Elite Forex Scalper Review
The Elite Forex Scalper EA is a flexible scalping robot for the MT4 platform but it has potentially dangerous money management by default and requires ideal broker conditions.
The Elite Forex Scalper EA is a forex expert advisor that uses an automated scalping strategy. The software runs in the MetaTrader 4 platform where it will look for scalping trades. When it finds a possible trading signal, it can enter the forex market on behalf of the user. It will then manage and eventually exit the trade, provided the MT4 terminal is running at all times. You can consider using a Forex VPS if it is not possible to have your laptop or computer on. A virtual private server can run trading applications remotely 24/7 without needing your machine switched on. In this Elite Forex Scalper Review, we will take a close look at the robot strategy, features and perhaps most importantly the results.
As the name eludes to, the Elite Forex Scalper robot trading algorithm implements a scalping system that automatically conducts trading activity for forex traders in the MT4 platform. You can just attach it to the currency pairs that you wish to trade and it will start analysing the markets 24 hours a day, 5 days a week.
This forex robot uses a combination of scalping, hedging, grid and a martingale strategy. It has also the unique feature of risk protection that tries to protect the EA from large drawdowns and from blowing accounts during what it deems to be unsuitable market conditions.
We believe that the money management is very risk and more often than not, forex robots that use grid trading or martingale strategies can eventually has huge drawdown and margin calls. Therefore, it is imperative you understand the significant risks involved with using such money management. We would probably look for an alternative automated system that doesn’t carry so much risk. You can see our robot ratings for some inspiration if need be.
Another big problem with scalping strategies such as this one is that they need the ideal market and broker conditions. If there is too much volatility in the market, they can suffer from large losses that wipe out any gains. They can also be heavily dependent on tight spreads, low commission fees and rapid trade execution speeds. It is not uncommon to see the exact same forex scalping robot give completely different results on different brokers due to factors such as spreads and slippage.
Here we will take a look at some of the Elite Forex Scalper key features.
Optimised Settings
The developer provides users with default Elite Forex Scalper settings based on their own development and optimisation. You can use the out of the box settings for the trading software if you wish but make sure you check that the position size is set to a suitable level. It is possible to adjust the EA inputs from the external settings window when you attach the robot to your MT4 charts. Users can experiment with their own settings but we would always first test any forex robot on a demo account to begin with to see how things go and familiarise ourselves with how it works.
Automated Scalping
This forex robot has a fully automated trading system, meaning that it can do everything from analysing the forex markets to placing, managing and closing trades. On the other hand, you can set it to semi-automated mode and have the software send you forex signals when it finds a potential setup for you to then check and decide if you would like to place a manual trade or wait for the next alert. Alerts can be sent via SMS and email notifications. It is important to note that scalping systems usually require quick reactions so trading signals may be missed in this instance.
Forex Brokers
The Elite Forex Scalper EA development team state that the robot can be used on any forex broker that provides the MetaTrader platform. However, as we discussed above, automated scalping systems can be very dependent on certain broker conditions and therefore we would be looking for a broker that has the lowest costs possible and plenty of liquidity to help try to ensure quick execution speeds.
Account Protection
Due to the dangerous nature of the money management used by the EA, the developers have implemented an account protection feature. This feature lets the user set a maximum loss they are willing to accept before all open trade positions are closed out.
Telegram Channel
Telegram is a freeware, cross-platform, cloud-based instant messaging service. The service also provides end-to-end encrypted video calling, VoIP, file sharing and several other features.
Users can join the Elite Forex Scalper telegram channel for free where they share daily, weekly and monthly results of trading accounts using the robot. You can also get support, updates and the latest information related to the EA.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
Elite Forex Scalper Myfxbook
To their credit, the developers have shared various verified Myfxbook accounts that show how the Elite Forex Scalper EA has been trading. You can see the robot results in the graphs below and click them for more detailed statistics. That being said, we feel the results emphasise the potential drawdowns that can occur when using this expert advisor.
Update 15/08/2022: One of the Myfxbook accounts has been deleted, which may be because it crashed. Please see our trading robot ratings for an alternative option.
Elite Forex Scalper Backtesting
We are disappointed that there aren’t any Elite Forex Scalper backtests for us to see how it traded based on historical data. It would be helpful for potential users considering this expert advisor if the developer could provide 99% modelling quality backtest using tick data, variable spreads and including commissions.
The Elite Forex Scalper EA is flexible as it can be used on any trading instrument or chart timeframe and has fully customisable settings that users can adjust according to their own needs. However, forex scalping robots such as this one can be reliant on specific broker conditions and this particular EA implements risky money management that can cause large drawdowns as we can see from the Myfxbook verified accounts. You may want to take a look at an alternative trading robot such as the Forex Flex EA.
What is the Elite Forex Scalper price?
There are 2 options that users can choose from. The free version of this scalping EA does not include set files, is tied to a specific broker and limited for a period of time. The paid version cost a one-off payment of $499 and comes with 1 live and 2 demo account licenses, full support, set files, lifetime updates, free installation and can be used on any forex broker. They do not offer any trials of the EA.
Where can I download the Elite Forex Scalper?
You can download the Elite Forex Scalper from the official website here.
What kind of customer support does Elite Forex Scalper offer?
The EA developers provide support via email and Telegram.
What are the best brokers to use with the Elite Forex Scalper?
You can use any MetaTrader broker to run the Elite Forex Scalper.
What’s the minimum amount required to trade with the Elite Forex Scalper?
There is no specified minimum amount required to start using this trading software. You should only use what you feel comfortable with and can afford to lose.
What is the Elite Forex Scalper refund policy?
There is a no refund policy with this forex robot according to the terms and conditions on its website.
Is the Elite Forex Scalper a scam?
We don’t necessarily think that the Elite Forex Scalper EA is a scam but that does not mean it will produce good results. It can require ideal broker and market conditions. No matter how good any forex trading robot is, none can predict the future.
Can I get the Elite Forex Scalper for free?
You probably could spend countless hours looking for a free version of the Elite Forex Scalper being shared but it is likely to be out of date, unsupported and potentially dangerous.
What are the best Elite Forex Scalper settings?
The developer provides set files based on the years they have spent developing, optimising and testing the robot. You can use those provided or develop your own.
Can I change the Elite Forex Scalper settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance.
What do I need to run the Elite Forex Scalper?
You will need the MetaTrader desktop platforms and an account with a forex broker. Most forex brokers will let you open an account with a small deposit or a free demo account. You can download the MetaTrader platforms free of charge.
How much money can I make with the Elite Forex Scalper?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any auto forex system such as the Elite Forex Scalper EA.
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.
