Top Scalper is a Forex EA sold on the MQL5 marketplace. As per vendor claims, this scalping bot can improve the quality of entry positions and enhance your profits. However, this is something we need to verify at our end by analyzing the various performance aspects of the system.
Detailed Forex Robot Review
On the MQL5 page of Top Scalper, the vendor has provided us with a short introduction to the EA, detailing how it works and providing instructions on how to set it up correctly. We also have a list of trading risks provided by the vendor. Also, there are several screenshots showing the backtesting results for this Forex EA.
Top Scalper is sold on MQL5 by a trader named Valerii Gabitov. We don’t have any information on this person, except for the fact that they are based in Russia. There is no mention of a development or trading team, so we can assume that the developer works alone. Apart from Top Scalper, Valerii Gabitov has built other systems like FF3 Scalper, Index Provider, and Turbo FX Danger.
This is a robot that mainly trades at the closure of the American session. It is not broker-sensitive and works best with ECN accounts. With every trade, it uses a stop loss, and you can modify it from the EA settings. The ‘OrdersG’ parameter lets you stretch the position by multiple orders. Top Scalper uses stop losses just to protect positions, and while closing a trade, it does not wait for a stop loss.
When a transaction is successful, the EA does not place any more trades and resumes trading on the following day. According to the vendor, you should use this robot to trade in the EUR/CAD pair for the M15 timeframe. The broker GMT is a parameter that you need to set properly while working with this EA since different brokers have different GMT values.
While trading with fixed lots, you need to set the value of the risk parameter to 0. If you set it to 2, then the loss will be equal to the risk once the stop loss is reached.
Top Scalper Strategy Tests
From the name of the EA itself, we can gather that it uses a scalping strategy. This strategy typically involves placing a large number of trades each day, trying to win small profits from each. It is not suitable for long-term traders or those who wish to make large profits within a small time period. Because a large number of orders are placed, your trading costs will also be significantly higher. Also, you need to spend a lot of time managing the trades, because there are so many orders.
Here we have the backtesting results for Top Scalper. This backtest was carried out from January 2010 to July 2021 using 82% real tick data. The EA placed a total of 1539 trades, winning 1126 out of them, which means it had a win rate of 73.16%. It generated a total profit of $160198.89 and its profit factor was 4.43. There were 30 maximum consecutive wins and 12 maximum consecutive losses for Top Scalper during this backtest.
Live Account Trading Results
For any Forex EA, live trading results are the most important performance parameter and all traders like to see verified statistics before investing in an automated system. Unfortunately, the vendor has not shared the live statistics for Top Scalper, which makes it impossible for us to consider it a reliable system. No serious Forex trader would consider investing in it, because it has no proven track record of generating profits in real-time.
You can purchase Top Scalper for the price of $350, which is quite expensive for a newly-launched Forex EA that has no verified track record. There is a rent option available, where you can use the robot for 3 months by paying $125. A free demo version is also available for testing, but the vendor does not offer a money-back guarantee.
There are no user reviews for Top Scalper on third-party websites like Forexpeacearmy, Trustpilot, Myfxbook, and Quora. We found some reviews on the MQL5 website, and in one of them, the customer claims to have lost 80% of their trades while using this robot.
In general, scalping bots are risky investments. This is especially true for Top Scalper that is not supported by verified live statistics. It makes no sense to spend $350 on this unproven robot. On top of that, the vendor does not provide a refund.
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