Despite being published recently on mql5, GerFX Density Scalper has already received some backlash from a section of customers. Its pricing is also preposterous for an EA. In this review, we assess the different aspects of GerFX Density Scalper to help you decide whether it fits your trading preferences and, consequently, if it’s worth your investment.
Detailed Forex robot review
GerFX Density Scalper is the work of a German named Paul Exler. He is the CEO at Exler Consulting, a company whose reputation in Forex is unknown. The developer states that he works with a team of traders from Germany who have more than ten years experience in the market. Unfortunately, we cannot verify this claim since there is no solid evidence to back it up.
Paul describes the robot’s features as follows:
- Supports a variety of currency pairs; GBPUSD, EURCAD, EURUSD, USDCAD, USDCHF, EURCHF, CHFJPY, AUDUSD, AUDCAD, EURAUD, and AUDNZD.
- Works on the 5-minute timeframe.
- Martingale or grid are not used.
- Applies stop loss.
- Works on both MT4/5 platforms.
GerFX Density Scalper strategy tests
From the name, we can tell that the EA executes the scalping method. According to the trading history, it mainly trades at night. GerFX is further said to use mean reversion during the calm hours of the day and optimized in a few ways to decrease slippage.
Backtest results are available, and we have evaluated them below:
This data shows us that the EA operated between May 2005 and July 2021 on the 5 minute time frame. After being deposited at $1000, it began trading, and in the end, completed 5623 trades. The success rates of the short and long positions were 85.06% and 85.15% respectively.
The average loss rate of -$9.56 was two times higher than the average win ($3.36), a sign that the system attracted many losses. The profit made was $104459.34, while the maximum drawdown was 1.84%.
Live account trading results
This EA began trading on this account over 2 years ago, and it has only made a 59.1% gain so far. The daily and monthly profits are 0.05% and 1.52% respectively. The balance presently stands at €237.59 after a total of €3800 was withdrawn. The drawdown is 2.71%.
The system has made 1305 trades, but their performance is poor. Only 70% of the long positions and 69% of the short positions have been successful. The average win is 3.57 pips, while the average loss is -3.03 pips.
The risk of ruin stats implies that the robot’s trading activities are dangerous. This is because it has eroded the value of the account. A few bad trades can easily obliterate 10% of the account.
The trading history proves that the EA focused on making tiny wins within short time frames. However, some losses were made in the process. SL and TP levels used were dynamic.
The profits realized monthly were negligible. Sad to say, January was the most productive month with only 1.05% gains.
GerFX Density Scalper is one of the most expensive EAs we have come across. The vendor is selling it at $2000. The renting options are not cheap either. To rent the EA for a year, you are asked to pay $140. You can also hire it for 3 months, 6 months, or 1 year for $370, $700, or $1270 respectively. The vendor does not offer any money-back guarantee. That being the case, we believe that GerFX is not worth your money.
Most of the user testimonials on mql5 are positive. We noted, however, that none of them talks about the performance of the system. In short, the feedback is not useful. But we have to warn you that we found some disturbing comments about the EA on the vendor’s profile page. Paul and his team have been accused of scamming traders through their products. The clients say that the systems make numerous losses, and as soon as the devs make money, they disappear.
GerFX Density Scalper is not a worthy trading system. In addition to being expensive and having a low return rate, there are concerns that the devs might be a bunch of scammers. Their hidden identity even worsens matters. You can hardly hold them accountable for any mishaps faced while using their product.