The Elite Forex Scalper EA is an expert advisor that has been programmed to trade in the popular MetaTrader 4 desktop platform. It can automatically scan the charts for trading signals and take trades on behalf of the user. You will need the MT4 terminal running at all times in order for the Elite Forex Scalper robot to be able to work correctly as it runs 24/5 when the forex market is open. If this is not always possible, you may consider a Forex VPS which could run the MT4 platform for you remotely around the clock. In this Elite Forex Scalper Review, we will take a look at how it works, the scalping strategy that it uses and how well it has been performing recently.
Elite Forex Scalper Trading Strategy
The Elite Forex Scalper EA uses a forex scalping strategy which aims to gain a few pips from each trade. The system can trade multiple currency pairs. It is a unique expert advisor (a term for automated trading robots that are coded for the MetaTrader platforms) that can execute trades based on the preset settings and trading strategy that the algorithm is using.
This automated forex software is a combination of scalping, hedging, grid and a conservative martingale – which is not that conservative when you look at the large drawdowns on the Elite Forex Scalper accounts. It also has a unique feature of risk protection that aims to try and protect it from suffering large drawdowns and from blowing accounts in the worst possible market conditions.
I must say, I am not a big fan of automated trading systems that rely on dangerous money management in order to try and recover from losing positions. I would prefer a solid trading strategy that uses a sensible risk to reward ratio. If using a grid trading or martingale strategy, it only takes one or two rogue trades for the whole system to come crashing down. Thus, this is not a forex robot for everyone and you should be 100% clear of the significant risks involved with using the software. I would certainly only run it on a demo account initially just to see how big the drawdowns are. You may also refer to the Myfxbook accounts provided by the developer to get an idea of historical drawdowns.
When using a scalping system that can rely on tight spreads to be successful, I would probably prefer to trade major currency pairs like the EUR/USD and GBP/USD is they can have some of the highest liquidity which helps to ensure they also have some of the lowest spreads. Although the developer says that the software can be used on any broker, I would personally ensure that I am using a reliable forex broker with low commission fees, rapid execution speeds with minimal slippage and tight spreads. These are all key factors that can have a significant impact on trading results when using a manual or automated forex scalping system such as that implemented within the Elite Forex Scalper robot.
Elite Forex Scalper Robot Features
The Elite Forex Scalper software can trade and operate 24/5. It handles everything from analysing the charts, placing trades, closing trades and managing risk.
The developer does provide default settings that they have optimised for various currency pairs. However, all of the key EA settings can be amended according to your own requirements from the input settings. This includes money management such as stop loss, take profit and position size. You should make sure that whatever settings you decide to use, you should always adjust the lot or risk size to a level that you feel most comfortable with because every forex trader is different when it comes to risk tolerance levels.
This forex software includes setup instructions so that anyone can use it regardless of their prior trading experience. The developer offers free updates for life and dedicated support to anyone who purchases the EA from the official website.
There is a free Elite Forex Scalper telegram channel where they share daily results of the robot accounts to show how things have been going with this particular automated trading system. You can see some feedback on the vendors website although I would personally take some of the claims with a pinch of salt. Nothing really speaks more than real verified results as anyone can write a good testimonial. There are also some videos showing how the robot trades automatically in the MetaTrader 4 platform.
There are 2 Elite Forex Scalper packages to choose from. The free forex robot package contains access to the developers support channel, 1 license that is limited for a set amount of time and it must be used on a certain forex broker. The paid version includes access, multiple licenses, lifetime access, dedicated support and can be used on any forex broker.
Elite Forex Scalper EA Back Testing
The developers have not provided any Elite Forex Scalper backtests from the MetaTrader strategy tester which is a disappointment. Whilst some forex traders may argue that verified Myfxbook accounts are sufficient enough, I would like to see 99% modelling quality backtests over many years of historical data to see how the EA stood up across different market conditions, chart timeframes and currency pairs. Hopefully they add some in the future or you can even backtest the robot yourself in the MT4 strategy tester if you have the knowledge of how to do so. This can be a useful way to create your own personalised settings for an EA through optimisation. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Elite Forex Scalper Robot Results
The Elite Forex Scalper EA is backed up with third party accounts that are verified using Myfxbook and FxStat accounts. The drawdown does seem quite high whilst some of the accounts are only demos. They have also not all been updated and some have even been deleted which makes me think that these accounts were blown. As I type this, it looks like the only currently up to date Elite Forex Scalper verified account is about to get a margin call as it has had a few huge losses. This expert advisor is clearly using poor money management where it only takes one losing trade to wipe out many winning trades. If you want to see the latest live verified trading account performance of all forex robots, please visit my best forex robots results page.
Elite Forex Scalper EA Summary
Developed by a team of programmers and forex traders, the Elite Forex Scalper EA is a propriety expert advisor that trades the forex market automatically. It is a multi-currency trading robot that comes with out of the box settings that can be modified according to your own requirements. Despite the potential, many of the Myfxbook accounts have not been updated for a long time and the drawdown is quite high for my taste. Some of the Myfxbook accounts have been deleted whereas the remaining accounts are very close to being wiped out. I would prefer a forex robot that doesn’t use dangerous money management which can possibly cause a blown account. Plus, it’s not cheap at $499. As always, test any robot on a demo account to begin with and never risk more than you can afford to lose. Please feel free to browse my forex robot reviews for some alternative options.
Elite Forex Scalper$499
- Fully automated forex robot
- Customisable settings
- MT4 expert advisor
- Multi-currency system
- Telegram channel
- Lifetime updates
- Dedicated support
- Runs 24/5
- Optimised settings
- Full instructions
- High Drawdowns
- Risky Trading Strategy
- Poor Money Management
- Poor Verified Performance
- Some Accounts Removed
- No Backtests
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