Making profits from scalping is a skill that is difficult to come by even for an experienced trader. Spotting the real and false signals is not an easy task unless you are using a Forex robot. Automated systems that use scalping are ideal in such a situation. Such types of Forex robots use different strategies and technical indicators for frequent trades and profits.
Forex Scalping EA is a system that trades based on scalping strategy. Supported by a free MT4 trading platform, this Forex robot uses market analysis for assessing correct exit and entry points. Four different pricing packages are available for this EA, ranging from $99 up to $249.
The basic, standard, gold, and premium packages cost $99, $149, $199, and $249, respectively. All the features are similar for the four packages, except for the number of real licenses offered. In this Forex Scalping EA review, we have done a comprehensive analysis of the system, including its strategy and performance.
Forex Scalping EA Trading Strategy
According to the vendor info, this system uses reversal trades as part of its scalping approach. It recommends using a broker with fast execution and tight spreads for better returns. For trading with this system, you can customize the parameters and control the process. We could not find any other info on the strategy. The provided information is not sufficient to explain the approach used and performance.
Forex Scalping EA Features
From the information provided on the website, which is very minimal, the features of the system include lifetime updates on the software, unlimited demo licenses, and compatibility with the MT4 platform.
The system works on four main currency pairs, namely, EURGBP, GBPUSD, EURUSD, and EURCHF. You do not need a minimum balance for using this software as it is set up to work on accounts of all sizes. This system uses a five-minute timeframe.
Forex Scalping EA Backtesting Results
Several backtests are provided on the official site. All the tests are from January 2000 up to July 2020. We would like the developer to update the tests to prove that the system is workable in the present trading conditions.
Furthermore, the modeling quality is just 90%. A 99.9% accuracy is best recommended for backtesting as it gives details related to the spread, slippage, commissions, and other details. In the backtest results provided for the EURGBP pair in the screenshot below, a profit factor of 9.84 and drawdown of 6.45 are shown.
Forex Scalping EA Live Trading Results
We found a trading result verified by the myfxbook site given on the official site. The demo USD account using EasyForex broker and MT4 platform shows a profit of 5901.19% and a similar absolute gain percentage. A monthly gain of 29.87% and a daily gain of 0.87% are shown as seen in the screenshot below.
And, a drawdown of 24.54% and a profit factor of 3.52 are revealed from the trading results. From the trading history, the lot size used is 50, which is pretty large. Such high-sized lots indicate the steep risk taken by the system, which not all traders would be comfortable with. This is further confirmed by the high-risk reward ratio.
Forex Scalping EA Reputation
From our perusal of the info provided on the official site, there is no data related to the developer of the system or the company behind the system. We could not find any contact address or phone number either. The only contact for support is via the contact form on the site. This lack of transparency prevents us from providing a proper analysis of the system.
There are customer reviews represented for this system, except for the testimonials found on their site. But, since there is a high chance of the testimonials being manipulated, we did not take them into account. In general, we prefer user reviews from trusted third-party sites, such as Forexpeacearmy, Trustpilot, etc.
Forex Scalping EA Review Summary
- Strategy: 4.5/10
- Functionality & Features: 4/10
- Trading Results: 5.5/10
- Reliability: 4/10
- Pricing: 6/10
Conclusion
Wrapping up our review of the Forex Scalping EA system, we found a few positive aspects in the system and some negative aspects also. On the positive side, this system is reasonably priced and has verified trading results and backtests to prove its performance potential.
From the performance, we know that the system shows a high degree of profitability and an average drawdown percentage. Although the lot sizes are on the higher side, you can expect them to be high with most scalping systems.
Despite the high-risk involved, the system has managed to increase the profits. On the negative side, the lack of vendor transparency and the absence of reliable user reviews are a bit worrying. However, the system shows potential, provided the developer rectifies the faults and proves much better performance.
