FX SCALPER X is an automated forex trading system developed to run in the MetaTrader 4 platform for desktop. This forex robot can scan the forex market using its built-in algorithm and place trades on behalf of the user. It will then manage these trades according to the money management set within the FX SCALPER X EA inputs. There are some bold claims being made by the developer, this FX SCALPER X review aims to tell you more about it so you can then decide if it is something that you would like to try along your forex trading journey.
FX SCALPER X Trading Strategy
The FX SCALPER X strategy is fully automated, conducting 24/7 analysis of the charts it is running on in real time. It can open and close trades based on certain criteria or calculations that it has been programmed to do.
Whilst forex robots are capable of analysing the markets and opening/closing orders much faster and much more efficiently than a human ever possibly could, they do have some limitations.
For example, a trading bot cannot always account for market conditions that the human eye can see. They may not be aware of significant news releases that can cause extreme market volatility and have an impact on trade performance.
This means that they can be too rigid and not always adapt to current market conditions. One thing I would always look for to try and gauge what to expect from an automated trading system such as FX SCALPER X, is historical performance. This can be in the form of back tests and real verified trading accounts that are running the bot.
Whilst historical results are of course no guarantee of future performance, it can give some insight into the algorithm that a particular EA uses along with important statistics such as drawdowns, win/loss rate, profit factor, duration it has been trading, currency pairs, etc.
The FX SCALPER X robot trades on the following major currency pairs: AUD/USD, EUR/GBP, EUR/USD, GBP/USD, USD/CAD. This is a good selection of forex pairs in my opinion. Why? Because these pairs are popular, they tend to have plenty of liquidity and thus this means spreads can be tighter. Tight spreads can help to get us better prices, which can make a difference when trading frequently as the FX SCALPER X does.
I would personally always look to use an ECN forex broker as they do not have a dealing desk between client orders and therefore, this limits any possible conflict of interest between broker and trader. It can also mean rapid trad execution speeds. Most ECN brokers will have a liquidity pool of their liquidity providers (LPs), to select the best available bid (buy) and ask (sell) prices at any one time. This again, helps to save on trading costs in the long term and can be important when using a forex scalping robot.
FX SCALPER X Features
Some of the key feature of the FX SCALPER X forex robot include the following:
- 3 Next-Generation Robots
- 100% Automated Trading
- Easy to Set-Up
- Free Active Product Updates
- 24/7 Support
- Monthly or Lifetime Access
FX SCALPER X Back Testing
Disappointingly, the developer has not shared any FX SCALPER X back tests on the official website. I would always want to see 99% modelling quality back tests from any forex robot that I would consider using.
Back tests would show us how the FX SCALPER X EA has performed over different market conditions and on different currency pairs. Whilst there are some significant limitations to the MT4 strategy tester, it can still provide statistical data for us to analyse forex robots.
There are third-party software’s that can be implemented into the MT4 strategy tester to improve the quality of back tests. One my favourite back testing software’s is Birts Tick Data Suite. This enables us to back test with tick data, variable spreads, commission, slippage and more.
That being said, we could always perform our own FX SCALPER X back tests. This way we can optimize on any trading instrument and chart timeframe that we wish. Be careful not to over-optimize though as we wouldn’t to curve fit the settings just to match the data set that we are testing over. One can try to avoid this by verifying the settings on multiple currency pairs to test the validity of each combination of settings.
FX SCALPER X Verified Results
The developer has shared a link to the FX SCALPER X Myfxbook account which you can find located towards the bottom of the FX SCALPER X website. At the time of me writing this FX SCALPER X Review, the Myfxbook account has only been running a few months with steady equity growth. However, I can see that a losing trade is almost double that of a winning trade which means the EA would have to keep up a good win rate % to remain consistent.
Furthermore, it seems as though the EA is holding positions open even as they go into drawdown, hoping that they recover. My concern would be the impact on the results if one of these trades was not to eventually turn around in the user’s favour. It could cause a significant dip on the account. Some people do not mind this type of trading style, just make sure that you understand the significant risks involved that come with trading online using any manual or automated forex strategy.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FX SCALPER X Price
There is a selection of FX SCALPER X packages to choose from, including the following:
- 1 Month $65
- 3 Months $135
- 6 Months $185
- Unlimited $295 – Lifetime Access + Unlimited Trading Accounts
The prices are reasonable compared to other forex robots. The 1-month option could be a way to trial the FX SCALPER X EA on a demo trading account risk free to see how it goes before investing any real funds into it. With the monthly packages, there are no commitments. You can cancel anytime with one-click in your account. Your order is automatically delivered to your email address instantly after purchase.
Each purchase includes 3 forex robots:
- FX SCALPER X
- FX SCALPER XX
- FX SCALPER XXX
FX SCALPER X Summary
Whilst the FX SCALPER X has a verified Myfxbook account that is doing OK thus far, it has not been running long enough for my liking. There are no back tests for us to see how it may have performed over many years of historical data, through different market conditions. The developer has also shared very little when it comes to the actual trading strategy that is being implemented by the FX SCALPER X robot. If you are looking for a scalping robot with a verified track record, you can take a look at the Forex Robotron EA.
Personally, I would always try any automated or manual forex system on a demo account to begin with. Once I feel confident and start seeing results, I may then consider switching over to a real trading account. That being said, feel free to visit the FX SCALPER X website by using the link below and see if there have been any significant updates since this review was written.
FX SCALPER X
$65
Pros
- Multiple Currency Pairs
- Fully automated forex robot
- Any forex broker
- Myfxbook account
- Customisable settings
- 3 robot bundle
- Support
- Updates
- Various packages
Cons
- Broker Sensitive
- Requires Low Commission Fees
- Requires Tight Spreads
- Requires Low Slippage
- MetaTrader 4 Only
- No Backtests
- High Drawdowns
- Poor Money Management
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.
