In this post I will be reviewing the BF Scalper Pro forex robot that runs in the popular and free to download MetaTrader 4 trading platform.
This is yet another fully automated trading system from the team over at “fxautomater” that will place, manage and close trade position on behalf of the user. You simply follow the setup instructions that are provided to attach the BF Scalper Pro EA to your charts and the robot will do the rest.
What is very important to consider when using any forex scalping system in my opinion is to have a reputable ECN forex broker with very tight spreads, low commissions and minimal slippage. This can be the difference between a winning trading system and a losing one, especially when using a trading strategy that relies on scalping.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
BF Scalper Pro Strategy
BF Scalper Pro is the professional version of the developers free EA – BF Scalper EA. In the pro version they have implemented a lot of new additional features and systems in order to try and improve its overall functionality.
There is an improved exit logic that aims to reduce the drawdown whilst increasing the efficiency of the system. In addition to this, the new ATR based Stop Loss calculating algorithm (optional) works by adapting the stop loss levels to the current market volatility, which in testing showed that it can help to decrease the drawdown and increase the potential profit factor of this automated trading system.
They have also added a grid system to try and make the BF Scalper Pro EA less broker dependent. The grid system is optional and it is disabled by default. You should understand how grid systems work if this a feature you would consider using, the developer outlines this on the official BF Scalper Pro website.
I would personally avoid using a grid trading strategy as I find them too risky for my trading style. I believe that if a trading system is good, it should not need to implement a grid to try and cover losing positions.
BF Scalper Pro can run on any broker with 4 and 5 digits price quotes. It is not necessary to change any parameters for 5 digits price quotes.
BF Scalper Pro Features:
- Simple trading logic
- ATR based algorithm
- 18-year back test performance
- Multiple currency pairs support
- Advanced News Filter
- Volatility filter
- New and improved exit logic
- Email and Push Notification system
- Friday Exit System
- Grid System (optional)
The developer recommends running the BF Scalper Pro on the m15 chart time frame on the following currency pairs: GBPUSD, EURUSD, EURCHF, EURAUD, EURCAD, GBPCAD, USDCAD, USDCHF and USDJPY. They provide individual set files for each pair which tells me they have optimised settings for each currency and thus there are no one size fits all settings.
Personally, I like a trading strategy that can use the same settings on multiple trading instruments as it helps give me confidence in the strategy implemented within the code rather than relying on something that may be curve fitted to fit historical data.
BF Scalper Pro comes with a built in Money Management System. You can set your required risk as a percentage and the robot will automatically calculate the lot size according the risk and your account free margin.
BF Scalper Pro is also equipped with Advanced News Filter. Using this filter, you can avoid trading during most important news and events. The news filter can increase the profit factor of the system and reduce the drawdown. It is disabled by default and you can configure it according to your individual requirements.
There is a time management system. With this, you can precisely configure the robot to trade only during specific hours. You can also configure the robot to trade or not on individual week days.
The robot can inform you about all actions performed in your account and send email and push notifications to your mobile phone to inform you about its trading activity.
BF Scalper Pro Back Testing
The developer has provided 99.9% modelling quality back tests that use real tick data along with variable spreads. This can help to give as accurate as possible back testing results but I would like to know if they have accounted for broker commissions, swaps and slippage within these back tests. This is especially important when using a scalping trading system as a few pips can make a huge difference. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
BF Scalper Pro Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
BF Scalper Pro Summary
Overall, the BF Scalper Pro has some unique features implemented such as the ATR dynamic money management and grid option – this shows that the developer has some trading knowledge and programming skills.
Despite that, I would have liked to have seen results from this forex robot on a real verified trading account other than demo, especially when you consider that it uses a scalping trading strategy that can be so greatly affected by live trading conditions.
I believe that this particular forex robot is likely to be very spread, commission and slippage dependant. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA.
The BF Scalper Pro includes setup instructions, support, updates and a money back guarantee.