Forex Scalping is a Forex expert advisor that includes a fully automated scalping system for any currency pair. It works exclusively on the MetaTrader 4 platform on the M5 timeframe with universal settings. The devs of this ‘auto cash’ MT4 tool claim that their robot was designed to analyze market changes and find entry and exit points for scalping trades. Traders can easily choose what currency pair they’d like to trade as well as trade all currency pairs depending on their preferences, thus making the software easily adjusted according to traders’ needs.
Well, in this Forex Scalping EA review, we’ll analyze all the benefits as well as drawbacks of this trading system to help you decide whether it is the right investment decision.
How Forex Scalping EA Works
From the first statement on the website, the developers try to make sure that this robot is the best scalping robot that has ever existed. On whois.domaintools.com we have found that their website was created on June 22, 2016. The dev provides detailed info about the robot, live trading results, backtesting results, trading strategy info, and pricing details on their website.
Unfortunately, the dev is incognito as there is no information provided on their web. We neither know who stands for this Scalping EA nor where they are located. To get in touch with support traders need to fill in an online contact form on their website.
The vendor points out the main features of their EA:
- It is a 100% automated EA
- The robot works only on the MetaTrader4 platform
- There are backtests that unite 2000-2020 years periods
- The robot was designed to implement quick trades from small market movements
- It has a good trading frequency (scalping trades last just a few minutes)
- It uses reversal trades for scalping
- A broker with tight spreads and fast execution is recommended
- It is an adjustable software, so traders can easily set its parameters to suit their trading needs
- The robot is advertised as easy to use the software even for newbies
- The package includes a step-by-step user manual of how to use the EA
- 24/7 customer support
This EA was designed to trade on the M5 timeframe during the highest market volatility by combining technical and price action analysis. It analyses charts for prospective trading signals based on an inbuilt algorithm. Once it finds a signal, it can manage trades on behalf of a trader. The dev tells us that Forex Scalping EA uses reversal trades for scalping. Users can opt for what currency pairs to trade. To avoid certain market conditions and minimize trading risks, the software has built-in maximum spread and slippage filters. The vendor recommends brokers with tight spreads.
The dev also provides multiple backtests performed of different currency pairs (AUDNZD, AUDUSD, CADCHF, CHFJPY, EURAUD, EURCHF, EURGBP, EURJPY, EURUSD, GBPJPY, GBPCHF, GBPUSD, USDCAD, USDCHF, and USDJPY). Let us analyze the backtest results performed with the most popular currency pair – EURUSD.
It is a EURUSD symbol on the M5 time frame. The modeling quality was 90.00%. The initial deposit was $1000. The total net profit became $547336533,58. The Profit Factor was 2.51. Its absolute drawdown was – 8,61%. The EA traded 17064 deals with 81,07% of the win-rate for Shorts and 80,68% for Longs.
Forex Scalping EA Trading Results
We have 1 live trading account represented on the website of the developer.
It is a live Demo USD account trading on the MT4 platform. It trades under EasyForex brokerage with unknown leverage (scalpers usually trade with a leverage of 1:400 or higher). This account has been trading for over 1 year (added on November 11, 2019). With deposited $50,000, the robot has brought $2489229 of profit. Its total gain exceeds +4978% with a peak drawdown of 24.54%.
From July 2020 up to the current days, the EA’s drawdown is low and ranges from 0,45% – 2,5%:
With a trading frequency of 33 minutes, the robot has traded 2839 trades and 8217 pips. However, its average loss of pips (-10.24 pips) is twice higher than the average win (5.17 pips ). It is not good for trading. The robot runs the account with the lowest possible risks.
Pricing & Refund
Interested in the software trades can buy it on the official website of the developer. There are 4 packages offered: Basic, Standard, Gold, and Premium. Currently, these packages are available to buy at a good discount: Basic costs $99 instead of regular $299 price, Standard -$149 instead of $499, Gold package costs $199 instead of $599 and Premium’s package price is $249 instead of $999.
Every package includes an unlimited number of Demi accounts, the ability to trade on all currency pairs, regular software updates, lifetime customer support. They differ in many real licenses: Basic package offers 1 real license, Standard – 2 licenses, Gold – 3 licenses, and Premium offers an unlimited number of real accounts.
The Forex Scalping EA team also shares customers’ testimonials on their web. However, these testimonials seem to be fake ones:
Historically customers’ reviews written on websites of developers are manipulated or paid. Thus, we never trust them and search for reviews written on 3rd party websites such as Quora, Trustpilot, FPA, myfxbook, etc.
We’ve conducted additional research and found that they have a page on FPA without their account connected:
Traders are not content with the effectiveness of the EA. This is because the robot requires VPS and ECN with the lowest possible pings and spreads to work well.