Forex Scalp EA Review – Scam or a Good Deal for $199?
You probably landed on the Forex Scalp EA website and wondering whether to go for it. I decided to review it to save you from unnecessary doubts. On the outside, ForexScalp EA looks like a very capable Forex robot. However, if you have keen eyes, you will most likely see that the developer is aggressively promoting it while leaving the most important things unaddressed.
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Are we together? If yes and you still want to continue with this Forex Scalp EA review, then here’s what you need to know:
The tagline for this website is ”The best fully automated Forex scalping robot”. Immediately this developer jumps to ”live performance” where we are told that Forex Scalp EA is a price action drive trading robot.
According to the developer, Forex Scalp EA neither uses Martingale or Grid trading approaches. We can also get the best results when we use it on EURUSD, GBPUSD, USDCHF, EURGBP, EURCAD and AUDCAD pairs.
The developer created the Forex Scalp EA to work with fixed TP and SL. But at the same time, he says this Forex robot uses a built-in dynamic closing mechanism and is suitable for use with Forex brokers platform that don’t charge commission.
I’m under the impression that once a trader picks this robot, which i don’t recommend anyway, they’ll have the burden of researching for the best Forex brokers that don’t charge commissions.
I have worked with Octafx and Myfxchoice for some time. To the best of my knowledge, I can assure you that these no commission Forex brokers really know what they are doing. But this is beside the point.
Forex Scalp EA Review
First of all, we are dealing with an unknown developer who claims to have worked in this industry for many years.
I actually find it very strange because their myfxbook account indicates that Forex Scalp EA has been tracked since April 06, 2018.
In fact, the developer says that they have tested it in different Forex markets for ”15 years” now. I cannot verify this statement because even the landing page where Forex Scalp EA is being promoted at was registered in June 2017. That’s barely a year and is in no way close to 15 years.
I am also concerned with their alleged ”closed transactions” records which is just a screenshot showing trades that were closed between the 6th of April 2018 to 13th of April 2018.
This is exactly a week’s results. The developer may have chosen his best week, taken a screenshot and posted it here. I need to see performance in December, January and probably March to be sure that Forex Scalp EA really performed as claimed in the screenshot.
Forex Scalp EA Myfxbook account and backtests
As I have said, this myfxbook account is very new, and cannot be relied upon. We have results for April 6th up to May 22, 2018. I find it hard to use this sample of data to make conclusive judgement.
The same weird findings are present on their so-called back-tested results where the developer has not been able to prove their ”many years of trading”.
I just saw a line graph tracking the performance of Forex Scalp EA between the said dates.
My best advice for you
Forex Scalp EA costs $199 for a single license and $299 for double license. Although I am a price action trader myself and support this trading methodology with all my heart, I do not agree with the presented results. I feel that this developer is misleading traders just to make quick bucks. To this end, I will remind you that there are a few Forex robots that I have endorsed for readers of this blog. Pick one from that list.