In the Foreign Exchange industry, there are various approaches traders use to trade the markets. One of these is the use of Expert Advisors which is a very popular tool amongst traders.
Forex traders may use expert advisors for specific reasons such as to prevent emotional trading, lack of proper skillset and lack of enough time to analyze the markets.
In this post, we tackle in detail one of the expert advisors known as Advanced Scalper to find out whether it works or not.
Advanced Scalper is an automated trading system that places and manages trades. The robot was developed by Wim Schrynemakers. It was published on August 24, 2018. Its current version is 1.56 with the last update being on May 19, 2021. It has a free demo version with a download of 4,269 so far.
Detailed Forex Robot Review
Advanced Scalper developer, Wim Schrynemakers, is a forex trader, robot developer and signals provider. He is a verified and active user of the MQL5 platform with a star rating of 3.9 out of 5. He uses the platform to publish some of his premium products and services like trading signals and robots in the marketplace. Apart from Advanced Scalper, other robots he has developed include Night Owl, Red Hawk MT5, Grid King MT5 and many more.
The Advanced Scalper robot can be used in 2 ways:
- Fully automatic trading, using a High/Low breakout system for entry calculations. This mode can be run on any timeframe, but for more secure entry points, its developer recommends using H1 or H4.
- The trading software can also be used as a tool for manual trading strategies, where the trader can pick the entry points, or in combination with other EA’s for setting the entry points, the Advanced Scalper EA will use its advanced exit-algorithms to follow up the trades.
The other features of this EA are:
- The robot trades with advanced stop loss management. It spreads filter to avoid trading during bad market conditions.
- The trading system is developed for both MetaTrader 4 and MetaTrader 5 platforms. It comes with a set up instructions on how to apply it upon purchase or download of free demo version.
- It can run on any broker however its developer recommends that it be used on brokers with low spread, low commission and fast execution.
- The trading system works in any time frame though as the name suggests, it may rely on a shorter time frame. The trading tool can be applied to any low spread market that has good liquidity, though its developer recommends EURUSD, USDJPY AND GBPUSD.
- The recommended minimum balance for running the full setup of this trading system is 150$ with a leverage of 1:500.
Advanced Scalper Strategy Tests
The trading system uses advanced exit-algorithms and has a built- in spread-filter and slippage-control algorithms. It is fully customizable to suit the customer’s needs and offers many setup possibilities.
From the screenshot above we can see that the trading system has made a profit of $292 in 808 trades. The winning trades percentage was 95, 54%. Maximum balance drawdown was 0,10%. There is no clear data on initial deposit or current balance.
Live Account Trading Results
With an initial deposit of $500, this robot has gained a profit of $599,054 in 2,487 trades. The current balance is $599,554 now. The percentage of winning trades is 74% and maximum drawdown is 32%.
Scalping trading strategy was used. This is demonstrated in the trading results shown in the screenshots below. However this trading approach can be very risky if it doesn’t have proper exit strategy as one large loss could erase the many small gains the trader worked to obtain.
Advanced Scalper trading robot costs $290 which gives you a lifetime license to use it. It is currently at a 70% discount. According to the robot developer, this trading tool has only 2 copies left for the current price before it shoots to $390. However, that is just a marketing tool used by the developer to influence you to take action immediately.
For those who cannot afford to buy the robot, they have the option to rent it at a cost of $149, $199, $249 for 1 month, 3 months and 6 months respectively.
Taking a look at what traders who have used Advanced Scalper have to say, it doesn’t seem to be delivering results as the owner states. We did a proper check about this trading system on various review platforms like TrustPilot, Quora and Forex Peace Army and found no reviews about it.
However, from reviews on the robot’s page on MQL5 platform, we can tell that the robot has a major drawback of achieving only small profits and bigger drawdown. This clearly tells you that the robot is not worth it.
With its advanced stop loss management, it can help a trader escape from a severe loss in a trade. However, we do not recommend its use.. You may try out the free version for a demo account and get some good results, however things can quickly turn around when you purchase and go for the live trading.
It has a big drowdrawn which can be dangerous to your trading account especially if your equity is small.