BF Scalper Pro Review
BF Scalper Pro is a multi-currency forex robot that runs in the MetaTrader platforms and uses a scalping strategy. It includes fully customisable features and has verified Myfxbook accounts showing recent performance.
The BF Scalper Pro EA is an updated version of the Fxautomater development teams standard BF Scalper robot. It aims to improve on the success and overall performance of its predecessor by implementing a range of innovative features and advanced trading techniques. The BF Scalper Pro is a fully automated forex trading system that can analyse the forex market for trading signals in the MT4 and MT5 platforms. This forex robot can place and manage trades according to its built-in algorithm and the input settings entered by the user. The software can also send the user alerts when it finds a potential trading opportunity for them to verify before manually entering the position. In this BF Scalper Pro Review, we will cover the trading strategy, key features and results.
The BF Scalper Pro robot uses a scalping system that is based on a simple trading logic. It can trade on multiple currency pairs with reasonable stop loss and take profit levels along with a built-in ATR based exit logic to try and adapt to the current forex market conditions. As with most forex scalping robots, the BF Scalper Pro strategy aims for a few pips per trade during times when there is low market volatility.
Although you can run the software on any trading instrument in MT4, it has been developed to trade the following currency pairs on the 15-minute charts: GBP/USD, EUR/USD, EUR/CHF, EUR/AUD, EUR/CAD, GBP/CAD, USD/CAD, USD/CHF and USD/JPY.
The developer provides set files for each individual currency pair. This suggests the EA has been optimised for each pair. We would usually prefer an automated trading system that uses universal settings across all the instruments that it trades. This would help show us that it has not been over optimised and is perhaps more of a consistent trading strategy.
As the BF Scalper Pro is a scalping strategy, the results will be very dependant on the broker that you are using. This is because scalping systems can be highly susceptible to spreads, commissions and slippage. Generally speaking, we would want to use a scalping robot on a forex broker with tight spreads, low commission fees and fast trade execution speeds.
This is an automated forex system from the Fxautomater team of professional forex traders and developers. They have more than 50 years of combined experience in trading, researching and software development. We have reviewed other Fxautomater robots including Grid Master PRO, Smart Scalper PRO, GOLD Scalper PRO, Omega Trend EA, Volatility Factor 2.0 Pro, Forex Diamond EA, Forex GOLD Investor EA, Forex Trend Detector and Forex Combo System.
The Fxautomater team have implemented a variety of useful features into the software, in order to try and improve its performance whilst giving the user the option to customise settings.
Some of the key BF Scalper Pro EA features include the following:
Exit Logic
The BF Scalper Pro exit logic aims to reduce the potential drawdowns of the expert advisor whilst simultaneously trying to ensure an increase in the efficiency of the trading strategy.
ATR Stop Loss
The BF Scalper Pro implements an ATR based stop loss calculating algorithm which sets the stop loss according to current market volatility. The Average True Range (ATR) is the average of true ranges over the specified period. ATR measures volatility, taking into account any gaps in the price movement. Typically, the ATR calculation is based on 14 periods, which can be intraday, daily, weekly, or monthly.
Grid System
Fxautomater implemented a grid trading system in the BF Scalper Pro EA in order to try and make it more profitable and less dependent on the forex broker that you are using. The BF Scalper Pro grid system is optional and it is actually disabled by default.
Grid trading is when orders are placed above and below a set price, creating a grid of orders at incrementally increasing and decreasing prices. Overall, the grid trading technique seeks to capitalize on normal price volatility in an asset by placing buy and sell orders at certain regular intervals above and below a predefined base price.
Advanced News Filter
This setting is to make sure that the robot does not trade around important news releases that can cause high volatility in the forex market. As scalping strategies target small pip movements, they usually perform better during times of lower volatility. It is also not uncommon for brokers to have higher spreads and slippage during news releases, something that the spread and slippage filter we will discuss soon can also help to avoid.
Friday Exit
If a trade is left open over the weekend, it may get caught on the wrong side of a forex market gap. Gaps are sharp breaks in price with no trading occurring in between. Gaps can happen moving up or moving down. In the forex market, gaps primarily occur over the weekend because it is the only time the forex market closes. The Friday exit feature is to prevent the BF Scalper Pro from having trades open over the weekend to avoid potentially dangerous market gaps when the forex market is closed.
Spread & Slippage Protection
The BF Scalper Pro EA has filters where you can set the maximum spread and slippage, to avoid placing trades when the broker and market conditions are unfavourable. Whilst spreads and slippage are a trading cost that all forex traders will have, high spreads and lots of slippage can have a negative impact on short term trading strategies, especially scalping systems like this one.
Alert Notifications
The software can send you email and push notifications to keep you informed of trading activity or to alert you of a potentially trading opportunity if you are manually trading the system.
Trading Days & Hours
From the settings, you can alter the days ands trading hours of the robot. The developer states that the default hours and days are the best setting according to the backtesting they have conducted.
Money Management
The BF Scalper Pro EA comes with a built-in money management system where you can set a risk percentage that you would like to use and the robot will automatically calculate the lot size according the risk set and your account free margin.
Recovery Mode
It also includes an optional loss recovery mode which can be dangerous if not utilised correctly due to the way it adds to the position size. The way this works is that the EA will check to see if the previous trade was a loss and then add to the lot size of every new trade with small amounts until the last loss or previous losses are completely recovered. The problem with this feature is that if the loss is never recovered and the position size keeps on increasing, it can lead to significant drawdown and even a blown account.
When choosing a forex robot, it is important to check the latest results and see how it has performed historically. This is of course no guarantee of future performance but can help to give you an idea of the trading strategy being used.
BF Scalper Pro Myfxbook
Fxautomater have published some verified BF Scalper Pro Myfxbook accounts so you can track the latest performance of this robot to see if it is something you would like to implement within your trading portfolio. Past performance is not an indication of future results.
BF Scalper Pro Backtesting
In order to show how the system may have performed historically, the developer provides BF Scalper Pro results from the MT4 strategy tester Interestingly, there is only one backtest that has been done with 99% modelling quality using real tick data and real spreads. However, it is not clear if they have included commission fees, something that can have a significant impact on the results of a scalping system. The other backtests have 90% modelling quality which isn’t as accurate. The results could be much different with variable spreads and commissions included.
You can check the backtest result of the BF Scalper Pro robot on the following currency pairs: GBP/USD, EUR/USD, EUR/CHF, EUR/AUD, EUR/CAD, GBP/CAD, USD/CAD, USD/CHF and USD/JPY.
The BF Scalper Pro is a very powerful automated forex trading system which includes a range of useful features such as: Money Management, Broker Protection, Spread Protection, Dynamic ATR Stop Loss, Advanced Time Management, News Filter, Grid System, Email and Push Notification System, Friday Exit System and more. It can trade multiple currency pairs in the MetaTrader platforms.
The Fxautomater team who have developed this particular expert advisor, have a selection of other commercial forex robots including the WallStreet Forex Robot. This shows that they have experience when it comes to trading software whilst they are also on hand to assist users as and when required.
When you purchase the BF Scalper Pro, you get access to the EA and all its features, instructions for a quick setup, professional support, free updates for lifetime and a 60-day money back guarantee. As with all trading robots, we would first test it on a demo trading account to see if it meets your expectations.
What is the BF Scalper Pro price?
The current price is $169, which includes 3 real account licenses, unlimited demo accounts and a free forex robot from the developer.
Where can I download the BF Scalper Pro?
You can download the BF Scalper Pro from the official website here.
What kind of customer support does BF Scalper Pro offer?
Fxautomater provide 24/7 customer support.
What are the best brokers to use with the BF Scalper Pro?
Although you can use any MetaTrader 4 or MetaTrader 5 broker to run the BF Scalper Pro, the lower the brokers spreads and commission, the more potential the software may have. This is due to the fact that it is a scalping strategy that targets a few pips on each trade.
What’s the minimum amount required to trade with the BF Scalper Pro?
There is no required minimum amount to start using this trading software. You should only use what you feel comfortable with and can afford to lose.
What is the BF Scalper Pro refund policy?
They have a 60-day refund period.
Is the BF Scalper Pro a scam?
No, we don’t think that the BF Scalper Pro is a scam but that does not necessarily mean that it will produce good results. No matter how good any forex robot is, there isn’t any that can predict the future.
Can I get the BF Scalper Pro for free?
You probably could spend countless hours looking for a BF Scalper Pro free version being shared but it is likely to be out of date, unsupported and against the terms and conditions.
What currency pairs does the BF Scalper Pro trade?
The EA has been developed, tested and optimised for the GBP/USD, EUR/USD, EUR/CHF, EUR/AUD, EUR/CAD, GBP/CAD, USD/CAD, USD/CHF and USD/JPY currency pairs.
What are the best BF Scalper Pro settings?
The best settings for the BF Scalper Pro are those provided by the developer. Nobody will know the robot more than the person who created it. They would have spent countless hours over many years optimising the settings so that you don’t have to.
Can I change the BF Scalper Pro settings?
If you have the knowledge and experience, you are free to experiment with the software settings, this includes the money management, trading hours, news filter, currency pairs, timeframe and more. You may wish to test your customised settings on a demo account to begin with to see how things go. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of performance based on historical data.
What do I need to run the BF Scalper Pro?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will let you open an account with a small deposit or free demo account and download the MetaTrader platforms free of charge.
How much money can I make with the BF Scalper Pro?
There are zero guarantees on how any trading robot will perform. Due to the unpredictable nature of the forex market, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated trading system such as the BF Scalper Pro.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
