In this post I will be reviewing the Proton Scalper. This is a manual 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 attach the Proton Scalper indicator to your charts.
You can load the Proton Scalper indicator onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the Proton Scalper software determines that there is an opportunity for trade, it will send you a signal alert. You can then decide if you would like to take the trade or wait for the next opportunity to come along.
In this Proton Scalper Review, I will be taking a look at the forex trading strategy that it implements, along with any real verified account results provided by the developer. Hopefully, this can help you to decide if this is a forex system that you would consider trading with on your own forex account or not.
Proton Scalper Trading Strategy
The Proton Scalper uses a high frequency forex scalping system that is based on a combination of technical analysis. As with the majority of forex scalping strategies, the Proton Scalper looks to try and gain a few pips per trade with the view to growing the account by trading on a regular basis. The main problem I find with scalping the forex market is that you need the ideal broker conditions.
For example, let’s say a forex scalping system is trying to target just 3 pips per trade on average on the EUR/USD currency pair. If the EUR/USD has a spread of 1 pip, the broker charges 1 pip commission and there is 1 pip slippage, then the scalper would need to make those 3 pips just to break even.
Therefore, I find scalping strategies to be very broker sensitive. I have often seen the exact same forex scalping system can give completely different results between forex brokers and accounts due to the difference in spreads, commissions, slippage, liquidity and server.
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 using scalping systems. This is because they have tight spreads, low commission fees and reliable execution speeds. They also provide a great selection of trading platforms, trading tools, education, multiple funding options and excellent 24/7 customer support.
You can use the Proton Scalper strategy on any currency pair or chart timeframe that you wish. You can even trade it on other financial instruments including stocks, commodities, indices and cryptocurrency. The developer recommends the 1-minute to 30-minute charts based on the video they have showing multiple Proton Scalper trade examples.
I would personally be looking at trading with it on major currency pairs such as the EUR/USD. This is because they often have lots of trading volume which means there is plenty of liquidity for trading with low spreads and quick execution speeds. These are important factors for a forex scalping strategy as we have discussed.
I also find that the 1-minute chart timeframe can be quite noisy even at the best of times. These lower timeframes tend to give off a lot of false signals from my experience. I would probably be looking at the 15-minute timeframe at a minimum and would certainly want to do my own technical and fundamental market analysis to confirm each trade before taking a position in the market.
One of the main disadvantages of scalping is that it requires you to be constantly watching the charts. However, with the Proton Scalper forex system, you can set it to send you alerts when there is a possible signal. This can save you from lots of time needed to study the charts for trade setups and means that you can easily scan multiple currency pair charts at the same time. Just remember, this is a scalping strategy so you will still need to be ready to react quickly.
Proton Scalper Features
Suitable for Traders of All Levels
The simplicity of the interface of Proton Scalper makes it suitable even for those traders who haven’t downloaded MetaTrader terminal yet, and the algorithms at its core can be utilised by anyone. Yes, it is easy to interpret the signals but it still will require some initiative on behalf of the user in terms of filtering trades and money management. Two forex traders with different stop loss and take profit levels could have completely different results using the Proton Scalper, that is how important money management is.
I would want to lock in good trades at breakeven point and trail the remainder of the position with a trailing stop to try and maximise each trade. I would also be looking for a favourable risk to reward ratio which is quite difficult when using a forex scalping strategy as they depend on such small pip movements. Hence, another one of the reasons why I think this is one of the toughest ways to trade forex online.
Combination of Several Trading Strategies
The developer states that they have used a combination of market analysis that is the result of their own experience from years of trading the forex market. To be fair, the more chart analysis that is done, usually the more reliable a trading signal can be. However, you can also over do it when it comes to technical analysis. I would be looking at price action analysis around possible entry and exit points, including candlestick patterns.
Furthermore, I am not sure how different the Proton Scalper strategy is from something that you could build yourself by using the default MetaTrader indicators. This would not cost anything and you have plenty of technical indicators freely available in the MetaTrader platform where you can develop a trading template that caters exactly towards your own trading style.
Plug and Play Forex Trading System
It should take you no more than 5 minutes to download and install the Proton Scalper software onto your MT4 platform. After you just put it on your charts and that’s it. It will scan your favourite trading instruments and chart timeframes for buy and sell signals. Just make sure that you have a solid forex trading plan in place and practice as much as you can on a demo account when starting out with the Proton Scalper system or any other forex trading system for that matter.
Proton Scalper Manager
If you decide that you want your Proton Scalper to enter trades with one click and exit them automatically, you could make use of the handy semi-automated mode.
When a new signal is generated, a trading panel will appear on the screen with all the information regarding the next trade. You just need to choose one option – either “Exit at the Take Profit level” or “Exit at the Opposite Signal” – and then click on it. The software will then enter the trade with all the necessary settings, and when the trade is done – it will be closed automatically.
When a new forex signal is generated, the Proton Scalper Manager pops on the screen, and all you have to do is click one button to enter the trade. This makes it quick and easy to trade if you are at your trading terminal.
As soon as the desired Take Profit level is reached, the Proton Scalper Manager exits the trade automatically. You don’t even have to be near your trading terminal in this instance but I would always make sure you are keeping an eye on your trading account.
Automated Forex Trading
Another option is to use Proton Scalper in the 100% automatic mode. In this case you need to enable AutoMode in the Properties of the Manager and after that the Proton Scalper EA will carry out all the trades automatically. Just go careful if using it in automated mode as you will lose control over your own trading compared to when you are using it manually.
Proton Scalper Summary
Overall, I can certainly see some potential with the Proton Scalper. It does use a unique combination of market analysis and can be a solution for those of you who do not have the time nor skills required to manually scan through multiple charts for trading signals. It also has a handy user dashboard where you can easily keep track of everything.
However, this is not a magic system by any stretch of the imagination. It will generate good and bad signals. I feel like scalping is one of the toughest ways to trade the forex market, especially for beginners. They have shown plenty of screenshots showing good trades but there will still be bad trades. Of course, anyone selling a trading system is only going to show good trade setups.
The Proton Scalper is likely to need the ideal broker conditions and can take a long time to master. You will need to take the initiative and do some of your own market analysis to confirm the signals that you wish to take. Not to mention, you will also need a solid money management plan in place and will have to control your emotions with good traders discipline.
If you would like to give the Proton Scalper a try, you could 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 system 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.
I must say, I am not a fan of the claims made by the developer on the website about making “x” amount of money and saying you are always a winner. If my years in the forex industry have taught me anything, it is that there can be no guarantees when using any trading system. Trading is risky by nature, and nobody can predict the future 100%.
You can find out more about the Proton Scalper by visiting the website using the link below. It does come with instructions, full support, free updates and a limited money back guarantee.
To use the Proton Scalper indicator, 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.
- BUY/SELL Signals
- Unique Trading Algorithm
- Notification System
- Various Packages Available
- Handy Trade Manager
- Fully Automated Mode
- Detailed Instructions
- 24/7 support
- Money Back Guarantee
- Requires Ideal Conditions
- Requires Some User Input
- No Verified Results
- Takes Time To Learn How To Use
- 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.