In this post I will be reviewing the Hamster Scalping EA. This is an automated forex trading strategy that has been programmed to run in the popular forex trading platform, MetaTrader. You can download MetaTrader free of charge from most forex brokers. It is worth mentioning that you will need the desktop version of the MetaTrader platform in order to run forex robots.
You can load the Hamster Scalping EA onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the 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 Hamster Scalping EA 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 this is a forex EA that you would consider using on your own forex account or not.
Hamster Scalping EA Trading Strategy
The Hamster Scalping EA is a fully automatic trading advisor using two modes for scalping and martingale lovers. The RSI indicator and an ATR-based filter are used for entries. Keeping in mind that this is a forex scalping strategy, it will require the ideal broker conditions to have any chance of doing well. I would personally be looking to use an ECN forex broker as they should have lots of liquidity which can give retail forex traders access to some of the best prices on the forex market at all times. Something that is very important when using a forex strategy that is so dependant on small pip movements.
I am quite impressed by the vast amount of settings that can be configured within the inputs window of the Hamster Scalping EA. The developer has kindly provided an explanation of each of the setting so that you can understand what each of the inputs do. You will find everything from indicator values, magic numbers (order ID), trading days, hours, stop loss, take profit and much more.
RSI Indicator
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Signals can be generated by looking for divergences and failure swings. RSI can also be used to identify the general trend.
ATR Filters
Average true range (ATR) is a volatility indicator that shows how much an asset moves, on average, during a given time frame. The indicator can help day traders confirm when they might want to initiate a trade, and it can be used to determine the placement of a stop-loss order.
Martingale System
The theory behind a Martingale strategy is pretty simple. It is a negative progression system that involves increasing your position size following a loss. Specifically, it involves doubling up your trading size when you lose. I personally find this a very dangerous money management strategy and more often than not, these types of forex robots will cause huge drawdowns and eventually blow up accounts. I would much rather use a forex EA that has a sensible stop loss and a good risk to reward ratio.
Hamster Scalping EA Features
- Period indicator1 – period of the first indicator;
- Up level – the upper level of the first indicator, above which the EA will open Sell;
- Down Level – the lower level of the first indicator, below which the EA will open Buy;
- Period indicator2 – period of the second indicator;
- From – the lower borders of the range of second indicator values, in which the EA is allowed to open positions;
- To – the upper borders of the range of second indicator values, in which the EA is allowed to open positions;
- Initial lot – initial lot.
- Autolot – enable/disable auto lot calculation.
- Autolot size – amount of the deposit, on which Lot is to be used when Auto lot is enabled.
- Max Lot – maximum lot size for the EA operation.
- Take Profit, points – real take profit in points.
- Stop Loss, points – real stop loss.
- Virtual Take Profit – virtual take profit.
- Option Take Profit – select the take profit operation based on the bar Open / the current price.
- Level of Take Profit – select the take profit calculation based on the breakeven/the last order.
- Virtual Stop Loss – virtual stop loss.
- Option Stop Loss – select the stop loss operation based on the bar Open / the current price.
- Max Orders – the maximum number of open orders.
- Star Hour – the EA operation start hour.
- End Hour – the EA operation end hour.
- Use Wednesday Logics – if true, the EA will not work on Wednesday at night, if false it will work in the normal mode;
- End Time Friday – time to stop trading on Friday;
- Max Spread – maximum spread, at which the EA is allowed to open and close positions;
- Show Statistics – show/hide statistics;
- Show Button Close – enable/disable the button for closing orders.
- Magic EA – magic number for the Expert Advisor to identify its positions;
- Take Profit, points – physical take profit;
- Stop Loss, points – physical stop loss;
- FontSize – setting the font size in the panel;
- Close all orders at take or stop – on / off closing both directions simultaneously;
- Imp1DRAW, Imp2DRAW, Imp3DRAW – display news on the chart (enable/disable).
- Pause before (after) a high importance news – news settings.
Hamster Scalping EA Back Testing
When it comes to choosing a forex robot, I like to check to make sure the developer has provided back tests that show how the forex expert advisor may have traded over a good amount of historical data across various currency pairs. This can help us to understand how the automated trading strategy works and performed over different market conditions. Of course, historical performance is by no means any guarantee of future results, but it can be a good way to get a rough idea of what we might expect.
I am pleased to say that the developer has shared a Hamster Scalping EA back test, especially considering that it is using tick data and variable spreads. This ensures that the modelling quality is 99% which gives some of the best testing conditions available in the MT4 strategy tester. Unfortunately, it is not clear to see if the back tests have taken into account commission fees and slippage, which are two things that can have a massive impact on any forex scalping robot. I would also like to see the Hamster Scalping expert advisor tested over more historical data and across different currency pairs. Otherwise, I feel that it may just be optimised for the data set used in back testing, also known as curve fitting.
Hamster Scalping EA Results
Whilst back tests are useful to some extent, the most important thing to look for in a forex robot in my opinion are real account results. This would enable us to see exactly how the Hamster Scalping EA has been performing through recent market conditions. That way you can determine if you are happy with the various statistics such as profit factor, drawdown, average win, average loss, trade duration, trading volume and more. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
You can find some results of the Hamster Scalping EA signals on the MQL website. Whilst it is good that the developer has published signals for this expert advisor along with the others that they provide, this is perhaps not the best forex EA they have available. The drawdowns are quite high, especially for a forex trading strategy that targets such a small amount of pips for each trade.
Hamster Scalping EA Summary
To be honest, I really wanted to like this EA but the performance leaves a lot to be desired. My main concern is the significant drawdowns on the account which is due to the dangerous martingale money management strategy that I mentioned earlier. I think there are better forex scalping robots, including the likes of the Forex Robotron EA as an example. It does have some sound trading logic behind the entry criteria, including a combination of technical analysis using popular forex indicators. It is just let down by a poor risk to reward ratio and need the ideal broker/market conditions to reach its full potential. Even then, I feel that it may still struggle.
To use the Hamster Scalping EA, you will need an account with a forex broker. With so many forex brokers to choose from nowadays, it can be had to decide which is the best forex broker for you. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
If you would like to give the Hamster Scalping EA a try, there is a free demo version. You could even run it on a demo trading account to get a feel for how it trades without taking any risk. I would always test a forex robot on a demo account to begin with. Just keep in mind that demo account results can differ compared to live accounts. This is due to factors that can be different between a simulated and real trading environment including liquidity, slippage and spreads.
You can find out more about the Hamster Scalping EA by visiting the website using the link below. You can choose to copy the trades for a monthly fee or pay a one-off fee to activate the EA.
Hamster Scalping EA
$30
Pros
- Forex Scalping Robot
- Combination of Market Analysis
- Customisable Settings
- Built-in Money Management
- Copy Signals
- Detailed Instructions
- Dedicated Support
- Free Updates
Cons
- MetaTrader Platforms Only
- Requires Ideal Conditions
- Broker Sensitive
- Requires Low Commissions
- Requires Low Spreads
- Requires Minimal Slippage
- Potentially High Drawdowns
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.
