (martingale). Unfortunately I did not see it put down a nice hedging bet somewhere in the middle of the trend to minimize those huge losses. Hedging is a good insurance policy with martingale, but only when implemented correctly. Unfortunately PipBrains just allowed the account to be wiped out, and didn’t place any hedging trades to minimize those losses. This is the same as with ForexHacked, where the hedging system is in “beta” for over 6 months, and it only works half the time.

    Pretty disappointing so far. Will keep updating!

  • Reny4jah Reply
    Jun 15, 2010 @ 14:30 pm

    @Naomi:

    I opened my demo through that link that says: “FXopen MT4 ECN demo account.” I am not sure if depositing $100 in your account will earn you a margin call that quick since you can deposit less than that and still trade with FXOpen. To allay your fears, however, I will suggest you change the risk settings in the strategy sections to probably 5% rather than the default risk settings: 15% (Strategy 1) and 150%(Strategy 2).

    Of course, if losing that $100 will not affect your lifestyle, you may leave the sesttings the way they are. As we all know, gambling and forex trading are twin sisters. Hope this helps.

  • wind Reply
    Jun 15, 2010 @ 11:35 am

    100 definitely is not enough to play with default risk setting, unless you are playing with cent account 😉

  • Dean Guile Reply
    Jun 15, 2010 @ 8:30 am

    i just opened a demo account. and its closing trades like instanltly with couple dollars profit, its not waiting to get to the profit take mark, why is this, how can i get this to do this in my live account?

  • wooz2002 Reply
    Jun 15, 2010 @ 3:45 am

    HI, Would $100 be enough to use default risk settings? What is the recommended account size for the default risk settings?

  • Yek Reply
    Jun 15, 2010 @ 1:06 am

    I think start 0.10 lot size will be too big the risk for small account. I did not really understand all the parameters.

  • Allan Reply
    Jun 14, 2010 @ 0:08 am

    Hello,
    To who it may concern:
    I found that it uses 3 strategies, anyone know exactly what each of the strats means?
    how do they behave is there any information explained each of those strategies?

  • >cristobal Reply
    Jun 13, 2010 @ 22:15 pm

    Hello I started a real account on FXOpen leverage 1:100 , I just deposited $145.00

    https://www.myfxbook.com/portfolio/pipbrains-adv-fxopen/36232

    Thanks

  • Reny4jah Reply
    Jun 13, 2010 @ 22:08 pm

    Hi Clown:

    It depends on your broker of choice. If the minimum allowable lot for your broker’s micro account is 0.05, then you are on the right track. But if your broker’s minimum is higher than this, the robot will not perform.

    So check the Terms and Conditions of your broker and act accordingly.

  • Reny4jah Reply
    Jun 13, 2010 @ 21:57 pm

    @Allan:

    You may highlight the amount and overwrite it by typing 500 over the any chosen amount. Hope this helps.

  • wind Reply
    Jun 13, 2010 @ 21:42 pm

    @clown:

    May I know your acc size? are you using mini acc or micro acc (cent)?

  • Allan Reply
    Jun 13, 2010 @ 20:30 pm

    @Reny4jah
    Hello, after your comments I opened an account with Fxopen to try pipbrains on that platform, also I am going to try it on alpari, my question to you if you can help is, when I am opening a demo account with FxOpen it is giving me $50000 no matter what amount I am choosing, that is not good, because I asume if the EA is using MM it will do higher amount of lots and it wont work for me to make my analysis properly because I am planning to start only with $500 dollars, what can I do in this case, have you ever had this problem?

  • clown Reply
    Jun 13, 2010 @ 14:00 pm

    Hi Brainers can i start with 600$ on a 1:100 broker with a min Lot 0.05 setup or is the risk to high for this account .
    Thanks for answer and good day to all here.

  • Dean guile Reply
    Jun 13, 2010 @ 8:25 am

    At reny, watsettings would I need to change to achieve ur kind of results

  • Reny4jah Reply
    Jun 13, 2010 @ 5:13 am

    @Everyone

    Thank you guys. You are the best! I knew we would find a solution to that nagging problem in this forum. I have the version dated Monday June 7, 2010. I believe the developer had to make the quick adjustment after being flooded by emails from “angry” customers.

    Thank you again for the tips.

  • wind Reply
    Jun 13, 2010 @ 4:19 am

    @Reny4jah: you have to download the latest pipbrains software, the latest one is dated 10th June 😉

  • Jeremy Reply
    Jun 13, 2010 @ 2:56 am

    @Reny4jah

    I forgot to say what the parameter says. It will just say ECN

  • Jeremy Reply
    Jun 13, 2010 @ 2:53 am

    @Reny4jah

    It is in the “Global Settings” section at bottom and right above the “strategy 1” line.
    The ECN setting will say false. Just click on it and change it to true and that will turn it on. Let me know if that helps. Hopefully that will end the error you have been seeing. I notice that fulcrumfx above had to download the software again in order to see the ECN setting. I don’t know why that would happen.

  • RossC Reply
    Jun 13, 2010 @ 2:26 am

    Hi FBI admin, I have just started doing a few tests on the full version I bought from PipBrains the other day, through your coupon. (I like this site)

    It is not showing same trades as your currently running forward test.

    Is there possibly an updated settings list you are using, or is your copy an earlier version.

    Far fewer trades and not the same equity growth.

    Any info greatly appreciated.

    Kind regards

  • Reny4jah Reply
    Jun 13, 2010 @ 1:14 am

    @ Jeremy:

    I searched everywhere on the robot’s setting screen; from top to bottom. But I couldn’t find any parameter that needs to be changed to match ECN requirement. Could you please quote exactly what the parameter says? I am using the lite version of the robot too. Thanks.

  • fulcrumfx Reply
    Jun 12, 2010 @ 20:05 pm

    @Jeremy

    Thanks for the info Jeremy. When I downloaded after my purchase, the ECN parameter was not there. I just went back and downloaded again and now it is there. Thanks again!

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