In this post I will be reviewing Forex Auto Scaler. This is not a trading system as such but is a tool for managing trade positions, by scaling them automatically to try and maximise their potential. It it is suitable for anyone using the free MetaTrader 4 and MetaTrader 5 trading platforms, works fully automated and can be incorporated into any forex trading system.
Hopefully, this Forex Auto Scaler Review will help you to decide if this is a forex trading tool that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade.
What is the Forex Auto Scaler?
Forex Auto Scaler helps to take the negative emotions out of trading by managing the trade for you so you do not need to worry about feelings of fear, greed and anger when trading. What it does is “scale in” to wining trades (add to winning positions) without increasing the original risk (trailing stop feature).
You place a trade according to whatever rules you follow when deciding to take or pass on a trade setup. Once the trade is accepted by your broker, AutoScaler goes to work.
With Forex Auto Scaler you do not need to sit around and wait for big moves to appear, you can turn small market movement into big ones by scalping in, That has the benefit of being able to trade any time of the day even when the forex markets have less liquidity, such as outside the London and New York market hours.
The Step Stop Trailing Stop option is designed to keep moving your stop loss deeper into profit as price continues to move in your favor.
By setting the Step to the same number of pips as your Pips Interval (the number of pips between each pending trade’s execution price) every time you execute a new trade the Step Stop is designed to move your Stop Loss that same number of pips closer to current price action.
Forex AutoScaler is the creation of Jeff Glenellis, a trader with more than 15 years experience. He created AutoScaler at a time when the Forex charts were locked into some long term tight ranges. As a scalp trader, finding trades which allowed him to hit his daily target was difficult due to tight price action. So he built AutoScaler which allowed him to scale in additional trades anytime his original trade moved in his direction.
Forex Auto Scaler Features
- Forex Auto Scaler places from 1 to 30 additional Pending trades (you control the number within the Inputs section)
- Forex Auto Scaler places a Stop Loss for each pending trade, either all on the same price point as your original trade SL or “X” pips apart
- Forex Auto Scaler places a Take Profit for each trade, either all on the same price point as your original trade or “X” pip apart
- Forex Auto Scaler also allows you to use either a Traditional Trailing Stop Loss, the Step Stop or no trailing stop at all
- Forex Auto Scaler will close out all unexecuted pending trades if price reaches your Stop Loss prior to all pending trades executing
Why use the Forex Auto Scaler?
I think that the Forex Auto Scaler EA can be a good solution for anyone who wants a quick and simple way to manage their trades without needing to manually adjust each order. It can save you time from needing to calculate and place your stop loss and take profit levels. It is fully customisable which makes it versatile to fit within all different types of trading style. You do not have to just use it for trading currency pairs as it can be used on any financial instrument that your MetaTrader broker provides, including stocks, cryptos, commodities, indices and more.
How to use the Forex Auto Scaler?
The Forex Auto Scaler expert advisor has been developed for the MetaTrader platforms, MT4 and MT5. You simply place it into the correct folder of your platform installation and you will then be able to attach it to the charts that you want it to run on. You can set your desired inputs and the Forex Auto Scaler tool will manage any open trades for you on that chart.
In order to use Forex Auto Scaler, you will need a trading account with a MetaTrader broker. With so many online brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to trading online and looking for some inspiration, please feel free to browse my best forex brokers for some ideas along the way.
IC Markets are my top choice of forex broker for manual and automated trading strategies. This is because I find them to have tight spreads, low commission fees and plenty of liquidity which means that you can get your trades executed at some of the best forex market prices at all times. From my experience, they also provide excellent 24/7 customer support and have a good variety of convenient account funding options for you to choose from.
Forex Auto Scaler Summary
Forex Auto Scaler is a useful tool which can be implemented into your existing forex trading system if you are looking to try and maximise the potential of each move. Forex Auto Scaler can help you when it comes to managing trade positions, by scaling them automatically. This can save time and make money management a more seamless process. However, this is not a set and forget trading strategy, but something that you use alongside your own trading strategy.
You can click the button below to see it in action and read some customer testimonials from other users. The developer does a good job of trying to sell this forex tool but it is important to know that they have a no refund policy, so you will need to make sure that it is something you will find useful before you consider making a purchase.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.