Summary
A forex expert advisor called the Elite Forex Scalper EA implements an automated scalping strategy in its trading. The software operates on the MetaTrader 4 platform, which is where it searches for opportunities to engage in scalping trades. When it identifies a possible trading signal, it has the ability to enter the foreign exchange market on the user’s behalf. After that, it will manage the trade and eventually exit it, provided that the MT4 terminal is running continuously the entire time. If you are unable to keep your desktop or laptop computer powered on, you might want to think about using a virtual private server (VPS) for Forex trading instead. Trading applications can be remotely run on a virtual private server around the clock, without the need for your machine to be turned on. In this Elite Forex Scalper Review, we are going to take a detailed look at the trading method employed by the robot, as well as its features and, probably most significantly, its performance.
Pros:
• Trades fully automatically;
• Can be used with any trading instrument or timeframe;
• Settings are fully customizable;
• There is a Telegram channel;
• Results on Myfxbook have been verified.
Cons
• Significant losses
• A Martingale trading technique
• Absence of backtests
Strategy
The Elite Forex Scalper robot trading algorithm implements a scalping system that automatically conducts trading activity for forex traders on the MT4 platform. This is alluded to by the name of the product, which suggests what the system does. You simply need to connect it to the currency pairs that you plan to trade, and it will immediately begin monitoring the markets for you twenty-four hours a day, five days a week.
This forex robot employs a variety of trading strategies, including grid trading, martingale trading, hedging, and scalping. It also possesses the one-of-a-kind capability of risk protection, which safeguards the expert advisor from significant drawdowns and prevents accounts from being blown during market conditions that the EA believes to be inappropriate.
We have come to the conclusion that money management is fraught with peril, and in our experience, forex robots that employ grid trading or martingale tactics are more likely than not to have significant drawdowns and margin calls in the long run. As a result, it is essential that you have a solid understanding of the considerable dangers associated with employing such a method of financial management. If this happens, we will most likely look for an alternative automated system that does not involve quite as much danger. If you need some ideas, you can get some by looking at how well our robots are rated.
Scalping methods like this one have a number of drawbacks, one of the most significant being the requirement of optimum market and broker circumstances. If there is an excessive amount of volatility in the market, they run the risk of incurring significant losses that will completely nullify any gains. They can also be extremely reliant on cheap commission fees, tight spreads, and quick trade execution speeds. Because of things like spreads and slippage, it is not unusual for the very same forex scalping robot to have wildly different results when used on different brokers.
Features
In this section, we will examine some of the most important aspects of the Elite Forex Scalper.
The Most Optimal Settings
The developer offers users a default configuration for Elite Forex Scalper that has been developed and optimized by the developer themselves. If you want to, you can utilize the default settings for the trading software; however, before you do so, you should double check that the position size has been adjusted to an appropriate amount. When you attach the robot to your MT4 charts, you will see a window titled “External Settings.” From this box, you will be able to make changes to the EA inputs. Users are free to experiment with their own settings, but before using any forex robot, we always start by testing it on a sample account to get a feel for how it operates and to see how things play out.
Scalping done automatically
This forex robot makes use of a completely automated trading system, which means that it is capable of performing a wide range of tasks, including market analysis, trade placement, management, and termination. On the other hand, you have the option of switching it to a semi-automated mode, in which case the software will send you forex signals whenever it discovers a potentially profitable setup. After reviewing the signals, you can choose whether you want to place a trade manually or wait for the next alert. Notifications can be sent out either text messages (SMS) or emails. It is essential to take into consideration that scalping techniques typically demand prompt reactions, which means that trading indications could be missed in this scenario.
Forex Brokers (FX)
The development team behind the Elite Forex Scalper EA claims that the robot can be utilized on any forex broker that has the MetaTrader platform available to its customers. However, as was mentioned earlier, automated scalping systems can be quite dependent on particular broker conditions. As a result, we would look for a broker that has the lowest possible costs and plenty of liquidity in order to help us to ensure that our execution speeds are as fast as possible.
Account Protection Because the money management system employed by EA can be somewhat risky, the developers of the game decided to add a function that protects players’ accounts from being accidentally spent. The user has the ability to specify the maximum loss they are ready to take before all open trade positions are liquidated by utilizing this function.
Telegram Channel
Telegram is a free instant messaging application that works across several platforms and is hosted in the cloud. In addition, the service supports end-to-end encrypted video calling, Voice over Internet Protocol (VoIP), file sharing, and a few other capabilities.
Users are able to share the daily, weekly, and monthly outcomes of their trading accounts using the robot in the Elite Forex Scalper telegram channel, which is available to them for free to join. In addition, you will be able to obtain assistance, updates, and the most recent information concerning the EA.
Results
When it comes to picking out a trading robot, one of the most essential things to do is to look at its most recent results as well as its performance over the course of its entire existence. Even while this does not provide a guarantee of future results, it can serve to provide us with a general concept of the trading system that is being utilized.
Myfxbook Trading System Elite Forex Scalper
To their credit, the developers of the Elite Forex Scalper EA have made a number of verified Myfxbook accounts public, which demonstrate how the EA has been trading. You can view the findings of the robot in the graphs that are provided below; click on them to view more in-depth statistics. Having said that, we believe that the outcomes highlight the possible drawdowns that can occur when utilizing this expert advisor.
Update 15/08/2022: There was a problem with Myfxbook that resulted in the deletion of one of the accounts, possibly because it crashed. For another choice, kindly refer to our analysis of the performance of trading robots.
Backtesting using the Elite Forex Scalper
We are dissatisfied that there are no Elite Forex Scalper backtests available so that we may examine the system’s performance in relation to historical data. If the developer could give a backtest that was 99% as accurate as the model and included tick data, variable spreads, and included commissions, it would be helpful for potential users who are considering employing this expert adviser.
Conclusion
The Elite Forex Scalper EA is adaptable in that it can be utilized on any trading instrument or chart timeframe. Additionally, the settings of the EA are totally customizable, allowing users to alter them to meet their own requirements. However, forex scalping robots such as this one can be dependent on particular broker conditions. Furthermore, this particular EA uses dangerous money management, which as we can see from the Myfxbook verified accounts, can generate big drawdowns. You might want to check at an other trading robot, such as the Forex Flex EA. There are plenty to choose from.
FAQ
What exactly is the cost of the Elite Forex Scalper?
Users have a choice between two different available options. The free version of this scalping expert advisor (EA) does not include any set files, is only compatible with one broker, and has a time limit on its use. The one-time cost of the paid version is $499, and it features one live account license, two demo account licenses, complete support, set files, lifetime upgrades, and free installation. Additionally, the paid version can be used on any forex broker. They do not provide any kind of demo version of the EA.
Where exactly can I get the Elite Forex Scalper download?
The Elite Forex Scalper is available for download from the official website, which can be accessed here.
What kind of assistance with customer service is provided by Elite Forex Scalper?
Email and Telegram are the primary support channels used by the EA developers.
To get the most out of the Elite Forex Scalper, which are the best brokers to use?
For running the Elite Forex Scalper, you can use any broker that supports MetaTrader.
What is the lowest amount that must be in a trading account in order to use the Elite Forex Scalper?
To begin utilizing this trading software, you are not obliged to deposit any certain minimum amount. You should only risk what you are confident with and can easily afford to lose at any one time.
What is the policy regarding refunds for Elite Forex Scalper?
According to the terms and conditions on the website of this forex robot, there is a policy that states there will be no refunds issued.
Does the Elite Forex Scalper seem too good to be true?
Although we do not necessarily believe that the Elite Forex Scalper EA is a scam, this does not indicate that we anticipate favorable outcomes from using it. It frequently calls for the most favorable broker and market conditions. No forex trading robot, regardless of how sophisticated it may be, can correctly anticipate what will happen in the market.
Do you offer a free version of the Elite Forex Scalper?
You may spend numerous hours seeking for a free version of the Elite Forex Scalper that is being shared, but there is a good chance that it will be out of current, without support, and could be hazardous.
Where can I find the optimal settings for the Elite Forex Scalper?
The set files are provided by the developer, who is responsible for the development, optimization, and testing of the robot over the course of many years. You have the option of using those that have been provided or developing your own.
Is it possible to alter the settings of the Elite Forex Scalper?
You are free to experiment with your own settings, including the lot size, stop loss, take profit, and a variety of other parameters, provided that you have the necessary knowledge and experience. To begin, you might find it helpful to test out your configurations on a demo account. Backtesting the robot in the MetaTrader strategy tester using your own unique configuration of settings is another option for getting an approximation of the robot’s performance in the past.
In order to use the Elite Forex Scalper, what do I need to have?
You will need to have an account with a forex broker in addition to using the MetaTrader desktop applications. The majority of forex brokers will allow you to register an account with either a little initial deposit or by providing you with a free demo account. You won’t be charged anything to download any of the MetaTrader platforms.
How much money am I potentially able to make using the Elite Forex Scalper?
There is not the slightest bit of assurance that can be provided regarding the success or failure of any trading robot. Nobody can accurately forecast what will take place in the future because of the unpredictability inherent in market conditions. When employing an automated forex trading system like the Elite Forex Scalper EA, you need to make sure that you are aware of and prepared for all of the potential hazards.
