Forex Scalp EA: performance check and assessment of the probability of a trading deposit being drained
Forex Scalp EA is an automated software that is designed to implement scalping trading strategies in the Metatrader 4 terminal. The project is presented on a simple one-page website, costs $200 and, according to the developers, is built on evaluating a price movement strategy that does not use grids and the martingale method. Let’s try to figure out what kind of program it is and whether it is worth buying: we will collect all the available information, see user reviews and highlight problem points that may lead to a loss of deposit.
The site does not contain any information about the team working on the development of this software. Because of this, we cannot get any idea of their trading experience and programming skills. We also do not have any location data and there is no list of other successfully released products that could pass as a portfolio – that is, by default, we must believe that the project was developed by professional scalpers with many years of experience in programming profitable trading advisors.
For feedback, an e-mail is provided at [email protected], which should respond to user requests around the clock. We prepared a request and asked to provide data on the qualifications of developers. A few hours passed from the moment of sending the letter, and as the feedback, we received a general unsubscription that the developers have 7 years of experience in trading and 10 years in programming (all without evidence and links to the profiles of team members). If in the process of work you encounter failure and need urgent help, then you will be left alone with your problem – the site does not have social networks, skype, phone, online chat and other ways to quickly respond to user requests.
The screen of the answer from technical support Forex Scalp EA: they talk about experience, do not give about evidence and do a retelling of everything that is published on the site.
The developers position the project as a scalping trading program that focuses on price action and does not depend on external indicators:
- The Advisor analyzes and compares the incoming data regarding the price fluctuations of all currency pairs of the Forex market.
- Based on the analysis, the best currency pair and the optimal moment for entering and exiting positions are determined.
- The program independently evaluates the likely level of risk and offers the optimal size of the trading lot – you can agree with the proposed parameter or set a fixed lot. For work, you can choose any minimum deposit and any brokerage company with leverage of 1:20.
- After the determination of all technical parameters, the selected trading orders are quickly implemented – transactions can be carried out on all assets, however, the best performance is observed on the euro/dollar, pound/dollar, dollar/franc, euro/pound, euro / Australian dollar and Australian dollar / Canadian dollar. Everywhere the same strategy is used, however, only one position can be opened for one currency pair at a time.
- Following the activation of a trade order, automatic placement of fixed orders Stop Loss (protection against excessive losses) and Take Profit (a tool for timely profit) occurs. Also, the Forex Scalp EA advisor has an additional smart mechanism that can pre-close losing orders (before Stop Loss is triggered) and increase profits in the event of a favorable market situation (increase the initial Take Profit). All this works under the control of a special system that is configured to increase capital according to the compound interest calculation scheme.
Above, we translated the official description taken from forexscalpea.com into a step-by-step plan. There is no other information and it is not clear how this concept can be implemented in practice: there is no information about the indicators involved, the practical part of the logic for determining entry and exit points for positions is not clear and there is no detailed technical description of the money management mechanism (there are questions about how the adviser use a system of compound interest, how to build up positions and on the basis of what algorithms make a decision on early closing of transactions).
The site published 3 screenshots and one video, which presents the trading history of the Forex Scalp EA robot. All statistics go without explanatory comments and there is no official user agreement on the site that could confirm or refute the declared performance. Therefore, by default, we believe that all tests were carried out on a demo account, are hypothetical, do not guarantee income, and after connecting a real deposit, they can lead to losses.
An example of a screenshot, after viewing which you should make sure that the adviser is effective. The data was taken in one working day, and even with all the desire, it is impossible to give at least an approximate assessment of the effectiveness of Forex Scalp EA. The situation is similar in the video: the user simply shows the daily history of transactions and hides advanced trading statistics.
The alternative site with another Forex Scalp EA robot
We reviewed a trading adviser that was developed in 2019 and sells for $200 on forexscalpea.com. Under the same name on the network, there is another program that was developed in 2017, presented in four tariff plans (from $299 to $999) and is available on forexscalpingea.com (the difference is in a few letters of the domain name). If we go to the official YouTube channel of our trading robot, we will find several videos published in 2017 and 2018. These videos show the same statistics as the screenshots on the website of the alternative advisor. That is, we have two sites of the same product, which are sold at different prices and designed for different audiences.
If we analyze Forex Scalp EA from an alternative site, we will not find out any new information: the program has not been tested in real conditions, it works according to a veiled algorithm, it can somehow manage capital and work with different currency pairs. The second site did not give useful details, based on which you can add all the descriptions made into an integrated system and get an idea of the advisor’s work – we remain with a surface algorithm for which you can pick up a hundred technical indicators and free trading strategies from an Internet.
The appearance of the Forex Scalp EA website, where they ask for $200 for the program.
And this is the second site where the Forex Scalp EA advisor costs from 299 to 999 dollars.
The organizers did not offer an affiliate program, so almost nobody observes the work of the adviser and does not post the results of the auction. Several critical reviews are warning other traders about a quick drain of the deposit in just a few business days. There is also an interesting commentary where Forex Scalp EA is compared with the Forex Robotron Expert Advisor, another regular program based on signals of a simple overbought/oversold indicator. With the same success, you can program stochastics, set a 5-minute time frame and enter trades from levels 80-20. Users believe that the result will not differ from the listed paid programs that are designed to deceive customers.
Forex Scalp EA is not a reliable software, which we do not recommend buying because of the high probability of losing a trade deposit:
- There is no information about the developers and organizers of the project.
- There is no detailed description of the built-in trading strategy and it is not clear how the robot will protect the account from zeroing due to what mechanisms.
- No real statistics are proving the effectiveness of this algorithm.
- The developers haven’t published user agreement on the site and there is no official contact information in case you do not like something and you want to return your money through the court.
If you do not agree with the review and you have a successful experience using the described Expert Advisor, please share your results in the comments (we will revise the description and make appropriate adjustments). Good luck to everyone: do not buy trash and invest only in really valuable products 🙂