Forex Scalping EA is an FX Robot that works on the MT4 terminal. It uses the scalping method for finding accurate entries and exits. This FX EA works on multiple currency pairs and does not use risky methods like the grid or Martingale. Trading results verified by the myfxbook site and backtests are present for this MT4 tool. However, we find there is a lack of vendor transparency and the results show a high drawdown indicating a risky approach. From the analysis, our initial conclusion is that this is not a reliable FX EA.
There is no information related to the company and the developer team. We could not find details like founding year, location, reputation, phone number, etc. The lack of info raises a red flag for this EA as it denotes the unreliability of the system.
How Forex Scalping EA works
The vendor does not provide much info on the product. From the details present on the official site, we find that using the system is completed in a few simple steps. The vendor recommends using the demo account first to know the system before using the real trading account. We find the lack of features and functionality suspicious and it raises another red flag for this FX robot.
Timeframe, currency pairs, deposit
As per the info present on the official site, the recommendations for using this FX EA include:
- It can be operated on any account type or size and no minimum balance is needed.
- For the leverage, the vendor recommends using leverage that you are comfortable with and in line with the risks present.
- This system uses the M5 timeframe and works mainly on the EURUSD, EURGBP, EURCHF, and GBPUSD pairs.
This scalping system applies the reverse trading method. The vendor recommends the use of tight spreads and quick execution for better profits with this scalping method. For parameter settings, the vendor recommends using the limits as per your preference. We find the strategy explanation insufficient. The lack of a proper strategy explanation makes us suspect the reliability of this MT4 tool.
Pricing and refund
A basic package that costs $100, a standard package costing $150, a gold package that costs $200, and a premium package that is priced at $250 are the four packages the vendor offers. An unlimited number of demo licenses, dedicated lifetime support and updates, and the software for all currency pairs are features offered for all the packages.
They differ in the number of real licenses present. The vendor does not offer a refund for the package which makes us suspect this is an unreliable system. When compared to the price of competitor products, the price is not expensive.
Several backtests are present on the official site. Here is one of them done on the AUDNZD pair using the M5 timeframe.
From the above report, we can see a total net profit of 247306377.50 was generated from an initial deposit of $1000. For a total of 12710 trades executed over 20 years, the profitability was 80.285 and the profit factor was 14.76. A maximum drawdown of 1.10% was present for the account. From the low drawdown and the high profits, the performance looks good. But since testing using historical data cannot predict future performance, we have to look at real trading results to confirm the efficacy.
A demo USD account using the EasyForex broker on the MT4 terminal is present for this EA. Here are a couple of screenshots of the results.
Alt: Growth curve of Forex Scalping EA.
From the above stats, we can see a total profit of 11033.13% was generated with a similar value for the absolute profit. The daily and monthly profits are 0.63% and 20.71% respectively. A drawdown of 24.54% is present. For a deposit of $50,000, the account that started in November 2019 has executed 5184 trades with 88% profitability and a profit factor of 4.53. From the trading history, we can see the lot size used is very high. The high lot size is very risky and further, the grid and scalping combo used also denotes the high risk and unreliability of the EA.
People say that Forex Scalping EA is…
An unreliable system. As per the reviews on the FPA site, the system does not have properly optimized settings resulting in big losses for the user.
|A fully automated system||The strategy is not explained|
|Verified trading results||Trading results show a risky approach|
|No refund offer|
Forex Scalping EA Conclusion
Forex Scalping EA claims to be a proven profitable system. Our evaluation of the FX EA reveals a lack of vendor transparency, the absence of strategy explanation, a risky approach, and the absence of a refund policy. From the downsides, it is clear that this is not a reliable FX robot.