In this post I will be reviewing the Smart Scalper Pro forex robot for the MT4 and MT5 trading platforms which are free to download and use from most forex brokers around the globe. The robot will analyse the charts, place and manage trades on behalf of the user. This makes it accessible to both new and experienced traders alike. There is currently no live trading account to check the performance of this forex robot which is disappointing.
This particular forex robot is another from the arsenal of the fxautomater team” who have a selection of EA’s available through their website, including this one which as the name suggests, is a scalping robot. Fxautomater other forex robots that I have previously reviewed include News Scope EA Pro, Forex Trend Detector, Wall Street Forex Robot, Forex Diamond EA, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Gold Scalper Pro and the Omega Trend EA.
Smart Scalper Pro is actually the professional version of the BF Smart Scalper EA with some additional new features/systems and improvements.
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.
Smart Scalper Pro EA Strategy
Well if the name wasn’t a dead giveaway, the Smart Scalper Pro EA uses a scalping trading strategy which will try to gain a small amount of pips on a frequent basis.
The problem with such systems is that it can be difficult for them to turn a decent profit once you factor into account spreads, commissions, swaps and slippage. Not to mention the fact that it will require a certain type of broker that has suitable conditions for scalpers.
Scalping strategies tend to be very sensitive and can produce different results from broker to broker. What may be a winning strategy on one broker, may be a losing one on another simply due to the difference in spreads, commissions, slippage, etc.
That being said, for the best possible results with a forex scalping robot such as this one, I would much prefer to use an ECN forex broker that gives the greatest possibility of having suitable conditions.
The Smart Scalper Pro expert advisor uses a very simple trading principle which is to enter the market in the direction of a strong market impulse (posh word for trend), after a reasonable correction is detected.
The developer’s goal was to keep Smart Scalper Pro as simple as possible in order to prevent the curve-fitting, which is when a combination of settings is over optimised to suit historical market conditions.
The robot can trade multiple currency pairs including some majors such as the GBPUSD and USDJPY. You can run the EA on the M1 or M15 charts – it makes no difference for the EA, as all used time frames are hardcoded.
Smart Scalper PRO EA Features:
- Simple trading logic
- 24/5 trading, without any time restrictions – no GMT shift hassles
- TP and SL levels – plus new ATR based algorithm
- 18-year back test performance
- Multiple currency pairs support
- Advanced News Filter
- New and improved exit logic
- Advanced Time Management System
- Email and Push Notification system
- Friday Exit System
Smart Scalper Pro EA comes with an implemented Money Management System. You can set your required risk as a percentage and the robot will automatically calculate the lot size according the risk and your account free margin.
Smart Scalper Pro robot is also equipped with a built in Advanced News Filter. Using this filter, you can set the EA to avoid trading during specific economic news and events. This is disabled by default and you can configure it according to your individual requirements.
There is a time management system. With this, you can precisely configure the robot to trade only during specific hours. You can also configure the robot to trade or not on individual week days. T
he robot can inform you about all actions performed in your account and send email and push notifications to your mobile phone to inform you about its trading activity.
Smart Scalper Pro EA Back Testing
The developer has kindly provided back tests of the Smart Scalper Pro EA on the official website, these are on the following currency pairs GBPUSD, EURUSD, USDCAD, USDCHF, and USDJPY.
The back tests have a modelling quality of just 90% which is disappointing as the MT4 strategy tester is actually capable of conducting 99.9% modelling quality back tests when using Birts Tick Data Suite.
Thus, these results are not as accurate as historical results could be, they do not use tick data with variable spreads nor do they account for commissions and slippage. These factors can all have a significant impact on the results of any expert advisor, especially one that is using a forex scalping strategy.
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.
Smart Scalper Pro EA Live Results
It is good to see the developer provide verified accounts where you can see the latest Smart Scalper Pro results. Whilst it is evident that this forex scalping EA can go on good winning runs, it also shows that it only takes one or two bad trades to wipe out lots of winners. I think the developer could work hard on improving the overall risk to reward ratio of the strategy and perhaps tighten the stop loss. However, this may also reduce the win rate which is not great because I find that more often than not, a wide stop loss will be hit and can cause unnecessary drawdowns as you can see from the Smart Scalper Pro Myfxbook accounts. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Smart Scalper Pro EA Summary
Whilst the Smart Scalper Pro does have some advanced features and capabilities, it can be heavily broker dependant due to the fact it is a scalping system.
Disappointingly, the developer has not shared any real live verified accounts which could have backed up the performance shown in the back tests although these are also limited in terms of accuracy.
Real tick data back tests and real trading account would be two things top of my list with a scalping robot. Unfortunately, none of these are provided. Other forex robots such as the Forex Flex EA do have top quality backtests and verified real account results.
Despite that, the Smart Scalper Pro EA does include setup instructions, support, updates and a money back guarantee.
Smart Scalper Pro EA
$117
Pros
- Automated Forex Scalping Robot
- Multiple Currency Pairs
- News Filter
- Time Management
- Money Management
- Detailed Instructions
- Full Support
- Verified Results Provided
- Free Updates
- Money Back Guarantee
Cons
- Limited Backtest Quality
- Requires Low Commission Fees
- Requires Tight Spreads
- Broker Sensitive
- 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.
