Top Scalper is available on the MQL 5 marketplace for $250. The robot requires traders to properly set up the time zone to trade at the end of the American session accordingly. The robot is easy to set up and requires no additional set files for proper functioning. However, is the product as good as advertised? That is what we are going to discuss in our Top Scalper robot review.
Product Offering
The product is presented through a single web page on MQL 5 webpage. The developer includes little to no information on the text about the working methodology of the EA.
Vendor Transparency
Valerii Gabitov is the developer of the robot who has one year of experience in the financial markets, according to MQL 5. Throughout the period, he had published seven products and currently has 13 subscribers.
Price
The robot can be rented for three months at $125. A lifetime subscription is available for $250. As the product is being purchased through MQL 5, there is no money-back guarantee. The developer states that only four copies are available for $250, and the price will increase to $350 after they are sold. This is only a tactic to rush traders to buy the product.
Trading Strategy
The developer fails to provide us with enough information on trading strategy. This raises many red flags over the authenticity of the system. He uses two paragraphs to debate the stop loss function that the robot uses to manage the risk. The robot will not respect the exit point if it feels the position is not profitable. As mentioned before, the expert advisor mainly trades at the end of the American session. The robot requires ECN brokers for proper functioning and works only on EURCAD at the 15-minute chart.
Trading Results
The developer presents backtesting results on EURCAD through multiple images. He fails to share the detailed statement, which is a turn-off. From 2018 till 2021, the robot had a maximum drawdown of 11% and turned an initial deposit of $1000 into $1146846. It had a winning rate of 78.88% with a profit factor of 6.36. The average amount of profitable trades was $2678.93, while the average amount of losing deals was -$1573.89. There were a total of 644 trades executed during this period.
On scanning through the developers’ profiles, we found out signals for the Top Scalper robot. The algorithm started trading recently from 13 July 2021 and already had a drawdown of 13.1%. The value of drawdown was high for such a short duration, which means that it can exceed in the future. The statistics show a winning rate of only 25% with a profit factor of 0.45. The average profitable trade was $9.94, while the loss was -$7.29.
Customer Reviews
There are no customer reviews present on Forex Peace Army and TrustPilot that can highlight the viewpoint of other traders. Customer reviews are available on MQL 5 marketplace, which shows that users have yet to test the system on a live account. The testimonials look as if they are bought by the developer in a bid to promote his product and sell it to other traders. A few statements do not provide a clear view of the performance of the system.
