Forex Scalping EA Review
The Forex Scalping EA is one of the best forex robots for the MT4 platform that utilises a scalping strategy. It has verified Myfxbook results and backtests across multiple currency pairs and years of historical data.
The Forex Scalping EA is an expert advisor that scalps the forex market automatically in the MetaTrader 4 platform. It is one of the best trading robots we have seen that uses a scalping strategy. This is due to the impressive verified Myfxbook account results of the EA and the backtests which show good performance using the same settings across different currency pairs over many years of historical data. In this Forex Scalping EA Review, we will take a closer look at the robot strategy, features and results.
As the name suggests, this is a forex robot that uses a scalping system that aims to grab a few pips during market hours where there is lower volatility. Scalping involves getting in and out of the market usually within minutes in order to try and take advantage of small fluctuations in the price. This can be difficult to do manually, hence why scalping robots which operate automatically are popular amongst forex traders.
The Forex Scalping EA strategy implements a combination of technical analysis and price action to try and identify when the market is ranging. It will then look to take a reversal trade with a dynamic exit strategy that can adjust to the current market conditions. The EA will usually grab a few pips when it can, although you can adjust the settings if you would like to target more. The developer has left the main input settings external available for users to amend.
You can set the software to either place and manage trades on your behalf when it finds a valid trading signal according to the built-in algorithm, otherwise you can set it to send you an alert so that you can manually check the current market situation and decide whether to trade or not.
The robot will run on any trading instrument but has been developed to trade the following currency pairs on the 5-minute chart timeframe: AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/CHF, GBP/USD, USD/CAD, USD/CHF, USD/JPY. You can choose the currency pairs that you would like to trade.
One of the great things we like about this expert advisor is that it uses the same default settings on multiple currency pairs. This tells us that there is a sound logic behind the trading algorithm that it uses due to the consistency that using the same settings on different fx pairs shows.
More often than not, you will find that many commercial forex robots have been over optimised to curve fit a specific instruments behaviour. The same settings that work on one currency pair, may not on another. In this instance, we would not deem the trading strategy to be as reliable.
The Forex Scalping EA primarily trades as the New York session closes and pre-Asian session. Keep in mind that spreads can be higher during these trading hours. Therefore, if you are using a scalping robot such as this, it is important to look for a forex broker with tight spreads, low commission fees and rapid execution speeds at the best possible prices.
The Forex Scalping EA has numerous features which you can customise according to your own trading style. You can also use the robot with its default settings and just set a lot or risk size that you would like to trade with. Keep in mind that the developer would have spent countless hours optimising the Forex Scalping EA settings so if you do want to change them, then make sure that you know what you are doing and test any customised settings on a demo account at first.
Some of the key Forex Scalping EA features include the following:
Maximum Spread & Slippage
The robot will not trade if the brokers spread or slippage is greater than this value. This is useful as it can help to avoid unfavourable trading conditions. This is especially important when using a forex scalping strategy that relies on making a few pips per trade. If the spreads and slippage are too high, this can eat into potential gains and also cause losses.
Trading Hours
This feature lets you specify what hours the EA will analyse the markets and trade. You can choose the start hour and end hour. By default, the trading software runs during trading hours when the market is less volatile. The hours are based on Greenwich Mean Time (GMT).
Money Management
The Forex Scalping EA money management settings include stop loss and take profit. You can specific the levels in which you would like to close a losing trade or take your winnings. Keep in mind that the EA does also have a dynamic close condition which could also close a position prior to the stop loss or take profit being reached. Users may also choose the lot size or risk percentage that they would like to use for each trade.
When choosing a forex robot, you are likely to want to see some results. Thankfully, the developers have shared some verified Myfxbook accounts and backtests over years of historical data and various currency pairs.
Forex Scalping EA Myfxbook
There is a verified Forex Scalping EA Myfxbook account provided for potential users to get an idea of how the software has been performing recently. You can see a snapshot of the results below and check the latest up to date results on the official website here.
Forex Scalping EA Backtesting
The developer has shared Forex Scalping EA results based on backtesting all of the currency pairs that it can trade. You can see a portfolio of all results combined using the same default settings on almost 20 years of historical data below. It is worth mentioning that the modelling quality is 90%.
The Forex Scalping EA uses an automatic scalping system that has shown it can perform over many years of testing. As a scalping robot, it is worth noting that it will require a forex broker with suitable trading conditions. The robot settings are fully customisable so you can adjust them according to your individual preferences.
The software is easy to setup in the MT4 platform and includes step by step instructions. This makes it accessible to forex traders of all experience levels. The customer support is excellent and available 24/7. Meanwhile, the developers are constantly looking for ways in which they can improve the EA, with any updates being included free of charge for life. As always, users should first test a forex robot on a demo trading account to familiarise themselves with how it works.
What is the Forex Scalping EA price?
The Forex Scalping EA packages start from $100, with the difference being the number of real account licenses that are included with your purchase.
Where can I download the Forex Scalping EA?
You can download the software from the Forex Scalping EA website.
What kind of customer support does Forex Scalping EA offer?
The developers provide 24/7 email support.
What are the best brokers to use with the Forex Scalping EA?
As the Forex Scalping EA targets a few pips per trade, it has a better chance of reaching its potential with a forex broker that has tight spreads, low commissions and quick trade execution speeds. In theory, you can use it on any MT4 broker.
What’s the minimum amount required to trade with the Forex Scalping EA?
There is no minimum amount required to start using this trading robot. You should only trade what you can afford to lose due.
Is the Forex Scalping EA a scam?
No, the Forex Scalping EA is not a scam. However, that does not mean that it will produce good results as nobody can predict the highly volatile forex markets with 100% accuracy every time.
Can I get the Forex Scalping EA for free?
You could spend countless hours looking for a free version of the Forex Scalping EA being shared online but it is likely to be out of date, unsupported and could even be potentially dangerous.
What currency pairs does the Forex Scalping EA trade?
It can trade any currency pair but has been tested on the following: AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/CHF, GBP/USD, USD/CAD, USD/CHF, USD/JPY.
What are the best Forex Scalping EA settings?
The Forex Scalping EA best settings 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 Forex Scalping EA settings?
Of course, if you have the knowledge and experience, you are free to experiment with the Forex Scalping EA settings, this includes the trading hours, maximum spread, stop loss, take profit, and more. You may want to test your settings on a demo account to begin with. You could also backtest the robot in the MT4 strategy tester with your own combination of settings to get a rough idea of historical performance.
What do I need to run the Forex Scalping EA?
You will need the MetaTrader 4 desktop platform and a trading account with a forex broker. Most forex brokers will let you open a free demo account or an account with a small deposit and download the MT4 platform free of charge.
How much money can I make with the Forex Scalping EA?
There are absolutely no guarantees on trading results. Due to the unpredictable nature of the forex markets, nobody can predict what will happen in the future. You should make sure that you understand all of the possible risks involved using any automated forex system such as the Forex Scalping 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.
