In this post I will be reviewing the Forex Scalping EA. This is an automated forex trading system that trades multiple currency pairs on the 5 minute time frame with universal settings. The fact it trades multiple FX pairs with the exact same universal settings shows just how carefully though out the trading strategy implement into the algorithm of this forex robot is. It has great diversity and customer support. You may choose to trade a selection or all of the currency pairs depending on your preferences thus making it very flexible according to your needs. It runs on the MetaTrader 4 trading platform and after an instant download can be setup and running in just 5 minutes trading for you on auto pilot.
Although a forex robot can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider. In this Forex Scalping EA review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the Forex Scalping EA is something that you would consider using on your forex trading account.
Forex Scalping EA Trading Strategy
The Forex Scalping EA strategy is to trade on the 5 minute time frame during times of low volatility by combining technical and price action analysis.
The expert advisor (EA) will analyse charts for potential trading signals based on the built-in algorithm. When it finds a signal, it can place and manage trades on behalf of the user. The settings can be customised to the user preferences.
One of the things that I like most about the Forex Scalping EA is that it can use the same settings on all of the currency pairs it trades and it has also been tested with real tick data from Dukascopy using real spreads, commissions and slippage. What this means is that the results are as accurate as possible in the MT4 strategy tester.
You can choose to trade certain currency pairs or all, there are built in maximum spread and slippage filters to avoid certain market conditions. As always, I would want to use an ECN forex broker for the best possible trading conditions, especially when using a scalping strategy.
The developer has made all of the Forex Scalping EA settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the Forex Scalping EA settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Forex Scalping expert advisor, then you may want to do so on a demo account to begin with and see how things go.
In order to use this forex robot, you will need a trading account with a forex broker. 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.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
Forex Scalping EA Back Testing
The Forex Scalping EA back tests are available on the official website. There is an impressive range of back tests showing historical results from multiple different currency pairs using the same settings. In my opinion, this can show the strength of a forex system when it has the same settings regardless of the currency pair traded. Unlike other forex robots it has not been optimized for each individual pair, which also makes it easy to setup. You can click any of the back tests on the Forex Scalping EA website to see more detailed statistics such as gain, drawdown, profit factor, dates, etc. 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.
Forex Scalping EA Live Results
There are some Myfxbook verified accounts where you can see the latest Forex Scalping EA results. This can be a good way for you to get an idea of how the robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Scalping EA Summary
I believe the Forex Scalping EA has potential, especially if using a forex broker with tight spreads, low commissions and fast execution speeds. It trades on multiple currency pairs and has built in spread/slippage filters to try and adjust to different broker conditions.
If you are looking for an automated forex scalping system then this is certainly worth checking out by clicking the link below to visit the Forex Scalping EA official website.
It includes detailed instructions for a quick and easy setup, full support and free lifetime updates.
Forex Scalping EA
$299
Pros
- Multiple Currency Pairs
- Customisable Settings
- Fully Automated Forex System
- Verified Results Provided
- Full Support
- Lifetime Updates
- Detailed Instructions
- Backtests Available
Cons
- Works Better With Low Spreads
- Can Be Broker Sensitive
- MetaTrader 4 Only
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.
