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In this post we will be reviewing the Vision Scalper EA which is an automated forex scalping system that runs in the industry standard MetaTrader 4 platform as an expert advisor. For those of you who may not be aware, an expert advisor or EA for short, is simply another name for a forex robot. With that being said, there are literally hundreds of forex robots available for you to purchase. Therefore, in this Vision Scalper Review, we will take a closer look at what it has to offer that makes it different from the rest of the automated trading solutions out there. Hopefully this will help you to decide if it is something that you would consider using as part of your daily trading routine. Now without further ado, let’s get to it!
Vision Scalper Trading Strategy
The Vision Scalper is an auto trading system that will scan the charts to look for potential scalping trade opportunities. When the implemented algorithm of the robot finds a possible trade, it can enter the forex market on behalf of the user. This software is also able to manage and exit positions as and when it deems necessary.
You can attach the Vision Scalper to one currency pair chart and it will still be able to monitor up to 28 currency pairs independently. The software allows you to trade on any trading instrument such as the US30, BTCUSD, Oil, and others as long as they are available via your brokers MT4 platform.
The developer does provide preoptimized Vision Scalper settings which they have tested themselves. As always, you are free to adjust and experiment with the EA settings as much as you like. You should at least check to make sure that the software has a sensible lot or risk size set that you feel happy with as every trader is different when it comes to risk tolerance.
Vision Scalper Features
Vision Scalper trades automatically in the MT4 platform. It comes with set files and instructions to get setup. The EA can be used by forex traders of all experience levels but even so, you should be well aware of the significant risks that come with using any manual or automated forex strategy such as this one. Full support and free update are provided to users.
Now let’s take a look at some of the other important Vision Scalper features:
The Vision Scalper robot has a built-in news filter which is helpful to try and avoid high impact news releases which can cause increase market volatility and potentially unsuitable market conditions. It is quite common for brokers spreads and slippage to increase around important news releases which is another reason that some forex traders avoid trading before, during and after an economic release. With this filter, the EA can do that automatically.
Forex scalping robots such as this one can be very dependent on needing tight spreads. It is not uncommon to see a completely different set of results from the exact same scalping strategy on two different forex brokers simply due to a difference in spreads. Not to mention slippage and commission fees which all eat into the potential gains of a scalping robot. The Vision Scalper EA has a maximum spread filter to try and avoid trading if the brokers spread is too high. I am not a huge fan of trading systems that are too reliant on broker spreads as they can increase unexpectedly which may have a negative impact on performance compare to say a more long-term trading strategy.
The Vision Scalper software has built-in money management which can be customised according to your own trading style. Forex traders can have different risk preference from low, moderate to high risk. Therefore, the developer has made all of the most important money management features that you would expect from an expert advisor externally available for you to amend as need be.
The Vision Scalper EA is a versatile forex robot that can be used on multiple currency pairs. The developer has external switches so that you can turn on or off specific currency pairs and choose only those that you want the robot to trade. I would personally focus on a few pairs as I find it more manageable that way. These would be major currency pairs such as the EURUSD as they usually have plenty of liquidity which can mean tighter spreads and better execution speeds. This can be especially important when using a forex scalping robot such as this one. If you have ever tried scalping an exotic currency pair with huge spreads, it isn’t much fun. You can be down by a number of pips and even get your stop loss hit before the trade has even taken off.
As the old saying goes when it comes to forex trading, the trend is your friend. Some traders firmly believe that you should always trade in line with the overall trend as it may increase the probability of being in the right side of the market. Of course, that is quite a generalisation when you consider there are tons of forex systems that rely on ranging markets, reversal and other counter trend strategies. However, the Vision Scalper expert advisor has a trending mode feature which you can turn on or off depending on whether you want the software to try and only trade in the direction of what it determines to be the overall trend.
This is a unique feature that I would like to see included more often in forex robots. It ties in with the currency pairs feature in the sense it will tell the EA to avoid trading on the same time with currency pairs that are often correlated. This is important because if we are taking trades on correlated pairs that move in the same direction, we may effectively just be multiplying are risk. By avoiding correlated pairs, we can either add to just the one position or keep the position size at a level we feel comfortable with. E.g. You might not want to trade 1.0 lot at the same time on 5 currency pairs that are correlated as that would mean on overall position size of 5.0 lots on closely related pairs.
This feature enables users to specify if and when they would like a trailing stop to be activated. Trailing stops are popular for users who want to lock in trades when they have moved a specified number of pips in the anticipated direction. It is often a way to stop a winning trade turning into a losing position and for locking in a trade at breakeven point in a worst-case scenario. Trailing stops can also be a way to try and ride market moves up until the point of exhaustion. That being said, they can also take trades out prematurely if they are set too close to the current market price.
This forex robot also has a martingale strategy option built-in. This is a very dangerous money management strategy that will multiple the position size if there is a loss to try and recover from it. I am not a fan of martingale trading systems as they can be extremely risky and more often than not, I have seen them have huge drawdown and usually blow trading accounts. If you do consider this feature, please make sure that you are clear on the significant risks that it involves and never risk more than you can afford to lose.
The Vision Scalper hedging feature lets the user decide if they would like to hedge a position based on variable parameters that can be adjusted from the input settings. Personally, I am not a big fan of hedging as I believe that it is often simply used as a way of trying to cover a bad entry and losing position. I would much rather admit that I was wrong with a particular entry and then look for another one using logical market analysis instead of just hedging and hoping to be right no matter what direction the market moves in.
The Vision Scalper robot can be customised to trade during certain trading sessions and days of the week. Some traders like to avoid various market hours if they feel the conditions will not be suitable for the trading strategy that they are using. For example, liquidity can be low and spreads can be quite high after the USA market closes and prior to the Asian open. Therefore, some traders using scalping robots might want to avoid those trading hours. Ironically though, they can sometimes be the best hours for scalping strategies that target a few pips in each movement because of less volatility. You can change the hours and days as you feel necessary.
Vision Spy is a Telegram Bot made by #teamvision to allow you to monitor your trades through Telegram in real time. You can check some key stats such as your positions, close trades, drawdown, floating profit / loss, and more, all in one place.
Vision Scalper Back Testing
The developers have not provided any Vision Scalper backtests so we have no idea of how it may have performed based on historical data. I would like to see 99% modelling quality backtests showing how it trades on the 28 currency pairs the developer says you can run it on, not to mention the other non-fx trading instruments. Without backtests, we cannot see how the expert advisor held up through various market conditions nor can we get even a rough idea of important stats such as drawdown, profit/loss, trade frequency, profit factor, expected payoff and more.
Vision Scalper Results
Disappointingly, the developer has not only missed the backtests but also doesn’t have any verified Myfxbook trading accounts on the website to show how the Vision Scalper has been performing on any real trading accounts. Without any real accounts to see results of this forex robot, it is impossible to say if it is any good. Yes, there are some great looking Telegram screenshots but I personally prefer verified accounts when choosing a forex robot. I would like to see the developer get any accounts they may be running the robot on connected to Myfxbook for as to track the latest performance. To see the latest live verified trading account performance of other forex robots please visit my best forex robots results page.
Vision Scalper Summary
There are a few Vision Scalper purchase options to choose from. A monthly license costs $99 or lifetime access cost $399. There is an additional VPS option for $30 per month which includes 1 shared VPS and a monitoring service. All options come with unlimited demo account licenses, lifetime updates and live chat support.
I am impressive with some of the innovative features implemented with this forex robot and the vast number of customisable features that the developer has made available. No doubt, they have put a lot of thought into the EA and spent a good amount of time developing it. However, I feel let down by the lack of transparency in terms of verified results not being available. Furthermore, we don’t even have any Vision Scalper backtests unless I have missed them. That’s not to mention how dependable a forex scalping robot can be on certain broker conditions. Thus, I think there are better options out there in terms of automated forex strategies.
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.