Expert advisors are a class of automated trading software that have emerged in the forex market in recent years, which can perform any action as instructed by a trader, without his direct involvement. Most of the tasks are performed automatically based on trading signals. Thus, a good forex EA will take the stress away from the trader, implementing a strictly automated process of trading, thereby eliminating the influence of human emotions while executing tough trade decisions.
There are a number of Forex Expert Advisor software available in the open market and are pretty popular among trading communities on a global level. However, not every EA you encounter will deliver on their promises. There have been a number of fraudulent cases where traders have lost everything in their account because of a faulty or fraudulent application.
Of all Forex EAs in the market now, Forex Scalping EA is a well-known FX robot, garnering quite a reputation itself in the trading community. It will be the focus this review
Forex Scalping EA Website Overview
Forex Scalping EA is designed to take advantage of multiple currency pairs simultaneously with a sustained level of accuracy. After going through their website, which appears amateurishly designed, there is no information provided what-so-ever, about the identities of the developers. Other relevant information regarding the parent company, physical address and the experience level of the developers are largely absent. This is a key area of concern, although not uncommon in these markets. Only an email address is provided for traders to get in touch with their support staff.
As mentioned before, the presentation of the website is not at all impressive, which is worsened by poorly written content regarding their product and strategy.
Price: Four Account Types
- Basic – $299
- Standard – $499
- Gold – $599
- Premium – $999
The Basic, Standard and Gold Accounts all have one license included with each of them, while the premium account has a lifetime validity.
Currency Pairs Offered: EUR/USD, GBP/USD, EUR/CHF and EUR/GBP
Forex Scalping Trading Strategy
As mentioned above, there is not much detail provided by the trading strategy in use. All that is apparent is that the platform includes a fixed stop-loss and take profit. The strategy is described as a “built-in dynamic closing mechanism”, without much explanation of the terms. Other scanty information suggests that they do not use the grid or martingale strategy and also include a money management system for the trader’s protection.
Potential buyers generally search for transparency when they look for a product like this, especially in the crowded forex market. Additionally, the developers do not provide us with sufficient trading results on authoritative sites such as fxblue or myfxbook. All of these can be considered as red flags.
- Fixed Stoploss and Take Profit
- Fixed Risk and Fixed Lots
- Accurate Notifications
- Works with Any Broker
- No Minimum Deposit Required
- EA Works With Meta-Trader 4
Advantages and Disadvantages of Forex Scalping EA:
|– 30 day Money Back Refund Policy||– No Reliable Back-tests conducted|
|– Free Support and Updates|
|– Anonymity of Developer and Parent Company|
|– User-Friendly Interface||– Undisclosed Trading Strategy|