Running on a free MT4 platform, continuously analyzing market conditions, searching for the best Entry and Exit points for scalping trades, this Forex Scalping EA gives plenty of quick deal trading opportunities. With the help of scalping strategy and reliable brokers with tight spreads and fast execution, this EA can ‘scalp the Forex market successfully’. To find out whether it is true or not, we’ve prepared a detailed Forex Scalping EA review.
Detailed Forex Robot Review
Let’s start from the Forex Scalping EA’s features:
- It is a 100% automated EA
- It trades on the MT4 platform only
- The robot trades on M5 timeframe
- The robot trades 14 currency pairs: AUDUSD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPUSD, USDCAD, and USDCHF.
- It is a night scalper that generates profits in the market direction
- VPS is required to improve the execution speed of the robot
- ENC with low spreads is required for smooth trading
- The dev provides backtesting reports that unite 2000-2020 year periods
- Traders are provided with 24/7 customer support
Forex Scalping EA Strategy Tests
The robot uses reversal trades as part of its scalping approach. The dev recommends us to trade with brokers who offer tight spreads and fast execution for better returns. He adds that is a big advantage for any scalping strategy. Traders are free to set the robot parameters according to their trading needs, expectations and requirements.
The developer provides several backtests on his/her website. All the tests are from January 2000 up to July 2020. They were run with the M5 timeframe on the MT4 platform.
The robot traded the AUDNZD currency pair on 10 years tick data. It traded on the M5 timeframe with 90% of modeling quality. It was deposited at $1000. The total net profit was over $247M. Its profit factor was 2.09 and the maximal drawdown was 1.10%. It traded 12710 deals and won 80.28% out of them. The win-rate for short positions was 81.00%, and 79.52% for long positions. The robot had only 1 consecutive loss.
Real Live Account Trading Results
It is a great thing to see the live trading account on the website of the developer. It is a major pro that the account is live and can be verified, but it looks odd as it was created in 2019, while the product was released in 2016. It would be good to monitor the trading performance of the EA from the very beginning. We do not want to say that it is bad, but it would be much better if we had one more trading account to compare the past trading performance of EA with the present one.
The first thing we do not like is that the developers provide a Demo account, not the real one.
This account works under EasyForex brokerage on the MT4 platform. It has a track record and trading privileges verified. It was launched on myfxbook.com on November 11, 2019, and was deposited at $50K. For 1 year and 4 months, the total gain has increased to 6074.17%. Its daily and monthly incomes are high and equal to 0, 85%, and 29, 46%. It has brought over $3M of profit. The peak drawdown was 24, 54%, which is okay for trading. Since April 30, 2020 the drawdown of this EA has not exceeded more than 2,19%.
There were 3245 trades with 9495.2 pips traded. It has won 2278 trades which represents 82%. It trades only one direction. The win rate for Long positions is 85%. Its profit factor is high – 3,44, and is higher than the one on the backtest report (2. 09). The average win (5.08 pips/$1541.57) is twice lower than the average loss (-9.87 pips/-$2666.80). The robot trades with an average trade length of 32 minutes.
It trades 14 currency pairs. The most profitable one is GBPAUD – $546911.71/1809.4 pips (335 trades), while the most traded symbol is GBPUSD – 361 trades ($390018.14 of profit). The worst traded currency pair is GBPCHF ̶ -$4230.73 of loss.
It is a night scalper which trades between 9 p.m. and 11 p.m.
The lowest trading activity is on Friday as it should be. Most of the trades were closed on Monday – 779 trades and Wednesday – 741 trades.
The robot trades with minimal risks to the account balance:
The robot trades with a fixed lot size set at 50, which is pretty much. Trading high Lot size indicates that the robot trades with sky-high risk to generate high profit. Most traders try to avoid this trading approach as there is not only a high chance of win but of loss as well.
The last deal was unprofitable (-$7114, 68 of loss).
The robot has dwindling trading performance in 2021. As can be seen from the snapshot below, profits have dwindled considerably in 2021, from 16, 82% in January to 1,25 % in March. This is also at variance with 1st quarter performance in 2020, where profits gained were much better:
This EA is available in 4 different packages: Basic, Standard, Gold, and Premium that come for $99 (regular price is $299), $149 (instead of $499), $199 (instead of $599), and $249 (instead of $999). All the features are similar for the four packages, except the number of real account licenses offered (1 for Basic, 2 for Standard, 3 for Gold, and an unlimited number of real account licenses for Premium package).
A money-back guarantee is not included and it is a major con.
The Forex Scalping EA website features a few reviews from customers. However, we cannot trust them. They are too short and seem to be fake. Customer reviews written on the websites of developers are frequently paid, manipulated, or concocted. They cannot be verified.
We’ve found the Forex Scalping EA page on Forex Peace Army. There is no rate and there is only 1 review from the customer. Trader from Singapore provided Forex Scalping EA with a two-star rate.
This trader could not succeed with the EA. Probably it is because the robot requires VPS and ECN with low spreads for trading.
This night scalper trades 14 currency pairs with high Lot size. The scalping strategy that is behind this EA requires VPS and ECN with low spreads for smooth trading.
The strategy this robot uses is of the high-risk category and not every trader can feel comfortable when trading Forex Scalper EA. Lack of vendor transparency and a money-back guarantee are the other drawbacks of this MT4 tool.