In this post I will be reviewing the Wave Scalper EA that has been coded to trade automatically in the popular MetaTrader 4 (MT4) desktop trading platform. You simply attach it to your charts and the implemented trading algorithm will scan the forex market for trading opportunities. When the Wave Scalper expert advisor discovers a trading signal, it can then place and manage a position on your behalf.
You could even set the robot to semi-automated mode. In this instance, it will send you an alert when there is a potential trade setup. You can then decide if you would like to enter the market or wait for the next signal to come along. In this Wave Scalper EA Review, I will be taking a closer look at the implemented trading strategy along with any back tests and real results provided by the developers.
This is yet another forex robot from the LeapFX team whose other forex software I have previously reviewed, including Funnel Trader, Trade Explorer, AX Trader, DynaScalp, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader, Automic Trader, Auto Arb, Fund Trader, Easy Money X-Ray Robot, Skilled Trader, Pattern Trader Pro, Trend Hunter Robot, The Money Tree Robot, Quick Scalp Trader EA, Dax Day Trader and InstantEA. You can tell from the vast number of forex products that they have available they certainly have some experience. However, many years in the forex industry has taught me that does not exactly equal results.
The Wave Scalper EA Trading Strategy
Just in case the name did not give it away, the Wave Scalper EA implements innovative scalping technology that is based upon the Elliot Wave principles. Scalping is a trading style that specializes in trying to take advantage of small price changes, generally after a trade is executed and becomes profitable.
Basically, scalping is a way to try and keep your account to a low risk exposure, by having trades open and close in as short a period of time as possible. However, there are many issues you will encounter when you are trying to scalp the forex market, which is one of the toughest ways to trade online in my opinion.
The main reason I say this is because forex scalping EA’s can be so dependant on a forex brokers trading condition. They usually always require very tight spreads, low commission fees and rapid trade execution speeds. I have seen the exact same scalping system with the same settings, give completely different results on different broker simply due to these aforementioned factors.
When it comes to manual and automated forex scalping strategies, IC Markets are one of my top choices of broker. This is because they have deep liquidity pools which means they are able to provide low spreads and offer ECN execution speeds at the best available prices at all times.
You can use the Wave Scalper EA on any trading instrument in theory, but I would personally be looking at the major currency pairs as they tend to have some of the lowest spreads. As we have just mentioned, this is especially important for scalping the forex market. Some of my favourite pairs for scalping are the EUR/USD and GBP/USD.
What is the Elliot Wave Principle?
Elliot wave principle consists of impulse waves and corrective waves. When the price action of the market is moving in a direction, the waves that are moving with the overall trend movement are called impulse waves. The waves that are moving in the opposite direction of the overall trend are corrective waves. The Wave Scalper scalps impulse waves that trade into the trend direction, attempting to try and being a better probability of success.
To be honest, I did not find it to make a huge difference. In my humble opinion, scalping does not need to be in line with the trend as the moves are so fast. But I do think they need ideal broker and market conditions which makes it more challenging the simply holding a position for the long term.
The Wave Scalper EA Features
- Fully automated forex scalping strategy
- Compatible with the MT4 trading platform
- Can run on multiple currency pairs
- Settings can be amended according to your needs
- The Wave Scalper software and detailed installation manual
- Unlimited technical support and installation assistance
- Full updates included for life
- Developer recommendations (settings, services, etc).
The Wave Scalper EA Back Testing
The LeapFX team have been kind enough to share some Wave Scalper back tests. The only problem is that they are only running them with 90% modelling quality which means that they do not account for spreads, slippage, tick data and commission. These would all have a very big impact on the back-test results. Therefore, I would not consider these tests to be reliable. I think they certainly have the knowledge and skills to produce 99% modelling quality back tests which I think would give a more accurate representation of how the Wave Scalper expert advisor may have performed historically speaking.
The Wave Scalper EA Results
To be fair to the LeapFX team, they did have 5 Myfxbook accounts showing the Wave Scalper EA results. However, all but one of them have been removed which does raise some red flags for me. Not to mention, the remaining account has not been updated for a long time now. I am not sure if they are no longer updating this forex EA. If you are looking for something with more up to date results, then you may wish to consider the Forex Flex EA as another option. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
The Wave Scalper EA Summary
Overall, I think there are better forex robots out there for a few reasons. Scalping robots require ideal broker conditions to have any chance of doing well. Even then, some brokers can block accounts that are successfully using scalping systems, I have seen it happen time and time again. Then you need to consider the fact there are no up to date Wave Scalper accounts and the back-test quality is limited. There are more questions than answers for me.
If you are still curious and want to give the Wave Scalper robot a try, you could always start on a demo account and see how things go. This can be a good way to get a feel for a forex trading robot before making a commitment. Just be aware that many scalpers will work on demo accounts, but not real accounts because of real market conditions such as dynamic spreads, slippage, and other execution issues. The Wave Scalper does come with support, instructions, free updates and a money back guarantee.
Wave Scalper EA
$297
Pros
- Automated Forex Scalping EA
- Customisable Settings
- Multiple Currency Pairs
- Complex Market Analysis
- Verified Results
- Back Tests
- Free Updates
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Requires Ideal Conditions
- Broker Sensitive
- Limited Back Test Quality
- Results Not Updated
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.
