In this post I will be reviewing the Sharpshooter 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.
This is another forex expert advisor from the Responsible Forex Trading developer. I have reviewed some of their other forex robots including the Ranger EA, Powerhouse EA, Comeback Kid Manager EA and the Vigorous EA.
You can load the Sharpshooter 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 Sharpshooter 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.
Sharpshooter EA Trading Strategy
The Sharpshooter EA is an automated forex scalping strategy from the team over at Responsible Forex Trading. As with most forex scalping robots, the Sharpshooter EA will look to try and take advantage of small pip movements. This means that it will require the perfect market and broker conditions in order to have any chance of reaching its full potential.
The Sharpshooter EA trades on average 5 times a day, with over 43,000 trades logged since 2003 based on back testing. The Sharpshooter robot scalps currency pairs by looking to take just 5-15 pips from each basket of trades. The average trade length is just 1.5 hours. Sharpshooter trades only with the larger time-frame trend.
Sharpshooter uses flex-grid money management that’s only active when the trend is active. This makes for a very adaptive strategy that’s able to work with just about every type of market movement. The problem with this forex grid trading strategy is that it can cause large drawdowns. This is because grid trading involves opening multiple orders in both directions – buy and sell. If the market keeps heading in one direction, you can end up with multiple open orders going against the trend.
I have seen many grid trading robots end up in high drawdowns and from my experience, they usually always end up blowing an account. Granted, some of them are safer than others and they can last for some time, it is just not my type of trading style. I would prefer to cut my losses short and let my winners run. Perhaps using a break even to lock in good trades and utilising a trailing stop to maximise each position.
The Sharpshooter EA has been programmed specifically to trade on the EUR/USD and GBP/USD currency pairs. I like this choice as these are considered major currency pairs which means they often have plenty of trading volume which can mean tighter spreads and less slippage when compared to some more exotic currency crosses. Of course, you can always test the Sharpshooter forex robot on other financial instruments and chart timeframes if you wish.
The developer has made the input setting externally available so you can also experiment with them. If you do decide to go this route, you might want to run some optimisations in the MetaTrader strategy tester to create bespoke set files for your favourite trading symbols and timeframes.
You should only test all forex EA’s on a demo account to begin with, especially if changing the default settings. At a very minimum, you will need to adjust the position size to a level that it suitable for your own risk preferences, as everyone is different in that respect.
As a forex scalping EA, the Sharpshooter expert advisor will need a forex broker that has very tight spreads, low commission fees and super rapid trade execution speeds at the best possible prices, at all times. I have often seen the exact same forex scalping strategy give completely different results between brokers due to these important factors. Even when a forex robot is using the same settings, it can perform different depending on the trading account being used.
I would personally be looking to use an ECN forex broker is I was running a forex scalping robot such as this one. They tend to have deep liquidity pools which can help traders get access to superior pricing the majority of the time.
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.
Sharpshooter EA Features
- The Sharpshooter includes a trade panel that allows you to take manual trades
- Trades the EUR/USD and GBP/USD every day
- Back tests available for the past 19 years
- Can be used with any forex broker in theory (lower the spreads/commission, the better)
- Estimated up to 25-50 scalp trades a week
Sharpshooter 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.
The Sharpshooter EA was tested with 99.9% modelling quality backtest data to help give the best quality results possible when back testing in the MetaTrader strategy tester. In general, the longer an automated trading strategy can be back tested and hold up its performance, the better its chances may be at adapting to the future market.
All backtests were done with a variable spread and Dukascopy tick data for more realistic results. However, it is not clear if the developer has accounted for commissions in the back tests which could have had a big impact on results. If you are looking for a forex robot that does include tick data, real spreads and commission, you might want to consider the Forex Robotron EA as an alternative option.
Sharpshooter 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 Sharpshooter 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.
The developer has shared a Myfxbook verified account showing the latest Sharpshooter EA results. However, it is only a demo account although so far it has been stable. I think they could improve by sharing real verified account statistics like some other forex robots do, including the Forex Flex EA. I always have to ask myself why there is no live account if the robot is performing as well as a forex developer is claiming it to be.
Sharpshooter EA Summary
Overall, I do see that there is some potential with the Sharpshooter EA as is evident by the back tests and verified results, even if they are only on a demo account currently. It is nice to see a developer be transparent about the trading strategy that a forex robot is using, as this can help you to understand how it works and what to expect. The manual trading panel is also a nice addition for those of you who want to get hands-on with your forex trading.
I do think that the developer could make some improvements by publishing real verified accounts whilst I would also consider removing the grid trading system as this can cause large drawdowns. If you know how grid trading works and don’t mind the risks involved, then you might want to give it a go. Otherwise, I suggest reading up on grid trading before using this or any other grid trading robot for that matter.
If you would like to give the Sharpshooter 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.
To use the Sharpshooter 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.
You can find out more about the Sharpshooter EA by visiting the website using the link below. It does come with instructions, full support, free updates and a money back guarantee.
Sharpshooter EA
$497
Pros
- Forex Scalping Robot
- Transparent Trading Strategy
- Manual Trading Panel
- Customisable Settings
- Verified Results
- Back Tests
- Detailed Instructions
- Free Updates
- Full Support
- Money Back Guarantee
Cons
- MetaTrader Platforms Only
- Requires Ideal Conditions
- Requires Low Commissions
- Requires Low Spreads
- Requires Minimal Slippage
- Demo Account Results Only
- Broker Sensitive
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.
