Are you interested in forex trading but find it overwhelming to follow the market trends, charts, and numbers? If so, the Dragon Scalper Pro EA might catch your attention. It’s an automated trading robot designed to trade for you, focusing on the forex market. Dragon Scalper Pro EA is a trend-following system, meaning it tries to catch trends and trade during the most favorable times, particularly during the Asian trading session. It’s also FIFO compatible, meaning it follows specific trading regulations that are required by some brokers.
In this review, we’ll take a deep dive into what the Dragon Scalper Pro EA is, how it works, and whether it could be the right tool for you. Let’s explore the key features, its pros and cons, and what you should know before using it in your forex trading journey.
What is Dragon Scalper Pro EA?
Dragon Scalper Pro EA is an Expert Advisor (EA), which is a type of trading robot that works on popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). An EA like Dragon Scalper Pro can automatically make trading decisions for you, opening and closing trades based on a set of rules programmed into it. This means you don’t have to manually track the market or execute trades.
The Dragon Scalper Pro EA is designed to follow market trends and it primarily operates during the Asian trading session. This is when the market typically sees less volatility compared to other sessions, such as the European or American trading sessions. Trading during this time can be beneficial for catching smaller, steadier movements in price.
How Does Dragon Scalper Pro EA Work?
The Dragon Scalper Pro EA uses real-time market data to make trading decisions. It looks at volatility—which is how much and how quickly prices move—and combines this with an intelligent algorithm that predicts where the price might go next. This allows the EA to enter trades when it believes the price will move in a certain direction.
Dragon Scalper Pro doesn’t use old or outdated trading indicators or patterns. Instead, it analyzes the market’s current behavior to make decisions. One of the benefits of this approach is that it doesn’t rely on stale data, which could lead to missed opportunities or poor trades.
Unlike some other trading systems that depend on arbitrage (taking advantage of price differences between markets) or high-frequency trading (trading hundreds of times a minute), Dragon Scalper Pro focuses on finding sustainable trends. This makes it more resistant to slippage, which is when the price you expect to trade at changes by the time your trade goes through.
Key Features of Dragon Scalper Pro EA
Here are the important features of Dragon Scalper Pro EA, making it a tool worth considering for automated forex trading:
- Trend-Following Strategy: The Dragon Scalper Pro EA is a trend-following system, meaning it focuses on trading in the direction of the current market trend. This can help traders avoid trading against the flow of the market, which can be riskier.
- Asian Session Focus: The EA mainly trades during the Asian trading session, which tends to be quieter and more predictable compared to other sessions. This is especially useful for scalping, which is a strategy where you make many small trades, aiming to make small profits.
- High Resistance to Slippage: Slippage can be a problem in fast-moving markets, where the price changes between the time you place your order and when it’s executed. The Dragon Scalper Pro EA is designed to resist slippage, making it more reliable during times of market volatility.
- FIFO Compatible: Dragon Scalper Pro EA complies with FIFO (First In, First Out) rules. This is important for traders in countries (like the United States) where FIFO is required by law.
- Free Eagle Scalper Pro: When you purchase Dragon Scalper Pro EA, the developer offers a bonus: a free copy of another trading robot called Eagle Scalper Pro. Both EAs receive future updates, which adds value to your purchase.
- Low Latency Support: The EA is optimized to work on systems with latency (or delay in processing) of up to 100 milliseconds (ms). This means it performs well even if your internet connection is not the fastest, although a Virtual Private Server (VPS) with low latency is recommended for the best performance.
- Backtesting Results: The EA has undergone maximum accuracy backtesting, which means it has been tested against historical data to check how well it would have performed. According to the developer, the backtesting shows a high payout rate and good resistance to unexpected market events.
- Wide Range of Customizable Settings: Dragon Scalper Pro EA offers a lot of flexibility in how you set it up. You can customize everything from the lot size (how much money you want to trade per position) to advanced settings like ATR (Average True Range) and WPR (Williams %R) indicators. You can also control when the EA trades by setting fixed trading hours.
Dragon Scalper Pro EA Settings
Dragon Scalper Pro EA comes with several settings that allow you to control how it behaves. Here are some of the key settings:
- Lot: The lot size determines how much money you are risking in each trade.
- Autolot: If enabled, this feature automatically adjusts the lot size based on the size of your trading account.
- Risk: This setting adjusts how much risk you are willing to take when autolot is enabled.
- Magic Number: This is an ID that helps identify trades placed by the EA, useful when managing multiple EAs.
- Spread Allowed: The maximum spread (the difference between the buy and sell price) you are willing to accept for a trade.
- WPR (Williams %R) Settings: These settings allow you to customize how the WPR indicator is used to determine entry and exit points for trades.
- ATR (Average True Range) Settings: This helps the EA assess market volatility and decide whether to enter a trade.
- Take Profit and Stop Loss: You can define the exact points at which the EA will take profits or cut losses.
- Trailing Stop: This feature adjusts the stop-loss level as the trade moves in your favor, helping to lock in profits.
Recommended Pairs and Timeframes
The Dragon Scalper Pro EA is optimized for certain currency pairs, including:
- EURUSD
- GBPUSD
- USDCAD
- NZDUSD
It’s also designed to work on the M5 timeframe, meaning it analyzes market data in 5-minute intervals. This shorter timeframe aligns with its scalping strategy, allowing the EA to quickly enter and exit trades based on small price movements.
Minimum Requirements
To run Dragon Scalper Pro EA, you’ll need the following:
- Minimum Deposit: $200
- Brokers: The EA works best with ECN (Electronic Communication Network), STP (Straight Through Processing), or NDD (No Dealing Desk) brokers.
- Latency: It’s recommended to use a system with latency under 100ms for optimal performance.
Pros & Cons
Pros of Dragon Scalper Pro EA
- Hands-Off Trading: Dragon Scalper Pro EA automates the entire trading process, so you don’t have to sit in front of your computer all day. It’s perfect for those who are interested in forex but don’t have the time or expertise to trade manually.
- Customizable Settings: The EA offers a wide range of customizable settings, giving you control over how it trades. Whether you want to use a fixed lot size, enable a trailing stop, or set specific trading hours, you have the flexibility to tailor it to your preferences.
- FIFO Compatible: For traders in the U.S., Dragon Scalper Pro EA’s compatibility with FIFO rules is a big plus, ensuring it meets regulatory requirements.
- Low Latency Requirements: The EA is designed to work well even with slightly higher latency, so it’s accessible even to those who may not have a super-fast internet connection.
- Free Bonus EA: By purchasing Dragon Scalper Pro EA, you also get access to the Eagle Scalper Pro at no additional cost, adding more value to your investment.
Cons of Dragon Scalper Pro EA
- Requires a Minimum Deposit: You’ll need at least $200 to start trading with Dragon Scalper Pro EA. While this isn’t a huge amount, it’s still something to consider if you’re just starting in forex.
- Primarily for Scalping: The EA focuses on scalping during the Asian session, which might not suit traders looking for a broader, long-term strategy.
- Risk of Loss: Like all trading robots, there is no guarantee of success. It’s important to remember that past performance does not predict future results, and you should be prepared for the possibility of losses.
- Learning Curve: While the EA is automated, you’ll still need to learn how to adjust the settings properly to suit your trading preferences. This may require some trial and error.
Conclusion
The Dragon Scalper Pro EA is a tool for traders looking for a hands-off approach to forex trading. Its trend-following system, focus on the Asian session, and customizable settings make it a flexible choice for both new and experienced traders. While it’s important to remember that no trading robot can guarantee profits, Dragon Scalper Pro offers several features that can help you make more informed trading decisions.
Before diving into live trading, it’s a good idea to test the EA on a demo account to see how it performs and to ensure that you’re comfortable with the settings. Always practice good risk management and never invest more than you can afford to lose!
