Today I’m analyzing a new trading software that promises to provide the community with the best fully automated scalping approach in the market, Forex Scalper EA (forexscalpea.com). The developers of this system believe that they can simultaneously take advantage of multiple currency pairs while sustaining a level of “deadly accuracy.” And this review, I’ll go through all of the important elements, and let you know if this is a viable investment opportunity or not.
There is no information about the developers of this software, their location, or the type of trading experience they have in the Forex marketplace. We essentially have to trust that the creators of the system are experts, and have what it takes to produce a winning scalping strategy. To get in touch with support, traders can email [email protected].
Forex Scalper EA Review
The presentation of the Forex Scalper EA is quite lackluster, from the unprofessional nature of the website, to the poor descriptions of their EA strategy. The majority of the content on the sales page is very difficult to comprehend, because it’s quite apparent that the copywriter speaks English as a 2nd language.
What I have been able to gather, is that the software is built to work for 6 different currency pairs, which all include a fixed stoploss and take profit. The developers mention a “built-in dynamic closing mechanism,” but this is not elaborated on, so we really have no idea what type of impact this has on the overall scalping system. They tell us that the system does not use any martingale or grid strategies, and that there is built-in money management which is calculated using the size of the account, and the risk level set within the EA parameters.
The sales page really leaves us asking a lot of questions, because they don’t elaborate on any strategic elements, and expect the community to trust that it works without any verifiable evidence. This is quite common in the Forex robot marketplace, and something we’ve seen in recent reviews of Forex Kore and Forex Robot Academy / Factory.
- Type: Forex Robot
- Price: $199-599
- Strategy: Scalping
- Timeframe: Undisclosed
- Pairs: EURUSD, EURGBP, AUDCAD, USDCHF, GBPUSD, EURAUD
For traders interested in the Forex Scalper EA, there are currently 3 accounts available. All of these accounts are compatible with all trading pairs, come with 24/7 support and lifetime updates. The standard account, going for $199 comes with one license, the advanced account going for $299 comes with two licenses, and the ultimate account going for $599, comes with unlimited licenses. The only issue I have with this license structure, is that the standard an advanced accounts give traders very little room for testing. On the standard account, you can only run one system, which gives you no opportunities to test demo accounts.
The Forex Scalper EA developer highlights 9 different features that they want the community to be aware of. Most of these features are commonplace in the Forex robot market, but considering this is an important aspect of the web-page, I will include this in the review.
Meta-trader 4 expert advisor
- Fixed stoploss and take profit
- Fixed risk or fixed lots
- Consistent and accurate
- Free updates and support
- Works on any broker
- No minimum deposit
- No experience required
- 30 day moneyback guarantee
Forex Scalper EA Trading Results
The majority of the robot sales pages dedicated to trading results. The top of the Forex Scalper EA sales page consists of 6 back tests, one for each pair, that run from 2010 to 2017. Considering we are past the halfway mark in 2018, the developer clearly needs to update these back tests, to prove that the software is still viable in current market conditions.
Aside from the back tests, the developers also provide us with screenshots of a Myfxbook account. Originally, I thought that the account was fake, because the developers were only showing us screenshots, and not linking directly to the account. Yet, after doing further research, and personally searching the Myfxbook website, I found that the account actually does exist. The developers should certainly be providing direct links to this account.
The official Myfxbook account is showing a 75% gain over the course of about 3 1/2 months, with a drawdown of nearly 30%. Although this is a small sample size, these are pretty impressive numbers, and certainly not what I expected to see from the Forex Scalp EA.com website.
Been a while since we checked in with the Forex Scalp EA and it doesn’t seem like much has changed with the website. They have a YouTube video for their live results now, and also a couple of screen shots. Neither of these methods are worth relying on.
The Myfxbook account in the results section stopped in 2018 without any notice, so they added a 2019 account, but that account hasn’t been active in 4 months either. So, as it stands they don’t have any active trading results for their product.
In going through the comments and reviews here, there hasn’t been much feedback about the profitability of the software. Yet, there is one trader claiming that this software is simply a copy of the Forex Robotron system. We can’t confirm this with any real facts, but it is definitely a concerning statement.
While the Forex Scalper EA website comes across as unprofessional, with very little detail regarding the overall trading strategy of the expert advisor, I am somewhat intrigued by their trading results. The sample size is still very small, so I’m not going to jump in and start testing the software today, but I’d like to see if this system continues to perform over the next 6 months before I make a final determination. While it’s definitely a surprise, this is an account that I do plan on watching closely for the next little while.
Thank you for stopping by, and please leave your comments and questions about the review now.
Forex Scalper EA
- Works on 6 pairs
- Uses money management
- Dynamic closing mechanism
- No active trading results
- Little strategy detail
- Bad client feedback