FrankoScalp is an EA that was published on the mql5 website on May 22, 2019. The vendor admits that he has been developing, testing and rectifying it for a long time. He updated it to its current version 3.4 on January 11, 2021. So far, it has been downloaded 3151 times.
This robot was authored by Konstantin Kulikov. He is based in Russia and works under a company known as Kulikov Forex solution. This is the only information we have about him. For this reason, we are unaware of his expertise, qualifications, experiences, and achievements in FX trading. Kulikov is naïve to think that such info is unnecessary and does not influence traders’ investment decisions.
Features
He describes the features of his product as follows:
- Trades with multiple currency pairs: USDCHF, EURCHF, CADCHF, USDCAD, EURUSD, EURGBP, EURAUD, EURCAD, GBPUSD, GBPAUD, GBPCAD, NZDCAD, NZDUSD, AUDUSD, AUDCAD, AUDJPY, CHFJPY, USDJPY, EURJPY, and USDSGD
- Developed to run on the MT4/MT5 platform
- Is fully automatic
- Has a news filter
- Works the same on any timeframe
- Back-testing is recommended on the 1 minute timeframe
As the name suggests, FrankoScalp utilizes the scalping strategy. This entails buying or selling currency pairs with only a short holding time with the goal of making a series of quick profits. The strategy tries to take advantage of small movements in price.
How to start trading with FrankoScalp
FrankoScalp performs trades automatically. Therefore, if you are interested in the product, you are advised to purchase it and let it start trading on your behalf.
The vendor is offering FrankoScalp at $238. Alternatively, traders can opt to rent it for 1 month for $30 or 3 months for $60. No refunds are available.
Backtests
Konstantin has provided us with several backtest reports for different currency pairs. We focus on one of them.
The EA traded between October 2015 and October 2020 on the 1 minute time frame and used a leverage of 1:500. A sum of $1,000 was deposited into the account. In the end, a total net profit of $42,196.13 was made. The profit factor was 4.53. The relative drawdown of 13.19% was fairly small.
The number of trades that were executed throughout this period was 348. The win rates for longs were 95.98% and zero for short trading positions. The average profit trade ($162.08) was way below the average loss trade (-$852.86). This shows that the robot has a high probability of making losses.
Verified trading results of FrankoScalp
The EA’s trading data is discussed below:
The account was activated on May 03, 2020 and last updated on July 25, 2021. The system has reported an absolute gain of 84.8% which is similar to a profit of $142. Consequently, the balance has increased from $250 to $392.47. The daily and monthly profits are 0.13% and 4.22% respectively, and are so small. The drawdown which is 12.82% is not that high.
The system has conducted 406 trades with 5.56 lots. The profit factor is 2.67 and way lower than the one displayed in the backtest report. The pips are 1179.3. The average loss which is -26.06 pips is disturbing. This is because it is five times more than the average win of 5.05 pips. So, the account’s risk of incurring losses is very high.
A majority of trades were made on Tuesday (91 trades).
The monthly profits were a bit consistent, ranging between 0.8% and 4.1%.
The account’s risk of ruin is moderate.
The EA traded with the GBPUSD currency pairs, applying fixed lot sizes of 0.02. It is also evident that the system had a low profitability rate. The scalping strategy can be seen. The robot tried to capture small gains, such as 0.4 to 3 pips per trade.
Customer reviews
There are a total of 30 reviews for this product on the mql5 website. Many of them are positive. Nevertheless, they are unreliable because the vendor might be asking his clients to leave positive feedback so as to get discounts in return. We also found several negative testimonials. The discontented traders have one thing in common-they all say that this product is unprofitable and makes losses.
Is FrankoScalp a viable option?
Advantages
- Supports many currency pairs
Disadvantages
- Vendor transparency is lacking
- Is expensive and does not offer any refunds
- Low profitability rate
Wrapping up
This robot cannot generate significant returns for a trader. The scalping strategy it applies only allows it to make small profits. Moreover, this approach can be risky. Losses can also mount rapidly and if the trade moves unfavorably, the account can eventually be wiped out. The vendor’s behavior of hiding his background data is suspicious and a clear indication that he is untrustworthy. Keeping this in mind, traders should not waste their money on this EA.
