Forex Scalping EA is a trading robot that runs on the free MetaTrader 4 trading platform. It works by conducting an analysis of the Forex market to identify entry and exit points for scalping trades. We were unable to find any information about the developers of this EA. Therefore, we could not determine their reputation. Nonetheless, on their official website, they have stated that a lot of their time was put into creating the robot. It has taken them more than 10 years to develop and test the EA. During this period, thousands upon thousands of hours were spent on the software. Therefore, the EA does not come with trial versions. It is sold in four packages: Basic, Standard, Gold, and Premium. Each package comes with a license. The number of account licenses the user will get depends on the software package bought.
Forex Scalping EA At a Glance
|Price||Basic Pack: $100|
Standard Pack: $150
Gold Pack: $200
|Currency Pairs||EURUSD, GBPUSD, EURCHF, and EURGBP|
Forex Scalping EA Functionality
The features of this robot are described below:
- Trades on multiple currency pairs: EURUSD, GBPUSD, EURCHF, and EURGBP
- Fully automated Forex system
- Works on MT4 trade platform
- Real account licenses provided
- All packages have unlimited demo account licenses
- Does not utilize any martingale money management strategies or grid trading
- Fully customizable
- Money-back guarantee is not offered
Forex Scalping EA Trading Strategy Tests
This EA uses the scalping strategy where it implements quick trades from small movements in the market. These kinds of trades can last for only a few minutes. According to the developers, Forex scalping gives the trader plenty of quick fire trading opportunities. They indicate that there is no need to wait for long periods of time to carry out trades.
Below is a screenshot of the backtesting results:
The backtesting results show that the account used the CADCHF currency pair and traded within a 5-minute time frame. It operated between January, 2000 and July, 2020, and during that time it generated over $215 million in profits from an initial deposit of $1000. It conducted 11 069 trades with win-rates of 76.48% for longs and 79.98% for shorts. The average loss trade ($87,538.01) was significantly higher than the average profit trade ($49,212). The risk of making losses from operating the system was high.
What About Forex Scalping EA Live Trading Results
A review of the trading results shows the system is able to generate millions in profits from an initial deposit of $50,000. This represents a growth of 8032.34% as shown in the screenshot above. The daily and monthly profits stand at 0.75% and 25.02% respectively. This shows that the account has the potential of generating profits for the user. The drawdown is 24.54%.
From November 2019 to June 2021, the account has been able to conduct 3958 trades with 86% of the win-rate for longs and 0% for shorts. The pips for the account are 11728.5. An average win is 4.82 pips while the average loss is -9.01 pips; this increases the risk of loss. The profit factor is 4.02. This means that a trader can get back 4 times for every dollar invested into the account.
Out of the latest 15 trade deals made in June 2021, the account has managed to be profitable in 14 of them. The single loss was just 1.2 pips. It is evident that the system applies a scalping strategy where it makes trades within a few minutes from small market movements.
We were able to find only two user reviews on Forex Scalping EA on the Forex Peace Army site. One of the traders indicates that the system does not generate profits in the long run, but admits that a user may make small profits from time to time. Another customer raises concerns about the developer’s bold claims of the system’s ability to generate high profits. Their experience with the robot showed the contrary. This trader claims the system only generated a return of < 10% over a 6 month period.
The screenshots for the two reviews are provided below:
Forex Scalping EA Review SummaryForex Scalping EA Review Summary
Functionality4/5 GoodThe system is easy to install and use.
Trading strategy3/5 NeutralThe robot’s scalping strategy carries an element of risk that can make the trader lose money invested.
Live Results3/5 NeutralThe real trading results demonstrate that the robot is capable of making profits for the user.
Customer Support2/5 BadProvides customer support, excluding weekends and public holidays; however, the response time is slow.
Customer Reviews2/5 BadCustomer feedback is inadequate, but an analysis of the few available testimonials shows that the EA is not as effective as claimed.
- Easy to install and use
- Verified trading results provided
- No money-back-guarantee provided
- No trial versions offered
- Lack of vendor transparency