Summary
The Forex Scalping EA is an expert advisor for the MetaTrader 4 platform that performs scalping operations automatically in the foreign exchange market. One of the most impressive trading robots that we have come across, this one employs a scalping trading style. This is because the EA has shown very remarkable verified results in its Myfxbook account, and its backtests have shown that it has good performance when using the same parameters across a variety of currency pairs over a significant amount of time using historical data. In this review of the Forex Scalping EA, we are going to take a more in-depth look at the approach, features, and results of the robot.
Pros
• Forex scalping robot that is fully automated
• Can be used with numerous currency pairings
• Configurable settings
• Very affordable
• Unlimited licenses
• Verified Myfxbook results
• Backtests spanning approximately 20 years
Cons
• Operates more effectively on brokers that have narrow spreads and cheap commission rates.
• Platform exclusive to MetaTrader 4
Strategy
This foreign exchange (Forex) robot makes use of a scalping trading strategy, which, as the name of the robot suggests, tries to make a few pips during market hours in which there is less volatility. Scalping is a type of trading in which participants enter and exit the market very quickly (typically within minutes) in an effort to capitalize on minute price shifts and make a profit. As a result of the difficulty that can be associated with performing this task manually, forex traders frequently utilize scalping robots that run on autopilot.
When trying to determine whether or not the market is ranging, the Forex Scalping EA technique uses a combination of technical analysis and price action in order to make trading decisions. After that, it will try to enter a reverse trade with a dynamic exit strategy that is able to adapt to the circumstances of the present market. The expert advisor will often target a few pips whenever it has the opportunity to do so; but, if you would like to target more, you can modify the settings. The developer has made the primary input settings user-modifiable and has exposed them to the outside world.
You have the option of configuring the software to either place and manage trades on your behalf whenever it discovers a valid trading signal in accordance with the built-in algorithm, or you can configure it to send you an alert so that you can manually check the current market situation and decide whether or not to trade. Either way, you have the option of configuring the software to place and manage trades in accordance with the built-in algorithm.
The trading robot is compatible with all trading instruments, however it was designed specifically to trade the following currency pairs on the 5-minute chart timeframe: AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/CHF, GBP/USD, USD/CAD, USD/CHF, USD/JPY, GBP/JPY, GBP/CHF, GBP/USD, USD/CHF, USD/JPY, GBP You have the ability to select the currency pairings that you want to trade in.
The fact that this expert adviser applies the identical default settings to a number of different currency pairs is one of the many excellent features that it possesses. Due to the fact that it uses the same settings on many currency pairs, we can deduce from this that the trading algorithm that it employs is founded on solid logic.
The majority of the time, you will discover that many commercial forex robots have undergone excessive optimization in order to curve match the behavior of a particular instrument. Settings that are appropriate for one currency pair might not be appropriate for another. Given the circumstances, we do not believe that the trading method can be relied upon as much.
The Forex Scalping EA’s primary trading time is during the closing of the New York session and the period before the start of the Asian session. Bear in mind that the spreads might be wider during these specific hours of trade. If you are going to use a scalping robot such as this one, it is imperative that you opt for a forex broker that has tight spreads, minimal commission fees, and swift execution speeds while offering the best available rates.
The Forex Scalping Expert Advisor comes equipped with a plethora of features, each of which may be modified to fit the trader’s own preferences. You can also utilize the robot with its default settings, in which case all you need to do is select the lot size or risk level at which you want to trade. Remember that the developer of the Forex Scalping EA would have spent countless hours optimizing the settings, so if you do want to change them, you should make sure that you are doing what you are doing and test any customized settings on a demo account first. If you do want to change the settings, then make sure that you know what you are doing.
The following is a list of some of the most important characteristics of the Forex Scalping EA:
Maximum Spread & Slippage
If the spread or slippage offered by the broker is larger than this value, the robot will not place any trades. This is helpful because it can assist in avoiding unfavorable conditions associated with trading. When utilizing a forex scalping strategy that is predicated on making a couple of pips from each trade, this is of the utmost importance. If the spreads and slippage are excessively high, this can not only result in losses, but it can also eat into any possible gains.
Business & Finance:
With this feature, you are able to set the hours during which the EA will trade and analyze the markets. You have the ability to select both the beginning and ending hours. The trading software is programmed to operate automatically during trade hours, which are periods of time when the market is expected to be less volatile. The timing is in accordance with Greenwich Mean Time (GMT).
Money Management
Stop-loss and take-profit orders are a part of the money management settings for the Forex Scalping EA. You have the ability to choose the levels at which you would like to exit a trade in case you are losing money or take your profits. Bear in mind that in addition to the static close condition, the EA also has a dynamic close condition, which allows it to close a trade even if the stop loss or take profit threshold has not yet been met. In addition, users have the ability to select the lot size or risk percentage that they would like to apply to each individual trade.
Results
When looking for a forex robot, you will probably want to see some outcomes before making a decision. The creators have, thankfully, provided some confirmed Myfxbook accounts as well as backtests that span years of historical data and a variety of currency pairs.
Myfxbook Forex Scalping Expert Advisor
For the convenience of prospective customers, a verified Forex Scalping EA Myfxbook account has been made available. This will allow them to get an idea of how the software has been functioning in recent times.
Backtesting Done with a Forex Scalping EA
The results of the backtesting conducted on all of the currency pairings that the Forex Scalping EA is capable of trading have been made public by the developer. Below is a portfolio that combines all of the outcomes obtained by applying the same default parameters to almost twenty years’ worth of historical data. It’s important to point out that the modeling quality is 90%, so keep that in mind.
Conclusion
The Forex Scalping EA implements an automatic scalping strategy that has demonstrated its viability after being tested for a significant amount of time. It is important to keep in mind that in order for it to function properly as a scalping robot, you will need a forex broker that offers appropriate trading circumstances. You have complete control over the configuration of the robot, which enables you to tailor its behavior to suit your specific preferences.
The program is simple to install in the MT4 platform and comes with detailed instructions that may be followed in order. Because of this, forex traders of varying levels of experience can engage in it. The company provides exceptional service to customers and is available at all times. In the meantime, the developers are always searching for new ways to make the EA better, and they plan to provide any updates completely free of charge for the rest of the game’s lifetime. Users should always begin their exploration of a forex robot by putting it through its paces on a demo trading account so that they can become accustomed to its operation.
FAQ
What exactly is the cost of the Forex Scalping EA?
The Forex Scalping EA packages begin at $100, with the variation in price corresponding to the amount of genuine account licenses that are included with your purchase.
Where can I get the Forex Scalping EA downloaded into my computer?
The Forex Scalping EA website offers a download for the software that you can use.
What kind of assistance is available to customers via the Forex Scalping EA?
Email help is available around the clock from the developers.
To get the most out of the Forex Scalping EA, who are the best brokers to use?
Since the Forex Scalping EA aims to make a few pips on each trade, it has a greater chance of realizing its full potential if it is used with a forex broker that has tight spreads, low commissions, and quick trade execution speeds. In principle, you should be able to use it with any MT4 broker.
What is the lowest amount that must be in a trading account in order to use the Forex Scalping EA?
To begin utilizing this trading robot, you do not need to deposit any kind of minimum amount. It is important to trade only with money that you can afford to lose.
Does the Forex Scalping EA seem too good to be true?
The Forex Scalping EA is not a fraud, contrary to popular belief. However, this does not guarantee that it will deliver positive outcomes because nobody can accurately predict the highly volatile forex markets 100% of the time.
Is it possible for you to provide the Forex Scalping EA for no cost?
You may spend several hours seeking for a free version of the Forex Scalping EA that is being shared online; but, there is a good chance that the version you find will be out of date, unsupported, and could possibly be hazardous.
To what currency pairings does the Forex Scalping EA apply its trading strategies?
Although it is capable of trading any currency pair, it has been validated for use with the following currency pairs: AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/CHF, GBP/USD, USD/CAD, USD/CHF, USD/JPY.
What are the most effective settings for the Forex Scalping EA?
The default settings that come with the Forex Scalping EA are generally considered to be the most effective. Nobody will be more familiar with the robot than the individual who made it. They would have invested a significant amount of time and effort over a long period of time in order to optimize the settings so that you wouldn’t have to.
I’d like to update the settings of the Forex Scalping EA, is that possible?
You are allowed to experiment with the parameters of the Forex Scalping EA if you have the knowledge and experience to do so. This includes the trading hours, maximum spread, stop loss, take profit, and other options. You might find it helpful to begin by testing your configurations on a demo account. Backtesting the robot in the MT4 strategy tester using your own unique configuration of parameters is another option for getting an approximation of the robot’s performance in the past.
What are the system requirements for running the Forex Scalping EA?
You will need to have a trading account with a forex broker in addition to using the MetaTrader 4 desktop software. The majority of forex brokers will allow you to open a demo account for free or an account with a minimal investment, and you will also be able to download the MT4 platform at no cost.
How much cash might I potentially make using the Forex Scalping EA?
There are zero and utterly no assurances regarding the results of trading. Because of the volatile and unexpected character of the currency markets, it is impossible for anyone to forecast what will occur in the future. When utilizing any automated forex trading system, such as the Forex Scalping EA, you need to make sure that you are aware of and prepared for all of the potential hazards that are associated with its use.
