In this post I will be reviewing the Forex Kingle Scalper Robot. This is an automated forex trading system that has been developed to run in the MetaTrader 4 desktop platform. You can download MetaTrader free of charge from most forex brokers.
You can load the Forex Kingle Scalper Robot onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the Forex Kingle Scalper Robot expert advisor determines that there is an opportunity for trade, it can enter the market and manage the position on behalf of the user. Whilst this may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to be aware of.
In this Forex Kingle Scalper Robot Review, I will be taking a look at the automated forex trading strategy that it implements, along with any back tests provided by the developer and most importantly, real verified account results. Hopefully, this can help you to decide if the Forex Kingle Scalper EA is something that you would consider using on your own forex account or not.
Forex Kingle Scalper Robot Strategy
The Forex Kingle Scalper EA uses a forex trend trading strategy. Trend trading is a methodology that aims to make a profit through the examination of an instrument’s momentum in a particular direction. When the predominant price move is showing a particular direction, either up or down, that is called a trend. The standard definition of a trend, according to the Dow theory is a series of higher highs followed by a series of higher lows which defines an uptrend. Conversely, a series of lower lows followed by a series of lower highs defines a downtrend.
The hardest thing about trend trading is trying to determine when there is a trend. Many forex traders would use something like a simple moving average which would tell them the market is trending up if price is above the moving average, or the market is trending down if price is below it. The Forex Kingle Scalper EA uses a combination of technical analysis to analyse the charts in order to try and determine in which direction the market may be heading.
I think that the Forex Kingle Scalper Robot does an OK job of identifying the trend but there is much more to trading the trend than that. You not only need to determine if the market is going up or down, but also when to enter and what stop loss and take profit levels to use. Granted, the Forex Kingle Scalper EA can handle all of this for you, but I feel like this leaves way too much open to interpretation. Reason being, not everyone has the same opinion when it comes to money management and it is impossible to always determine the ideal time to enter and exit the market.
I would personally prefer to do my own market analysis as I think this gives you more control over your trading and can help you to improve on your trading knowledge and skills in the long term. Yes, the Forex Kingle Scalper Robot is a hands-off solution but that does not guarantee good results. You could always set the software into semi-automated mode and have the EA send you an alert when there is a possible trading signal. You could then verify the trade setup for yourself and decide if it is a position that you would like to take or wait for the next opportunity to come along.
One of the main things that I do like about the Forex Kingle Scalper EA is that the developer has kindly made all of the most important setting available as external inputs. This means that you are free to customise the Forex Kingle Scalper settings as much as you wish. You could even run optimisation in the MT4 strategy tester to come up with your own unique set files for your favourite currency pairs and chart timeframes. Of course, you could also use the Forex Kingle Scalper EA straight out of the box with the default settings, but you will at least need to check to make sure the position size is set to something suitable for your risk tolerance.
Forex Kingle Scalper Robot Features
- Trading pairs: EUR/USD, GBP/USD, USD/CAD, XAU/USD
- Any forex broker with the MT4 trading platform
- Automated forex trend trading strategy
- Fully customisable settings
- EA comes with several set files for low risk trading and for higher risk trading
- Full support, instruction manual and free updates
- Unlimited demo and real account licenses
Forex Kingle Scalper Robot Back Testing
Unfortunately, I could not find any Forex Kingle Scalper EA back tests which is disappointing. Without any back tests, we have no idea how the trading strategy may have performed based on historical data. I would always like to see back tests over at least a few years and ideally across multiple currency pairs to try and gauge the quality of a particular trading system that an expert advisor implements. If you are looking for a forex robot that does have top quality back tests, then you may want to check out the Forex Robotron EA as an alternative option.
Forex Kingle Scalper Robot Results
If the lack of back tests was a concern, I could also not find any demo or real verified accounts showing the latest Forex Kingle Scalper EA results. Without any back tests or verified results, it is impossible for us to see how good or bad this automated forex strategy has been performing recently. If you would prefer a forex robot with real verified results, then the Forex Flex EA might be worth a look. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Kingle Scalper Robot Summary
Overall, I think there are more questions than answers when it comes to the Forex Kingle Scalper expert advisor. Whilst it does have a combination of technical analysis to try and determine the market trend, I think it is let down by a distinct lack of back tests and verified results. I personally would not consider any forex robot that does not have any statistics to back it up.
If you do want to give it a try, then I would only start on a demo account to get a feel for how it works. It does come with various set files, free updates and full support.
Forex Kingle Scalper Robot$77
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.