BF Scalper Pro is a paid Forex advisor, which the developer added to the MQL5 Market trading robots store on February 6, 2019, on behalf of the Bulgarian programmer Lachezar Krastev. The profile of Lachezar says that he is an active member of the FXAutomater team – an advanced IT company specializing in the development of software for Forex trading. On October 7, 2019, the BF Scalper Pro robot received updates and on ordinary days it sells for $147 – during the holidays and sales, a discount is triggered and the program can be bought for $ 74.
On the MQL5 Market website, the BF Scalper Pro adviser has a detailed description, many positive reviews and even a special section with comments, where the author personally answers most user questions and helps to deal with various technical problems. To all of the above, added advanced statistics and a trial demo period, due to which each trader can check everything and evaluate the high performance of the product. That is, by all indications, we have a reliable adviser who is not sorry to entrust any deposit.
Further in the article, we will conduct a detailed review, delve into the details and try to give an independent assessment of the proposed trading robot. In conclusion, you know how safe this project is and whether it is worth investing some money in it.
BF Scalper Pro is a multi-currency Forex advisor worth $147 from FXAutomater.
BF Scalper Pro offering
BF Scalper Pro is an improved version of the free trading robot BF Scalper, which hit the store of trading advisors in April 2018. To understand the logic of BF Scalper Pro, let’s take a look at the basic parameters of BF Scalper:
- The main indicator is Bollinger Bands or Bollinger Bands. The robot monitors the behavior of the price near the upper and lower boundaries, waits for a breakthrough of any of the lines, and then the deal enters with the impulse formed: when the lower line breaks, a sell order is activated; when the top one is a buy entry.
- For transactions it is recommended to use a fifteen-minute timeframe (M15) and eight currency pairs: pound/dollar, euro/dollar, euro/franc, euro/Australian dollar, pound/Canadian dollar, dollar/Canadian dollar, dollar/franc, dollar/yen.
- It is recommended to use a stop loss of 20-60 points as well as a fixed take profit in the range of 4-8 points as a safety net.
A lot of additional settings the developers have built into the BF Scalper adviser, they published positive test statistics, but there is no actual profitability. This is the statement of Lachezar Krastev, which he published on February 17, 2019, in correspondence with his subscribers. BF Scalper is a good program that any competent trader can modify, adapt for himself and use to earn money.
Lachezar Krasteva: BF Scalper does not generate revenue and need technical development.
If you do not have the time or programming skills, then you can use the product of Lachezar Krastev and the FXAutomater team – you can buy the trading robot BF Scalper Pro. This EA also works with Bollinger Bands, opens positions on a similar principle and has several additional features:
- The algorithm for placing a stop-loss order has changed: instead of a fixed value, a floating value is used, calculated based on ATR indicators and current market volatility.
- Added an advanced news filter that helps the trader not to lose money during the publication of important fundamental reports.
- There is a special logic for opening deals on Friday when the market prepares for the weekend: everything works so that the deals are closed at the end of the day and not one of the positions are transferred to the weekend. This helps to insure against gaps and other unforeseen events that often happen while the market is closed.
- The EUR/CAD currency pair has been added to the list of trading assets.
- A special option has been added, with which aggressive traders can work with the help of a grid of trade orders (disabled by default).
- An improved system of temporary accounting, which allows you to include a trading adviser only for a certain number of hours.
- A convenient notification system is built-in, which allows you to receive messages about transactions by mail or phone.
The MQL5 Market application store and the FXAutomater website offer a large number of settings for the BF Scalper Pro Expert Advisor, which each user can use at their discretion. These settings relate to the frequency of transactions, money management rules, and other important parameters. The developers claim that with the right settings, the robot will give a stable yield on any currency pair. In the next section, we will verify this.
One of the backtests of the BF Scalper Pro adviser: the yield curve is growing steadily and demonstrates a minimal landing over short periods.
Signs of product non-viability
According to all the source data, the BF Scalper Pro adviser fully meets the criteria of a quality product. However, there is a problem that is related to the developer. FXAutomater is a commercial company whose entire income is associated with the release of software for the forex market. Representatives of FXAutomater create numerous products → add a beautiful description to them → show an attractive yield curve → erase negative comments → all sell and release new profitable advisers. That is, Lachezar Krastev and his entire team do not use their technical achievements. If you want to make sure of this, just open the FXAutomater website and read the message added to the footer. There you will find the CFTC 4.41 rule, indicating the absence of real tests.
CFTC Rule 4.41: None of the FXAutomater products has been tested and does not guarantee at least some profit in practice. Developers sell what they cannot earn.
If you try to find information about the previous advisers to Lachezar Krastev, you will find many negative reviews and links proving that the company removes negative statistics and does not show the real performance of its products. As an example below, one of the reviews will be published that describes the real situation around all the FXAutomater trading advisors (all merge the account).
The user has lost money and warns that a tricky system has been added to all FXAutomater advisers that can show positive statistics on a demo account. As soon as you switch to a real account, drawdowns and other troubles begin, which no test will show. If you do not believe and want to make sure – choose any robot and just trade for 1-2 months (start with a small amount so as not to go broke).
An example of one of many remote tests, on the site of which was previously the statistics of the WallStreet trading adviser from FXAutomater. Profit trading robots do not need to be cleaned, but this is not the case. To view the deleted page, copy the link https://www.myfxbook.com/members/forexwallstreet/wallstreet-recovery-pro-real/1556514 to the browser.
- The entry mechanism in the transaction is built on a simple and often repeated exchange pattern (breakthrough of the Bollinger Bands), the successful implementation of which will depend on the individual settings that each user must set based on their financial tasks. If the settings are not properly adapted, then you will quickly lose the deposit.
- Despite numerous tests, the CFTC 4.41 rule has been published on the FXAutomater website warning of hypothetical results and the absence of studies on a real deposit. That is, the developers declare the effectiveness of their product, but they have not used it and cannot give any guarantees.
- Lachezar Krastev and FXAutomater have an ambiguous reputation because they regularly remove negative tests from their later products. Users complain that all their advisers bring only temporary profit and in the medium term (from 1-2 months) they drain the deposit.