Vision Scalper Review
The Vision Scalper EA has a host of innovative features and plenty of settings which can be customised, making it a diverse forex scalping robot. However, it doesn’t have any Myfxbook accounts or backtests to back up developer claims.
The Vision Scalper EA is an automated forex scalping strategy that implement artificial intelligence within its trading algorithm in order to find potential scalping opportunities on multiple forex currency pairs. This scalping robot has been programmed specifically for the popular MetaTrader 4 (MT4) desktop platform that can be downloaded for free from most forex brokers if you don’t already have it. You will need to have the MT4 platform up and running at all times in order for the Vision Scalper EA to work correctly. If this is not feasible, you may want to consider a Forex VPS which can run trading software around the clock remotely without you needing your home computer switched on. In this Vision Scalper Review, we will take a closer look at the scalping system that it uses, its key features and most importantly, the latest performance of the EA.
As you have probably gathered from the name, the Vision Scalper uses a forex scalping strategy which aims to take a few pips from each trade. Forex scalping involves trading currencies with only a brief holding time, and executing multiple trades each day. Forex scalpers usually try to keep risk small in an attempt to capture small price movements for a profit. Forex scalpers typically use ECN forex accounts, as a normal account may put them at a disadvantage.
This forex strategy can produce small consecutive winners but it can also lead to large losses if the market does not move in a favourable direction to the trade. Scalping robots such as this one can often have a stop loss much larger than the take profit which can mean one loss cancelling out a run of winner. Therefore, forex scalpers are usually required to keep a constant eye on the forex market for any changes.
Forex scalping robots also need the ideal broker conditions. It is quite common to see the exact same scalping strategy with the exact same settings, produce completely different results between forex brokers due to factors such as spreads, slippage and commission fees. Therefore, we would be on the lookout for a forex broker that has tight spreads, low trading costs and plenty of liquidity to try and ensure execution of trades at the best possible prices.
Now that we have an idea of the trading strategy being used by the bot, lets take a look at some of its key features.
Multiple Currency Pairs
The Vision Scalper EA can trade up to 28 pairs from one currency pair chart. This is better than some forex robots that need to be attached to each individual chart that you wish to trade. You can set each currency pair to true or false from the EA inputs. It can also trade other financial instruments such as indices, stocks, commodities, gold, oil, gas or any other symbols that are available from your brokers trading platform.
Vision Spy
Vision Spy is a Telegram Bot made by #teamvision to allow you to monitor your trades through Telegram in real time. The bot can check some of your vital account statistics all from one place such as profit, loss, drawdown, expected payoff, profit factor and more.
News Filter
The news filter is an impressive feature of this expert advisor as it covers news from 2 popular outlets, Myfxbook and Forex Factory. The software can be set to avoid certain news events which many forex traders do as a way of trying to avoid volatile market conditions. You can choose how often the EA should check for news events, the impact of economic releases and the source.
Money Management
The Vision Scalper EA has all of the money management features that you would expect from a forex robot along with some additional settings that you can customise according to your own personal preferences.
Trailing Stop
There is a trailing stop feature which allows users to choose if they want to use a trailing stop, the point at which to activate the trailing stop and the distance to move it from the price.
A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the trader’s direction. The order closes the trade if the price changes direction by a specified percentage or dollar amount.
Martingale Strategy
The martingale strategy can be switched on or off. It involves doubling the trade size every time a loss is faced. A classic scenario for the strategy is to try and trade an outcome with a 50% probability of it occurring. The scenarios are also called zero expectation scenarios and can be very risky. We would personally avoid this especially if you lack experience with martingale forex robots.
Spread Filter
You can filter trades to not be executed if the brokers spreads are too high. As forex scalping strategies target just a few pips, the spread can have a great impact on how well they perform. Generally speaking, the lower the spread on a currency pair, the better. For example, if a currency pair had a spread of 3 pips and the scalping system was targeting 5 pips, it would actually need to reach 8 pips once the spread is accounted for. That’s without even considering potential slippage through delayed execution and commission fees. Before you know it, those 5 pips could become even more difficult to achieve. This is why forex scalpers tend to avoid exotic currency pairs that can have high spreads due to low liquidity. Major currency pairs such as the EUR/USD and GBP/USD can often have some of the tightest spreads due to the vast amount of liquidity and trading volume they have.
Time Filter
The Vision Scalper EA has trading hours and days filters so you can choose the trading sessions that you want the robot to run. It quite common to see forex scalpers trade around the US market close the Asian open as volatility can be lower which is seen by some traders as a suitable range bound market for picking off scalping trades. However, low volatility around these hours can mean increased spreads which as mentioned above, can make successful scalping more difficult.
Correlation Management
We like this unique feature and believe that many other commercially available fx robots could benefit from adding it to their algorithms. It enables you to select the currency pairs you would like to trade or avoid based on correlation.
A currency correlation in forex is a positive or negative relationship between two separate currency pairs. A positive correlation means that two currency pairs move in tandem, and a negative correlation means that they move in opposite directions.
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.
Vision Scalper Myfxbook
We don’t have any Vision Scalper trading accounts published by the developer which is a red flag for us. We cannot see how this scalping robot has been performing and would request the developer to share some verified accounts before we would consider even using it on a demo trading account let alone a real account.
Vision Scalper Backtesting
We are also disappointed by the lack of Vision Scalper backtests. We don’t have any tests over historical data to even get a rough idea of how the robot may have stood up throughout different market conditions. Considering the developer says it can trade 28 currency pairs, we would at least expect to see a couple of backtests on the major currency pairs which would help give us an inclination into how the EA trades. However, it is worth mentioning that it might not be possible to backtest this robot correctly due to the news filter, currency correlation and other limitations of the MT4 strategy tester.
Although we like the range of innovative features and flexibility of the Vision Scalper EA, we believe the developer could significantly improve things by sharing a verified Myfxbook account and backtests with 99% modelling quality. Without these key components, it is difficult to make an in-depth assessment of the EA. For that reason, you may want to consider some other forex robots that are backed by real results such as the Forex Flex EA. Furthermore, as a scalping robot, it will probably be highly dependant on broker conditions and sensitive to high slippage and spreads.
What is the Vision Scalper price?
There are 3 packages to choose from. The monthly license cost $99 per month whereas the lifetime license cost $399. The VPS option with monitoring service as $30 per month. All options include one real account license, unlimited demo licenses, lifetime updates and live chat support.
Where can I download the Vision Scalper?
You can download the Vision Scalper EA from the official website here.
What kind of customer support does Vision Scalper offer?
The developers offer support through a Telegram channel and email.
What are the best brokers to use with the Vision Scalper?
You can use any MetaTrader forex broker to run the Vision Scalper.
What’s the minimum amount required to trade with the Vision Scalper?
There is no specified minimum amount required to start using this trading bot. You should only use what you feel comfortable with and can afford to lose.
What is the Vision Scalper refund policy?
The developers state in their terms that they do not offer refund.
Is the Vision Scalper a scam?
Although we cannot say Vision Scalper is a scam, we don’t actually have any verified Myfxbook accounts or even backtests to see the latest up to date performance of the software.
Can I get the Vision Scalper for free?
You probably could spend countless hours looking for a free version of the Vision Scalper being shared online but it is likely to be out of date and unsupported.
What currency pairs does the Vision Scalper trade?
The Vision Scalper robot can be used on 28 currency pairs or any other trading instrument that your broker provides in the MT4 terminal.
What are the best Vision Scalper settings?
The developer provides a variety of set files based on many hours that they have spent developing, optimising and testing the software.
Can I change the Vision Scalper settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the correlation feature, risk management, trailing stop, and more. However, it would be difficult to backtest as the MT4 strategy tester cannot backtest multiple currencies at the same time so you would need to do them individually then combine them into one portfolio using software such as the excellent StrategyQuant EA analyser.
What do I need to run the Vision Scalper?
You will need the MetaTrader 4 platform and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and download the MT4 platform free of charge.
How much money can I make with the Vision Scalper?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the financial markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automatic scalping robot such as the Vision Scalper expert advisor.
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.
